J. DE GREEF: 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.
J. DE GREEF
Largest movements
- Cash -€37,405
down €37,405 (-45.4%), from €82,328 to €44,923
mainly Receivables within one year (-€26,504) and Current portion of long-term debt (-€17,402)
- Receivables within one year +€26,504
up €26,504 (+796%), from €3,329 to €29,832
of which Trade receivables: +€21,505
- Tangible fixed assets -€21,355
down €21,355 (-10.0%), from €212,885 to €191,530
of which Furniture and vehicles: -€13,137
- Stocks and contracts +€6,907
up €6,907 (+12.5%), from €55,215 to €62,122
- Current portion of long-term debt -€17,402
down €17,402 (-84.4%), from €20,608 to €3,207
- Trade debts -€5,348
down €5,348 (-12.8%), from €41,924 to €36,576
- Reserves +€3,780
up €3,780 (+1.5%), from €249,517 to €253,296
of which Distributable reserves: +€3,780
- Gross operating margin +€51,850
up €51,850 (+82.2%), from €63,110 to €114,960
- Staff costs +€24,796
up €24,796 (+43.4%), from €57,178 to €81,974
- Taxes -€3,625
down €3,625 (-325%), from -€1,115 to -€4,741
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 | €355,489 | €332,318 | -€23,171 | -6.5% |
| Fixed assets | 21/28 | €212,885 | €191,530 | -€21,355 | -10.0% |
| Tangible fixed assets | 22/27 | €212,885 | €191,530 | -€21,355 | -10.0% |
| Land and buildings | 22 | €124,747 | €122,532 | -€2,214 | -1.8% |
| Plant, machinery and equipment | 23 | €4,399 | €2,006 | -€2,392 | -54.4% |
| Furniture and vehicles | 24 | €42,901 | €29,764 | -€13,137 | -30.6% |
| Other tangible fixed assets | 26 | €40,838 | €37,227 | -€3,611 | -8.8% |
| Current assets | 29/58 | €142,604 | €140,788 | -€1,816 | -1.3% |
| Stocks and contracts in progress | 3 | €55,215 | €62,122 | +€6,907 | +12.5% |
| Stocks | 30/36 | €55,215 | €62,122 | +€6,907 | +12.5% |
| Amounts receivable within one year | 40/41 | €3,329 | €29,832 | +€26,504 | +796% |
| Trade receivables | 40 | €3,251 | €24,756 | +€21,505 | +661% |
| Other amounts receivable | 41 | €78 | €5,076 | +€4,999 | +6,450% |
| Cash at bank and in hand | 54/58 | €82,328 | €44,923 | -€37,405 | -45.4% |
| Deferred charges and accrued income | 490/1 | €1,732 | €3,911 | +€2,179 | +126% |
| Total equity and liabilities | 10/49 | €355,489 | €332,318 | -€23,171 | -6.5% |
| Equity | 10/15 | €268,117 | €271,896 | +€3,780 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €249,517 | €253,296 | +€3,780 | +1.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €247,657 | €251,436 | +€3,780 | +1.5% |
| Amounts payable | 17/49 | €87,372 | €60,422 | -€26,950 | -30.8% |
| Amounts payable after more than one year | 17 | €1,480 | - | -€1,480 | |
| Financial debts | 170/4 | €1,480 | - | -€1,480 | |
| Amounts payable within one year | 42/48 | €85,892 | €60,422 | -€25,471 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €20,608 | €3,207 | -€17,402 | -84.4% |
| Trade debts | 44 | €41,924 | €36,576 | -€5,348 | -12.8% |
| Suppliers | 440/4 | €41,924 | €36,576 | -€5,348 | -12.8% |
| Taxes, remuneration and social security | 45 | €8,177 | €4,674 | -€3,503 | -42.8% |
| Taxes | 450/3 | €4,860 | €2,212 | -€2,649 | -54.5% |
| Remuneration and social security | 454/9 | €3,316 | €2,462 | -€854 | -25.8% |
| Other amounts payable | 47/48 | €15,183 | €15,965 | +€782 | +5.1% |
| Remuneration, social security and pensions | 62 | €57,178 | €81,974 | +€24,796 | +43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,205 | €28,424 | -€781 | -2.7% |
| Other operating charges | 640/8 | €4,726 | €4,537 | -€190 | -4.0% |
| Gross operating margin | 9900 | €63,110 | €114,960 | +€51,850 | +82.2% |
| Operating profit (loss) | 9901 | -€27,999 | €25 | +€28,024 | |
| Financial income | 75/76B | €1,110 | €1,137 | +€27 | +2.4% |
| Recurring financial income | 75 | €1,110 | €1,137 | +€27 | +2.4% |
| Financial charges | 65/66B | €2,403 | €2,123 | -€280 | -11.6% |
| Recurring financial charges | 65 | €2,403 | €2,123 | -€280 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | -€29,292 | -€961 | +€28,331 | +96.7% |
| Income taxes | 67/77 | -€1,115 | -€4,741 | -€3,625 | -325% |
| Profit (loss) for the period | 9904 | -€28,177 | €3,780 | +€31,956 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,177 | €3,780 | +€31,956 |
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 31 October 2026 via checked.be.