GRESHAM: what changed
GRESHAM
Largest movements
- Receivables within one year -€379,552
no longer reported in 2025 (was €379,552)
of which Trade receivables: -€354,552
- Cash +€204,038
up €204,038 (+1,079%), from €18,914 to €222,952
mainly Receivables within one year (+€379,552) and Net result for the year (+€109,723)
- Stocks and contracts +€155,715
new in 2025: €155,715
- Tangible fixed assets -€22,953
down €22,953 (-20.6%), from €111,509 to €88,556
of which Land and buildings: -€21,904
- Profit (loss) carried forward +€109,723
up €109,723 (+38.0%), from -€288,978 to -€179,255
- Debts after one year -€99,860
down €99,860 (-91.0%), from €109,783 to €9,923
- Trade debts -€44,170
down €44,170 (-47.6%), from €92,823 to €48,654
- Tax, wage and social debts -€22,683
down €22,683 (-49.0%), from €46,308 to €23,626
- Other debts +€12,817
up €12,817 (+3.7%), from €342,184 to €355,001
- Gross operating margin -€25,538
down €25,538 (-16.1%), from €158,668 to €133,130
- Financial income +€13,493
new in 2025: €13,493
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €509,975 | €467,223 | -€42,752 | -8.4% |
| Fixed assets | 21/28 | €111,509 | €88,556 | -€22,953 | -20.6% |
| Tangible fixed assets | 22/27 | €111,509 | €88,556 | -€22,953 | -20.6% |
| Land and buildings | 22 | €85,092 | €63,188 | -€21,904 | -25.7% |
| Plant, machinery and equipment | 23 | €18,100 | €18,100 | = | 0.0% |
| Furniture and vehicles | 24 | €7,601 | €6,791 | -€810 | -10.7% |
| Other tangible fixed assets | 26 | €715 | €477 | -€238 | -33.3% |
| Current assets | 29/58 | €398,466 | €378,667 | -€19,799 | -5.0% |
| Stocks and contracts in progress | 3 | - | €155,715 | +€155,715 | |
| Contracts in progress | 37 | - | €155,715 | +€155,715 | |
| Amounts receivable within one year | 40/41 | €379,552 | - | -€379,552 | |
| Trade receivables | 40 | €354,552 | - | -€354,552 | |
| Other amounts receivable | 41 | €25,000 | - | -€25,000 | |
| Cash at bank and in hand | 54/58 | €18,914 | €222,952 | +€204,038 | +1,079% |
| Total equity and liabilities | 10/49 | €509,975 | €467,223 | -€42,752 | -8.4% |
| Equity | 10/15 | -€118,063 | -€8,340 | +€109,723 | +92.9% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €52,315 | €52,315 | = | 0.0% |
| Distributable reserves | 133 | €52,315 | €52,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€288,978 | -€179,255 | +€109,723 | +38.0% |
| Amounts payable | 17/49 | €628,038 | €475,563 | -€152,475 | -24.3% |
| Amounts payable after more than one year | 17 | €109,783 | €9,923 | -€99,860 | -91.0% |
| Financial debts | 170/4 | €109,783 | €9,923 | -€99,860 | -91.0% |
| Amounts payable within one year | 42/48 | €518,255 | €465,640 | -€52,615 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €36,940 | €38,360 | +€1,420 | +3.8% |
| Trade debts | 44 | €92,823 | €48,654 | -€44,170 | -47.6% |
| Suppliers | 440/4 | €92,823 | €48,654 | -€44,170 | -47.6% |
| Taxes, remuneration and social security | 45 | €46,308 | €23,626 | -€22,683 | -49.0% |
| Taxes | 450/3 | €46,308 | €23,626 | -€22,683 | -49.0% |
| Other amounts payable | 47/48 | €342,184 | €355,001 | +€12,817 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,176 | €29,394 | +€219 | +0.7% |
| Other operating charges | 640/8 | €3,456 | €2,980 | -€476 | -13.8% |
| Gross operating margin | 9900 | €158,668 | €133,130 | -€25,538 | -16.1% |
| Operating profit (loss) | 9901 | €126,036 | €100,756 | -€25,280 | -20.1% |
| Financial income | 75/76B | - | €13,493 | +€13,493 | |
| Recurring financial income | 75 | - | €13,493 | +€13,493 | |
| Financial charges | 65/66B | €5,465 | €4,526 | -€939 | -17.2% |
| Recurring financial charges | 65 | €5,465 | €4,526 | -€939 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €120,571 | €109,723 | -€10,848 | -9.0% |
| Profit (loss) for the period | 9904 | €120,571 | €109,723 | -€10,848 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €120,571 | €109,723 | -€10,848 | -9.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.