GAFAS: what changed
GAFAS
Largest movements
- Tangible fixed assets -€17,162
down €17,162 (-21.0%), from €81,847 to €64,685
of which Land and buildings: -€15,409
- Cash +€6,982
up €6,982 (+189%), from €3,696 to €10,678
mainly Depreciation (+€17,162) and Net result for the year (+€6,521)
- Deferred charges and accrued income -€5,045
down €5,045 (-36.2%), from €13,950 to €8,905
- Receivables within one year +€2,458
up €2,458 (+14.9%), from €16,523 to €18,981
of which Trade receivables: +€3,350
- Current portion of long-term debt -€18,147
down €18,147 (-91.4%), from €19,859 to €1,713
- Profit (loss) carried forward +€6,521
up €6,521 (+10.4%), from €62,507 to €69,028
- Debts after one year -€1,715
no longer reported in 2025 (was €1,715)
- Gross operating margin -€3,171
down €3,171 (-8.5%), from €37,462 to €34,290
- Financial charges -€1,538
down €1,538 (-51.4%), from €2,995 to €1,457
- Depreciation +€1,006
up €1,006 (+6.2%), from €16,156 to €17,162
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €116,016 | €103,250 | -€12,766 | -11.0% |
| Fixed assets | 21/28 | €81,847 | €64,685 | -€17,162 | -21.0% |
| Tangible fixed assets | 22/27 | €81,847 | €64,685 | -€17,162 | -21.0% |
| Land and buildings | 22 | €77,334 | €61,926 | -€15,409 | -19.9% |
| Furniture and vehicles | 24 | €4,513 | €2,759 | -€1,753 | -38.9% |
| Current assets | 29/58 | €34,169 | €38,565 | +€4,396 | +12.9% |
| Amounts receivable within one year | 40/41 | €16,523 | €18,981 | +€2,458 | +14.9% |
| Trade receivables | 40 | €2,478 | €5,827 | +€3,350 | +135% |
| Other amounts receivable | 41 | €14,045 | €13,154 | -€891 | -6.3% |
| Cash at bank and in hand | 54/58 | €3,696 | €10,678 | +€6,982 | +189% |
| Deferred charges and accrued income | 490/1 | €13,950 | €8,905 | -€5,045 | -36.2% |
| Total equity and liabilities | 10/49 | €116,016 | €103,250 | -€12,766 | -11.0% |
| Equity | 10/15 | €84,507 | €91,028 | +€6,521 | +7.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,507 | €69,028 | +€6,521 | +10.4% |
| Amounts payable | 17/49 | €31,510 | €12,223 | -€19,287 | -61.2% |
| Amounts payable after more than one year | 17 | €1,715 | - | -€1,715 | |
| Financial debts | 170/4 | €1,715 | - | -€1,715 | |
| Amounts payable within one year | 42/48 | €29,794 | €12,223 | -€17,572 | -59.0% |
| Current portion of amounts payable after more than one year | 42 | €19,859 | €1,713 | -€18,147 | -91.4% |
| Trade debts | 44 | €2,431 | €2,960 | +€529 | +21.8% |
| Suppliers | 440/4 | €2,431 | €2,960 | +€529 | +21.8% |
| Taxes, remuneration and social security | 45 | €7,504 | €7,550 | +€46 | +0.6% |
| Taxes | 450/3 | €7,504 | €7,550 | +€46 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,156 | €17,162 | +€1,006 | +6.2% |
| Other operating charges | 640/8 | €1,538 | €1,601 | +€62 | +4.1% |
| Gross operating margin | 9900 | €37,462 | €34,290 | -€3,171 | -8.5% |
| Operating profit (loss) | 9901 | €19,767 | €15,528 | -€4,240 | -21.4% |
| Financial charges | 65/66B | €2,995 | €1,457 | -€1,538 | -51.4% |
| Recurring financial charges | 65 | €2,995 | €1,457 | -€1,538 | -51.4% |
| Profit (loss) for the period before taxes | 9903 | €16,773 | €14,071 | -€2,702 | -16.1% |
| Income taxes | 67/77 | €7,504 | €7,550 | +€46 | +0.6% |
| Profit (loss) for the period | 9904 | €9,268 | €6,521 | -€2,747 | -29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,268 | €6,521 | -€2,747 | -29.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.