Grinfeld: what changed
What changed
Grinfeld
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€40,274
2024 · -€59,556+€99,830
Equity
-€150,948
2024 · -€191,222+€40,274
Cash
€18,685
2024 · €5,347+€13,338
Balance sheet total
€1.1m
2024 · €1.1m-€16,316
Largest movements
Assets
- Tangible fixed assets -€30,059
down €30,059 (-2.8%), from €1.1m to €1.0m
of which Land and buildings: -€29,757
- Cash +€13,338
up €13,338 (+249%), from €5,347 to €18,685
mainly Net result for the year (+€40,274) and Depreciation (+€34,415)
Equity and liabilities
- Debts after one year -€55,955
down €55,955 (-12.0%), from €466,011 to €410,056
- Profit (loss) carried forward +€40,274
up €40,274 (+14.5%), from -€277,985 to -€237,711
Income statement
- Gross operating margin +€118,959
up €118,959 (+338%), from €35,165 to €154,124
- Purchases and services -€81,982
down €81,982 (-79.9%), from €102,578 to €20,596
- Turnover +€38,944
up €38,944 (+28.8%), from €135,134 to €174,078
- Financial charges +€9,167
up €9,167 (+111%), from €8,283 to €17,450
- Depreciation +€4,239
up €4,239 (+14.0%), from €30,176 to €34,415
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.
Result 2024
-€59,556
Gross operating margin
+€118,959
Staff costs
-€2,028
Depreciation
-€4,239
Other operating charges
-€3,741
Financial income
+€77
Financial charges
-€9,167
Taxes
-€31
Result 2025
€40,274
raises the resultlowers the result
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.
From operations
+€71,994
Investment
-€4,427
Financing
-€54,229
Cash 2024
€5,347
From operations (derived)
+€71,994
Net result for the year
+€40,274
Depreciation
+€34,415
Receivables within one year
-€334
Trade debts
-€235
Tax, wage and social debts
-€3,036
Other debts
+€910
Investment (derived)
-€4,427
Investment in fixed assets (net)
-€4,356
Current investments
-€71
Financing
-€54,229
Debts after one year
-€55,955
Current portion of long-term debt
+€1,726
Cash 2025
€18,685
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,090,136 | €1,073,820 | -€16,316 | -1.5% |
| Fixed assets | 21/28 | €1,078,872 | €1,048,813 | -€30,059 | -2.8% |
| Tangible fixed assets | 22/27 | €1,078,872 | €1,048,813 | -€30,059 | -2.8% |
| Land and buildings | 22 | €1,078,393 | €1,048,636 | -€29,757 | -2.8% |
| Plant, machinery and equipment | 23 | €479 | €177 | -€302 | -63.0% |
| Current assets | 29/58 | €11,264 | €25,007 | +€13,743 | +122% |
| Amounts receivable within one year | 40/41 | €12 | €346 | +€334 | +2,783% |
| Trade receivables | 40 | - | €340 | +€340 | |
| Other amounts receivable | 41 | €12 | €6 | -€6 | -50.0% |
| Current investments | 50/53 | €5,905 | €5,976 | +€71 | +1.2% |
| Cash at bank and in hand | 54/58 | €5,347 | €18,685 | +€13,338 | +249% |
| Total equity and liabilities | 10/49 | €1,090,136 | €1,073,820 | -€16,316 | -1.5% |
| Equity | 10/15 | -€191,222 | -€150,948 | +€40,274 | +21.1% |
| Contributions | 10/11 | €86,763 | €86,763 | = | 0.0% |
| Capital | 10 | €86,763 | €86,763 | = | 0.0% |
| Issued capital | 100 | €86,763 | €86,763 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€277,985 | -€237,711 | +€40,274 | +14.5% |
| Amounts payable | 17/49 | €1,281,358 | €1,224,768 | -€56,590 | -4.4% |
| Amounts payable after more than one year | 17 | €466,011 | €410,056 | -€55,955 | -12.0% |
| Financial debts | 170/4 | €466,011 | €410,056 | -€55,955 | -12.0% |
| Amounts payable within one year | 42/48 | €815,347 | €814,712 | -€635 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €57,986 | €59,712 | +€1,726 | +3.0% |
| Trade debts | 44 | €285 | €50 | -€235 | -82.5% |
| Suppliers | 440/4 | €285 | €50 | -€235 | -82.5% |
| Taxes, remuneration and social security | 45 | €13,536 | €10,500 | -€3,036 | -22.4% |
| Taxes | 450/3 | €1,778 | €1,104 | -€674 | -37.9% |
| Remuneration and social security | 454/9 | €11,758 | €9,396 | -€2,362 | -20.1% |
| Other amounts payable | 47/48 | €743,540 | €744,450 | +€910 | +0.1% |
| Turnover | 70 | €135,134 | €174,078 | +€38,944 | +28.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €102,578 | €20,596 | -€81,982 | -79.9% |
| Remuneration, social security and pensions | 62 | €46,316 | €48,344 | +€2,028 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,176 | €34,415 | +€4,239 | +14.0% |
| Other operating charges | 640/8 | €9,971 | €13,712 | +€3,741 | +37.5% |
| Gross operating margin | 9900 | €35,165 | €154,124 | +€118,959 | +338% |
| Operating profit (loss) | 9901 | -€51,298 | €57,653 | +€108,951 | |
| Financial income | 75/76B | €17 | €94 | +€77 | +453% |
| Recurring financial income | 75 | €17 | €94 | +€77 | +453% |
| Financial charges | 65/66B | €8,283 | €17,450 | +€9,167 | +111% |
| Recurring financial charges | 65 | €8,283 | €17,450 | +€9,167 | +111% |
| Profit (loss) for the period before taxes | 9903 | -€59,564 | €40,297 | +€99,861 | |
| Income taxes | 67/77 | -€8 | €23 | +€31 | |
| Profit (loss) for the period | 9904 | -€59,556 | €40,274 | +€99,830 | |
| Profit (loss) for the period to be appropriated | 9905 | -€59,556 | €40,274 | +€99,830 |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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 3 November 2026 via checked.be.