GBF - CO: 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.
GBF - CO
Largest movements
- Receivables within one year +€28,297
up €28,297 (+11.8%), from €239,394 to €267,691
of which Other amounts receivable: +€16,379
- Cash +€18,610
up €18,610 (+5.6%), from €334,988 to €353,598
mainly Net result for the year (+€55,328) and Depreciation (+€11,902)
- Tangible fixed assets -€10,265
down €10,265 (-29.1%), from €35,314 to €25,049
of which Furniture and vehicles: -€10,169
- Reserves +€35,328
up €35,328 (+9.4%), from €376,135 to €411,463
of which Distributable reserves: +€35,328
- Turnover -€18,556
down €18,556 (-5.8%), from €317,976 to €299,420
- Gross operating margin -€18,141
down €18,141 (-15.8%), from €114,468 to €96,327
- Taxes -€16,897
down €16,897 (-34.8%), from €48,513 to €31,616
- Other operating charges -€5,104
down €5,104 (-70.2%), from €7,267 to €2,163
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 | €672,940 | €703,712 | +€30,772 | +4.6% |
| Fixed assets | 21/28 | €37,914 | €27,649 | -€10,265 | -27.1% |
| Tangible fixed assets | 22/27 | €35,314 | €25,049 | -€10,265 | -29.1% |
| Furniture and vehicles | 24 | €35,162 | €24,993 | -€10,169 | -28.9% |
| Other tangible fixed assets | 26 | €152 | €56 | -€96 | -63.2% |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €635,026 | €676,063 | +€41,037 | +6.5% |
| Amounts receivable within one year | 40/41 | €239,394 | €267,691 | +€28,297 | +11.8% |
| Trade receivables | 40 | €10,967 | €22,885 | +€11,918 | +108.7% |
| Other amounts receivable | 41 | €228,427 | €244,806 | +€16,379 | +7.2% |
| Current investments | 50/53 | €30,775 | €30,776 | +€1 | 0.0% |
| Cash at bank and in hand | 54/58 | €334,988 | €353,598 | +€18,610 | +5.6% |
| Deferred charges and accrued income | 490/1 | €29,869 | €23,998 | -€5,871 | -19.7% |
| Total equity and liabilities | 10/49 | €672,940 | €703,712 | +€30,772 | +4.6% |
| Equity | 10/15 | €632,272 | €667,600 | +€35,328 | +5.6% |
| Contributions | 10/11 | €211,647 | €211,647 | = | 0.0% |
| Reserves | 13 | €376,135 | €411,463 | +€35,328 | +9.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €364,935 | €400,263 | +€35,328 | +9.7% |
| Profit (loss) carried forward | 14 | €44,490 | €44,490 | = | 0.0% |
| Amounts payable | 17/49 | €40,668 | €36,112 | -€4,556 | -11.2% |
| Amounts payable within one year | 42/48 | €40,668 | €36,112 | -€4,556 | -11.2% |
| Trade debts | 44 | €13,838 | €8,427 | -€5,411 | -39.1% |
| Suppliers | 440/4 | €5,574 | €8,427 | +€2,853 | +51.2% |
| Bills of exchange payable | 441 | €8,264 | - | -€8,264 | |
| Taxes, remuneration and social security | 45 | €26,830 | €27,685 | +€855 | +3.2% |
| Taxes | 450/3 | €26,830 | €27,685 | +€855 | +3.2% |
| Turnover | 70 | €317,976 | €299,420 | -€18,556 | -5.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €203,508 | €203,093 | -€415 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,510 | €11,902 | +€392 | +3.4% |
| Other operating charges | 640/8 | €7,267 | €2,163 | -€5,104 | -70.2% |
| Non-recurring operating charges | 66A | €235 | - | -€235 | |
| Gross operating margin | 9900 | €114,468 | €96,327 | -€18,141 | -15.8% |
| Operating profit (loss) | 9901 | €95,456 | €82,262 | -€13,194 | -13.8% |
| Financial income | 75/76B | €7,725 | €7,995 | +€270 | +3.5% |
| Recurring financial income | 75 | €7,725 | €7,995 | +€270 | +3.5% |
| Financial charges | 65/66B | €2,228 | €3,313 | +€1,085 | +48.7% |
| Recurring financial charges | 65 | €2,228 | €3,313 | +€1,085 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €100,953 | €86,944 | -€14,009 | -13.9% |
| Income taxes | 67/77 | €48,513 | €31,616 | -€16,897 | -34.8% |
| Profit (loss) for the period | 9904 | €52,440 | €55,328 | +€2,888 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,440 | €55,328 | +€2,888 | +5.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.