GREFRA: 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.
GREFRA
Largest movements
- Cash +€18,116
up €18,116 (+225%), from €8,055 to €26,171
mainly Other debts (+€65,223) and Net result for the year (+€21,199)
- Receivables within one year -€4,375
down €4,375 (-7.8%), from €56,235 to €51,859
of which Trade receivables: -€4,375
- Tangible fixed assets -€1,966
down €1,966 (-2.6%), from €77,100 to €75,134
- Profit (loss) carried forward -€65,223
no longer reported in 2025 (was €65,223)
- Other debts +€65,223
new in 2025: €65,223
- Reserves +€21,199
up €21,199 (+342%), from €6,200 to €27,399
of which Distributable reserves: +€21,199
- Trade debts -€11,633
down €11,633 (-99.7%), from €11,663 to €30
- Tax, wage and social debts +€2,215
up €2,215 (+157%), from €1,410 to €3,625
- Staff costs -€9,998
no longer reported in 2025 (was €9,998)
- Gross operating margin -€6,960
down €6,960 (-17.5%), from €39,706 to €32,746
- Taxes +€2,737
up €2,737 (+52.2%), from €5,243 to €7,981
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 | €146,495 | €158,276 | +€11,781 | +8.0% |
| Fixed assets | 21/28 | €77,100 | €75,134 | -€1,966 | -2.6% |
| Tangible fixed assets | 22/27 | €77,100 | €75,134 | -€1,966 | -2.6% |
| Land and buildings | 22 | €77,100 | €75,134 | -€1,966 | -2.6% |
| Current assets | 29/58 | €69,395 | €83,142 | +€13,747 | +19.8% |
| Amounts receivable within one year | 40/41 | €56,235 | €51,859 | -€4,375 | -7.8% |
| Trade receivables | 40 | €56,078 | €51,703 | -€4,375 | -7.8% |
| Other amounts receivable | 41 | €157 | €157 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,055 | €26,171 | +€18,116 | +225% |
| Deferred charges and accrued income | 490/1 | €5,105 | €5,112 | +€7 | +0.1% |
| Total equity and liabilities | 10/49 | €146,495 | €158,276 | +€11,781 | +8.0% |
| Equity | 10/15 | €133,423 | €89,399 | -€44,024 | -33.0% |
| 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 | €6,200 | €27,399 | +€21,199 | +342% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | - | €21,199 | +€21,199 | |
| Profit (loss) carried forward | 14 | €65,223 | - | -€65,223 | |
| Amounts payable | 17/49 | €13,073 | €68,878 | +€55,805 | +427% |
| Amounts payable within one year | 42/48 | €13,073 | €68,878 | +€55,805 | +427% |
| Trade debts | 44 | €11,663 | €30 | -€11,633 | -99.7% |
| Suppliers | 440/4 | €11,663 | €30 | -€11,633 | -99.7% |
| Taxes, remuneration and social security | 45 | €1,410 | €3,625 | +€2,215 | +157% |
| Taxes | 450/3 | €1,410 | €3,625 | +€2,215 | +157% |
| Other amounts payable | 47/48 | - | €65,223 | +€65,223 | |
| Remuneration, social security and pensions | 62 | €9,998 | - | -€9,998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,966 | €1,966 | = | 0.0% |
| Other operating charges | 640/8 | €1,495 | €1,540 | +€45 | +3.0% |
| Gross operating margin | 9900 | €39,706 | €32,746 | -€6,960 | -17.5% |
| Operating profit (loss) | 9901 | €26,247 | €29,239 | +€2,992 | +11.4% |
| Financial charges | 65/66B | €30 | €60 | +€30 | +100% |
| Recurring financial charges | 65 | €30 | €60 | +€30 | +100% |
| Profit (loss) for the period before taxes | 9903 | €26,217 | €29,179 | +€2,962 | +11.3% |
| Income taxes | 67/77 | €5,243 | €7,981 | +€2,737 | +52.2% |
| Profit (loss) for the period | 9904 | €20,974 | €21,199 | +€225 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,974 | €21,199 | +€225 | +1.1% |
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 18 October 2026 via checked.be.