Gafcop: 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.
Gafcop
Largest movements
- Cash +€216,493
up €216,493 (+79.8%), from €271,361 to €487,853
mainly Current investments (+€200,000) and Deferred charges and accrued income (+€10,706)
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€13,176
down €13,176 (-51.4%), from €25,635 to €12,460
- Taxes -€3,957
down €3,957 (-67.6%), from €5,857 to €1,899
- Financial income +€939
up €939 (+399.4%), from €235 to €1,174
- Other operating charges -€377
down €377 (-5.2%), from €7,221 to €6,844
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 | €1,161,076 | €1,167,168 | +€6,092 | +0.5% |
| Fixed assets | 21/28 | €678,248 | €678,248 | = | 0.0% |
| Tangible fixed assets | 22/27 | €678,248 | €678,248 | = | 0.0% |
| Land and buildings | 22 | €678,248 | €678,248 | = | 0.0% |
| Current assets | 29/58 | €482,828 | €488,920 | +€6,092 | +1.3% |
| Amounts receivable within one year | 40/41 | €761 | €1,066 | +€305 | +40.1% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €761 | €1,066 | +€305 | +40.1% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €271,361 | €487,853 | +€216,493 | +79.8% |
| Deferred charges and accrued income | 490/1 | €10,706 | €0 | -€10,706 | -100.0% |
| Total equity and liabilities | 10/49 | €1,161,076 | €1,167,168 | +€6,092 | +0.5% |
| Equity | 10/15 | €1,106,503 | €1,110,298 | +€3,796 | +0.3% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €370,024 | €373,820 | +€3,796 | +1.0% |
| Non-distributable reserves | 130/1 | €70,000 | €70,000 | = | 0.0% |
| Legal reserve | 130 | €70,000 | €70,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €109,863 | €109,863 | = | 0.0% |
| Distributable reserves | 133 | €190,161 | €193,956 | +€3,796 | +2.0% |
| Profit (loss) carried forward | 14 | €336,479 | €336,479 | = | 0.0% |
| Provisions and deferred taxes | 16 | €36,621 | €36,621 | = | 0.0% |
| Deferred taxes | 168 | €36,621 | €36,621 | = | 0.0% |
| Amounts payable | 17/49 | €17,953 | €20,249 | +€2,296 | +12.8% |
| Amounts payable within one year | 42/48 | €17,953 | €20,249 | +€2,296 | +12.8% |
| Trade debts | 44 | €0 | €0 | = | |
| Suppliers | 440/4 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €6,685 | €8,345 | +€1,660 | +24.8% |
| Taxes | 450/3 | €6,685 | €8,345 | +€1,660 | +24.8% |
| Other amounts payable | 47/48 | €11,268 | €11,904 | +€636 | +5.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Other operating charges | 640/8 | €7,221 | €6,844 | -€377 | -5.2% |
| Gross operating margin | 9900 | €25,635 | €12,460 | -€13,176 | -51.4% |
| Operating profit (loss) | 9901 | €18,414 | €5,616 | -€12,798 | -69.5% |
| Financial income | 75/76B | €235 | €1,174 | +€939 | +399.4% |
| Recurring financial income | 75 | €235 | €1,174 | +€939 | +399.4% |
| Financial charges | 65/66B | €1,066 | €1,095 | +€29 | +2.7% |
| Recurring financial charges | 65 | €1,066 | €1,095 | +€29 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €17,583 | €5,695 | -€11,888 | -67.6% |
| Income taxes | 67/77 | €5,857 | €1,899 | -€3,957 | -67.6% |
| Profit (loss) for the period | 9904 | €11,726 | €3,796 | -€7,931 | -67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,726 | €3,796 | -€7,931 | -67.6% |
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 7 October 2026 via checked.be.