GREWI: what changed
Two fiscal 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.
GREWI
Largest movements
- Current investments +€949,003
up €949,003 (+40.4%), from €2.4m to €3.3m
- Stocks and contracts +€450,123
new in 2025: €450,123
- Receivables after one year -€404,818
down €404,818 (-5.7%), from €7.1m to €6.7m
- Tangible fixed assets -€300,995
down €300,995 (-9.1%), from €3.3m to €3.0m
of which Land and buildings: -€350,002
- Reserves +€574,331
up €574,331 (+4.3%), from €13.3m to €13.9m
of which Distributable reserves: +€574,331
- Gross operating margin -€2.5m
down €2.5m (-83.3%), from €3.0m to €507,700
- Turnover -€427,701
no longer reported in 2025 (was €427,701)
- Financial income -€145,604
down €145,604 (-30.4%), from €478,361 to €332,757
- Purchases and services -€82,497
no longer reported in 2025 (was €82,497)
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.
Cash bridge derived
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 | €13,448,454 | €14,023,391 | +€574,937 | +4.3% |
| Fixed assets | 21/28 | €3,312,087 | €3,011,093 | -€300,995 | -9.1% |
| Tangible fixed assets | 22/27 | €3,312,087 | €3,011,093 | -€300,995 | -9.1% |
| Land and buildings | 22 | €3,291,953 | €2,941,950 | -€350,002 | -10.6% |
| Furniture and vehicles | 24 | €20,135 | €69,142 | +€49,008 | +243.4% |
| Current assets | 29/58 | €10,136,366 | €11,012,298 | +€875,932 | +8.6% |
| Amounts receivable after more than one year | 29 | €7,075,783 | €6,670,965 | -€404,818 | -5.7% |
| Other amounts receivable | 291 | €7,075,783 | €6,670,965 | -€404,818 | -5.7% |
| Stocks and contracts in progress | 3 | - | €450,123 | +€450,123 | |
| Stocks | 30/36 | - | €450,123 | +€450,123 | |
| Amounts receivable within one year | 40/41 | €556,729 | €535,262 | -€21,467 | -3.9% |
| Trade receivables | 40 | - | €89 | +€89 | |
| Other amounts receivable | 41 | €556,729 | €535,174 | -€21,555 | -3.9% |
| Current investments | 50/53 | €2,350,998 | €3,300,000 | +€949,003 | +40.4% |
| Cash at bank and in hand | 54/58 | €130,652 | €49,669 | -€80,983 | -62.0% |
| Deferred charges and accrued income | 490/1 | €22,205 | €6,279 | -€15,926 | -71.7% |
| Total equity and liabilities | 10/49 | €13,448,454 | €14,023,391 | +€574,937 | +4.3% |
| Equity | 10/15 | €13,421,825 | €13,996,156 | +€574,331 | +4.3% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €13,297,879 | €13,872,209 | +€574,331 | +4.3% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €13,285,484 | €13,859,815 | +€574,331 | +4.3% |
| Amounts payable | 17/49 | €26,628 | €27,235 | +€607 | +2.3% |
| Amounts payable within one year | 42/48 | €25,678 | €27,035 | +€1,357 | +5.3% |
| Trade debts | 44 | €258 | - | -€258 | |
| Suppliers | 440/4 | €258 | - | -€258 | |
| Taxes, remuneration and social security | 45 | €17,670 | €19,285 | +€1,615 | +9.1% |
| Taxes | 450/3 | €17,670 | €19,285 | +€1,615 | +9.1% |
| Other amounts payable | 47/48 | €7,750 | €7,750 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €950 | €200 | -€750 | -78.9% |
| Turnover | 70 | €427,701 | - | -€427,701 | |
| Non-recurring operating income | 76A | €2,702,899 | - | -€2.7m | |
| Goods, raw materials, services and sundry goods | 60/61 | €82,497 | - | -€82,497 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,738 | €115,003 | +€5,265 | +4.8% |
| Other operating charges | 640/8 | €19,268 | €20,102 | +€834 | +4.3% |
| Gross operating margin | 9900 | €3,048,103 | €507,700 | -€2.5m | -83.3% |
| Operating profit (loss) | 9901 | €2,919,097 | €372,595 | -€2.5m | -87.2% |
| Financial income | 75/76B | €478,361 | €332,757 | -€145,604 | -30.4% |
| Recurring financial income | 75 | €478,361 | €332,757 | -€145,604 | -30.4% |
| Financial charges | 65/66B | €171 | €147 | -€24 | -14.0% |
| Recurring financial charges | 65 | €171 | €147 | -€24 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €3,397,288 | €705,206 | -€2.7m | -79.2% |
| Income taxes | 67/77 | €105,129 | €130,875 | +€25,746 | +24.5% |
| Profit (loss) for the period | 9904 | €3,292,159 | €574,331 | -€2.7m | -82.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,292,159 | €574,331 | -€2.7m | -82.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.