GRENSVERLEGGEND: 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.
What changed
GRENSVERLEGGEND
NACE 93.121, Football clubs
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€4.2m
2024 · -€9.4m+€5.2m
Equity
-€728,241
2024 · -€3.3m+€2.6m
Cash
€207,124
2024 · €3.1m-€2.9m
Balance sheet total
€31.0m
2024 · €26.0m+€5.0m
Largest movements
Assets
- Receivables within one year +€9.0m
up €9.0m (+423%), from €2.1m to €11.2m
of which Trade receivables: +€9.0m
- Cash -€2.9m
down €2.9m (-93.4%), from €3.1m to €207,124
mainly Receivables within one year (-€9.0m) and Net result for the year (-€4.2m)
- Tangible fixed assets -€1.1m
down €1.1m (-6.8%), from €16.0m to €15.0m
of which Land and buildings: -€986,809
- Intangible fixed assets +€563,133
up €563,133 (+16.4%), from €3.4m to €4.0m
- Stocks and contracts -€413,719
down €413,719 (-94.2%), from €439,127 to €25,408
Equity and liabilities
- Contributions +€7.0m
up €7.0m (+24.1%), from €29.1m to €36.1m
- Profit (loss) carried forward -€4.2m
down €4.2m (-11.0%), from -€38.7m to -€42.9m
- Debts after one year +€1.9m
up €1.9m (+10.2%), from €18.3m to €20.2m
- Advances received +€1.0m
up €1.0m (+427%), from €244,916 to €1.3m
- Trade debts +€847,510
up €847,510 (+15.0%), from €5.6m to €6.5m
Income statement
- Turnover +€3.1m
up €3.1m (+31.4%), from €10.0m to €13.1m
- Financial charges +€3.0m
up €3.0m (+395%), from €747,594 to €3.7m
of which Non-recurring financial charges: +€3.3m
- Financial income -€1.2m
down €1.2m (-79.1%), from €1.5m to €310,235
- Staff costs -€1.2m
down €1.2m (-9.5%), from €12.3m to €11.1m
- Services and other goods -€706,495
down €706,495 (-16.5%), from €4.3m to €3.6m
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.
Result 2024
-€9.4m
Turnover
+€3.1m
Other operating income
+€618,730
Goods and materials
+€80,883
Services and other goods
+€706,495
Staff costs
+€1.2m
Depreciation
+€139,733
Write-downs
+€32,108
Provisions
+€354,987
Other operating charges
-€21,252
Other operating items
+€3.1m
Financial income
-€1.2m
Financial charges
-€3.0m
Taxes
+€16,663
Result 2025
-€4.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€9.0m
Investment
-€1.9m
Financing
+€8.0m
Cash 2024
€3.1m
From operations (derived)
-€9.0m
Net result for the year
-€4.2m
Depreciation
+€2.6m
Stocks and contracts
+€413,719
Receivables within one year
-€9.0m
Deferred charges and accrued income
+€37,927
Smaller working-capital items
+€11,278
Trade debts
+€847,510
Tax, wage and social debts
-€153,430
Advances received
+€1.0m
Accrued charges and deferred income
-€525,191
Investment (derived)
-€1.9m
Investment in fixed assets (net)
-€2.1m
Current investments
+€146,445
Financing
+€8.0m
Debts after one year
+€1.9m
Current portion of long-term debt
-€588,000
Short-term financial debts
-€77,803
Contributions, distributions and other
+€6.8m
Cash 2025
€207,124
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,964,734 | €30,969,101 | +€5.0m | +19.3% |
| Fixed assets | 21/28 | €19,560,527 | €19,039,274 | -€521,254 | -2.7% |
| Intangible fixed assets | 21 | €3,439,699 | €4,002,832 | +€563,133 | +16.4% |
| Tangible fixed assets | 22/27 | €16,048,859 | €14,957,733 | -€1.1m | -6.8% |
| Land and buildings | 22 | €15,280,594 | €14,293,786 | -€986,809 | -6.5% |
| Plant, machinery and equipment | 23 | €759,078 | €653,282 | -€105,796 | -13.9% |
| Furniture and vehicles | 24 | €9,187 | €10,665 | +€1,478 | +16.1% |
| Financial fixed assets | 28 | €71,970 | €78,710 | +€6,740 | +9.4% |
| Affiliated companies | 280/1 | €15,000 | €15,000 | = | 0.0% |
| Participating interests | 280 | €15,000 | €15,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €56,970 | €63,710 | +€6,740 | +11.8% |
| Amounts receivable and cash guarantees | 285/8 | €56,970 | €63,710 | +€6,740 | +11.8% |
| Current assets | 29/58 | €6,404,207 | €11,929,827 | +€5.5m | +86.3% |
| Stocks and contracts in progress | 3 | €439,127 | €25,408 | -€413,719 | -94.2% |
| Stocks | 30/36 | €439,127 | €25,408 | -€413,719 | -94.2% |
| Goods purchased for resale | 34 | €33,375 | €25,408 | -€7,967 | -23.9% |
| Property held for sale | 35 | €405,752 | - | -€405,752 | |
| Amounts receivable within one year | 40/41 | €2,135,352 | €11,169,485 | +€9.0m | +423% |
| Trade receivables | 40 | €2,125,092 | €11,158,161 | +€9.0m | +425% |
| Other amounts receivable | 41 | €10,260 | €11,324 | +€1,064 | +10.4% |
| Current investments | 50/53 | €568,980 | €422,535 | -€146,445 | -25.7% |
| Other investments | 51/53 | €568,980 | €422,535 | -€146,445 | -25.7% |
| Cash at bank and in hand | 54/58 | €3,117,545 | €207,124 | -€2.9m | -93.4% |
| Deferred charges and accrued income | 490/1 | €143,203 | €105,276 | -€37,927 | -26.5% |
| Total equity and liabilities | 10/49 | €25,964,734 | €30,969,101 | +€5.0m | +19.3% |
| Equity | 10/15 | -€3,301,239 | -€728,241 | +€2.6m | +77.9% |
| Contributions | 10/11 | €29,100,000 | €36,100,000 | +€7.0m | +24.1% |
| Capital | 10 | €29,100,000 | €36,100,000 | +€7.0m | +24.1% |
| Issued capital | 100 | €29,100,000 | €36,100,000 | +€7.0m | +24.1% |
| Revaluation surpluses | 12 | €2,088,380 | €1,965,534 | -€122,846 | -5.9% |
| Reserves | 13 | €992,767 | €1,115,613 | +€122,846 | +12.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | - | €10,000 | +€10,000 | |
| Reserves not available under the articles | 1311 | €10,000 | - | -€10,000 | |
| Distributable reserves | 133 | €982,767 | €1,105,613 | +€122,846 | +12.5% |
| Profit (loss) carried forward | 14 | -€38,676,509 | -€42,920,102 | -€4.2m | -11.0% |
| Investment grants | 15 | €3,194,122 | €3,010,713 | -€183,410 | -5.7% |
| Provisions and deferred taxes | 16 | €1,483,410 | €1,485,989 | +€2,579 | +0.2% |
| Provisions for liabilities and charges | 160/5 | €418,703 | €482,418 | +€63,715 | +15.2% |
| Other liabilities and charges | 164/5 | €418,703 | €482,418 | +€63,715 | +15.2% |
| Deferred taxes | 168 | €1,064,707 | €1,003,571 | -€61,137 | -5.7% |
| Amounts payable | 17/49 | €27,782,563 | €30,211,354 | +€2.4m | +8.7% |
| Amounts payable after more than one year | 17 | €18,335,000 | €20,206,342 | +€1.9m | +10.2% |
| Financial debts | 170/4 | €18,335,000 | €20,206,342 | +€1.9m | +10.2% |
| Other loans | 174 | €18,335,000 | €20,206,342 | +€1.9m | +10.2% |
| Amounts payable within one year | 42/48 | €8,159,055 | €9,241,695 | +€1.1m | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €961,000 | €373,000 | -€588,000 | -61.2% |
| Financial debts | 43 | €77,803 | - | -€77,803 | |
| Credit institutions | 430/8 | €77,803 | - | -€77,803 | |
| Trade debts | 44 | €5,646,824 | €6,494,334 | +€847,510 | +15.0% |
| Suppliers | 440/4 | €5,646,824 | €6,494,334 | +€847,510 | +15.0% |
| Advances received on contracts in progress | 46 | €244,916 | €1,290,581 | +€1.0m | +427% |
| Taxes, remuneration and social security | 45 | €1,071,303 | €917,873 | -€153,430 | -14.3% |
| Taxes | 450/3 | €224,448 | €114,512 | -€109,936 | -49.0% |
| Remuneration and social security | 454/9 | €846,855 | €803,360 | -€43,495 | -5.1% |
| Other amounts payable | 47/48 | €157,208 | €165,907 | +€8,699 | +5.5% |
| Accrued charges and deferred income | 492/3 | €1,288,508 | €763,317 | -€525,191 | -40.8% |
| Operating income | 70/76A | €12,519,902 | €18,493,189 | +€6.0m | +47.7% |
| Turnover | 70 | €9,958,118 | €13,087,991 | +€3.1m | +31.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | -€405,752 | -€405,752 | |
| Other operating income | 74 | €2,561,784 | €3,180,514 | +€618,730 | +24.2% |
| Non-recurring operating income | 76A | - | €2,630,436 | +€2.6m | |
| Operating charges | 60/66A | €22,668,797 | €19,368,146 | -€3.3m | -14.6% |
| Goods for resale, raw materials and consumables | 60 | €1,921,603 | €1,840,720 | -€80,883 | -4.2% |
| Purchases | 600/8 | €1,921,603 | €1,822,444 | -€99,160 | -5.2% |
| Change in stocks: decrease (increase) | 609 | - | €18,276 | +€18,276 | |
| Services and other goods | 61 | €4,277,989 | €3,571,494 | -€706,495 | -16.5% |
| Remuneration, social security and pensions | 62 | €12,282,069 | €11,116,049 | -€1.2m | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,724,963 | €2,585,230 | -€139,733 | -5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,799 | -€10,309 | -€32,108 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €418,703 | €63,715 | -€354,987 | -84.8% |
| Other operating charges | 640/8 | €156,662 | €177,913 | +€21,252 | +13.6% |
| Non-recurring operating charges | 66A | €865,010 | €23,333 | -€841,676 | -97.3% |
| Operating profit (loss) | 9901 | -€10,148,895 | -€874,957 | +€9.3m | +91.4% |
| Financial income | 75/76B | €1,484,036 | €310,235 | -€1.2m | -79.1% |
| Recurring financial income | 75 | €1,484,036 | €310,235 | -€1.2m | -79.1% |
| Income from current assets | 751 | €1,239,411 | €24,386 | -€1.2m | -98.0% |
| Other financial income | 752/9 | €244,624 | €285,849 | +€41,224 | +16.9% |
| Financial charges | 65/66B | €747,594 | €3,699,229 | +€3.0m | +395% |
| Recurring financial charges | 65 | €747,594 | €434,665 | -€312,929 | -41.9% |
| Debt charges | 650 | €725,969 | €723,893 | -€2,076 | -0.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€63,682 | -€485,506 | -€421,824 | -662% |
| Other financial charges | 652/9 | €85,307 | €196,277 | +€110,971 | +130% |
| Non-recurring financial charges | 66B | - | €3,264,564 | +€3.3m | |
| Profit (loss) for the period before taxes | 9903 | -€9,412,454 | -€4,263,951 | +€5.1m | +54.7% |
| Transfer from deferred taxes | 780 | €61,137 | €61,137 | = | 0.0% |
| Income taxes | 67/77 | €57,442 | €40,779 | -€16,663 | -29.0% |
| Taxes | 670/3 | €57,442 | €49,264 | -€8,178 | -14.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €8,485 | +€8,485 | |
| Profit (loss) for the period | 9904 | -€9,408,760 | -€4,243,593 | +€5.2m | +54.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,408,760 | -€4,243,593 | +€5.2m | +54.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.