GAFFI HOLDING: 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.
GAFFI HOLDING
Largest movements
- Tangible fixed assets -€64,400
down €64,400 (-4.8%), from €1.3m to €1.3m
of which Land and buildings: -€42,623
- Cash -€23,930
down €23,930 (-56.2%), from €42,587 to €18,657
mainly Debts after one year (-€84,629) and Net result for the year (-€54,792)
- Receivables within one year +€23,220
up €23,220 (+147%), from €15,816 to €39,036
of which Trade receivables: +€23,303
- Stocks and contracts -€17,684
down €17,684 (-40.6%), from €43,600 to €25,916
- Debts after one year -€84,629
down €84,629 (-8.0%), from €1.1m to €968,450
- Profit (loss) carried forward -€54,792
down €54,792 (-21.5%), from -€254,557 to -€309,349
- Trade debts +€51,862
up €51,862 (+66.9%), from €77,511 to €129,373
- Gross operating margin -€155,545
down €155,545 (-23.5%), from €662,847 to €507,303
- Staff costs -€85,496
down €85,496 (-16.9%), from €506,704 to €421,208
- Financial charges -€8,043
down €8,043 (-12.4%), from €64,913 to €56,870
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 | €1,444,503 | €1,361,709 | -€82,794 | -5.7% |
| Fixed assets | 21/28 | €1,342,500 | €1,278,101 | -€64,400 | -4.8% |
| Tangible fixed assets | 22/27 | €1,342,500 | €1,278,101 | -€64,400 | -4.8% |
| Land and buildings | 22 | €1,242,216 | €1,199,593 | -€42,623 | -3.4% |
| Plant, machinery and equipment | 23 | €66,413 | €45,273 | -€21,140 | -31.8% |
| Furniture and vehicles | 24 | €33,872 | €33,235 | -€637 | -1.9% |
| Current assets | 29/58 | €102,003 | €83,609 | -€18,394 | -18.0% |
| Stocks and contracts in progress | 3 | €43,600 | €25,916 | -€17,684 | -40.6% |
| Stocks | 30/36 | €43,600 | €25,916 | -€17,684 | -40.6% |
| Amounts receivable within one year | 40/41 | €15,816 | €39,036 | +€23,220 | +147% |
| Trade receivables | 40 | €14,369 | €37,671 | +€23,303 | +162% |
| Other amounts receivable | 41 | €1,448 | €1,364 | -€83 | -5.8% |
| Cash at bank and in hand | 54/58 | €42,587 | €18,657 | -€23,930 | -56.2% |
| Total equity and liabilities | 10/49 | €1,444,503 | €1,361,709 | -€82,794 | -5.7% |
| Equity | 10/15 | €23,785 | -€34,528 | -€58,313 | |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€254,557 | -€309,349 | -€54,792 | -21.5% |
| Investment grants | 15 | €78,342 | €74,821 | -€3,521 | -4.5% |
| Provisions and deferred taxes | 16 | €32,908 | €31,429 | -€1,479 | -4.5% |
| Deferred taxes | 168 | €32,908 | €31,429 | -€1,479 | -4.5% |
| Amounts payable | 17/49 | €1,387,811 | €1,364,808 | -€23,002 | -1.7% |
| Amounts payable after more than one year | 17 | €1,053,079 | €968,450 | -€84,629 | -8.0% |
| Financial debts | 170/4 | €1,053,079 | €968,450 | -€84,629 | -8.0% |
| Amounts payable within one year | 42/48 | €334,732 | €396,358 | +€61,627 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €113,803 | €119,302 | +€5,499 | +4.8% |
| Trade debts | 44 | €77,511 | €129,373 | +€51,862 | +66.9% |
| Suppliers | 440/4 | €77,511 | €129,373 | +€51,862 | +66.9% |
| Taxes, remuneration and social security | 45 | €127,891 | €118,451 | -€9,441 | -7.4% |
| Taxes | 450/3 | €31,225 | €22,641 | -€8,584 | -27.5% |
| Remuneration and social security | 454/9 | €96,666 | €95,810 | -€857 | -0.9% |
| Other amounts payable | 47/48 | €15,527 | €29,233 | +€13,706 | +88.3% |
| Non-recurring operating income | 76A | €12,621 | €17,490 | +€4,869 | +38.6% |
| Remuneration, social security and pensions | 62 | €506,704 | €421,208 | -€85,496 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,332 | €65,532 | +€200 | +0.3% |
| Other operating charges | 640/8 | €23,776 | €22,997 | -€778 | -3.3% |
| Non-recurring operating charges | 66A | €58,262 | - | -€58,262 | |
| Gross operating margin | 9900 | €662,847 | €507,303 | -€155,545 | -23.5% |
| Operating profit (loss) | 9901 | €8,775 | -€2,434 | -€11,209 | |
| Financial income | 75/76B | €3,612 | €3,518 | -€94 | -2.6% |
| Recurring financial income | 75 | €3,612 | €3,518 | -€94 | -2.6% |
| Financial charges | 65/66B | €64,913 | €56,870 | -€8,043 | -12.4% |
| Recurring financial charges | 65 | €64,913 | €56,870 | -€8,043 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | -€52,526 | -€55,786 | -€3,260 | -6.2% |
| Transfer from deferred taxes | 780 | €1,479 | €1,479 | = | 0.0% |
| Income taxes | 67/77 | €54 | €485 | +€431 | +792% |
| Profit (loss) for the period | 9904 | -€51,102 | -€54,792 | -€3,690 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,102 | -€54,792 | -€3,690 | -7.2% |
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 24 October 2026 via checked.be.