G.A.F.: 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.
What changed
G.A.F.
NACE 28.250, Manufacture of machinery and equipment not elsewhere classified
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€709,026
2024 · €743,556-€34,530
Equity
€341,654
2024 · €641,654-€300,000
Cash
€957,162
2024 · €1.1m-€116,173
Balance sheet total
€2.4m
2024 · €2.7m-€238,978
Largest movements
Assets
- Receivables within one year -€139,291
down €139,291 (-24.7%), from €564,376 to €425,085
of which Trade receivables: -€148,543
- Cash -€116,173
down €116,173 (-10.8%), from €1.1m to €957,162
mainly Contributions, distributions and other (-€1.0m) and Trade debts (-€204,007)
Equity and liabilities
- Profit (loss) carried forward -€300,000
down €300,000 (-60.0%), from €500,000 to €200,000
- Other debts +€266,407
up €266,407 (+19.9%), from €1.3m to €1.6m
- Trade debts -€204,007
down €204,007 (-40.4%), from €505,337 to €301,330
Income statement
- Write-downs +€19,583
up €19,583, from -€6,892 to €12,691
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.
Result 2024
€743,556
Gross operating margin
-€14,061
Staff costs
-€14,418
Depreciation
-€5,754
Write-downs
-€19,583
Other operating charges
+€7,640
Financial income
-€1,271
Financial charges
-€1,054
Taxes
+€13,970
Result 2025
€709,026
raises the resultlowers the result
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.
From operations
+€946,047
Investment
-€53,194
Financing
-€1.0m
Cash 2024
€1.1m
From operations (derived)
+€946,047
Net result for the year
+€709,026
Depreciation
+€34,497
Stocks and contracts
+€2,611
Receivables within one year
+€139,291
Smaller working-capital items
-€1,779
Trade debts
-€204,007
Other debts
+€266,407
Investment (derived)
-€53,194
Investment in fixed assets (net)
-€53,194
Financing
-€1.0m
Contributions, distributions and other
-€1.0m
Cash 2025
€957,162
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,674,972 | €2,435,995 | -€238,978 | -8.9% |
| Fixed assets | 21/28 | €109,499 | €128,196 | +€18,696 | +17.1% |
| Tangible fixed assets | 22/27 | €99,291 | €117,988 | +€18,696 | +18.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €99,291 | €117,988 | +€18,696 | +18.8% |
| Financial fixed assets | 28 | €10,208 | €10,208 | = | 0.0% |
| Current assets | 29/58 | €2,565,473 | €2,307,799 | -€257,674 | -10.0% |
| Stocks and contracts in progress | 3 | €915,092 | €912,481 | -€2,611 | -0.3% |
| Stocks | 30/36 | €915,092 | €912,481 | -€2,611 | -0.3% |
| Amounts receivable within one year | 40/41 | €564,376 | €425,085 | -€139,291 | -24.7% |
| Trade receivables | 40 | €561,375 | €412,832 | -€148,543 | -26.5% |
| Other amounts receivable | 41 | €3,001 | €12,252 | +€9,251 | +308% |
| Cash at bank and in hand | 54/58 | €1,073,335 | €957,162 | -€116,173 | -10.8% |
| Deferred charges and accrued income | 490/1 | €12,669 | €13,071 | +€402 | +3.2% |
| Total equity and liabilities | 10/49 | €2,674,972 | €2,435,995 | -€238,978 | -8.9% |
| Equity | 10/15 | €641,654 | €341,654 | -€300,000 | -46.8% |
| Contributions | 10/11 | €80,813 | €80,813 | = | 0.0% |
| Capital | 10 | €80,813 | €80,813 | = | 0.0% |
| Issued capital | 100 | €80,813 | €80,813 | = | 0.0% |
| Reserves | 13 | €60,840 | €60,840 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,081 | €8,081 | = | 0.0% |
| Legal reserve | 130 | €8,081 | €8,081 | = | 0.0% |
| Distributable reserves | 133 | €52,759 | €52,759 | = | 0.0% |
| Profit (loss) carried forward | 14 | €500,000 | €200,000 | -€300,000 | -60.0% |
| Amounts payable | 17/49 | €2,033,319 | €2,094,341 | +€61,022 | +3.0% |
| Amounts payable within one year | 42/48 | €2,033,319 | €2,094,341 | +€61,022 | +3.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €505,337 | €301,330 | -€204,007 | -40.4% |
| Suppliers | 440/4 | €505,337 | €301,330 | -€204,007 | -40.4% |
| Taxes, remuneration and social security | 45 | €191,263 | €189,886 | -€1,377 | -0.7% |
| Taxes | 450/3 | €86,597 | €79,638 | -€6,960 | -8.0% |
| Remuneration and social security | 454/9 | €104,666 | €110,249 | +€5,583 | +5.3% |
| Other amounts payable | 47/48 | €1,336,718 | €1,603,125 | +€266,407 | +19.9% |
| Non-recurring operating income | 76A | €18,162 | €0 | -€18,162 | -100% |
| Remuneration, social security and pensions | 62 | €464,108 | €478,526 | +€14,418 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,744 | €34,497 | +€5,754 | +20.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,892 | €12,691 | +€19,583 | |
| Other operating charges | 640/8 | €17,134 | €9,494 | -€7,640 | -44.6% |
| Gross operating margin | 9900 | €1,503,419 | €1,489,358 | -€14,061 | -0.9% |
| Operating profit (loss) | 9901 | €1,000,325 | €954,150 | -€46,175 | -4.6% |
| Financial income | 75/76B | €8,752 | €7,481 | -€1,271 | -14.5% |
| Recurring financial income | 75 | €8,752 | €7,481 | -€1,271 | -14.5% |
| Financial charges | 65/66B | €13,683 | €14,737 | +€1,054 | +7.7% |
| Recurring financial charges | 65 | €13,683 | €14,737 | +€1,054 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €995,395 | €946,895 | -€48,500 | -4.9% |
| Income taxes | 67/77 | €251,839 | €237,868 | -€13,970 | -5.5% |
| Profit (loss) for the period | 9904 | €743,556 | €709,026 | -€34,530 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €743,556 | €709,026 | -€34,530 | -4.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.