GROENSDAEL: 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.
GROENSDAEL
Largest movements
- Cash +€40,674
up €40,674 (+470%), from €8,656 to €49,330
mainly Depreciation (+€81,399) and Net result for the year (+€73,922)
- Receivables after one year +€20,000
up €20,000 (+18.2%), from €109,600 to €129,600
- Receivables within one year -€17,999
down €17,999 (-18.9%), from €95,479 to €77,480
of which Trade receivables: -€28,799
- Reserves +€73,922
up €73,922 (+13.0%), from €567,709 to €641,631
of which Distributable reserves: +€73,922
- Debts after one year -€52,059
down €52,059 (-6.5%), from €799,605 to €747,546
of which Financial debts: -€52,059
- Financial income +€19,873
up €19,873 (+1,911%), from €1,040 to €20,913
of which Non-recurring financial income: +€19,673
- Taxes +€9,782
up €9,782 (+57.9%), from €16,910 to €26,692
- Depreciation +€5,056
up €5,056 (+6.6%), from €76,343 to €81,399
- Gross operating margin -€2,927
down €2,927 (-1.6%), from €182,526 to €179,599
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 | €1,506,773 | €1,554,782 | +€48,009 | +3.2% |
| Fixed assets | 21/28 | €1,269,981 | €1,279,832 | +€9,851 | +0.8% |
| Tangible fixed assets | 22/27 | €1,269,933 | €1,279,784 | +€9,851 | +0.8% |
| Land and buildings | 22 | €1,234,742 | €1,225,483 | -€9,260 | -0.7% |
| Plant, machinery and equipment | 23 | €34,096 | €54,301 | +€20,206 | +59.3% |
| Furniture and vehicles | 24 | €1,095 | - | -€1,095 | |
| Financial fixed assets | 28 | €48 | €48 | = | 0.0% |
| Current assets | 29/58 | €236,792 | €274,950 | +€38,158 | +16.1% |
| Amounts receivable after more than one year | 29 | €109,600 | €129,600 | +€20,000 | +18.2% |
| Other amounts receivable | 291 | €109,600 | €129,600 | +€20,000 | +18.2% |
| Stocks and contracts in progress | 3 | €2,265 | €433 | -€1,832 | -80.9% |
| Stocks | 30/36 | €2,265 | €433 | -€1,832 | -80.9% |
| Amounts receivable within one year | 40/41 | €95,479 | €77,480 | -€17,999 | -18.9% |
| Trade receivables | 40 | €94,878 | €66,079 | -€28,799 | -30.4% |
| Other amounts receivable | 41 | €601 | €11,401 | +€10,800 | +1,797% |
| Current investments | 50/53 | €17,179 | €17,179 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,656 | €49,330 | +€40,674 | +470% |
| Deferred charges and accrued income | 490/1 | €3,612 | €928 | -€2,684 | -74.3% |
| Total equity and liabilities | 10/49 | €1,506,773 | €1,554,782 | +€48,009 | +3.2% |
| Equity | 10/15 | €629,709 | €703,631 | +€73,922 | +11.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €567,709 | €641,631 | +€73,922 | +13.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €120,005 | €120,005 | = | 0.0% |
| Distributable reserves | 133 | €441,504 | €515,426 | +€73,922 | +16.7% |
| Amounts payable | 17/49 | €877,065 | €851,151 | -€25,913 | -3.0% |
| Amounts payable after more than one year | 17 | €799,605 | €747,546 | -€52,059 | -6.5% |
| Financial debts | 170/4 | €799,580 | €747,521 | -€52,059 | -6.5% |
| Other amounts payable | 178/9 | €25 | €25 | = | 0.0% |
| Amounts payable within one year | 42/48 | €77,460 | €103,605 | +€26,146 | +33.8% |
| Current portion of amounts payable after more than one year | 42 | €51,285 | €52,059 | +€775 | +1.5% |
| Trade debts | 44 | €4,726 | €14,268 | +€9,542 | +202% |
| Suppliers | 440/4 | €4,726 | €14,268 | +€9,542 | +202% |
| Taxes, remuneration and social security | 45 | €10,910 | €26,420 | +€15,510 | +142% |
| Taxes | 450/3 | €10,910 | €26,420 | +€15,510 | +142% |
| Other amounts payable | 47/48 | €10,539 | €10,858 | +€319 | +3.0% |
| Non-recurring operating income | 76A | €80 | - | -€80 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,343 | €81,399 | +€5,056 | +6.6% |
| Other operating charges | 640/8 | €5,830 | €5,416 | -€414 | -7.1% |
| Non-recurring operating charges | 66A | - | €21 | +€21 | |
| Gross operating margin | 9900 | €182,526 | €179,599 | -€2,927 | -1.6% |
| Operating profit (loss) | 9901 | €100,353 | €92,763 | -€7,591 | -7.6% |
| Financial income | 75/76B | €1,040 | €20,913 | +€19,873 | +1,911% |
| Recurring financial income | 75 | €1,040 | €1,240 | +€200 | +19.2% |
| Non-recurring financial income | 76B | - | €19,673 | +€19,673 | |
| Financial charges | 65/66B | €13,840 | €13,061 | -€779 | -5.6% |
| Recurring financial charges | 65 | €13,840 | €13,061 | -€779 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €87,553 | €100,615 | +€13,062 | +14.9% |
| Income taxes | 67/77 | €16,910 | €26,692 | +€9,782 | +57.9% |
| Profit (loss) for the period | 9904 | €70,643 | €73,922 | +€3,279 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,643 | €73,922 | +€3,279 | +4.6% |
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 14 October 2026 via checked.be.