G.M.F.R.: 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.R.
Largest movements
- Receivables within one year +€688,637
up €688,637 (+54.0%), from €1.3m to €2.0m
- Receivables after one year -€519,839
down €519,839 (-27.4%), from €1.9m to €1.4m
- Cash -€191,256
down €191,256 (-25.3%), from €756,171 to €564,916
mainly Receivables within one year (-€688,637) and Contributions, distributions and other (-€147,713)
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€41,428
down €41,428 (-15.9%), from €260,053 to €218,625
of which Financial income: -€41,428
- Taxes -€13,514
down €13,514 (-21.2%), from €63,648 to €50,133
- Gross operating margin +€3,757
up €3,757 (+18.2%), from -€20,588 to -€16,831
- Financial charges +€2,219
up €2,219 (+394%), from €563 to €2,782
- Other operating charges +€895
up €895 (+76.7%), from €1,166 to €2,061
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 | €8,770,434 | €8,740,975 | -€29,459 | -0.3% |
| Fixed assets | 21/28 | €1,313,304 | €1,273,863 | -€39,441 | -3.0% |
| Intangible fixed assets | 21 | €1,630 | €1,192 | -€438 | -26.9% |
| Tangible fixed assets | 22/27 | €139,059 | €100,056 | -€39,003 | -28.0% |
| Furniture and vehicles | 24 | €139,059 | €100,056 | -€39,003 | -28.0% |
| Financial fixed assets | 28 | €1,172,616 | €1,172,616 | = | 0.0% |
| Current assets | 29/58 | €7,457,130 | €7,467,112 | +€9,982 | +0.1% |
| Amounts receivable after more than one year | 29 | €1,898,290 | €1,378,451 | -€519,839 | -27.4% |
| Other amounts receivable | 291 | €1,898,290 | €1,378,451 | -€519,839 | -27.4% |
| Amounts receivable within one year | 40/41 | €1,275,753 | €1,964,390 | +€688,637 | +54.0% |
| Other amounts receivable | 41 | €1,275,753 | €1,964,390 | +€688,637 | +54.0% |
| Current investments | 50/53 | €3,500,000 | €3,500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €756,171 | €564,916 | -€191,256 | -25.3% |
| Deferred charges and accrued income | 490/1 | €26,916 | €59,356 | +€32,440 | +121% |
| Total equity and liabilities | 10/49 | €8,770,434 | €8,740,975 | -€29,459 | -0.3% |
| Equity | 10/15 | €8,758,973 | €8,718,636 | -€40,337 | -0.5% |
| Contributions | 10/11 | €3,983,800 | €3,983,800 | = | 0.0% |
| Capital | 10 | €3,983,800 | €3,983,800 | = | 0.0% |
| Issued capital | 100 | €3,983,800 | €3,983,800 | = | 0.0% |
| Reserves | 13 | €3,580,979 | €3,540,643 | -€40,337 | -1.1% |
| Non-distributable reserves | 130/1 | €398,380 | €398,380 | = | 0.0% |
| Legal reserve | 130 | €398,380 | €398,380 | = | 0.0% |
| Distributable reserves | 133 | €3,182,599 | €3,142,263 | -€40,337 | -1.3% |
| Profit (loss) carried forward | 14 | €1,194,193 | €1,194,193 | = | 0.0% |
| Amounts payable | 17/49 | €11,462 | €22,339 | +€10,878 | +94.9% |
| Amounts payable within one year | 42/48 | €10,004 | €11,215 | +€1,211 | +12.1% |
| Trade debts | 44 | €1,065 | €1,160 | +€95 | +8.9% |
| Suppliers | 440/4 | €1,065 | €1,160 | +€95 | +8.9% |
| Taxes, remuneration and social security | 45 | €8,940 | €10,055 | +€1,116 | +12.5% |
| Taxes | 450/3 | €8,940 | €10,055 | +€1,116 | +12.5% |
| Accrued charges and deferred income | 492/3 | €1,458 | €11,124 | +€9,667 | +663% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,441 | €39,441 | = | 0.0% |
| Other operating charges | 640/8 | €1,166 | €2,061 | +€895 | +76.7% |
| Gross operating margin | 9900 | -€20,588 | -€16,831 | +€3,757 | +18.2% |
| Operating profit (loss) | 9901 | -€61,195 | -€58,333 | +€2,862 | +4.7% |
| Financial income | 75/76B | €260,053 | €218,625 | -€41,428 | -15.9% |
| Recurring financial income | 75 | €260,053 | €218,625 | -€41,428 | -15.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €563 | €2,782 | +€2,219 | +394% |
| Recurring financial charges | 65 | €563 | €2,782 | +€2,219 | +394% |
| Profit (loss) for the period before taxes | 9903 | €198,295 | €157,510 | -€40,785 | -20.6% |
| Income taxes | 67/77 | €63,648 | €50,133 | -€13,514 | -21.2% |
| Profit (loss) for the period | 9904 | €134,647 | €107,377 | -€27,271 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €134,647 | €107,377 | -€27,271 | -20.3% |
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 22 October 2026 via checked.be.