G.D.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.
G.D.F.
Largest movements
- Cash +€111,597
up €111,597 (+478%), from €23,342 to €134,939
mainly Other debts (+€202,875) and Depreciation (+€25,909)
- Tangible fixed assets +€107,758
up €107,758 (+18.6%), from €578,327 to €686,085
- Other debts +€202,875
up €202,875 (+59.2%), from €342,513 to €545,388
- Gross operating margin +€38,344
up €38,344, from -€5,018 to €33,326
- Depreciation +€8,795
up €8,795 (+51.4%), from €17,114 to €25,909
- Other operating charges -€696
down €696 (-13.1%), from €5,328 to €4,632
- Financial income +€403
up €403 (+24,747%), from €2 to €405
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 | €620,851 | €844,621 | +€223,770 | +36.0% |
| Fixed assets | 21/28 | €579,442 | €687,200 | +€107,758 | +18.6% |
| Tangible fixed assets | 22/27 | €578,327 | €686,085 | +€107,758 | +18.6% |
| Land and buildings | 22 | €578,327 | €686,085 | +€107,758 | +18.6% |
| Financial fixed assets | 28 | €1,115 | €1,115 | = | 0.0% |
| Current assets | 29/58 | €41,409 | €157,421 | +€116,012 | +280% |
| Amounts receivable within one year | 40/41 | €18,067 | €22,482 | +€4,415 | +24.4% |
| Trade receivables | 40 | €14,746 | €22,482 | +€7,736 | +52.5% |
| Other amounts receivable | 41 | €3,320 | - | -€3,320 | |
| Cash at bank and in hand | 54/58 | €23,342 | €134,939 | +€111,597 | +478% |
| Total equity and liabilities | 10/49 | €620,851 | €844,621 | +€223,770 | +36.0% |
| Equity | 10/15 | €271,374 | €274,330 | +€2,956 | +1.1% |
| 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 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €203,174 | €206,130 | +€2,956 | +1.5% |
| Amounts payable | 17/49 | €349,477 | €570,291 | +€220,814 | +63.2% |
| Amounts payable within one year | 42/48 | €349,477 | €563,275 | +€213,797 | +61.2% |
| Trade debts | 44 | €6,965 | €12,065 | +€5,101 | +73.2% |
| Suppliers | 440/4 | €6,965 | €12,065 | +€5,101 | +73.2% |
| Taxes, remuneration and social security | 45 | - | €5,822 | +€5,822 | |
| Taxes | 450/3 | - | €5,822 | +€5,822 | |
| Other amounts payable | 47/48 | €342,513 | €545,388 | +€202,875 | +59.2% |
| Accrued charges and deferred income | 492/3 | - | €7,016 | +€7,016 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,114 | €25,909 | +€8,795 | +51.4% |
| Other operating charges | 640/8 | €5,328 | €4,632 | -€696 | -13.1% |
| Gross operating margin | 9900 | -€5,018 | €33,326 | +€38,344 | |
| Operating profit (loss) | 9901 | -€27,460 | €2,785 | +€30,245 | |
| Financial income | 75/76B | €2 | €405 | +€403 | +24,747% |
| Recurring financial income | 75 | €2 | €405 | +€403 | +24,747% |
| Financial charges | 65/66B | €255 | €234 | -€21 | -8.3% |
| Recurring financial charges | 65 | €255 | €234 | -€21 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | -€27,714 | €2,956 | +€30,670 | |
| Profit (loss) for the period | 9904 | -€27,714 | €2,956 | +€30,670 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,714 | €2,956 | +€30,670 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.