Grunewood Projects: 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.
Grunewood Projects
Largest movements
- Tangible fixed assets -€16,286
down €16,286 (-9.4%), from €172,999 to €156,713
of which Plant, machinery and equipment: -€9,573
- Cash -€10,782
down €10,782 (-57.7%), from €18,688 to €7,906
mainly Debts after one year (-€21,693) and Receivables within one year (-€9,334)
- Receivables within one year +€9,334
up €9,334 (+1,868%), from €500 to €9,834
of which Other amounts receivable: +€7,971
- Stocks and contracts -€2,523
down €2,523 (-36.2%), from €6,976 to €4,453
- Debts after one year -€21,693
down €21,693 (-12.7%), from €170,177 to €148,485
of which Other amounts payable: -€15,000
- Reserves +€5,363
up €5,363 (+126%), from €4,258 to €9,621
- Advances received -€3,159
down €3,159 (-52.9%), from €5,970 to €2,812
- Other debts -€2,212
down €2,212 (-49.0%), from €4,512 to €2,301
- Gross operating margin +€7,337
up €7,337 (+26.8%), from €27,331 to €34,668
- Taxes +€2,125
up €2,125 (+2,927%), from €73 to €2,197
- Depreciation +€1,541
up €1,541 (+6.8%), from €22,808 to €24,349
- Financial charges -€483
down €483 (-22.0%), from €2,198 to €1,715
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 | €200,324 | €179,284 | -€21,041 | -10.5% |
| Fixed assets | 21/28 | €172,999 | €156,713 | -€16,286 | -9.4% |
| Tangible fixed assets | 22/27 | €172,999 | €156,713 | -€16,286 | -9.4% |
| Land and buildings | 22 | €71,925 | €68,659 | -€3,266 | -4.5% |
| Plant, machinery and equipment | 23 | €93,008 | €83,435 | -€9,573 | -10.3% |
| Furniture and vehicles | 24 | €8,066 | €4,618 | -€3,447 | -42.7% |
| Current assets | 29/58 | €27,325 | €22,571 | -€4,754 | -17.4% |
| Stocks and contracts in progress | 3 | €6,976 | €4,453 | -€2,523 | -36.2% |
| Stocks | 30/36 | €6,976 | €4,453 | -€2,523 | -36.2% |
| Amounts receivable within one year | 40/41 | €500 | €9,834 | +€9,334 | +1,868% |
| Trade receivables | 40 | €332 | €1,695 | +€1,363 | +411% |
| Other amounts receivable | 41 | €168 | €8,139 | +€7,971 | +4,740% |
| Cash at bank and in hand | 54/58 | €18,688 | €7,906 | -€10,782 | -57.7% |
| Deferred charges and accrued income | 490/1 | €1,162 | €379 | -€783 | -67.4% |
| Total equity and liabilities | 10/49 | €200,324 | €179,284 | -€21,041 | -10.5% |
| Equity | 10/15 | €8,258 | €13,621 | +€5,363 | +64.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €4,258 | €9,621 | +€5,363 | +126% |
| Distributable reserves | 133 | €4,258 | €9,621 | +€5,363 | +126% |
| Amounts payable | 17/49 | €192,066 | €165,663 | -€26,403 | -13.7% |
| Amounts payable after more than one year | 17 | €170,177 | €148,485 | -€21,693 | -12.7% |
| Financial debts | 170/4 | €80,177 | €73,485 | -€6,693 | -8.3% |
| Other amounts payable | 178/9 | €90,000 | €75,000 | -€15,000 | -16.7% |
| Amounts payable within one year | 42/48 | €21,889 | €17,178 | -€4,711 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €6,860 | €7,030 | +€171 | +2.5% |
| Trade debts | 44 | €3,743 | €2,357 | -€1,386 | -37.0% |
| Suppliers | 440/4 | €3,743 | €2,357 | -€1,386 | -37.0% |
| Advances received on contracts in progress | 46 | €5,970 | €2,812 | -€3,159 | -52.9% |
| Taxes, remuneration and social security | 45 | €804 | €2,679 | +€1,875 | +233% |
| Taxes | 450/3 | €804 | €2,679 | +€1,875 | +233% |
| Other amounts payable | 47/48 | €4,512 | €2,301 | -€2,212 | -49.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,808 | €24,349 | +€1,541 | +6.8% |
| Other operating charges | 640/8 | €1,611 | €1,369 | -€242 | -15.0% |
| Gross operating margin | 9900 | €27,331 | €34,668 | +€7,337 | +26.8% |
| Operating profit (loss) | 9901 | €2,912 | €8,950 | +€6,038 | +207% |
| Financial income | 75/76B | €85 | €325 | +€240 | +284% |
| Recurring financial income | 75 | €85 | €325 | +€240 | +284% |
| Financial charges | 65/66B | €2,198 | €1,715 | -€483 | -22.0% |
| Recurring financial charges | 65 | €2,198 | €1,715 | -€483 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €798 | €7,560 | +€6,762 | +847% |
| Income taxes | 67/77 | €73 | €2,197 | +€2,125 | +2,927% |
| Profit (loss) for the period | 9904 | €726 | €5,363 | +€4,637 | +639% |
| Profit (loss) for the period to be appropriated | 9905 | €726 | €5,363 | +€4,637 | +639% |
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.