GEEFRA: 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.
GEEFRA
Largest movements
- Cash -€513,246
down €513,246 (-63.4%), from €809,857 to €296,612
mainly Tax, wage and social debts (-€357,345) and Other debts (-€98,321)
- Tax, wage and social debts -€357,345
no longer reported in 2025 (was €357,345)
- Other debts -€98,321
down €98,321 (-26.1%), from €376,866 to €278,545
- Profit (loss) carried forward -€60,437
down €60,437 (-92.8%), from -€65,150 to -€125,586
- Depreciation -€1.3m
no longer reported in 2025 (was €1.3m)
- Gross operating margin -€1.2m
down €1.2m, from €1.2m to -€16,337
- Financial charges +€42,912
up €42,912 (+98,647%), from €44 to €42,955
- Taxes -€25,940
no longer reported in 2025 (was €25,940)
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 | €812,822 | €298,200 | -€514,622 | -63.3% |
| Current assets | 29/58 | €812,822 | €298,200 | -€514,622 | -63.3% |
| Amounts receivable within one year | 40/41 | €2,964 | €1,588 | -€1,376 | -46.4% |
| Trade receivables | 40 | €1,433 | - | -€1,433 | |
| Other amounts receivable | 41 | €1,531 | €1,588 | +€57 | +3.7% |
| Cash at bank and in hand | 54/58 | €809,857 | €296,612 | -€513,246 | -63.4% |
| Total equity and liabilities | 10/49 | €812,822 | €298,200 | -€514,622 | -63.3% |
| Equity | 10/15 | €78,611 | €18,174 | -€60,437 | -76.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €123,760 | €123,760 | = | 0.0% |
| Distributable reserves | 133 | €123,760 | €123,760 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,150 | -€125,586 | -€60,437 | -92.8% |
| Amounts payable | 17/49 | €734,211 | €280,026 | -€454,185 | -61.9% |
| Amounts payable within one year | 42/48 | €734,211 | €280,026 | -€454,185 | -61.9% |
| Trade debts | 44 | - | €1,481 | +€1,481 | |
| Suppliers | 440/4 | - | €1,481 | +€1,481 | |
| Taxes, remuneration and social security | 45 | €357,345 | - | -€357,345 | |
| Taxes | 450/3 | €357,345 | - | -€357,345 | |
| Other amounts payable | 47/48 | €376,866 | €278,545 | -€98,321 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,263,562 | - | -€1.3m | |
| Other operating charges | 640/8 | €1,055 | €1,162 | +€108 | +10.2% |
| Gross operating margin | 9900 | €1,225,407 | -€16,337 | -€1.2m | |
| Operating profit (loss) | 9901 | -€39,210 | -€17,500 | +€21,710 | +55.4% |
| Financial income | 75/76B | €44 | €18 | -€25 | -58.4% |
| Recurring financial income | 75 | €44 | €18 | -€25 | -58.4% |
| Financial charges | 65/66B | €44 | €42,955 | +€42,912 | +98,647% |
| Recurring financial charges | 65 | €44 | €42,955 | +€42,912 | +98,647% |
| Profit (loss) for the period before taxes | 9903 | -€39,210 | -€60,437 | -€21,227 | -54.1% |
| Income taxes | 67/77 | €25,940 | - | -€25,940 | |
| Profit (loss) for the period | 9904 | -€65,150 | -€60,437 | +€4,713 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,150 | -€60,437 | +€4,713 | +7.2% |
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 15 October 2026 via checked.be.