GAMAFI: 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.
GAMAFI
Largest movements
- Cash -€33,037
down €33,037 (-75.2%), from €43,922 to €10,885
mainly Contributions, distributions and other (-€32,700) and Receivables within one year (-€12,341)
- Receivables within one year +€12,341
up €12,341 (+76.6%), from €16,120 to €28,461
of which Other amounts receivable: +€15,097
- Tangible fixed assets -€7,681
down €7,681 (-26.2%), from €29,318 to €21,637
- Reserves -€19,070
down €19,070 (-38.7%), from €49,282 to €30,212
- Debts after one year -€5,809
down €5,809 (-23.8%), from €24,371 to €18,562
- Other debts -€4,133
no longer reported in 2025 (was €4,133)
- Tax, wage and social debts +€941
up €941 (+33.2%), from €2,831 to €3,772
- Depreciation +€6,567
up €6,567 (+589.0%), from €1,115 to €7,682
- Gross operating margin +€4,919
up €4,919 (+21.7%), from €22,667 to €27,586
- Taxes -€966
down €966 (-15.2%), from €6,369 to €5,403
- Financial charges +€756
up €756 (+272.9%), from €277 to €1,033
- Other operating charges -€733
down €733 (-67.3%), from €1,089 to €356
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 | €91,444 | €63,498 | -€27,946 | -30.6% |
| Fixed assets | 21/28 | €29,318 | €21,637 | -€7,681 | -26.2% |
| Tangible fixed assets | 22/27 | €29,318 | €21,637 | -€7,681 | -26.2% |
| Furniture and vehicles | 24 | €29,318 | €21,637 | -€7,681 | -26.2% |
| Current assets | 29/58 | €62,126 | €41,861 | -€20,265 | -32.6% |
| Amounts receivable within one year | 40/41 | €16,120 | €28,461 | +€12,341 | +76.6% |
| Trade receivables | 40 | €16,120 | €13,364 | -€2,756 | -17.1% |
| Other amounts receivable | 41 | - | €15,097 | +€15,097 | |
| Cash at bank and in hand | 54/58 | €43,922 | €10,885 | -€33,037 | -75.2% |
| Deferred charges and accrued income | 490/1 | €2,084 | €2,515 | +€431 | +20.7% |
| Total equity and liabilities | 10/49 | €91,444 | €63,498 | -€27,946 | -30.6% |
| Equity | 10/15 | €53,750 | €34,680 | -€19,070 | -35.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €49,282 | €30,212 | -€19,070 | -38.7% |
| Distributable reserves | 133 | €49,282 | €30,212 | -€19,070 | -38.7% |
| Profit (loss) carried forward | 14 | €4,368 | €4,368 | = | 0.0% |
| Amounts payable | 17/49 | €37,694 | €28,818 | -€8,876 | -23.5% |
| Amounts payable after more than one year | 17 | €24,371 | €18,562 | -€5,809 | -23.8% |
| Financial debts | 170/4 | €24,371 | €18,562 | -€5,809 | -23.8% |
| Amounts payable within one year | 42/48 | €13,323 | €10,240 | -€3,083 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €5,629 | €5,809 | +€180 | +3.2% |
| Trade debts | 44 | €730 | €659 | -€71 | -9.7% |
| Suppliers | 440/4 | €730 | €659 | -€71 | -9.7% |
| Taxes, remuneration and social security | 45 | €2,831 | €3,772 | +€941 | +33.2% |
| Taxes | 450/3 | €2,831 | €3,772 | +€941 | +33.2% |
| Other amounts payable | 47/48 | €4,133 | - | -€4,133 | |
| Accrued charges and deferred income | 492/3 | - | €16 | +€16 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,115 | €7,682 | +€6,567 | +589.0% |
| Other operating charges | 640/8 | €1,089 | €356 | -€733 | -67.3% |
| Gross operating margin | 9900 | €22,667 | €27,586 | +€4,919 | +21.7% |
| Operating profit (loss) | 9901 | €20,463 | €19,548 | -€915 | -4.5% |
| Financial income | 75/76B | €165 | €518 | +€353 | +213.9% |
| Recurring financial income | 75 | €165 | €518 | +€353 | +213.9% |
| Financial charges | 65/66B | €277 | €1,033 | +€756 | +272.9% |
| Recurring financial charges | 65 | €277 | €1,033 | +€756 | +272.9% |
| Profit (loss) for the period before taxes | 9903 | €20,351 | €19,033 | -€1,318 | -6.5% |
| Income taxes | 67/77 | €6,369 | €5,403 | -€966 | -15.2% |
| Profit (loss) for the period | 9904 | €13,982 | €13,630 | -€352 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,982 | €13,630 | -€352 | -2.5% |
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.