GEFA: 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.
GEFA
Largest movements
- Receivables within one year +€95,474
up €95,474 (+39.3%), from €242,763 to €338,237
of which Other amounts receivable: +€99,912
- Current investments -€60,519
down €60,519 (-100.0%), from €60,524 to €5
- Financial fixed assets +€24,486
up €24,486 (+4,761%), from €514 to €25,000
- Cash +€19,791
up €19,791 (+130%), from €15,247 to €35,038
mainly Current investments (+€60,519) and Net result for the year (+€57,750)
- Deferred charges and accrued income +€16,692
up €16,692 (+198%), from €8,419 to €25,111
- Reserves +€57,750
up €57,750 (+18.8%), from €307,144 to €364,895
- Tax, wage and social debts +€31,792
up €31,792 (+81.4%), from €39,039 to €70,831
- Debts after one year +€6,529
new in 2025: €6,529
- Current portion of long-term debt +€5,814
new in 2025: €5,814
- Staff costs -€22,787
down €22,787 (-91.0%), from €25,030 to €2,243
- Financial income -€19,855
down €19,855 (-56.6%), from €35,103 to €15,248
of which Non-recurring financial income: -€21,760
- Depreciation +€11,960
up €11,960 (+53.6%), from €22,332 to €34,292
- Taxes -€9,234
down €9,234 (-18.0%), from €51,203 to €41,969
- Financial charges +€3,059
up €3,059 (+28.7%), from €10,662 to €13,721
of which Financial charges: +€1,875
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 | €391,779 | €493,878 | +€102,099 | +26.1% |
| Fixed assets | 21/28 | €64,826 | €95,487 | +€30,661 | +47.3% |
| Tangible fixed assets | 22/27 | €64,312 | €70,487 | +€6,176 | +9.6% |
| Land and buildings | 22 | €7,821 | €7,001 | -€820 | -10.5% |
| Plant, machinery and equipment | 23 | €1,037 | €646 | -€391 | -37.7% |
| Furniture and vehicles | 24 | €55,453 | €62,840 | +€7,386 | +13.3% |
| Financial fixed assets | 28 | €514 | €25,000 | +€24,486 | +4,761% |
| Current assets | 29/58 | €326,953 | €398,391 | +€71,438 | +21.8% |
| Amounts receivable within one year | 40/41 | €242,763 | €338,237 | +€95,474 | +39.3% |
| Trade receivables | 40 | €24,987 | €20,548 | -€4,438 | -17.8% |
| Other amounts receivable | 41 | €217,776 | €317,688 | +€99,912 | +45.9% |
| Current investments | 50/53 | €60,524 | €5 | -€60,519 | -100.0% |
| Cash at bank and in hand | 54/58 | €15,247 | €35,038 | +€19,791 | +130% |
| Deferred charges and accrued income | 490/1 | €8,419 | €25,111 | +€16,692 | +198% |
| Total equity and liabilities | 10/49 | €391,779 | €493,878 | +€102,099 | +26.1% |
| Equity | 10/15 | €352,250 | €410,000 | +€57,750 | +16.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €307,144 | €364,895 | +€57,750 | +18.8% |
| Distributable reserves | 133 | €307,144 | €364,895 | +€57,750 | +18.8% |
| Profit (loss) carried forward | 14 | €24,646 | €24,646 | = | 0.0% |
| Amounts payable | 17/49 | €39,529 | €83,878 | +€44,349 | +112% |
| Amounts payable after more than one year | 17 | - | €6,529 | +€6,529 | |
| Financial debts | 170/4 | - | €6,529 | +€6,529 | |
| Amounts payable within one year | 42/48 | €39,529 | €77,349 | +€37,820 | +95.7% |
| Current portion of amounts payable after more than one year | 42 | - | €5,814 | +€5,814 | |
| Trade debts | 44 | €490 | €704 | +€214 | +43.7% |
| Suppliers | 440/4 | €490 | €704 | +€214 | +43.7% |
| Taxes, remuneration and social security | 45 | €39,039 | €70,831 | +€31,792 | +81.4% |
| Taxes | 450/3 | €39,039 | €70,831 | +€31,792 | +81.4% |
| Remuneration, social security and pensions | 62 | €25,030 | €2,243 | -€22,787 | -91.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,332 | €34,292 | +€11,960 | +53.6% |
| Other operating charges | 640/8 | €1,344 | €1,878 | +€534 | +39.7% |
| Gross operating margin | 9900 | €138,453 | €136,606 | -€1,847 | -1.3% |
| Operating profit (loss) | 9901 | €89,746 | €98,192 | +€8,447 | +9.4% |
| Financial income | 75/76B | €35,103 | €15,248 | -€19,855 | -56.6% |
| Recurring financial income | 75 | €13,343 | €15,248 | +€1,905 | +14.3% |
| Non-recurring financial income | 76B | €21,760 | - | -€21,760 | |
| Financial charges | 65/66B | €10,662 | €13,721 | +€3,059 | +28.7% |
| Recurring financial charges | 65 | €2,240 | €4,116 | +€1,875 | +83.7% |
| Non-recurring financial charges | 66B | €8,422 | €9,606 | +€1,184 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €114,187 | €99,719 | -€14,468 | -12.7% |
| Income taxes | 67/77 | €51,203 | €41,969 | -€9,234 | -18.0% |
| Profit (loss) for the period | 9904 | €62,984 | €57,750 | -€5,234 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,984 | €57,750 | -€5,234 | -8.3% |
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 17 October 2026 via checked.be.