GAFOB: 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.
What changed
GAFOB
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€73,669
2024 · €32,376+€41,292
Equity
€151,156
2024 · €148,487+€2,669
Cash
€198,021
2024 · €194,907+€3,115
Balance sheet total
€409,479
2024 · €359,190+€50,289
Largest movements
Assets
- Tangible fixed assets +€46,393
up €46,393 (+74.4%), from €62,386 to €108,779
of which Furniture and vehicles: +€44,034
Equity and liabilities
- Debts after one year +€30,129
up €30,129 (+98.0%), from €30,738 to €60,867
- Current portion of long-term debt +€11,120
up €11,120 (+62.8%), from €17,716 to €28,836
- Short-term financial debts +€7,427
up €7,427 (+193.7%), from €3,834 to €11,261
Income statement
- Gross operating margin +€43,034
up €43,034 (+13.9%), from €309,997 to €353,031
- Taxes +€11,888
up €11,888 (+75.9%), from €15,653 to €27,542
- Staff costs -€8,348
down €8,348 (-3.5%), from €237,556 to €229,208
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.
Result 2024
€32,376
Gross operating margin
+€43,034
Staff costs
+€8,348
Depreciation
-€2,159
Other operating charges
-€516
Financial income
+€2,319
Financial charges
+€2,155
Taxes
-€11,888
Result 2025
€73,669
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.
From operations
+€97,760
Investment
-€72,322
Financing
-€22,324
Cash 2024
€194,907
From operations (derived)
+€97,760
Net result for the year
+€73,669
Depreciation
+€26,216
Stocks and contracts
-€2,558
Receivables within one year
+€2,379
Deferred charges and accrued income
-€889
Trade debts
+€465
Tax, wage and social debts
-€1,824
Other debts
+€304
Investment (derived)
-€72,322
Investment in fixed assets (net)
-€72,322
Financing
-€22,324
Debts after one year
+€30,129
Current portion of long-term debt
+€11,120
Short-term financial debts
+€7,427
Contributions, distributions and other
-€71,000
Cash 2025
€198,021
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €359,190 | €409,479 | +€50,289 | +14.0% |
| Fixed assets | 21/28 | €62,673 | €108,779 | +€46,106 | +73.6% |
| Intangible fixed assets | 21 | €287 | - | -€287 | |
| Tangible fixed assets | 22/27 | €62,386 | €108,779 | +€46,393 | +74.4% |
| Land and buildings | 22 | €8,949 | €8,949 | = | 0.0% |
| Plant, machinery and equipment | 23 | €5,583 | €7,942 | +€2,359 | +42.2% |
| Furniture and vehicles | 24 | €47,854 | €91,888 | +€44,034 | +92.0% |
| Current assets | 29/58 | €296,517 | €300,700 | +€4,183 | +1.4% |
| Stocks and contracts in progress | 3 | €48,116 | €50,674 | +€2,558 | +5.3% |
| Stocks | 30/36 | €48,116 | €50,674 | +€2,558 | +5.3% |
| Amounts receivable within one year | 40/41 | €49,323 | €46,945 | -€2,379 | -4.8% |
| Trade receivables | 40 | €14,149 | €7,429 | -€6,720 | -47.5% |
| Other amounts receivable | 41 | €35,174 | €39,516 | +€4,341 | +12.3% |
| Cash at bank and in hand | 54/58 | €194,907 | €198,021 | +€3,115 | +1.6% |
| Deferred charges and accrued income | 490/1 | €4,171 | €5,060 | +€889 | +21.3% |
| Total equity and liabilities | 10/49 | €359,190 | €409,479 | +€50,289 | +14.0% |
| Equity | 10/15 | €148,487 | €151,156 | +€2,669 | +1.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €126,859 | €126,859 | = | 0.0% |
| Distributable reserves | 133 | €126,859 | €126,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,036 | €5,705 | +€2,669 | +87.9% |
| Amounts payable | 17/49 | €210,702 | €258,323 | +€47,621 | +22.6% |
| Amounts payable after more than one year | 17 | €30,738 | €60,867 | +€30,129 | +98.0% |
| Financial debts | 170/4 | €30,738 | €60,867 | +€30,129 | +98.0% |
| Amounts payable within one year | 42/48 | €109,965 | €127,456 | +€17,491 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €17,716 | €28,836 | +€11,120 | +62.8% |
| Financial debts | 43 | €3,834 | €11,261 | +€7,427 | +193.7% |
| Credit institutions | 430/8 | €3,834 | €11,261 | +€7,427 | +193.7% |
| Trade debts | 44 | €10,035 | €10,500 | +€465 | +4.6% |
| Suppliers | 440/4 | €10,035 | €10,500 | +€465 | +4.6% |
| Taxes, remuneration and social security | 45 | €4,324 | €2,500 | -€1,824 | -42.2% |
| Taxes | 450/3 | €2,595 | €2,500 | -€95 | -3.7% |
| Remuneration and social security | 454/9 | €1,730 | - | -€1,730 | |
| Other amounts payable | 47/48 | €74,055 | €74,359 | +€304 | +0.4% |
| Accrued charges and deferred income | 492/3 | €70,000 | €70,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €237,556 | €229,208 | -€8,348 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,057 | €26,216 | +€2,159 | +9.0% |
| Other operating charges | 640/8 | €2,994 | €3,511 | +€516 | +17.2% |
| Gross operating margin | 9900 | €309,997 | €353,031 | +€43,034 | +13.9% |
| Operating profit (loss) | 9901 | €45,390 | €94,097 | +€48,707 | +107.3% |
| Financial income | 75/76B | €9,863 | €12,182 | +€2,319 | +23.5% |
| Recurring financial income | 75 | €9,863 | €12,182 | +€2,319 | +23.5% |
| Financial charges | 65/66B | €7,223 | €5,068 | -€2,155 | -29.8% |
| Recurring financial charges | 65 | €7,223 | €5,068 | -€2,155 | -29.8% |
| Profit (loss) for the period before taxes | 9903 | €48,029 | €101,210 | +€53,181 | +110.7% |
| Income taxes | 67/77 | €15,653 | €27,542 | +€11,888 | +75.9% |
| Profit (loss) for the period | 9904 | €32,376 | €73,669 | +€41,292 | +127.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,376 | €73,669 | +€41,292 | +127.5% |
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 10 October 2026 via checked.be.