GRYNELCO: 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.
GRYNELCO
Largest movements
- Tangible fixed assets +€102,049
up €102,049 (+177%), from €57,529 to €159,578
of which Other tangible fixed assets: +€117,737
- Cash -€87,564
down €87,564 (-85.6%), from €102,332 to €14,768
mainly Investment in fixed assets (net) (-€126,479) and Contributions, distributions and other (-€106,314)
- Other debts +€38,405
up €38,405 (+31.8%), from €120,628 to €159,034
- Debts after one year -€13,805
down €13,805 (-100%), from €13,805 to €0
- Current portion of long-term debt -€6,902
down €6,902 (-33.3%), from €20,707 to €13,805
- Trade debts -€2,146
down €2,146 (-45.5%), from €4,721 to €2,575
- Gross operating margin -€12,633
down €12,633 (-7.4%), from €171,291 to €158,658
- Depreciation +€9,442
up €9,442 (+63.0%), from €14,988 to €24,430
- Taxes -€8,900
down €8,900 (-25.2%), from €35,291 to €26,390
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 | €198,327 | €212,026 | +€13,699 | +6.9% |
| Fixed assets | 21/28 | €57,529 | €159,578 | +€102,049 | +177% |
| Tangible fixed assets | 22/27 | €57,529 | €159,578 | +€102,049 | +177% |
| Plant, machinery and equipment | 23 | €1,277 | €1,130 | -€147 | -11.5% |
| Furniture and vehicles | 24 | €56,251 | €40,711 | -€15,540 | -27.6% |
| Other tangible fixed assets | 26 | - | €117,737 | +€117,737 | |
| Current assets | 29/58 | €140,798 | €52,448 | -€88,350 | -62.7% |
| Amounts receivable within one year | 40/41 | €29,082 | €29,735 | +€653 | +2.2% |
| Trade receivables | 40 | €19,373 | €18,608 | -€765 | -3.9% |
| Other amounts receivable | 41 | €9,709 | €11,127 | +€1,418 | +14.6% |
| Cash at bank and in hand | 54/58 | €102,332 | €14,768 | -€87,564 | -85.6% |
| Deferred charges and accrued income | 490/1 | €9,385 | €7,945 | -€1,440 | -15.3% |
| Total equity and liabilities | 10/49 | €198,327 | €212,026 | +€13,699 | +6.9% |
| Equity | 10/15 | €22,632 | €22,632 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,032 | €4,032 | = | 0.0% |
| Distributable reserves | 133 | €4,032 | €4,032 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €175,695 | €189,393 | +€13,699 | +7.8% |
| Amounts payable after more than one year | 17 | €13,805 | €0 | -€13,805 | -100% |
| Financial debts | 170/4 | €13,805 | €0 | -€13,805 | -100% |
| Amounts payable within one year | 42/48 | €161,890 | €189,393 | +€27,504 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €20,707 | €13,805 | -€6,902 | -33.3% |
| Trade debts | 44 | €4,721 | €2,575 | -€2,146 | -45.5% |
| Suppliers | 440/4 | €4,721 | €2,575 | -€2,146 | -45.5% |
| Taxes, remuneration and social security | 45 | €15,834 | €13,980 | -€1,854 | -11.7% |
| Taxes | 450/3 | €14,735 | €13,980 | -€756 | -5.1% |
| Remuneration and social security | 454/9 | €1,098 | €0 | -€1,098 | -100% |
| Other amounts payable | 47/48 | €120,628 | €159,034 | +€38,405 | +31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,988 | €24,430 | +€9,442 | +63.0% |
| Other operating charges | 640/8 | €1,478 | €1,397 | -€82 | -5.5% |
| Non-recurring operating charges | 66A | €126 | €68 | -€58 | -45.8% |
| Gross operating margin | 9900 | €171,291 | €158,658 | -€12,633 | -7.4% |
| Operating profit (loss) | 9901 | €154,699 | €132,763 | -€21,936 | -14.2% |
| Financial income | 75/76B | €0 | €9 | +€9 | +89,400% |
| Recurring financial income | 75 | €0 | €9 | +€9 | +89,400% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €555 | €68 | -€487 | -87.8% |
| Recurring financial charges | 65 | €555 | €68 | -€487 | -87.8% |
| Profit (loss) for the period before taxes | 9903 | €154,144 | €132,705 | -€21,439 | -13.9% |
| Income taxes | 67/77 | €35,291 | €26,390 | -€8,900 | -25.2% |
| Profit (loss) for the period | 9904 | €118,854 | €106,314 | -€12,539 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €118,854 | €106,314 | -€12,539 | -10.6% |
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 21 October 2026 via checked.be.