GAFSI: what changed
GAFSI
Largest movements
- Tangible fixed assets -€4,820
down €4,820 (-24.1%), from €20,017 to €15,197
- Cash -€4,292
down €4,292 (-22.6%), from €18,956 to €14,664
mainly Debts after one year (-€5,598) and Net result for the year (-€2,130)
- Deferred charges and accrued income +€889
up €889 (+3,372%), from €26 to €915
- Debts after one year -€5,598
down €5,598 (-54.1%), from €10,349 to €4,751
- Profit (loss) carried forward -€2,130
down €2,130 (-80.7%), from -€2,641 to -€4,772
- Other debts -€2,022
down €2,022 (-30.2%), from €6,689 to €4,667
- Tax, wage and social debts +€1,290
up €1,290 (+133%), from €967 to €2,257
of which Remuneration and social security: +€1,400
- Current portion of long-term debt +€632
up €632 (+12.7%), from €4,965 to €5,598
- Purchases and services +€2,812
up €2,812 (+5.4%), from €52,423 to €55,235
- Turnover +€1,949
up €1,949 (+3.3%), from €58,225 to €60,174
- Gross operating margin -€863
down €863 (-14.9%), from €5,802 to €4,939
- Depreciation +€737
up €737 (+18.1%), from €4,083 to €4,820
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 | €39,324 | €31,101 | -€8,223 | -20.9% |
| Fixed assets | 21/28 | €20,017 | €15,197 | -€4,820 | -24.1% |
| Tangible fixed assets | 22/27 | €20,017 | €15,197 | -€4,820 | -24.1% |
| Furniture and vehicles | 24 | €20,017 | €15,197 | -€4,820 | -24.1% |
| Current assets | 29/58 | €19,306 | €15,903 | -€3,403 | -17.6% |
| Amounts receivable within one year | 40/41 | €324 | €324 | = | 0.0% |
| Other amounts receivable | 41 | €324 | €324 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €18,956 | €14,664 | -€4,292 | -22.6% |
| Deferred charges and accrued income | 490/1 | €26 | €915 | +€889 | +3,372% |
| Total equity and liabilities | 10/49 | €39,324 | €31,101 | -€8,223 | -20.9% |
| Equity | 10/15 | €15,959 | €13,828 | -€2,130 | -13.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,641 | -€4,772 | -€2,130 | -80.7% |
| Amounts payable | 17/49 | €23,365 | €17,273 | -€6,093 | -26.1% |
| Amounts payable after more than one year | 17 | €10,349 | €4,751 | -€5,598 | -54.1% |
| Financial debts | 170/4 | €10,349 | €4,751 | -€5,598 | -54.1% |
| Amounts payable within one year | 42/48 | €13,016 | €12,522 | -€495 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €4,965 | €5,598 | +€632 | +12.7% |
| Trade debts | 44 | €395 | - | -€395 | |
| Suppliers | 440/4 | €395 | - | -€395 | |
| Taxes, remuneration and social security | 45 | €967 | €2,257 | +€1,290 | +133% |
| Taxes | 450/3 | €967 | €857 | -€110 | -11.4% |
| Remuneration and social security | 454/9 | - | €1,400 | +€1,400 | |
| Other amounts payable | 47/48 | €6,689 | €4,667 | -€2,022 | -30.2% |
| Turnover | 70 | €58,225 | €60,174 | +€1,949 | +3.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €52,423 | €55,235 | +€2,812 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,083 | €4,820 | +€737 | +18.1% |
| Other operating charges | 640/8 | €1,786 | €1,647 | -€139 | -7.8% |
| Gross operating margin | 9900 | €5,802 | €4,939 | -€863 | -14.9% |
| Operating profit (loss) | 9901 | -€67 | -€1,528 | -€1,461 | -2,189% |
| Financial income | 75/76B | €0 | €145 | +€145 | +48,180% |
| Recurring financial income | 75 | €0 | €145 | +€145 | +48,180% |
| Financial charges | 65/66B | €982 | €747 | -€235 | -23.9% |
| Recurring financial charges | 65 | €982 | €747 | -€235 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,049 | -€2,130 | -€1,082 | -103% |
| Profit (loss) for the period | 9904 | -€1,049 | -€2,130 | -€1,082 | -103% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,049 | -€2,130 | -€1,082 | -103% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.