GAF: 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.
GAF
Largest movements
- Cash +€52,371
up €52,371 (+6724.4%), from €779 to €53,150
mainly Net result for the year (+€37,744) and Depreciation (+€30,168)
- Tangible fixed assets -€30,168
down €30,168 (-2.8%), from €1.1m to €1.1m
of which Land and buildings: -€29,443
- Profit (loss) carried forward +€37,744
up €37,744 (+37.1%), from -€101,817 to -€64,073
- Gross operating margin -€127,837
down €127,837 (-63.7%), from €200,801 to €72,964
- Staff costs -€3,969
no longer reported in 2025 (was €3,969)
- Other operating charges -€2,397
down €2,397 (-24.5%), from €9,789 to €7,392
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 | €1,155,215 | €1,187,776 | +€32,562 | +2.8% |
| Fixed assets | 21/28 | €1,095,605 | €1,065,437 | -€30,168 | -2.8% |
| Tangible fixed assets | 22/27 | €1,095,605 | €1,065,437 | -€30,168 | -2.8% |
| Land and buildings | 22 | €1,094,880 | €1,065,437 | -€29,443 | -2.7% |
| Furniture and vehicles | 24 | €725 | - | -€725 | |
| Current assets | 29/58 | €59,610 | €122,339 | +€62,729 | +105.2% |
| Amounts receivable within one year | 40/41 | €58,831 | €65,424 | +€6,593 | +11.2% |
| Trade receivables | 40 | €6,727 | €725 | -€6,001 | -89.2% |
| Other amounts receivable | 41 | €52,104 | €64,698 | +€12,594 | +24.2% |
| Cash at bank and in hand | 54/58 | €779 | €53,150 | +€52,371 | +6724.4% |
| Deferred charges and accrued income | 490/1 | - | €3,765 | +€3,765 | |
| Total equity and liabilities | 10/49 | €1,155,215 | €1,187,776 | +€32,562 | +2.8% |
| Equity | 10/15 | €1,105,183 | €1,142,927 | +€37,744 | +3.4% |
| Contributions | 10/11 | €1,207,000 | €1,207,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,817 | -€64,073 | +€37,744 | +37.1% |
| Amounts payable | 17/49 | €50,031 | €44,849 | -€5,182 | -10.4% |
| Amounts payable after more than one year | 17 | €22,582 | €27,898 | +€5,316 | +23.5% |
| Financial debts | 170/4 | €22,582 | €8,398 | -€14,184 | -62.8% |
| Other amounts payable | 178/9 | - | €19,500 | +€19,500 | |
| Amounts payable within one year | 42/48 | €20,459 | €16,951 | -€3,508 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €13,921 | €14,184 | +€263 | +1.9% |
| Trade debts | 44 | €6,538 | €2,767 | -€3,771 | -57.7% |
| Suppliers | 440/4 | €6,538 | €2,767 | -€3,771 | -57.7% |
| Accrued charges and deferred income | 492/3 | €6,990 | - | -€6,990 | |
| Non-recurring operating income | 76A | €140,000 | - | -€140,000 | |
| Remuneration, social security and pensions | 62 | €3,969 | - | -€3,969 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,143 | €30,168 | -€1,975 | -6.1% |
| Other operating charges | 640/8 | €9,789 | €7,392 | -€2,397 | -24.5% |
| Gross operating margin | 9900 | €200,801 | €72,964 | -€127,837 | -63.7% |
| Operating profit (loss) | 9901 | €154,901 | €35,404 | -€119,497 | -77.1% |
| Financial income | 75/76B | €2,407 | €3,115 | +€708 | +29.4% |
| Recurring financial income | 75 | €2,407 | €3,115 | +€708 | +29.4% |
| Financial charges | 65/66B | €1,782 | €775 | -€1,007 | -56.5% |
| Recurring financial charges | 65 | €1,782 | €775 | -€1,007 | -56.5% |
| Profit (loss) for the period before taxes | 9903 | €155,526 | €37,744 | -€117,782 | -75.7% |
| Income taxes | 67/77 | €149 | - | -€149 | |
| Profit (loss) for the period | 9904 | €155,377 | €37,744 | -€117,633 | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €155,377 | €37,744 | -€117,633 | -75.7% |
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 1 October 2026 via checked.be.