G.M.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.M.F.
Largest movements
- Tangible fixed assets -€94,451
down €94,451 (-4.1%), from €2.3m to €2.2m
of which Land and buildings: -€97,861
- Cash +€72,870
up €72,870 (+91.1%), from €80,024 to €152,894
mainly Depreciation (+€146,238) and Other debts (+€18,510)
No liability line moved by more than 1% of the balance sheet total.
- Other operating charges -€8,601
down €8,601 (-18.0%), from €47,908 to €39,307
- Financial charges -€7,730
down €7,730 (-10.2%), from €75,837 to €68,107
- Financial income -€4,641
down €4,641 (-42.4%), from €10,944 to €6,303
- Depreciation -€3,201
down €3,201 (-2.1%), from €149,439 to €146,238
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 | €2,773,599 | €2,754,839 | -€18,760 | -0.7% |
| Fixed assets | 21/28 | €2,284,422 | €2,189,971 | -€94,451 | -4.1% |
| Tangible fixed assets | 22/27 | €2,284,422 | €2,189,971 | -€94,451 | -4.1% |
| Land and buildings | 22 | €2,278,397 | €2,180,536 | -€97,861 | -4.3% |
| Furniture and vehicles | 24 | €6,025 | €9,435 | +€3,410 | +56.6% |
| Current assets | 29/58 | €489,177 | €564,868 | +€75,692 | +15.5% |
| Amounts receivable within one year | 40/41 | €4,813 | €5,508 | +€695 | +14.4% |
| Other amounts receivable | 41 | €4,813 | €5,508 | +€695 | +14.4% |
| Current investments | 50/53 | €400,000 | €400,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €80,024 | €152,894 | +€72,870 | +91.1% |
| Deferred charges and accrued income | 490/1 | €4,339 | €6,466 | +€2,127 | +49.0% |
| Total equity and liabilities | 10/49 | €2,773,599 | €2,754,839 | -€18,760 | -0.7% |
| Equity | 10/15 | €1,756,331 | €1,729,489 | -€26,842 | -1.5% |
| Contributions | 10/11 | €1,707,000 | €1,707,000 | = | 0.0% |
| Capital | 10 | €1,707,000 | €1,707,000 | = | 0.0% |
| Issued capital | 100 | €1,707,000 | €1,707,000 | = | 0.0% |
| Reserves | 13 | €214,110 | €214,110 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,910 | €22,910 | = | 0.0% |
| Legal reserve | 130 | €22,910 | €22,910 | = | 0.0% |
| Distributable reserves | 133 | €191,200 | €191,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€164,779 | -€191,621 | -€26,842 | -16.3% |
| Amounts payable | 17/49 | €1,017,268 | €1,025,351 | +€8,083 | +0.8% |
| Amounts payable within one year | 42/48 | €1,016,360 | €1,014,849 | -€1,511 | -0.1% |
| Trade debts | 44 | €19,676 | €1,770 | -€17,906 | -91.0% |
| Suppliers | 440/4 | €19,676 | €1,770 | -€17,906 | -91.0% |
| Taxes, remuneration and social security | 45 | €22,495 | €20,380 | -€2,115 | -9.4% |
| Taxes | 450/3 | €22,495 | €20,380 | -€2,115 | -9.4% |
| Other amounts payable | 47/48 | €974,189 | €992,698 | +€18,510 | +1.9% |
| Accrued charges and deferred income | 492/3 | €909 | €10,502 | +€9,594 | +1,056% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,439 | €146,238 | -€3,201 | -2.1% |
| Other operating charges | 640/8 | €47,908 | €39,307 | -€8,601 | -18.0% |
| Gross operating margin | 9900 | €221,471 | €220,507 | -€964 | -0.4% |
| Operating profit (loss) | 9901 | €24,125 | €34,962 | +€10,838 | +44.9% |
| Financial income | 75/76B | €10,944 | €6,303 | -€4,641 | -42.4% |
| Recurring financial income | 75 | €10,944 | €6,303 | -€4,641 | -42.4% |
| Financial charges | 65/66B | €75,837 | €68,107 | -€7,730 | -10.2% |
| Recurring financial charges | 65 | €75,837 | €68,107 | -€7,730 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | -€40,769 | -€26,842 | +€13,926 | +34.2% |
| Profit (loss) for the period | 9904 | -€40,769 | -€26,842 | +€13,926 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,769 | -€26,842 | +€13,926 | +34.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.