GREPOBEL: 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.
GREPOBEL
Largest movements
- Tangible fixed assets -€832,584
down €832,584 (-31.1%), from €2.7m to €1.8m
of which Plant, machinery and equipment: -€797,214
- Receivables within one year +€77,155
up €77,155 (+9.3%), from €825,412 to €902,566
of which Other amounts receivable: +€48,204
- Cash -€63,103
down €63,103 (-12.4%), from €508,473 to €445,370
mainly Debts after one year (-€818,840) and Receivables within one year (-€77,155)
- Debts after one year -€818,840
down €818,840 (-90.2%), from €908,140 to €89,300
- Accrued charges and deferred income +€76,591
new in 2025: €76,591
- Reserves -€43,901
down €43,901 (-2.0%), from €2.2m to €2.1m
of which Distributable reserves: -€43,901
- Trade debts -€41,956
down €41,956 (-51.8%), from €80,956 to €39,000
- Gross operating margin -€507,593
down €507,593 (-38.3%), from €1.3m to €818,390
- Taxes -€103,376
down €103,376 (-100%), from €103,376 to €0
- Financial charges -€19,452
down €19,452 (-34.7%), from €56,111 to €36,659
- Financial income +€14,187
up €14,187 (+2,096%), from €677 to €14,864
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 | €4,087,429 | €3,270,601 | -€816,829 | -20.0% |
| Fixed assets | 21/28 | €2,680,459 | €1,847,875 | -€832,584 | -31.1% |
| Tangible fixed assets | 22/27 | €2,680,459 | €1,847,875 | -€832,584 | -31.1% |
| Plant, machinery and equipment | 23 | €2,633,397 | €1,836,183 | -€797,214 | -30.3% |
| Furniture and vehicles | 24 | €47,063 | €11,692 | -€35,370 | -75.2% |
| Current assets | 29/58 | €1,406,970 | €1,422,725 | +€15,756 | +1.1% |
| Amounts receivable within one year | 40/41 | €825,412 | €902,566 | +€77,155 | +9.3% |
| Trade receivables | 40 | €820,312 | €849,262 | +€28,950 | +3.5% |
| Other amounts receivable | 41 | €5,100 | €53,304 | +€48,204 | +945% |
| Cash at bank and in hand | 54/58 | €508,473 | €445,370 | -€63,103 | -12.4% |
| Deferred charges and accrued income | 490/1 | €73,085 | €74,789 | +€1,704 | +2.3% |
| Total equity and liabilities | 10/49 | €4,087,429 | €3,270,601 | -€816,829 | -20.0% |
| Equity | 10/15 | €2,285,597 | €2,246,869 | -€38,728 | -1.7% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €2,153,588 | €2,109,687 | -€43,901 | -2.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €2,147,088 | €2,103,187 | -€43,901 | -2.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €67,009 | €72,182 | +€5,174 | +7.7% |
| Amounts payable | 17/49 | €1,801,833 | €1,023,732 | -€778,101 | -43.2% |
| Amounts payable after more than one year | 17 | €908,140 | €89,300 | -€818,840 | -90.2% |
| Financial debts | 170/4 | €908,140 | €89,300 | -€818,840 | -90.2% |
| Amounts payable within one year | 42/48 | €893,692 | €857,841 | -€35,852 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €799,030 | €818,840 | +€19,810 | +2.5% |
| Trade debts | 44 | €80,956 | €39,000 | -€41,956 | -51.8% |
| Suppliers | 440/4 | €80,956 | €39,000 | -€41,956 | -51.8% |
| Taxes, remuneration and social security | 45 | €13,706 | €0 | -€13,706 | -100% |
| Taxes | 450/3 | €13,706 | €0 | -€13,706 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €76,591 | +€76,591 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €838,791 | €832,584 | -€6,207 | -0.7% |
| Other operating charges | 640/8 | €7,629 | €7,912 | +€283 | +3.7% |
| Gross operating margin | 9900 | €1,325,983 | €818,390 | -€507,593 | -38.3% |
| Operating profit (loss) | 9901 | €479,562 | -€22,106 | -€501,668 | |
| Financial income | 75/76B | €677 | €14,864 | +€14,187 | +2,096% |
| Recurring financial income | 75 | €677 | €14,864 | +€14,187 | +2,096% |
| Financial charges | 65/66B | €56,111 | €36,659 | -€19,452 | -34.7% |
| Recurring financial charges | 65 | €56,111 | €36,659 | -€19,452 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €424,128 | -€43,901 | -€468,029 | |
| Income taxes | 67/77 | €103,376 | €0 | -€103,376 | -100% |
| Profit (loss) for the period | 9904 | €320,752 | -€43,901 | -€364,653 | |
| Profit (loss) for the period to be appropriated | 9905 | €320,752 | -€43,901 | -€364,653 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.