GREPO: 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.
GREPO
Largest movements
- Tangible fixed assets -€24,030
down €24,030 (-12.7%), from €188,921 to €164,891
- Cash -€18,842
down €18,842 (-79.4%), from €23,732 to €4,890
mainly Net result for the year (-€23,371) and Other debts (-€12,117)
- Receivables within one year +€7,152
up €7,152 (+81.3%), from €8,802 to €15,954
of which Trade receivables: +€4,879
- Stocks and contracts -€5,700
no longer reported in 2025 (was €5,700)
- Profit (loss) carried forward -€23,371
down €23,371 (-74.9%), from €31,191 to €7,821
- Other debts -€12,117
down €12,117 (-7.8%), from €155,415 to €143,298
- Current portion of long-term debt -€6,009
no longer reported in 2025 (was €6,009)
- Trade debts +€3,182
up €3,182 (+36.0%), from €8,849 to €12,031
- Tax, wage and social debts -€3,102
down €3,102 (-45.3%), from €6,851 to €3,750
- Gross operating margin -€18,315
down €18,315 (-83.9%), from €21,824 to €3,509
- Depreciation -€2,161
down €2,161 (-8.6%), from €25,022 to €22,861
- Financial income +€1,736
up €1,736 (+77,826%), from €2 to €1,738
- Financial charges -€274
down €274 (-35.7%), from €770 to €495
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 | €232,481 | €191,061 | -€41,420 | -17.8% |
| Fixed assets | 21/28 | €194,248 | €170,218 | -€24,030 | -12.4% |
| Tangible fixed assets | 22/27 | €188,921 | €164,891 | -€24,030 | -12.7% |
| Land and buildings | 22 | €163,013 | €151,494 | -€11,518 | -7.1% |
| Plant, machinery and equipment | 23 | €3,661 | €1,493 | -€2,168 | -59.2% |
| Furniture and vehicles | 24 | €21,204 | €10,903 | -€10,301 | -48.6% |
| Other tangible fixed assets | 26 | €1,043 | €1,000 | -€43 | -4.1% |
| Financial fixed assets | 28 | €5,327 | €5,327 | = | 0.0% |
| Current assets | 29/58 | €38,234 | €20,844 | -€17,390 | -45.5% |
| Stocks and contracts in progress | 3 | €5,700 | - | -€5,700 | |
| Stocks | 30/36 | €5,700 | - | -€5,700 | |
| Amounts receivable within one year | 40/41 | €8,802 | €15,954 | +€7,152 | +81.3% |
| Trade receivables | 40 | €5,375 | €10,254 | +€4,879 | +90.8% |
| Other amounts receivable | 41 | €3,427 | €5,700 | +€2,273 | +66.3% |
| Cash at bank and in hand | 54/58 | €23,732 | €4,890 | -€18,842 | -79.4% |
| Total equity and liabilities | 10/49 | €232,481 | €191,061 | -€41,420 | -17.8% |
| Equity | 10/15 | €54,843 | €31,472 | -€23,371 | -42.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €5,059 | €5,059 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,200 | €3,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,191 | €7,821 | -€23,371 | -74.9% |
| Amounts payable | 17/49 | €177,639 | €159,590 | -€18,049 | -10.2% |
| Amounts payable within one year | 42/48 | €177,639 | €159,590 | -€18,049 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €6,009 | - | -€6,009 | |
| Financial debts | 43 | €515 | €511 | -€4 | -0.8% |
| Credit institutions | 430/8 | €515 | €511 | -€4 | -0.8% |
| Trade debts | 44 | €8,849 | €12,031 | +€3,182 | +36.0% |
| Suppliers | 440/4 | €8,849 | €12,031 | +€3,182 | +36.0% |
| Taxes, remuneration and social security | 45 | €6,851 | €3,750 | -€3,102 | -45.3% |
| Taxes | 450/3 | €6,851 | €3,750 | -€3,102 | -45.3% |
| Other amounts payable | 47/48 | €155,415 | €143,298 | -€12,117 | -7.8% |
| Remuneration, social security and pensions | 62 | €148 | €26 | -€121 | -82.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,022 | €22,861 | -€2,161 | -8.6% |
| Other operating charges | 640/8 | €3,796 | €3,934 | +€138 | +3.6% |
| Non-recurring operating charges | 66A | €50 | €1,169 | +€1,119 | +2,238% |
| Gross operating margin | 9900 | €21,824 | €3,509 | -€18,315 | -83.9% |
| Operating profit (loss) | 9901 | -€7,192 | -€24,481 | -€17,289 | -240% |
| Financial income | 75/76B | €2 | €1,738 | +€1,736 | +77,826% |
| Recurring financial income | 75 | €2 | €1,738 | +€1,736 | +77,826% |
| Financial charges | 65/66B | €770 | €495 | -€274 | -35.7% |
| Recurring financial charges | 65 | €770 | €495 | -€274 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,959 | -€23,239 | -€15,279 | -192% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€8,087 | -€23,371 | -€15,283 | -189% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,087 | -€23,371 | -€15,283 | -189% |
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 14 October 2026 via checked.be.