G.E.P.E.F.: what changed
Two fiscal 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.E.P.E.F.
Largest movements
- Cash +€81,016
up €81,016 (+287.2%), from €28,212 to €109,228
mainly Net result for the year (+€71,613) and Tax, wage and social debts (+€28,839)
- Profit (loss) carried forward +€71,613
up €71,613 (+114.8%), from €62,391 to €134,004
- Gross operating margin +€49,580
up €49,580 (+44.4%), from €111,555 to €161,135
- Taxes +€14,917
up €14,917 (+151.0%), from €9,878 to €24,795
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.
Cash bridge derived
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 | €4,280,382 | €4,381,353 | +€100,971 | +2.4% |
| Fixed assets | 21/28 | €4,151,563 | €4,148,796 | -€2,767 | -0.1% |
| Tangible fixed assets | 22/27 | €6,269 | €3,502 | -€2,767 | -44.1% |
| Furniture and vehicles | 24 | €6,269 | €3,502 | -€2,767 | -44.1% |
| Financial fixed assets | 28 | €4,145,294 | €4,145,294 | = | 0.0% |
| Current assets | 29/58 | €128,819 | €232,557 | +€103,738 | +80.5% |
| Amounts receivable within one year | 40/41 | €98,381 | €120,131 | +€21,750 | +22.1% |
| Trade receivables | 40 | €26,221 | €25,047 | -€1,174 | -4.5% |
| Other amounts receivable | 41 | €72,160 | €95,084 | +€22,924 | +31.8% |
| Cash at bank and in hand | 54/58 | €28,212 | €109,228 | +€81,016 | +287.2% |
| Deferred charges and accrued income | 490/1 | €2,226 | €3,198 | +€972 | +43.7% |
| Total equity and liabilities | 10/49 | €4,280,382 | €4,381,353 | +€100,971 | +2.4% |
| Equity | 10/15 | €4,204,087 | €4,275,700 | +€71,613 | +1.7% |
| Contributions | 10/11 | €4,141,696 | €4,141,696 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,391 | €134,004 | +€71,613 | +114.8% |
| Amounts payable | 17/49 | €76,295 | €105,653 | +€29,358 | +38.5% |
| Amounts payable within one year | 42/48 | €76,295 | €105,653 | +€29,358 | +38.5% |
| Trade debts | 44 | €3,168 | €3,301 | +€133 | +4.2% |
| Suppliers | 440/4 | €3,168 | €3,301 | +€133 | +4.2% |
| Taxes, remuneration and social security | 45 | €13,204 | €42,043 | +€28,839 | +218.4% |
| Taxes | 450/3 | €13,204 | €37,302 | +€24,098 | +182.5% |
| Remuneration and social security | 454/9 | - | €4,741 | +€4,741 | |
| Other amounts payable | 47/48 | €59,923 | €60,309 | +€386 | +0.6% |
| Remuneration, social security and pensions | 62 | €53,389 | €54,793 | +€1,404 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,710 | €2,767 | +€57 | +2.1% |
| Other operating charges | 640/8 | €5,343 | €5,230 | -€113 | -2.1% |
| Non-recurring operating charges | 66A | €422 | €127 | -€295 | -69.9% |
| Gross operating margin | 9900 | €111,555 | €161,135 | +€49,580 | +44.4% |
| Operating profit (loss) | 9901 | €49,691 | €98,218 | +€48,527 | +97.7% |
| Financial income | 75/76B | €1 | €3 | +€2 | +200.0% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +200.0% |
| Financial charges | 65/66B | €2,347 | €1,813 | -€534 | -22.8% |
| Recurring financial charges | 65 | €2,347 | €1,813 | -€534 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €47,345 | €96,408 | +€49,063 | +103.6% |
| Income taxes | 67/77 | €9,878 | €24,795 | +€14,917 | +151.0% |
| Profit (loss) for the period | 9904 | €37,467 | €71,613 | +€34,146 | +91.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,467 | €71,613 | +€34,146 | +91.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.