GREENBE: 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.
GREENBE
Largest movements
- Tangible fixed assets +€535,664
up €535,664 (+59.5%), from €900,647 to €1.4m
of which Land and buildings: +€511,317
- Cash -€121,788
down €121,788 (-54.4%), from €223,825 to €102,037
mainly Investment in fixed assets (net) (-€714,580) and Stocks and contracts (-€68,920)
- Stocks and contracts +€68,920
up €68,920 (+9.9%), from €695,605 to €764,525
- Debts after one year +€422,196
up €422,196 (+70.2%), from €601,361 to €1.0m
of which Financial debts: +€422,196
- Reserves +€94,034
up €94,034 (+93.0%), from €101,125 to €195,159
of which Distributable reserves: +€89,332
- Trade debts +€59,212
up €59,212 (+32.1%), from €184,709 to €243,921
- Tax, wage and social debts -€40,248
down €40,248 (-34.1%), from €117,987 to €77,739
of which Taxes: -€44,269
- Current portion of long-term debt -€37,165
down €37,165 (-37.1%), from €100,237 to €63,071
- Gross operating margin +€119,442
up €119,442 (+16.3%), from €730,998 to €850,440
- Depreciation +€74,927
up €74,927 (+72.0%), from €104,040 to €178,967
- Staff costs +€34,072
up €34,072 (+7.4%), from €457,624 to €491,696
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 | €2,107,435 | €2,605,260 | +€497,825 | +23.6% |
| Fixed assets | 21/28 | €901,052 | €1,436,666 | +€535,614 | +59.4% |
| Intangible fixed assets | 21 | €50 | - | -€50 | |
| Tangible fixed assets | 22/27 | €900,647 | €1,436,310 | +€535,664 | +59.5% |
| Land and buildings | 22 | €850,610 | €1,361,927 | +€511,317 | +60.1% |
| Plant, machinery and equipment | 23 | €26,281 | €54,373 | +€28,092 | +107% |
| Furniture and vehicles | 24 | €4,452 | €7,501 | +€3,049 | +68.5% |
| Leasing and similar rights | 25 | €19,304 | €12,510 | -€6,795 | -35.2% |
| Financial fixed assets | 28 | €356 | €356 | = | 0.0% |
| Current assets | 29/58 | €1,206,383 | €1,168,594 | -€37,789 | -3.1% |
| Stocks and contracts in progress | 3 | €695,605 | €764,525 | +€68,920 | +9.9% |
| Stocks | 30/36 | €695,605 | €764,525 | +€68,920 | +9.9% |
| Amounts receivable within one year | 40/41 | €282,925 | €299,594 | +€16,670 | +5.9% |
| Trade receivables | 40 | €257,633 | €266,856 | +€9,223 | +3.6% |
| Other amounts receivable | 41 | €25,291 | €32,738 | +€7,447 | +29.4% |
| Cash at bank and in hand | 54/58 | €223,825 | €102,037 | -€121,788 | -54.4% |
| Deferred charges and accrued income | 490/1 | €4,029 | €2,438 | -€1,591 | -39.5% |
| Total equity and liabilities | 10/49 | €2,107,435 | €2,605,260 | +€497,825 | +23.6% |
| Equity | 10/15 | €1,102,913 | €1,196,947 | +€94,034 | +8.5% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €101,125 | €195,159 | +€94,034 | +93.0% |
| Non-distributable reserves | 130/1 | €14,646 | €19,347 | +€4,702 | +32.1% |
| Legal reserve | 130 | €14,646 | €19,347 | +€4,702 | +32.1% |
| Distributable reserves | 133 | €86,480 | €175,811 | +€89,332 | +103% |
| Profit (loss) carried forward | 14 | €1,788 | €1,788 | = | 0.0% |
| Amounts payable | 17/49 | €1,004,522 | €1,408,313 | +€403,791 | +40.2% |
| Amounts payable after more than one year | 17 | €601,361 | €1,023,557 | +€422,196 | +70.2% |
| Financial debts | 170/4 | €41,361 | €463,557 | +€422,196 | +1,021% |
| Other amounts payable | 178/9 | €560,000 | €560,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €402,933 | €384,732 | -€18,201 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €100,237 | €63,071 | -€37,165 | -37.1% |
| Trade debts | 44 | €184,709 | €243,921 | +€59,212 | +32.1% |
| Suppliers | 440/4 | €184,709 | €243,921 | +€59,212 | +32.1% |
| Taxes, remuneration and social security | 45 | €117,987 | €77,739 | -€40,248 | -34.1% |
| Taxes | 450/3 | €68,079 | €23,809 | -€44,269 | -65.0% |
| Remuneration and social security | 454/9 | €49,908 | €53,930 | +€4,022 | +8.1% |
| Accrued charges and deferred income | 492/3 | €229 | €25 | -€204 | -89.0% |
| Non-recurring operating income | 76A | - | €4,718 | +€4,718 | |
| Remuneration, social security and pensions | 62 | €457,624 | €491,696 | +€34,072 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,040 | €178,967 | +€74,927 | +72.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,843 | - | +€3,843 | |
| Other operating charges | 640/8 | €8,444 | €7,317 | -€1,127 | -13.3% |
| Non-recurring operating charges | 66A | €3,871 | €4,261 | +€390 | +10.1% |
| Gross operating margin | 9900 | €730,998 | €850,440 | +€119,442 | +16.3% |
| Operating profit (loss) | 9901 | €160,863 | €168,200 | +€7,337 | +4.6% |
| Financial income | 75/76B | €4,627 | €4,925 | +€298 | +6.4% |
| Recurring financial income | 75 | €4,627 | €4,925 | +€298 | +6.4% |
| Financial charges | 65/66B | €39,607 | €46,003 | +€6,397 | +16.2% |
| Recurring financial charges | 65 | €39,607 | €46,003 | +€6,397 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €125,883 | €127,121 | +€1,238 | +1.0% |
| Income taxes | 67/77 | €34,852 | €33,087 | -€1,765 | -5.1% |
| Profit (loss) for the period | 9904 | €91,031 | €94,034 | +€3,002 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €91,031 | €94,034 | +€3,002 | +3.3% |
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 26 October 2026 via checked.be.