GEEFA: 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.
GEEFA
Largest movements
- Receivables within one year -€480,386
down €480,386 (-71.1%), from €675,856 to €195,470
of which Other amounts receivable: -€609,264
- Advances received -€400,000
no longer reported in 2025 (was €400,000)
- Profit (loss) carried forward -€87,522
down €87,522 (-19.0%), from €460,320 to €372,798
- Trade debts +€35,309
up €35,309 (+60.7%), from €58,199 to €93,508
- Write-downs +€601,158
up €601,158 (+8,623%), from €6,972 to €608,130
- Gross operating margin +€509,384
up €509,384 (+3,763%), from €13,537 to €522,921
- Financial income -€7,708
down €7,708 (-91.8%), from €8,394 to €686
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 | €2,258,961 | €1,770,088 | -€488,874 | -21.6% |
| Fixed assets | 21/28 | €1,573,682 | €1,573,682 | = | 0.0% |
| Financial fixed assets | 28 | €1,573,682 | €1,573,682 | = | 0.0% |
| Current assets | 29/58 | €685,279 | €196,406 | -€488,874 | -71.3% |
| Amounts receivable within one year | 40/41 | €675,856 | €195,470 | -€480,386 | -71.1% |
| Trade receivables | 40 | €49,300 | €178,178 | +€128,878 | +261% |
| Other amounts receivable | 41 | €626,556 | €17,292 | -€609,264 | -97.2% |
| Cash at bank and in hand | 54/58 | €1,030 | €260 | -€771 | -74.8% |
| Deferred charges and accrued income | 490/1 | €8,393 | €676 | -€7,717 | -91.9% |
| Total equity and liabilities | 10/49 | €2,258,961 | €1,770,088 | -€488,874 | -21.6% |
| Equity | 10/15 | €1,420,748 | €1,333,226 | -€87,522 | -6.2% |
| Contributions | 10/11 | €830,200 | €830,200 | = | 0.0% |
| Capital | 10 | €830,200 | €830,200 | = | 0.0% |
| Issued capital | 100 | €830,200 | €830,200 | = | 0.0% |
| Reserves | 13 | €130,228 | €130,228 | = | 0.0% |
| Non-distributable reserves | 130/1 | €42,530 | €42,530 | = | 0.0% |
| Legal reserve | 130 | €42,530 | €42,530 | = | 0.0% |
| Tax-exempt reserves | 132 | €87,698 | €87,698 | = | 0.0% |
| Profit (loss) carried forward | 14 | €460,320 | €372,798 | -€87,522 | -19.0% |
| Amounts payable | 17/49 | €838,213 | €436,862 | -€401,351 | -47.9% |
| Amounts payable within one year | 42/48 | €837,177 | €436,862 | -€400,315 | -47.8% |
| Trade debts | 44 | €58,199 | €93,508 | +€35,309 | +60.7% |
| Suppliers | 440/4 | €58,199 | €93,508 | +€35,309 | +60.7% |
| Advances received on contracts in progress | 46 | €400,000 | - | -€400,000 | |
| Taxes, remuneration and social security | 45 | €18,548 | €1,800 | -€16,748 | -90.3% |
| Taxes | 450/3 | €15,854 | €1,800 | -€14,054 | -88.6% |
| Remuneration and social security | 454/9 | €2,694 | - | -€2,694 | |
| Other amounts payable | 47/48 | €360,430 | €341,554 | -€18,877 | -5.2% |
| Accrued charges and deferred income | 492/3 | €1,036 | - | -€1,036 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,972 | €608,130 | +€601,158 | +8,623% |
| Other operating charges | 640/8 | €2,314 | €1,660 | -€654 | -28.3% |
| Gross operating margin | 9900 | €13,537 | €522,921 | +€509,384 | +3,763% |
| Operating profit (loss) | 9901 | €4,251 | -€86,869 | -€91,120 | |
| Financial income | 75/76B | €8,394 | €686 | -€7,708 | -91.8% |
| Recurring financial income | 75 | €8,394 | €686 | -€7,708 | -91.8% |
| Financial charges | 65/66B | €5,649 | €1,339 | -€4,310 | -76.3% |
| Recurring financial charges | 65 | €5,649 | €1,339 | -€4,310 | -76.3% |
| Profit (loss) for the period before taxes | 9903 | €6,996 | -€87,522 | -€94,518 | |
| Income taxes | 67/77 | €1,800 | - | -€1,800 | |
| Profit (loss) for the period | 9904 | €5,196 | -€87,522 | -€92,718 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,196 | -€87,522 | -€92,718 |
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 14 October 2026 via checked.be.