GRENSLAND POWER: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GRENSLAND POWER
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+2,824%), from €57,982 to €1.7m
of which Assets under construction and advance payments: +€1.7m
- Cash -€364,089
down €364,089 (-50.5%), from €720,601 to €356,513
mainly Investment in fixed assets (net) (-€1.7m) and Receivables within one year (-€17,036)
- Trade debts +€1.1m
up €1.1m (+614%), from €183,248 to €1.3m
- Reserves +€108,375
up €108,375 (+1,762%), from €6,150 to €114,525
of which Distributable reserves: +€108,375
- Profit (loss) carried forward +€51,420
up €51,420, from -€51,420 to €0
- Depreciation -€533,625
down €533,625 (-90.8%), from €587,973 to €54,348
- Gross operating margin -€40,126
down €40,126 (-15.1%), from €265,083 to €224,957
- Financial income -€5,930
down €5,930 (-55.6%), from €10,671 to €4,740
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €924,110 | €2,225,023 | +€1.3m | +141% |
| Fixed assets | 21/28 | €63,079 | €1,695,352 | +€1.6m | +2,588% |
| Intangible fixed assets | 21 | €5,097 | €0 | -€5,097 | -100% |
| Tangible fixed assets | 22/27 | €57,982 | €1,695,352 | +€1.6m | +2,824% |
| Plant, machinery and equipment | 23 | €57,982 | €8,731 | -€49,250 | -84.9% |
| Assets under construction and advance payments | 27 | - | €1,686,620 | +€1.7m | |
| Current assets | 29/58 | €861,031 | €529,672 | -€331,360 | -38.5% |
| Amounts receivable within one year | 40/41 | €100,204 | €117,241 | +€17,036 | +17.0% |
| Trade receivables | 40 | €7,321 | €6,028 | -€1,293 | -17.7% |
| Other amounts receivable | 41 | €92,883 | €111,212 | +€18,329 | +19.7% |
| Cash at bank and in hand | 54/58 | €720,601 | €356,513 | -€364,089 | -50.5% |
| Deferred charges and accrued income | 490/1 | €40,225 | €55,918 | +€15,693 | +39.0% |
| Total equity and liabilities | 10/49 | €924,110 | €2,225,023 | +€1.3m | +141% |
| Equity | 10/15 | €16,934 | €176,025 | +€159,091 | +939% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €114,525 | +€108,375 | +1,762% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €0 | €108,375 | +€108,375 | |
| Profit (loss) carried forward | 14 | -€51,420 | €0 | +€51,420 | |
| Investment grants | 15 | €704 | €0 | -€704 | -100% |
| Provisions and deferred taxes | 16 | €159,561 | €173,400 | +€13,839 | +8.7% |
| Provisions for liabilities and charges | 160/5 | €159,561 | €173,400 | +€13,839 | +8.7% |
| Major repairs and maintenance | 162 | €159,561 | €173,400 | +€13,839 | +8.7% |
| Amounts payable | 17/49 | €747,615 | €1,875,599 | +€1.1m | +151% |
| Amounts payable after more than one year | 17 | €530,000 | €530,000 | = | 0.0% |
| Financial debts | 170/4 | €530,000 | €530,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €187,814 | €1,319,138 | +€1.1m | +602% |
| Trade debts | 44 | €183,248 | €1,308,785 | +€1.1m | +614% |
| Suppliers | 440/4 | €183,248 | €1,308,785 | +€1.1m | +614% |
| Taxes, remuneration and social security | 45 | €4,566 | €10,353 | +€5,787 | +127% |
| Taxes | 450/3 | €4,566 | €10,353 | +€5,787 | +127% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €29,801 | €26,461 | -€3,340 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €587,973 | €54,348 | -€533,625 | -90.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €13,839 | €13,839 | = | 0.0% |
| Other operating charges | 640/8 | €2,277 | €1,664 | -€613 | -26.9% |
| Gross operating margin | 9900 | €265,083 | €224,957 | -€40,126 | -15.1% |
| Operating profit (loss) | 9901 | -€339,005 | €155,107 | +€494,112 | |
| Financial income | 75/76B | €10,671 | €4,740 | -€5,930 | -55.6% |
| Recurring financial income | 75 | €10,671 | €4,740 | -€5,930 | -55.6% |
| Financial charges | 65/66B | €445 | €53 | -€392 | -88.1% |
| Recurring financial charges | 65 | €445 | €53 | -€392 | -88.1% |
| Profit (loss) for the period before taxes | 9903 | -€328,779 | €159,794 | +€488,574 | |
| Profit (loss) for the period | 9904 | -€328,779 | €159,794 | +€488,574 | |
| Profit (loss) for the period to be appropriated | 9905 | -€328,779 | €159,794 | +€488,574 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.