GROENDALE: 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.
GROENDALE
Largest movements
- Current investments +€1.2m
new in 2025: €1.2m
- Receivables after one year -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Receivables within one year -€534,704
down €534,704 (-89.0%), from €600,617 to €65,913
of which Other amounts receivable: -€479,363
- Cash -€201,737
down €201,737 (-43.7%), from €461,967 to €260,230
mainly Current investments (-€1.2m) and Contributions, distributions and other (-€663,017)
- Tangible fixed assets -€25,865
down €25,865 (-10.2%), from €252,384 to €226,520
of which Land and buildings: -€24,733
- Reserves -€499,307
down €499,307 (-23.1%), from €2.2m to €1.7m
- Debts after one year -€30,625
down €30,625 (-26.7%), from €114,844 to €84,219
- Tax, wage and social debts -€29,168
down €29,168 (-99.6%), from €29,294 to €126
- Turnover +€402,447
new in 2025: €402,447
- Financial income -€262,510
down €262,510 (-86.4%), from €303,857 to €41,346
of which Financial income: -€262,510
- Purchases and services +€215,762
new in 2025: €215,762
- Gross operating margin -€171,200
down €171,200 (-44.2%), from €387,085 to €215,885
- Taxes -€85,475
down €85,475 (-62.1%), from €137,664 to €52,189
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 | €2,357,239 | €1,808,120 | -€549,118 | -23.3% |
| Fixed assets | 21/28 | €252,384 | €226,520 | -€25,865 | -10.2% |
| Tangible fixed assets | 22/27 | €252,384 | €226,520 | -€25,865 | -10.2% |
| Land and buildings | 22 | €234,400 | €209,666 | -€24,733 | -10.6% |
| Furniture and vehicles | 24 | €17,035 | €16,013 | -€1,023 | -6.0% |
| Other tangible fixed assets | 26 | €950 | €841 | -€109 | -11.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €2,104,854 | €1,581,600 | -€523,254 | -24.9% |
| Amounts receivable after more than one year | 29 | €1,037,938 | €0 | -€1.0m | -100.0% |
| Other amounts receivable | 291 | €1,037,938 | €0 | -€1.0m | -100.0% |
| Amounts receivable within one year | 40/41 | €600,617 | €65,913 | -€534,704 | -89.0% |
| Trade receivables | 40 | €66,178 | €10,838 | -€55,340 | -83.6% |
| Other amounts receivable | 41 | €534,438 | €55,075 | -€479,363 | -89.7% |
| Current investments | 50/53 | - | €1,245,000 | +€1.2m | |
| Cash at bank and in hand | 54/58 | €461,967 | €260,230 | -€201,737 | -43.7% |
| Deferred charges and accrued income | 490/1 | €4,332 | €10,457 | +€6,125 | +141.4% |
| Total equity and liabilities | 10/49 | €2,357,239 | €1,808,120 | -€549,118 | -23.3% |
| Equity | 10/15 | €2,179,990 | €1,680,682 | -€499,307 | -22.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,161,390 | €1,662,082 | -€499,307 | -23.1% |
| Distributable reserves | 133 | €2,161,390 | €1,662,082 | -€499,307 | -23.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €177,249 | €127,438 | -€49,811 | -28.1% |
| Amounts payable after more than one year | 17 | €114,844 | €84,219 | -€30,625 | -26.7% |
| Financial debts | 170/4 | €114,844 | €84,219 | -€30,625 | -26.7% |
| Amounts payable within one year | 42/48 | €61,694 | €42,494 | -€19,200 | -31.1% |
| Current portion of amounts payable after more than one year | 42 | €30,625 | €30,625 | = | 0.0% |
| Trade debts | 44 | €1,775 | €11,743 | +€9,968 | +561.4% |
| Suppliers | 440/4 | €1,775 | €11,743 | +€9,968 | +561.4% |
| Taxes, remuneration and social security | 45 | €29,294 | €126 | -€29,168 | -99.6% |
| Taxes | 450/3 | €29,294 | €126 | -€29,168 | -99.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €710 | €725 | +€14 | +2.0% |
| Turnover | 70 | - | €402,447 | +€402,447 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €215,762 | +€215,762 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,644 | €29,825 | -€10,819 | -26.6% |
| Other operating charges | 640/8 | €3,653 | €3,560 | -€93 | -2.6% |
| Gross operating margin | 9900 | €387,085 | €215,885 | -€171,200 | -44.2% |
| Operating profit (loss) | 9901 | €342,788 | €182,500 | -€160,287 | -46.8% |
| Financial income | 75/76B | €303,857 | €41,346 | -€262,510 | -86.4% |
| Recurring financial income | 75 | €303,857 | €41,346 | -€262,510 | -86.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €8,914 | €7,948 | -€966 | -10.8% |
| Recurring financial charges | 65 | €8,914 | €7,948 | -€966 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €637,730 | €215,899 | -€421,832 | -66.1% |
| Income taxes | 67/77 | €137,664 | €52,189 | -€85,475 | -62.1% |
| Profit (loss) for the period | 9904 | €500,066 | €163,709 | -€336,357 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €500,066 | €163,709 | -€336,357 | -67.3% |
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.