GAFAR: 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.
GAFAR
Largest movements
- Tangible fixed assets -€4,809
down €4,809 (-54.9%), from €8,761 to €3,952
- Receivables within one year +€4,358
up €4,358 (+71.5%), from €6,095 to €10,453
of which Other amounts receivable: +€4,358
- Cash +€3,835
up €3,835 (+3301.6%), from €116 to €3,951
mainly Depreciation (+€4,809) and Net result for the year (+€4,223)
- Deferred charges and accrued income -€1,889
down €1,889 (-83.8%), from €2,255 to €365
- Profit (loss) carried forward +€4,223
up €4,223 (+15.3%), from -€27,642 to -€23,419
- Current portion of long-term debt -€2,577
no longer reported in 2025 (was €2,577)
- Short-term financial debts +€842
up €842 (+14.2%), from €5,931 to €6,773
- Tax, wage and social debts -€661
no longer reported in 2025 (was €661)
- Gross operating margin +€13,779
up €13,779, from -€3,503 to €10,276
- Purchases and services -€10,055
down €10,055 (-47.4%), from €21,221 to €11,166
- Turnover +€3,482
up €3,482 (+24.3%), from €14,354 to €17,836
- Financial income +€1,042
new in 2025: €1,042
- Depreciation -€742
down €742 (-13.4%), from €5,551 to €4,809
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 | €44,624 | €46,394 | +€1,770 | +4.0% |
| Fixed assets | 21/28 | €8,761 | €3,952 | -€4,809 | -54.9% |
| Tangible fixed assets | 22/27 | €8,761 | €3,952 | -€4,809 | -54.9% |
| Furniture and vehicles | 24 | €8,761 | €3,952 | -€4,809 | -54.9% |
| Current assets | 29/58 | €35,863 | €42,442 | +€6,579 | +18.3% |
| Amounts receivable after more than one year | 29 | €26,404 | €26,404 | = | 0.0% |
| Trade receivables | 290 | €26,404 | €26,404 | = | 0.0% |
| Stocks and contracts in progress | 3 | €993 | €1,268 | +€275 | +27.7% |
| Stocks | 30/36 | €993 | €1,268 | +€275 | +27.7% |
| Amounts receivable within one year | 40/41 | €6,095 | €10,453 | +€4,358 | +71.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €6,095 | €10,453 | +€4,358 | +71.5% |
| Cash at bank and in hand | 54/58 | €116 | €3,951 | +€3,835 | +3301.6% |
| Deferred charges and accrued income | 490/1 | €2,255 | €365 | -€1,889 | -83.8% |
| Total equity and liabilities | 10/49 | €44,624 | €46,394 | +€1,770 | +4.0% |
| Equity | 10/15 | €35,394 | €39,617 | +€4,223 | +11.9% |
| Contributions | 10/11 | €11,800 | €11,800 | = | 0.0% |
| Reserves | 13 | €51,236 | €51,236 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €49,376 | €49,376 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,642 | -€23,419 | +€4,223 | +15.3% |
| Amounts payable | 17/49 | €9,230 | €6,777 | -€2,453 | -26.6% |
| Amounts payable within one year | 42/48 | €9,230 | €6,777 | -€2,453 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | €2,577 | - | -€2,577 | |
| Financial debts | 43 | €5,931 | €6,773 | +€842 | +14.2% |
| Credit institutions | 430/8 | €5,931 | €6,773 | +€842 | +14.2% |
| Trade debts | 44 | - | €4 | +€4 | |
| Suppliers | 440/4 | - | €4 | +€4 | |
| Taxes, remuneration and social security | 45 | €661 | - | -€661 | |
| Taxes | 450/3 | €661 | - | -€661 | |
| Other amounts payable | 47/48 | €60 | - | -€60 | |
| Turnover | 70 | €14,354 | €17,836 | +€3,482 | +24.3% |
| Non-recurring operating income | 76A | €3,364 | €3,605 | +€241 | +7.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €21,221 | €11,166 | -€10,055 | -47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,551 | €4,809 | -€742 | -13.4% |
| Other operating charges | 640/8 | €781 | €806 | +€24 | +3.1% |
| Gross operating margin | 9900 | -€3,503 | €10,276 | +€13,779 | |
| Operating profit (loss) | 9901 | -€9,836 | €4,661 | +€14,497 | |
| Financial income | 75/76B | - | €1,042 | +€1,042 | |
| Recurring financial income | 75 | - | €1,042 | +€1,042 | |
| Financial charges | 65/66B | €1,299 | €1,479 | +€180 | +13.9% |
| Recurring financial charges | 65 | €1,299 | €1,479 | +€180 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | -€11,135 | €4,223 | +€15,358 | |
| Profit (loss) for the period | 9904 | -€11,135 | €4,223 | +€15,358 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,135 | €4,223 | +€15,358 |
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.