GEF Management: 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.
GEF Management
Largest movements
- Cash -€18,264
down €18,264 (-29.3%), from €62,254 to €43,990
mainly Net result for the year (-€30,697) and Receivables within one year (-€18,127)
- Receivables within one year +€18,127
up €18,127 (+711.8%), from €2,547 to €20,674
of which Trade receivables: +€18,150
- Deferred charges and accrued income -€5,679
down €5,679 (-50.4%), from €11,258 to €5,580
- Other debts +€41,665
up €41,665 (+1209.6%), from €3,444 to €45,110
- Profit (loss) carried forward -€30,697
down €30,697, from €25,550 to -€5,147
- Reserves -€14,002
down €14,002 (-53.1%), from €26,386 to €12,384
- Trade debts -€1,664
down €1,664 (-17.6%), from €9,442 to €7,778
- Financial charges +€50,844
up €50,844 (+103.0%), from €49,380 to €100,224
- Gross operating margin +€18,000
up €18,000 (+32.3%), from €55,687 to €73,687
- Taxes -€1,497
down €1,497 (-87.4%), from €1,712 to €215
- Other operating charges +€826
up €826 (+92.0%), from €897 to €1,723
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 | €79,443 | €73,992 | -€5,451 | -6.9% |
| Fixed assets | 21/28 | €3,385 | €3,749 | +€364 | +10.8% |
| Tangible fixed assets | 22/27 | €3,385 | €3,749 | +€364 | +10.8% |
| Furniture and vehicles | 24 | €3,385 | €3,749 | +€364 | +10.8% |
| Current assets | 29/58 | €76,059 | €70,243 | -€5,815 | -7.6% |
| Amounts receivable within one year | 40/41 | €2,547 | €20,674 | +€18,127 | +711.8% |
| Trade receivables | 40 | - | €18,150 | +€18,150 | |
| Other amounts receivable | 41 | €2,547 | €2,524 | -€22 | -0.9% |
| Cash at bank and in hand | 54/58 | €62,254 | €43,990 | -€18,264 | -29.3% |
| Deferred charges and accrued income | 490/1 | €11,258 | €5,580 | -€5,679 | -50.4% |
| Total equity and liabilities | 10/49 | €79,443 | €73,992 | -€5,451 | -6.9% |
| Equity | 10/15 | €54,436 | €9,737 | -€44,699 | -82.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €26,386 | €12,384 | -€14,002 | -53.1% |
| Distributable reserves | 133 | €26,386 | €12,384 | -€14,002 | -53.1% |
| Profit (loss) carried forward | 14 | €25,550 | -€5,147 | -€30,697 | |
| Amounts payable | 17/49 | €25,008 | €64,256 | +€39,248 | +156.9% |
| Amounts payable within one year | 42/48 | €25,008 | €64,256 | +€39,248 | +156.9% |
| Trade debts | 44 | €9,442 | €7,778 | -€1,664 | -17.6% |
| Suppliers | 440/4 | €9,442 | €7,778 | -€1,664 | -17.6% |
| Taxes, remuneration and social security | 45 | €12,121 | €11,368 | -€754 | -6.2% |
| Taxes | 450/3 | €12,121 | €11,368 | -€754 | -6.2% |
| Other amounts payable | 47/48 | €3,444 | €45,110 | +€41,665 | +1209.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,153 | €2,222 | +€69 | +3.2% |
| Other operating charges | 640/8 | €897 | €1,723 | +€826 | +92.0% |
| Gross operating margin | 9900 | €55,687 | €73,687 | +€18,000 | +32.3% |
| Operating profit (loss) | 9901 | €52,638 | €69,743 | +€17,105 | +32.5% |
| Financial income | 75/76B | €115 | €0 | -€115 | -100.0% |
| Recurring financial income | 75 | €115 | €0 | -€115 | -100.0% |
| Financial charges | 65/66B | €49,380 | €100,224 | +€50,844 | +103.0% |
| Recurring financial charges | 65 | €49,380 | €100,224 | +€50,844 | +103.0% |
| Profit (loss) for the period before taxes | 9903 | €3,372 | -€30,482 | -€33,854 | |
| Income taxes | 67/77 | €1,712 | €215 | -€1,497 | -87.4% |
| Profit (loss) for the period | 9904 | €1,660 | -€30,697 | -€32,357 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,660 | -€30,697 | -€32,357 |
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 7 October 2026 via checked.be.