GROENDRUK: 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.
GROENDRUK
Largest movements
- Cash -€22,643
down €22,643 (-24.3%), from €93,202 to €70,559
mainly Investment in fixed assets (net) (-€71,432) and Trade debts (-€30,912)
- Intangible fixed assets +€10,896
new in 2025: €10,896
- Receivables within one year -€8,553
down €8,553 (-12.5%), from €68,627 to €60,074
of which Trade receivables: -€8,553
- Stocks and contracts +€7,185
up €7,185 (+17.0%), from €42,159 to €49,344
- Reserves +€40,491
up €40,491 (+34.8%), from €116,404 to €156,895
of which Distributable reserves: +€40,491
- Trade debts -€30,912
down €30,912 (-57.2%), from €54,071 to €23,159
- Debts after one year -€20,597
down €20,597 (-8.9%), from €232,724 to €212,127
- Current portion of long-term debt +€9,772
up €9,772 (+20.9%), from €46,654 to €56,426
- Tax, wage and social debts -€8,509
down €8,509 (-47.3%), from €17,984 to €9,475
of which Taxes: -€4,939
- Gross operating margin +€19,521
up €19,521 (+12.6%), from €155,361 to €174,882
- Taxes +€12,985
up €12,985 (+247%), from €5,263 to €18,248
- Depreciation +€3,531
up €3,531 (+6.5%), from €54,403 to €57,934
- Staff costs +€2,429
up €2,429 (+4.9%), from €49,372 to €51,801
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 | €500,641 | €487,877 | -€12,764 | -2.5% |
| Fixed assets | 21/28 | €288,969 | €302,467 | +€13,498 | +4.7% |
| Intangible fixed assets | 21 | - | €10,896 | +€10,896 | |
| Tangible fixed assets | 22/27 | €288,317 | €290,919 | +€2,602 | +0.9% |
| Land and buildings | 22 | €241,314 | €238,765 | -€2,549 | -1.1% |
| Plant, machinery and equipment | 23 | €22,308 | €32,832 | +€10,525 | +47.2% |
| Furniture and vehicles | 24 | €24,695 | €19,321 | -€5,374 | -21.8% |
| Financial fixed assets | 28 | €652 | €652 | = | 0.0% |
| Current assets | 29/58 | €211,672 | €185,411 | -€26,262 | -12.4% |
| Stocks and contracts in progress | 3 | €42,159 | €49,344 | +€7,185 | +17.0% |
| Stocks | 30/36 | €42,159 | €49,344 | +€7,185 | +17.0% |
| Amounts receivable within one year | 40/41 | €68,627 | €60,074 | -€8,553 | -12.5% |
| Trade receivables | 40 | €68,581 | €60,029 | -€8,553 | -12.5% |
| Other amounts receivable | 41 | €45 | €45 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €93,202 | €70,559 | -€22,643 | -24.3% |
| Deferred charges and accrued income | 490/1 | €7,684 | €5,434 | -€2,250 | -29.3% |
| Total equity and liabilities | 10/49 | €500,641 | €487,877 | -€12,764 | -2.5% |
| Equity | 10/15 | €134,996 | €175,487 | +€40,491 | +30.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €116,404 | €156,895 | +€40,491 | +34.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €114,545 | €155,036 | +€40,491 | +35.3% |
| Amounts payable | 17/49 | €365,645 | €312,390 | -€53,254 | -14.6% |
| Amounts payable after more than one year | 17 | €232,724 | €212,127 | -€20,597 | -8.9% |
| Financial debts | 170/4 | €232,724 | €212,127 | -€20,597 | -8.9% |
| Amounts payable within one year | 42/48 | €132,920 | €100,264 | -€32,657 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €46,654 | €56,426 | +€9,772 | +20.9% |
| Trade debts | 44 | €54,071 | €23,159 | -€30,912 | -57.2% |
| Suppliers | 440/4 | €54,071 | €23,159 | -€30,912 | -57.2% |
| Taxes, remuneration and social security | 45 | €17,984 | €9,475 | -€8,509 | -47.3% |
| Taxes | 450/3 | €8,491 | €3,553 | -€4,939 | -58.2% |
| Remuneration and social security | 454/9 | €9,493 | €5,922 | -€3,571 | -37.6% |
| Other amounts payable | 47/48 | €14,211 | €11,204 | -€3,007 | -21.2% |
| Remuneration, social security and pensions | 62 | €49,372 | €51,801 | +€2,429 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,403 | €57,934 | +€3,531 | +6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €216 | -€125 | -€341 | |
| Other operating charges | 640/8 | €804 | €1,161 | +€357 | +44.5% |
| Non-recurring operating charges | 66A | €17,624 | - | -€17,624 | |
| Gross operating margin | 9900 | €155,361 | €174,882 | +€19,521 | +12.6% |
| Operating profit (loss) | 9901 | €32,943 | €64,112 | +€31,169 | +94.6% |
| Financial income | 75/76B | €1,164 | €1,570 | +€407 | +34.9% |
| Recurring financial income | 75 | €1,164 | €1,570 | +€407 | +34.9% |
| Financial charges | 65/66B | €6,513 | €6,943 | +€431 | +6.6% |
| Recurring financial charges | 65 | €6,513 | €6,943 | +€431 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €27,594 | €58,739 | +€31,145 | +113% |
| Income taxes | 67/77 | €5,263 | €18,248 | +€12,985 | +247% |
| Profit (loss) for the period | 9904 | €22,331 | €40,491 | +€18,160 | +81.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,331 | €40,491 | +€18,160 | +81.3% |
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 25 October 2026 via checked.be.