GEAFOR: 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.
GEAFOR
Largest movements
- Cash +€11,390
up €11,390 (+55.1%), from €20,673 to €32,063
mainly Net result for the year (+€25,700) and Depreciation (+€5,120)
- Receivables within one year -€2,800
down €2,800 (-29.7%), from €9,435 to €6,636
of which Trade receivables: -€2,802
- Stocks and contracts +€2,500
up €2,500 (+4.2%), from €60,000 to €62,500
- Tangible fixed assets -€1,350
down €1,350 (-12.4%), from €10,849 to €9,499
of which Furniture and vehicles: -€4,225
- Reserves +€25,700
up €25,700 (+83.8%), from €30,666 to €56,366
of which Distributable reserves: +€25,700
- Trade debts -€11,020
down €11,020 (-96.7%), from €11,397 to €377
- Current portion of long-term debt -€2,626
down €2,626 (-56.4%), from €4,654 to €2,028
- Other debts -€2,251
down €2,251 (-6.7%), from €33,366 to €31,114
- Debts after one year -€2,028
down €2,028 (-100.0%), from €2,028 to €0
- Gross operating margin +€16,468
up €16,468 (+55.0%), from €29,931 to €46,399
- Taxes +€4,377
up €4,377 (+56.0%), from €7,809 to €12,186
- Financial charges +€1,991
up €1,991 (+226.4%), from €879 to €2,870
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 | €101,677 | €111,429 | +€9,752 | +9.6% |
| Fixed assets | 21/28 | €10,849 | €9,499 | -€1,350 | -12.4% |
| Tangible fixed assets | 22/27 | €10,849 | €9,499 | -€1,350 | -12.4% |
| Plant, machinery and equipment | 23 | €639 | €3,514 | +€2,876 | +450.1% |
| Furniture and vehicles | 24 | €10,210 | €5,985 | -€4,225 | -41.4% |
| Current assets | 29/58 | €90,828 | €101,929 | +€11,102 | +12.2% |
| Stocks and contracts in progress | 3 | €60,000 | €62,500 | +€2,500 | +4.2% |
| Contracts in progress | 37 | €60,000 | €62,500 | +€2,500 | +4.2% |
| Amounts receivable within one year | 40/41 | €9,435 | €6,636 | -€2,800 | -29.7% |
| Trade receivables | 40 | €9,230 | €6,427 | -€2,802 | -30.4% |
| Other amounts receivable | 41 | €206 | €208 | +€3 | +1.3% |
| Cash at bank and in hand | 54/58 | €20,673 | €32,063 | +€11,390 | +55.1% |
| Deferred charges and accrued income | 490/1 | €719 | €730 | +€11 | +1.6% |
| Total equity and liabilities | 10/49 | €101,677 | €111,429 | +€9,752 | +9.6% |
| Equity | 10/15 | €43,066 | €68,766 | +€25,700 | +59.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €30,666 | €56,366 | +€25,700 | +83.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €28,806 | €54,507 | +€25,700 | +89.2% |
| Amounts payable | 17/49 | €58,611 | €42,663 | -€15,948 | -27.2% |
| Amounts payable after more than one year | 17 | €2,028 | €0 | -€2,028 | -100.0% |
| Financial debts | 170/4 | €2,028 | €0 | -€2,028 | -100.0% |
| Amounts payable within one year | 42/48 | €56,583 | €41,092 | -€15,490 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €4,654 | €2,028 | -€2,626 | -56.4% |
| Trade debts | 44 | €11,397 | €377 | -€11,020 | -96.7% |
| Suppliers | 440/4 | €11,397 | €377 | -€11,020 | -96.7% |
| Advances received on contracts in progress | 46 | €992 | €992 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €6,174 | €6,581 | +€406 | +6.6% |
| Taxes | 450/3 | €6,174 | €6,581 | +€406 | +6.6% |
| Other amounts payable | 47/48 | €33,366 | €31,114 | -€2,251 | -6.7% |
| Accrued charges and deferred income | 492/3 | - | €1,571 | +€1,571 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,803 | €5,120 | +€317 | +6.6% |
| Other operating charges | 640/8 | €707 | €523 | -€184 | -26.0% |
| Gross operating margin | 9900 | €29,931 | €46,399 | +€16,468 | +55.0% |
| Operating profit (loss) | 9901 | €24,421 | €40,756 | +€16,335 | +66.9% |
| Financial income | 75/76B | €1 | €0 | -€1 | -93.9% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -93.9% |
| Financial charges | 65/66B | €879 | €2,870 | +€1,991 | +226.4% |
| Recurring financial charges | 65 | €879 | €2,870 | +€1,991 | +226.4% |
| Profit (loss) for the period before taxes | 9903 | €23,543 | €37,886 | +€14,343 | +60.9% |
| Income taxes | 67/77 | €7,809 | €12,186 | +€4,377 | +56.0% |
| Profit (loss) for the period | 9904 | €15,734 | €25,700 | +€9,966 | +63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,734 | €25,700 | +€9,966 | +63.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.