G-FAIM: what changed
G-FAIM
Largest movements
- Cash -€70,979
down €70,979 (-80.4%), from €88,232 to €17,254
mainly Net result for the year (-€43,211) and Receivables within one year (-€38,900)
- Receivables within one year +€38,900
up €38,900 (+73.5%), from €52,895 to €91,795
of which Trade receivables: +€29,324
- Current investments +€10,675
new in 2025: €10,675
- Tangible fixed assets -€2,948
down €2,948 (-28.2%), from €10,454 to €7,506
- Profit (loss) carried forward -€43,211
down €43,211 (-1,019%), from -€4,240 to -€47,451
- Trade debts +€13,954
up €13,954 (+72.1%), from €19,363 to €33,318
- Other debts +€6,172
up €6,172 (+480%), from €1,287 to €7,460
- Gross operating margin -€24,546
down €24,546 (-43.7%), from €56,149 to €31,603
- Financial charges +€19,587
up €19,587 (+39.3%), from €49,779 to €69,366
- Write-downs -€1,767
down €1,767 (-879%), from -€201 to -€1,968
- Other operating charges +€1,760
up €1,760 (+57.3%), from €3,070 to €4,830
- Depreciation -€1,244
down €1,244 (-29.7%), from €4,192 to €2,948
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €166,374 | €143,281 | -€23,093 | -13.9% |
| Fixed assets | 21/28 | €12,859 | €9,911 | -€2,948 | -22.9% |
| Tangible fixed assets | 22/27 | €10,454 | €7,506 | -€2,948 | -28.2% |
| Furniture and vehicles | 24 | €10,454 | €7,506 | -€2,948 | -28.2% |
| Financial fixed assets | 28 | €2,405 | €2,405 | = | 0.0% |
| Current assets | 29/58 | €153,515 | €133,370 | -€20,145 | -13.1% |
| Amounts receivable within one year | 40/41 | €52,895 | €91,795 | +€38,900 | +73.5% |
| Trade receivables | 40 | €28,347 | €57,671 | +€29,324 | +103% |
| Other amounts receivable | 41 | €24,548 | €34,124 | +€9,576 | +39.0% |
| Current investments | 50/53 | - | €10,675 | +€10,675 | |
| Cash at bank and in hand | 54/58 | €88,232 | €17,254 | -€70,979 | -80.4% |
| Deferred charges and accrued income | 490/1 | €12,388 | €13,647 | +€1,259 | +10.2% |
| Total equity and liabilities | 10/49 | €166,374 | €143,281 | -€23,093 | -13.9% |
| Equity | 10/15 | €138,160 | €94,949 | -€43,211 | -31.3% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €114,900 | €114,900 | = | 0.0% |
| Distributable reserves | 133 | €114,900 | €114,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,240 | -€47,451 | -€43,211 | -1,019% |
| Amounts payable | 17/49 | €28,214 | €48,332 | +€20,118 | +71.3% |
| Amounts payable within one year | 42/48 | €28,214 | €48,332 | +€20,118 | +71.3% |
| Current portion of amounts payable after more than one year | 42 | €7,564 | €7,555 | -€9 | -0.1% |
| Trade debts | 44 | €19,363 | €33,318 | +€13,954 | +72.1% |
| Suppliers | 440/4 | €19,363 | €33,318 | +€13,954 | +72.1% |
| Other amounts payable | 47/48 | €1,287 | €7,460 | +€6,172 | +480% |
| Non-recurring operating income | 76A | €25 | - | -€25 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,192 | €2,948 | -€1,244 | -29.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€201 | -€1,968 | -€1,767 | -879% |
| Other operating charges | 640/8 | €3,070 | €4,830 | +€1,760 | +57.3% |
| Non-recurring operating charges | 66A | €196 | €19 | -€177 | -90.3% |
| Gross operating margin | 9900 | €56,149 | €31,603 | -€24,546 | -43.7% |
| Operating profit (loss) | 9901 | €48,892 | €25,774 | -€23,118 | -47.3% |
| Financial income | 75/76B | €423 | €682 | +€258 | +61.0% |
| Recurring financial income | 75 | €423 | €682 | +€258 | +61.0% |
| Financial charges | 65/66B | €49,779 | €69,366 | +€19,587 | +39.3% |
| Recurring financial charges | 65 | €49,779 | €69,366 | +€19,587 | +39.3% |
| Profit (loss) for the period before taxes | 9903 | -€464 | -€42,910 | -€42,446 | -9,154% |
| Income taxes | 67/77 | €289 | €301 | +€12 | +4.1% |
| Profit (loss) for the period | 9904 | -€753 | -€43,211 | -€42,458 | -5,640% |
| Profit (loss) for the period to be appropriated | 9905 | -€753 | -€43,211 | -€42,458 | -5,640% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.