G-FORCE GROUP: what changed
What changed
G-FORCE GROUP
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€19.6m
2024 · €213,410+€19.4m
Equity
€43.3m
2024 · €33.1m+€10.2m
Cash
€1.4m
2024 · €2.4m-€1.0m
Balance sheet total
€87.6m
2024 · €80.8m+€6.8m
Largest movements
Assets
- Financial fixed assets +€5.2m
up €5.2m (+9.1%), from €56.5m to €61.7m
of which Affiliated companies: +€6.0m
- Tangible fixed assets -€4.6m
down €4.6m (-22.9%), from €20.3m to €15.7m
of which Other tangible fixed assets: -€4.2m
- Receivables within one year +€4.1m
up €4.1m (+346%), from €1.2m to €5.3m
of which Other amounts receivable: +€4.2m
- Stocks and contracts +€3.3m
up €3.3m (+13,072%), from €25,000 to €3.3m
- Cash -€1.0m
down €1.0m (-42.1%), from €2.4m to €1.4m
mainly Contributions, distributions and other (-€9.4m) and Receivables within one year (-€4.1m)
Equity and liabilities
- Reserves +€19.5m
up €19.5m (+82.3%), from €23.7m to €43.3m
of which Distributable reserves: +€19.8m
- Contributions -€9.3m
down €9.3m (-99.1%), from €9.4m to €80,500
- Debts after one year -€4.1m
down €4.1m (-16.7%), from €24.3m to €20.3m
of which Financial debts: -€3.1m
Income statement
- Financial income +€17.6m
up €17.6m (+1,441%), from €1.2m to €18.8m
- Other operating income +€2.4m
up €2.4m (+164%), from €1.5m to €3.9m
- Financial charges +€1.0m
up €1.0m (+80.4%), from €1.3m to €2.3m
- Turnover +€786,554
up €786,554 (+53.0%), from €1.5m to €2.3m
- Taxes +€436,818
up €436,818, from -€133,429 to €303,388
of which Taxes: +€239,204
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.
Result 2024
€213,410
Turnover
+€786,554
Other operating income
+€2.4m
Goods and materials
-€126,043
Services and other goods
+€27,901
Staff costs
+€211
Depreciation
-€53,839
Other operating charges
+€65,593
Other operating items
+€171,276
Financial income
+€17.6m
Financial charges
-€1.0m
Taxes
-€436,818
Result 2025
€19.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€13.2m
Investment
-€1.5m
Financing
-€12.7m
Cash 2024
€2.4m
From operations (derived)
+€13.2m
Net result for the year
+€19.6m
Depreciation
+€934,647
Receivables after one year
+€101,000
Stocks and contracts
-€3.3m
Receivables within one year
-€4.1m
Smaller working-capital items
-€28,969
Trade debts
-€96,966
Tax, wage and social debts
+€92,340
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.4m
Current investments
-€45,025
Financing
-€12.7m
Debts after one year
-€4.1m
Current portion of long-term debt
+€464,877
Short-term financial debts
+€250,494
Contributions, distributions and other
-€9.4m
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €80,765,726 | €87,610,692 | +€6.8m | +8.5% |
| Fixed assets | 21/28 | €76,826,814 | €77,340,679 | +€513,865 | +0.7% |
| Tangible fixed assets | 22/27 | €20,317,000 | €15,672,137 | -€4.6m | -22.9% |
| Land and buildings | 22 | €13,333,564 | €13,171,920 | -€161,644 | -1.2% |
| Plant, machinery and equipment | 23 | €145,089 | €129,817 | -€15,273 | -10.5% |
| Furniture and vehicles | 24 | €9,898 | €6,014 | -€3,884 | -39.2% |
| Leasing and similar rights | 25 | €2,516,309 | €2,240,434 | -€275,875 | -11.0% |
| Other tangible fixed assets | 26 | €4,312,139 | €123,952 | -€4.2m | -97.1% |
| Financial fixed assets | 28 | €56,509,814 | €61,668,542 | +€5.2m | +9.1% |
| Affiliated companies | 280/1 | €55,717,064 | €61,668,542 | +€6.0m | +10.7% |
| Participating interests | 280 | €55,717,064 | €61,668,542 | +€6.0m | +10.7% |
| Companies linked by participating interests | 282/3 | €792,226 | - | -€792,226 | |
| Participating interests | 282 | €792,226 | - | -€792,226 | |
| Other financial fixed assets | 284/8 | €525 | - | -€525 | |
| Amounts receivable and cash guarantees | 285/8 | €525 | - | -€525 | |
| Current assets | 29/58 | €3,938,912 | €10,270,013 | +€6.3m | +161% |
| Amounts receivable after more than one year | 29 | €308,000 | €207,000 | -€101,000 | -32.8% |
| Other amounts receivable | 291 | €308,000 | €207,000 | -€101,000 | -32.8% |
| Stocks and contracts in progress | 3 | €25,000 | €3,292,976 | +€3.3m | +13,072% |
| Stocks | 30/36 | €25,000 | €3,292,976 | +€3.3m | +13,072% |
| Goods purchased for resale | 34 | €25,000 | €3,292,976 | +€3.3m | +13,072% |
| Amounts receivable within one year | 40/41 | €1,193,457 | €5,317,303 | +€4.1m | +346% |
| Trade receivables | 40 | €822,641 | €747,445 | -€75,196 | -9.1% |
| Other amounts receivable | 41 | €370,817 | €4,569,858 | +€4.2m | +1,132% |
| Current investments | 50/53 | - | €45,025 | +€45,025 | |
| Other investments | 51/53 | - | €45,025 | +€45,025 | |
| Cash at bank and in hand | 54/58 | €2,390,146 | €1,383,425 | -€1.0m | -42.1% |
| Deferred charges and accrued income | 490/1 | €22,308 | €24,283 | +€1,975 | +8.9% |
| Total equity and liabilities | 10/49 | €80,765,726 | €87,610,692 | +€6.8m | +8.5% |
| Equity | 10/15 | €33,106,205 | €43,340,014 | +€10.2m | +30.9% |
| Contributions | 10/11 | €9,380,500 | €80,500 | -€9.3m | -99.1% |
| Reserves | 13 | €23,725,705 | €43,259,000 | +€19.5m | +82.3% |
| Non-distributable reserves | 130/1 | €186,486 | - | -€186,486 | |
| Reserves not available under the articles | 1311 | €186,486 | - | -€186,486 | |
| Tax-exempt reserves | 132 | €779,493 | €734,180 | -€45,313 | -5.8% |
| Distributable reserves | 133 | €22,759,726 | €42,524,820 | +€19.8m | +86.8% |
| Profit (loss) carried forward | 14 | - | €514 | +€514 | |
| Provisions and deferred taxes | 16 | €259,831 | €244,727 | -€15,104 | -5.8% |
| Deferred taxes | 168 | €259,831 | €244,727 | -€15,104 | -5.8% |
| Amounts payable | 17/49 | €47,399,690 | €44,025,950 | -€3.4m | -7.1% |
| Amounts payable after more than one year | 17 | €24,337,959 | €20,265,364 | -€4.1m | -16.7% |
| Financial debts | 170/4 | €22,337,959 | €19,265,364 | -€3.1m | -13.8% |
| Leasing and similar obligations | 172 | €1,297,140 | €849,636 | -€447,504 | -34.5% |
| Credit institutions | 173 | €21,040,819 | €18,415,728 | -€2.6m | -12.5% |
| Other amounts payable | 178/9 | €2,000,000 | €1,000,000 | -€1.0m | -50.0% |
| Amounts payable within one year | 42/48 | €22,961,731 | €23,693,920 | +€732,189 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €6,343,317 | €6,808,194 | +€464,877 | +7.3% |
| Financial debts | 43 | - | €250,494 | +€250,494 | |
| Credit institutions | 430/8 | - | €250,494 | +€250,494 | |
| Trade debts | 44 | €209,118 | €112,152 | -€96,966 | -46.4% |
| Suppliers | 440/4 | €209,118 | €112,152 | -€96,966 | -46.4% |
| Taxes, remuneration and social security | 45 | €40,690 | €133,030 | +€92,340 | +227% |
| Taxes | 450/3 | €40,690 | €133,030 | +€92,340 | +227% |
| Other amounts payable | 47/48 | €16,368,607 | €16,390,050 | +€21,443 | +0.1% |
| Accrued charges and deferred income | 492/3 | €100,000 | €66,667 | -€33,333 | -33.3% |
| Operating income | 70/76A | €3,180,308 | €6,185,085 | +€3.0m | +94.5% |
| Turnover | 70 | €1,483,152 | €2,269,705 | +€786,554 | +53.0% |
| Own construction capitalised | 72 | €215,000 | - | -€215,000 | |
| Other operating income | 74 | €1,476,779 | €3,903,065 | +€2.4m | +164% |
| Non-recurring operating income | 76A | €5,377 | €12,315 | +€6,938 | +129% |
| Operating charges | 60/66A | €3,039,811 | €2,746,650 | -€293,161 | -9.6% |
| Goods for resale, raw materials and consumables | 60 | €215,000 | €341,043 | +€126,043 | +58.6% |
| Purchases | 600/8 | - | €3,609,020 | +€3.6m | |
| Change in stocks: decrease (increase) | 609 | €215,000 | -€3,267,976 | -€3.5m | |
| Services and other goods | 61 | €1,303,316 | €1,275,416 | -€27,901 | -2.1% |
| Remuneration, social security and pensions | 62 | €211 | - | -€211 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €880,808 | €934,647 | +€53,839 | +6.1% |
| Other operating charges | 640/8 | €152,163 | €86,571 | -€65,593 | -43.1% |
| Non-recurring operating charges | 66A | €488,312 | €108,974 | -€379,338 | -77.7% |
| Operating profit (loss) | 9901 | €140,497 | €3,438,435 | +€3.3m | +2,347% |
| Financial income | 75/76B | €1,219,402 | €18,795,251 | +€17.6m | +1,441% |
| Recurring financial income | 75 | €1,219,402 | €18,795,251 | +€17.6m | +1,441% |
| Income from financial fixed assets | 750 | €1,160,000 | €18,703,497 | +€17.5m | +1,512% |
| Income from current assets | 751 | €59,398 | €91,754 | +€32,356 | +54.5% |
| Other financial income | 752/9 | €4 | - | -€4 | |
| Financial charges | 65/66B | €1,295,023 | €2,336,593 | +€1.0m | +80.4% |
| Recurring financial charges | 65 | €1,295,023 | €2,336,593 | +€1.0m | +80.4% |
| Debt charges | 650 | €1,286,156 | €2,328,592 | +€1.0m | +81.1% |
| Other financial charges | 652/9 | €8,866 | €8,000 | -€866 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €64,876 | €19,897,093 | +€19.8m | +30,569% |
| Transfer from deferred taxes | 780 | €15,104 | €15,104 | = | 0.0% |
| Income taxes | 67/77 | -€133,429 | €303,388 | +€436,818 | |
| Taxes | 670/3 | €64,184 | €303,388 | +€239,204 | +373% |
| Tax adjustments and reversals of tax provisions | 77 | €197,614 | - | -€197,614 | |
| Profit (loss) for the period | 9904 | €213,410 | €19,608,810 | +€19.4m | +9,088% |
| Transfer from tax-exempt reserves | 789 | €45,313 | €45,313 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €258,723 | €19,654,122 | +€19.4m | +7,497% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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 8 November 2026 via checked.be.