GRENSPOAL: what changed
Two fiscal 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.
GRENSPOAL
Largest movements
- Tangible fixed assets +€243,048
up €243,048 (+97.1%), from €250,190 to €493,238
of which Plant, machinery and equipment: +€209,041
- Cash -€145,065
down €145,065 (-20.2%), from €717,009 to €571,944
mainly Contributions, distributions and other (-€1.3m) and Investment in fixed assets (net) (-€388,359)
- Stocks and contracts -€37,376
down €37,376 (-12.8%), from €292,374 to €254,998
- Deferred charges and accrued income +€36,117
up €36,117 (+725.9%), from €4,976 to €41,093
- Trade debts +€140,665
up €140,665 (+219.3%), from €64,149 to €204,814
of which Suppliers: +€140,665
- Debts after one year -€20,000
down €20,000 (-100.0%), from €20,000 to €0
- Current portion of long-term debt -€20,000
down €20,000 (-50.0%), from €40,000 to €20,000
- Gross operating margin +€154,785
up €154,785 (+7.9%), from €2.0m to €2.1m
- Depreciation +€55,349
up €55,349 (+61.5%), from €89,962 to €145,311
- Taxes +€22,944
up €22,944 (+5.7%), from €402,188 to €425,132
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.
Cash bridge derived
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 | €1,741,529 | €1,847,695 | +€106,165 | +6.1% |
| Fixed assets | 21/28 | €250,190 | €493,238 | +€243,048 | +97.1% |
| Tangible fixed assets | 22/27 | €250,190 | €493,238 | +€243,048 | +97.1% |
| Land and buildings | 22 | €159,890 | €134,523 | -€25,367 | -15.9% |
| Plant, machinery and equipment | 23 | €90,299 | €299,341 | +€209,041 | +231.5% |
| Furniture and vehicles | 24 | - | €44,374 | +€44,374 | |
| Assets under construction and advance payments | 27 | - | €15,000 | +€15,000 | |
| Current assets | 29/58 | €1,491,340 | €1,354,457 | -€136,883 | -9.2% |
| Stocks and contracts in progress | 3 | €292,374 | €254,998 | -€37,376 | -12.8% |
| Stocks | 30/36 | €292,374 | €254,998 | -€37,376 | -12.8% |
| Amounts receivable within one year | 40/41 | €476,981 | €486,421 | +€9,441 | +2.0% |
| Trade receivables | 40 | €449,091 | €454,333 | +€5,242 | +1.2% |
| Other amounts receivable | 41 | €27,890 | €32,089 | +€4,199 | +15.1% |
| Cash at bank and in hand | 54/58 | €717,009 | €571,944 | -€145,065 | -20.2% |
| Deferred charges and accrued income | 490/1 | €4,976 | €41,093 | +€36,117 | +725.9% |
| Total equity and liabilities | 10/49 | €1,741,529 | €1,847,695 | +€106,165 | +6.1% |
| Equity | 10/15 | €311,927 | €325,734 | +€13,807 | +4.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €261,927 | €275,734 | +€13,807 | +5.3% |
| Distributable reserves | 133 | €261,927 | €275,734 | +€13,807 | +5.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,429,602 | €1,521,960 | +€92,358 | +6.5% |
| Amounts payable after more than one year | 17 | €20,000 | €0 | -€20,000 | -100.0% |
| Financial debts | 170/4 | €20,000 | €0 | -€20,000 | -100.0% |
| Amounts payable within one year | 42/48 | €1,404,917 | €1,516,662 | +€111,746 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €40,000 | €20,000 | -€20,000 | -50.0% |
| Trade debts | 44 | €64,149 | €204,814 | +€140,665 | +219.3% |
| Suppliers | 440/4 | €64,149 | €204,814 | +€140,665 | +219.3% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €41,180 | €30,313 | -€10,867 | -26.4% |
| Taxes | 450/3 | €23,513 | €11,642 | -€11,872 | -50.5% |
| Remuneration and social security | 454/9 | €17,667 | €18,671 | +€1,005 | +5.7% |
| Other amounts payable | 47/48 | €1,259,588 | €1,261,535 | +€1,947 | +0.2% |
| Accrued charges and deferred income | 492/3 | €4,685 | €5,298 | +€613 | +13.1% |
| Remuneration, social security and pensions | 62 | €176,831 | €180,562 | +€3,731 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,962 | €145,311 | +€55,349 | +61.5% |
| Other operating charges | 640/8 | €4,694 | €9,217 | +€4,523 | +96.3% |
| Gross operating margin | 9900 | €1,960,521 | €2,115,306 | +€154,785 | +7.9% |
| Operating profit (loss) | 9901 | €1,689,034 | €1,780,215 | +€91,181 | +5.4% |
| Financial income | 75/76B | €13,256 | €11,016 | -€2,240 | -16.9% |
| Recurring financial income | 75 | €13,256 | €11,016 | -€2,240 | -16.9% |
| Financial charges | 65/66B | €98,863 | €102,293 | +€3,429 | +3.5% |
| Recurring financial charges | 65 | €98,863 | €102,293 | +€3,429 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €1,603,426 | €1,688,939 | +€85,512 | +5.3% |
| Income taxes | 67/77 | €402,188 | €425,132 | +€22,944 | +5.7% |
| Profit (loss) for the period | 9904 | €1,201,239 | €1,263,807 | +€62,568 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,201,239 | €1,263,807 | +€62,568 | +5.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.