GAFFINA: 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.
GAFFINA
Largest movements
- Cash -€70,931
down €70,931 (-65.1%), from €108,915 to €37,984
- Receivables within one year +€32,687
up €32,687 (+7.2%), from €454,632 to €487,320
of which Other amounts receivable: +€33,749
- Tangible fixed assets -€28,268
down €28,268 (-14.8%), from €190,776 to €162,507
of which Land and buildings: -€28,043
- Deferred charges and accrued income +€7,922
new in 2025: €7,922
- Other debts -€99,517
down €99,517 (-78.4%), from €126,953 to €27,437
- Profit (loss) carried forward +€21,982
up €21,982 (+17.1%), from €128,725 to €150,707
- Provisions +€21,650
new in 2025: €21,650
- Tax, wage and social debts -€12,087
no longer reported in 2025 (was €12,087)
- Trade debts +€7,882
up €7,882 (+36.5%), from €21,607 to €29,489
- Provisions +€21,650
new in 2025: €21,650
- Write-downs +€20,052
no longer reported in 2025 (was -€20,052)
- Taxes -€11,250
down €11,250 (-65.8%), from €17,087 to €5,837
- Financial income +€7,323
up €7,323 (+2988.2%), from €245 to €7,568
- Other operating charges +€4,708
up €4,708 (+24.5%), from €19,188 to €23,896
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €774,197 | €714,107 | -€60,090 | -7.8% |
| Fixed assets | 21/28 | €190,776 | €162,507 | -€28,268 | -14.8% |
| Tangible fixed assets | 22/27 | €190,776 | €162,507 | -€28,268 | -14.8% |
| Land and buildings | 22 | €190,550 | €162,507 | -€28,043 | -14.7% |
| Plant, machinery and equipment | 23 | €98 | - | -€98 | |
| Furniture and vehicles | 24 | €128 | - | -€128 | |
| Current assets | 29/58 | €583,421 | €551,600 | -€31,822 | -5.5% |
| Stocks and contracts in progress | 3 | €19,874 | €18,374 | -€1,500 | -7.5% |
| Stocks | 30/36 | €19,874 | €18,374 | -€1,500 | -7.5% |
| Amounts receivable within one year | 40/41 | €454,632 | €487,320 | +€32,687 | +7.2% |
| Trade receivables | 40 | €323,995 | €322,933 | -€1,061 | -0.3% |
| Other amounts receivable | 41 | €130,638 | €164,387 | +€33,749 | +25.8% |
| Cash at bank and in hand | 54/58 | €108,915 | €37,984 | -€70,931 | -65.1% |
| Deferred charges and accrued income | 490/1 | - | €7,922 | +€7,922 | |
| Total equity and liabilities | 10/49 | €774,197 | €714,107 | -€60,090 | -7.8% |
| Equity | 10/15 | €613,549 | €635,532 | +€21,982 | +3.6% |
| Contributions | 10/11 | €328,500 | €328,500 | = | 0.0% |
| Capital | 10 | €328,500 | €328,500 | = | 0.0% |
| Issued capital | 100 | €328,500 | €328,500 | = | 0.0% |
| Reserves | 13 | €156,325 | €156,325 | = | 0.0% |
| Non-distributable reserves | 130/1 | €32,850 | €32,850 | = | 0.0% |
| Legal reserve | 130 | €32,850 | €32,850 | = | 0.0% |
| Distributable reserves | 133 | €123,475 | €123,475 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,725 | €150,707 | +€21,982 | +17.1% |
| Provisions and deferred taxes | 16 | - | €21,650 | +€21,650 | |
| Provisions for liabilities and charges | 160/5 | - | €21,650 | +€21,650 | |
| Other liabilities and charges | 164/5 | - | €21,650 | +€21,650 | |
| Amounts payable | 17/49 | €160,648 | €56,925 | -€103,722 | -64.6% |
| Amounts payable within one year | 42/48 | €160,648 | €56,925 | -€103,722 | -64.6% |
| Trade debts | 44 | €21,607 | €29,489 | +€7,882 | +36.5% |
| Suppliers | 440/4 | €21,607 | €29,489 | +€7,882 | +36.5% |
| Taxes, remuneration and social security | 45 | €12,087 | - | -€12,087 | |
| Taxes | 450/3 | €12,087 | - | -€12,087 | |
| Other amounts payable | 47/48 | €126,953 | €27,437 | -€99,517 | -78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,210 | €14,058 | -€152 | -1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€20,052 | - | +€20,052 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €21,650 | +€21,650 | |
| Other operating charges | 640/8 | €19,188 | €23,896 | +€4,708 | +24.5% |
| Non-recurring operating charges | 66A | €100 | - | -€100 | |
| Gross operating margin | 9900 | €80,145 | €76,313 | -€3,832 | -4.8% |
| Operating profit (loss) | 9901 | €66,700 | €16,709 | -€49,991 | -74.9% |
| Financial income | 75/76B | €245 | €7,568 | +€7,323 | +2988.2% |
| Recurring financial income | 75 | €245 | €7,568 | +€7,323 | +2988.2% |
| Financial charges | 65/66B | €685 | €956 | +€272 | +39.7% |
| Recurring financial charges | 65 | €685 | €956 | +€272 | +39.7% |
| Profit (loss) for the period before taxes | 9903 | €66,261 | €23,320 | -€42,940 | -64.8% |
| Income taxes | 67/77 | €17,087 | €5,837 | -€11,250 | -65.8% |
| Profit (loss) for the period | 9904 | €49,174 | €17,483 | -€31,691 | -64.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,174 | €17,483 | -€31,691 | -64.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.