GRETIAN: 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.
GRETIAN
Largest movements
- Tangible fixed assets +€269,275
up €269,275 (+6.9%), from €3.9m to €4.1m
- Cash -€212,377
down €212,377 (-61.4%), from €345,651 to €133,274
mainly Investment in fixed assets (net) (-€456,258) and Trade debts (-€397,913)
- Deferred charges and accrued income -€51,500
down €51,500 (-34.4%), from €149,500 to €98,000
- Trade debts -€397,913
down €397,913 (-86.5%), from €459,925 to €62,013
- Debts after one year +€252,425
up €252,425 (+301%), from €83,990 to €336,414
of which Financial debts: +€252,425
- Other debts +€115,959
up €115,959 (+3.7%), from €3.2m to €3.3m
- Reserves +€106,205
up €106,205 (+14.3%), from €742,712 to €848,917
of which Distributable reserves: +€111,000
- Current portion of long-term debt -€48,239
no longer reported in 2025 (was €48,239)
- Gross operating margin +€92,096
up €92,096 (+33.6%), from €273,768 to €365,864
- Taxes +€17,946
up €17,946 (+85.1%), from €21,100 to €39,047
- Depreciation +€11,558
up €11,558 (+8.1%), from €142,976 to €154,533
- Other operating charges +€7,226
up €7,226 (+16.9%), from €42,672 to €49,898
- Financial charges +€3,907
up €3,907 (+26.1%), from €14,955 to €18,862
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 | €4,595,707 | €4,633,554 | +€37,848 | +0.8% |
| Fixed assets | 21/28 | €3,875,822 | €4,177,547 | +€301,725 | +7.8% |
| Intangible fixed assets | 21 | - | €30,800 | +€30,800 | |
| Tangible fixed assets | 22/27 | €3,875,822 | €4,145,097 | +€269,275 | +6.9% |
| Land and buildings | 22 | €3,875,822 | €4,145,097 | +€269,275 | +6.9% |
| Financial fixed assets | 28 | - | €1,650 | +€1,650 | |
| Current assets | 29/58 | €719,885 | €456,008 | -€263,877 | -36.7% |
| Amounts receivable within one year | 40/41 | €224,734 | €224,734 | = | 0.0% |
| Other amounts receivable | 41 | €224,734 | €224,734 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €345,651 | €133,274 | -€212,377 | -61.4% |
| Deferred charges and accrued income | 490/1 | €149,500 | €98,000 | -€51,500 | -34.4% |
| Total equity and liabilities | 10/49 | €4,595,707 | €4,633,554 | +€37,848 | +0.8% |
| Equity | 10/15 | €763,884 | €870,136 | +€106,252 | +13.9% |
| Contributions | 10/11 | €20,550 | €20,550 | = | 0.0% |
| Reserves | 13 | €742,712 | €848,917 | +€106,205 | +14.3% |
| Tax-exempt reserves | 132 | €100,712 | €95,917 | -€4,795 | -4.8% |
| Distributable reserves | 133 | €642,000 | €753,000 | +€111,000 | +17.3% |
| Profit (loss) carried forward | 14 | €622 | €669 | +€47 | +7.6% |
| Provisions and deferred taxes | 16 | €33,571 | €31,972 | -€1,598 | -4.8% |
| Deferred taxes | 168 | €33,571 | €31,972 | -€1,598 | -4.8% |
| Amounts payable | 17/49 | €3,798,252 | €3,731,446 | -€66,806 | -1.8% |
| Amounts payable after more than one year | 17 | €83,990 | €336,414 | +€252,425 | +301% |
| Financial debts | 170/4 | €66,176 | €318,601 | +€252,425 | +381% |
| Other amounts payable | 178/9 | €17,813 | €17,813 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,705,182 | €3,386,327 | -€318,854 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €48,239 | - | -€48,239 | |
| Trade debts | 44 | €459,925 | €62,013 | -€397,913 | -86.5% |
| Suppliers | 440/4 | €459,925 | €62,013 | -€397,913 | -86.5% |
| Advances received on contracts in progress | 46 | €9,500 | €9,500 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €14,992 | €26,331 | +€11,339 | +75.6% |
| Taxes | 450/3 | €14,992 | €26,331 | +€11,339 | +75.6% |
| Other amounts payable | 47/48 | €3,172,525 | €3,288,483 | +€115,959 | +3.7% |
| Accrued charges and deferred income | 492/3 | €9,081 | €8,705 | -€376 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,976 | €154,533 | +€11,558 | +8.1% |
| Other operating charges | 640/8 | €42,672 | €49,898 | +€7,226 | +16.9% |
| Gross operating margin | 9900 | €273,768 | €365,864 | +€92,096 | +33.6% |
| Operating profit (loss) | 9901 | €88,120 | €161,433 | +€73,313 | +83.2% |
| Financial income | 75/76B | €76 | €1,129 | +€1,053 | +1,392% |
| Recurring financial income | 75 | €76 | €1,129 | +€1,053 | +1,392% |
| Financial charges | 65/66B | €14,955 | €18,862 | +€3,907 | +26.1% |
| Recurring financial charges | 65 | €14,955 | €18,862 | +€3,907 | +26.1% |
| Profit (loss) for the period before taxes | 9903 | €73,241 | €143,700 | +€70,459 | +96.2% |
| Transfer from deferred taxes | 780 | €1,598 | €1,598 | = | 0.0% |
| Income taxes | 67/77 | €21,100 | €39,047 | +€17,946 | +85.1% |
| Profit (loss) for the period | 9904 | €53,739 | €106,252 | +€52,513 | +97.7% |
| Transfer from tax-exempt reserves | 789 | €4,795 | €4,795 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,534 | €111,047 | +€52,513 | +89.7% |
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 17 October 2026 via checked.be.