GROENHART: 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.
GROENHART
Largest movements
- Cash -€27,617
down €27,617 (-68.2%), from €40,468 to €12,850
mainly Contributions, distributions and other (-€61,932) and Other debts (-€48,768)
- Tangible fixed assets -€21,141
down €21,141 (-26.6%), from €79,484 to €58,343
of which Leasing and similar rights: -€13,805
- Deferred charges and accrued income -€17,079
down €17,079 (-51.2%), from €33,331 to €16,252
- Receivables within one year -€10,732
down €10,732 (-25.6%), from €41,870 to €31,138
of which Other amounts receivable: -€14,120
- Other debts -€48,768
down €48,768 (-47.6%), from €102,523 to €53,755
- Debts after one year -€14,585
down €14,585 (-37.5%), from €38,893 to €24,308
- Current portion of long-term debt -€6,490
down €6,490 (-30.8%), from €21,075 to €14,585
- Tax, wage and social debts -€5,449
down €5,449 (-30.1%), from €18,092 to €12,643
of which Remuneration and social security: -€8,803
- Gross operating margin +€26,595
up €26,595 (+35.5%), from €74,828 to €101,423
- Taxes +€4,759
up €4,759 (+41.9%), from €11,364 to €16,123
- Depreciation +€4,629
up €4,629 (+28.0%), from €16,512 to €21,141
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 | €195,153 | €118,583 | -€76,569 | -39.2% |
| Fixed assets | 21/28 | €79,484 | €58,343 | -€21,141 | -26.6% |
| Tangible fixed assets | 22/27 | €79,484 | €58,343 | -€21,141 | -26.6% |
| Land and buildings | 22 | €6,692 | €5,475 | -€1,217 | -18.2% |
| Plant, machinery and equipment | 23 | €1,966 | €1,420 | -€546 | -27.8% |
| Furniture and vehicles | 24 | €5,573 | €0 | -€5,573 | -100% |
| Leasing and similar rights | 25 | €65,253 | €51,448 | -€13,805 | -21.2% |
| Current assets | 29/58 | €115,669 | €60,241 | -€55,428 | -47.9% |
| Amounts receivable within one year | 40/41 | €41,870 | €31,138 | -€10,732 | -25.6% |
| Trade receivables | 40 | €26,873 | €30,261 | +€3,387 | +12.6% |
| Other amounts receivable | 41 | €14,997 | €877 | -€14,120 | -94.2% |
| Cash at bank and in hand | 54/58 | €40,468 | €12,850 | -€27,617 | -68.2% |
| Deferred charges and accrued income | 490/1 | €33,331 | €16,252 | -€17,079 | -51.2% |
| Total equity and liabilities | 10/49 | €195,153 | €118,583 | -€76,569 | -39.2% |
| Equity | 10/15 | €3,000 | €3,000 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €192,153 | €115,583 | -€76,569 | -39.8% |
| Amounts payable after more than one year | 17 | €38,893 | €24,308 | -€14,585 | -37.5% |
| Financial debts | 170/4 | €38,893 | €24,308 | -€14,585 | -37.5% |
| Amounts payable within one year | 42/48 | €153,260 | €91,275 | -€61,985 | -40.4% |
| Current portion of amounts payable after more than one year | 42 | €21,075 | €14,585 | -€6,490 | -30.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €11,569 | €10,292 | -€1,277 | -11.0% |
| Suppliers | 440/4 | €11,569 | €10,292 | -€1,277 | -11.0% |
| Taxes, remuneration and social security | 45 | €18,092 | €12,643 | -€5,449 | -30.1% |
| Taxes | 450/3 | - | €3,353 | +€3,353 | |
| Remuneration and social security | 454/9 | €18,092 | €9,290 | -€8,803 | -48.7% |
| Other amounts payable | 47/48 | €102,523 | €53,755 | -€48,768 | -47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,512 | €21,141 | +€4,629 | +28.0% |
| Other operating charges | 640/8 | €2,586 | €2,051 | -€535 | -20.7% |
| Gross operating margin | 9900 | €74,828 | €101,423 | +€26,595 | +35.5% |
| Operating profit (loss) | 9901 | €55,730 | €78,231 | +€22,501 | +40.4% |
| Financial income | 75/76B | €471 | €0 | -€471 | -100% |
| Recurring financial income | 75 | €471 | €0 | -€471 | -100% |
| Financial charges | 65/66B | €813 | €176 | -€636 | -78.3% |
| Recurring financial charges | 65 | €813 | €176 | -€636 | -78.3% |
| Profit (loss) for the period before taxes | 9903 | €55,388 | €78,055 | +€22,667 | +40.9% |
| Income taxes | 67/77 | €11,364 | €16,123 | +€4,759 | +41.9% |
| Profit (loss) for the period | 9904 | €44,024 | €61,932 | +€17,909 | +40.7% |
| Profit (loss) for the period to be appropriated | 9905 | €44,024 | €61,932 | +€17,909 | +40.7% |
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 1 November 2026 via checked.be.