GANFRACO: 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.
GANFRACO
Largest movements
- Tangible fixed assets +€27,806
up €27,806 (+1.8%), from €1.5m to €1.6m
of which Plant, machinery and equipment: +€66,804
- Receivables within one year +€18,540
up €18,540 (+47.7%), from €38,845 to €57,384
of which Trade receivables: +€18,540
- Trade debts +€31,810
up €31,810 (+97.0%), from €32,795 to €64,606
- Profit (loss) carried forward +€21,515
up €21,515 (+34.3%), from -€62,666 to -€41,152
- Debts after one year -€20,064
down €20,064 (-1.6%), from €1.2m to €1.2m
- Gross operating margin +€30,361
up €30,361 (+17.9%), from €169,520 to €199,881
- Depreciation +€16,560
up €16,560 (+15.6%), from €105,901 to €122,461
- Financial charges +€9,087
up €9,087 (+20.2%), from €45,018 to €54,105
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 | €1,612,368 | €1,653,633 | +€41,265 | +2.6% |
| Fixed assets | 21/28 | €1,548,055 | €1,575,861 | +€27,806 | +1.8% |
| Tangible fixed assets | 22/27 | €1,548,055 | €1,575,861 | +€27,806 | +1.8% |
| Land and buildings | 22 | €998,226 | €1,003,251 | +€5,025 | +0.5% |
| Plant, machinery and equipment | 23 | €387,660 | €454,464 | +€66,804 | +17.2% |
| Furniture and vehicles | 24 | €158,653 | €117,153 | -€41,500 | -26.2% |
| Leasing and similar rights | 25 | €3,516 | €993 | -€2,523 | -71.8% |
| Current assets | 29/58 | €64,313 | €77,772 | +€13,459 | +20.9% |
| Amounts receivable within one year | 40/41 | €38,845 | €57,384 | +€18,540 | +47.7% |
| Trade receivables | 40 | €38,556 | €57,096 | +€18,540 | +48.1% |
| Other amounts receivable | 41 | €288 | €288 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €20,811 | €13,294 | -€7,517 | -36.1% |
| Deferred charges and accrued income | 490/1 | €4,658 | €7,094 | +€2,436 | +52.3% |
| Total equity and liabilities | 10/49 | €1,612,368 | €1,653,633 | +€41,265 | +2.6% |
| Equity | 10/15 | €111,816 | €133,331 | +€21,515 | +19.2% |
| Contributions | 10/11 | €25,800 | €25,800 | = | 0.0% |
| Reserves | 13 | €148,683 | €148,683 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,580 | €0 | -€2,580 | -100% |
| Reserves not available under the articles | 1311 | €2,580 | €0 | -€2,580 | -100% |
| Distributable reserves | 133 | €146,103 | €148,683 | +€2,580 | +1.8% |
| Profit (loss) carried forward | 14 | -€62,666 | -€41,152 | +€21,515 | +34.3% |
| Amounts payable | 17/49 | €1,500,552 | €1,520,302 | +€19,750 | +1.3% |
| Amounts payable after more than one year | 17 | €1,241,999 | €1,221,936 | -€20,064 | -1.6% |
| Financial debts | 170/4 | €1,241,999 | €1,221,936 | -€20,064 | -1.6% |
| Amounts payable within one year | 42/48 | €258,553 | €298,367 | +€39,814 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €159,470 | €160,894 | +€1,424 | +0.9% |
| Trade debts | 44 | €32,795 | €64,606 | +€31,810 | +97.0% |
| Suppliers | 440/4 | €32,795 | €64,606 | +€31,810 | +97.0% |
| Taxes, remuneration and social security | 45 | €4,979 | €8,073 | +€3,094 | +62.2% |
| Taxes | 450/3 | €4,979 | €8,073 | +€3,094 | +62.2% |
| Other amounts payable | 47/48 | €61,308 | €64,794 | +€3,485 | +5.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,901 | €122,461 | +€16,560 | +15.6% |
| Other operating charges | 640/8 | €1,670 | €1,800 | +€130 | +7.8% |
| Non-recurring operating charges | 66A | €99,232 | €0 | -€99,232 | -100% |
| Gross operating margin | 9900 | €169,520 | €199,881 | +€30,361 | +17.9% |
| Operating profit (loss) | 9901 | -€37,282 | €75,620 | +€112,902 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €45,018 | €54,105 | +€9,087 | +20.2% |
| Recurring financial charges | 65 | €45,018 | €54,105 | +€9,087 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | -€82,300 | €21,515 | +€103,815 | |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100% |
| Profit (loss) for the period | 9904 | -€82,300 | €21,515 | +€103,815 | |
| Profit (loss) for the period to be appropriated | 9905 | -€82,300 | €21,515 | +€103,815 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.