GREVENDAL: 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.
GREVENDAL
Largest movements
- Tangible fixed assets -€70,243
down €70,243 (-3.9%), from €1.8m to €1.7m
of which Land and buildings: -€68,532
- Other debts -€111,024
down €111,024 (-84.7%), from €131,024 to €20,000
- Reserves +€96,159
up €96,159 (+9.7%), from €996,102 to €1.1m
of which Tax-exempt reserves: +€96,159
- Profit (loss) carried forward -€32,081
down €32,081 (-7.2%), from -€445,524 to -€477,604
- Provisions +€32,053
up €32,053 (+16.1%), from €198,941 to €230,994
- Debts after one year -€30,040
down €30,040 (-5.8%), from €518,507 to €488,467
- Financial income +€169,989
up €169,989 (+4,347%), from €3,911 to €173,900
of which Non-recurring financial income: +€172,186
- Other operating charges -€117,169
down €117,169 (-89.8%), from €130,524 to €13,355
- Gross operating margin +€18,044
up €18,044 (+112%), from €16,172 to €34,215
- Financial charges +€15,036
up €15,036 (+656%), from €2,293 to €17,328
- Depreciation +€14,614
up €14,614 (+22.0%), from €66,299 to €80,913
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 | €1,850,982 | €1,806,136 | -€44,846 | -2.4% |
| Fixed assets | 21/28 | €1,795,451 | €1,725,208 | -€70,243 | -3.9% |
| Tangible fixed assets | 22/27 | €1,795,451 | €1,725,208 | -€70,243 | -3.9% |
| Land and buildings | 22 | €1,793,232 | €1,724,701 | -€68,532 | -3.8% |
| Furniture and vehicles | 24 | €2,219 | €508 | -€1,711 | -77.1% |
| Current assets | 29/58 | €55,532 | €80,928 | +€25,396 | +45.7% |
| Amounts receivable within one year | 40/41 | €20,795 | €37,293 | +€16,499 | +79.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €20,795 | €37,293 | +€16,499 | +79.3% |
| Cash at bank and in hand | 54/58 | €32,885 | €40,305 | +€7,420 | +22.6% |
| Deferred charges and accrued income | 490/1 | €1,852 | €3,329 | +€1,477 | +79.8% |
| Total equity and liabilities | 10/49 | €1,850,982 | €1,806,136 | -€44,846 | -2.4% |
| Equity | 10/15 | €970,758 | €1,034,836 | +€64,078 | +6.6% |
| Contributions | 10/11 | €420,180 | €420,180 | = | 0.0% |
| Capital | 10 | €420,180 | €420,180 | = | 0.0% |
| Issued capital | 100 | €420,180 | €420,180 | = | 0.0% |
| Reserves | 13 | €996,102 | €1,092,261 | +€96,159 | +9.7% |
| Non-distributable reserves | 130/1 | €21,200 | €21,200 | = | 0.0% |
| Legal reserve | 130 | €13,763 | €13,763 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €596,822 | €692,981 | +€96,159 | +16.1% |
| Distributable reserves | 133 | €378,080 | €378,080 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€445,524 | -€477,604 | -€32,081 | -7.2% |
| Provisions and deferred taxes | 16 | €198,941 | €230,994 | +€32,053 | +16.1% |
| Deferred taxes | 168 | €198,941 | €230,994 | +€32,053 | +16.1% |
| Amounts payable | 17/49 | €681,283 | €540,306 | -€140,978 | -20.7% |
| Amounts payable after more than one year | 17 | €518,507 | €488,467 | -€30,040 | -5.8% |
| Financial debts | 170/4 | €518,507 | €488,467 | -€30,040 | -5.8% |
| Amounts payable within one year | 42/48 | €162,777 | €51,839 | -€110,938 | -68.2% |
| Current portion of amounts payable after more than one year | 42 | €29,091 | €30,040 | +€949 | +3.3% |
| Trade debts | 44 | €2,661 | €1,799 | -€862 | -32.4% |
| Suppliers | 440/4 | €2,661 | €1,799 | -€862 | -32.4% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €131,024 | €20,000 | -€111,024 | -84.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,299 | €80,913 | +€14,614 | +22.0% |
| Other operating charges | 640/8 | €130,524 | €13,355 | -€117,169 | -89.8% |
| Gross operating margin | 9900 | €16,172 | €34,215 | +€18,044 | +112% |
| Operating profit (loss) | 9901 | -€180,652 | -€60,053 | +€120,599 | +66.8% |
| Financial income | 75/76B | €3,911 | €173,900 | +€169,989 | +4,347% |
| Recurring financial income | 75 | €3,911 | €1,714 | -€2,196 | -56.2% |
| Non-recurring financial income | 76B | - | €172,186 | +€172,186 | |
| Financial charges | 65/66B | €2,293 | €17,328 | +€15,036 | +656% |
| Recurring financial charges | 65 | €2,293 | €17,328 | +€15,036 | +656% |
| Profit (loss) for the period before taxes | 9903 | -€179,034 | €96,519 | +€275,552 | |
| Transfer from deferred taxes | 780 | €8,735 | €10,993 | +€2,258 | +25.8% |
| Transfer to deferred taxes | 680 | - | €43,046 | +€43,046 | |
| Income taxes | 67/77 | €364 | €387 | +€23 | +6.3% |
| Profit (loss) for the period | 9904 | -€170,663 | €64,078 | +€234,741 | |
| Transfer from tax-exempt reserves | 789 | €26,206 | €32,980 | +€6,774 | +25.8% |
| Transfer to tax-exempt reserves | 689 | - | €129,139 | +€129,139 | |
| Profit (loss) for the period to be appropriated | 9905 | -€144,457 | -€32,081 | +€112,376 | +77.8% |
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.