GEFAMA: 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.
GEFAMA
Largest movements
- Tangible fixed assets +€600,485
up €600,485 (+33.6%), from €1.8m to €2.4m
of which Land and buildings: +€609,260
- Cash -€90,874
down €90,874 (-27.9%), from €325,545 to €234,671
mainly Investment in fixed assets (net) (-€776,783) and Other debts (-€24,846)
- Trade debts +€415,543
up €415,543 (+171%), from €243,476 to €659,019
- Reserves +€84,018
up €84,018 (+12.6%), from €667,759 to €751,777
of which Distributable reserves: +€98,643
- Debts after one year +€39,956
up €39,956 (+9.4%), from €423,596 to €463,552
- Gross operating margin +€128,971
up €128,971 (+53.5%), from €241,119 to €370,090
- Depreciation +€40,851
up €40,851 (+30.2%), from €135,447 to €176,299
- Taxes +€35,545
up €35,545 (+259%), from €13,736 to €49,281
- Financial charges -€14,665
down €14,665 (-44.5%), from €32,966 to €18,302
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 | €2,140,116 | €2,666,014 | +€525,898 | +24.6% |
| Fixed assets | 21/28 | €1,788,650 | €2,389,135 | +€600,485 | +33.6% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €1,788,650 | €2,389,135 | +€600,485 | +33.6% |
| Land and buildings | 22 | €1,765,640 | €2,374,900 | +€609,260 | +34.5% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €23,010 | €14,235 | -€8,775 | -38.1% |
| Financial fixed assets | 28 | - | €0 | = | |
| Current assets | 29/58 | €351,466 | €276,879 | -€74,587 | -21.2% |
| Amounts receivable within one year | 40/41 | €20,282 | €41,047 | +€20,765 | +102% |
| Trade receivables | 40 | €233 | €19,671 | +€19,439 | +8,360% |
| Other amounts receivable | 41 | €20,049 | €21,375 | +€1,326 | +6.6% |
| Cash at bank and in hand | 54/58 | €325,545 | €234,671 | -€90,874 | -27.9% |
| Deferred charges and accrued income | 490/1 | €5,639 | €1,161 | -€4,477 | -79.4% |
| Total equity and liabilities | 10/49 | €2,140,116 | €2,666,014 | +€525,898 | +24.6% |
| Equity | 10/15 | €1,143,226 | €1,227,244 | +€84,018 | +7.3% |
| Contributions | 10/11 | €371,840 | €371,840 | = | 0.0% |
| Capital | 10 | €371,840 | €371,840 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €667,759 | €751,777 | +€84,018 | +12.6% |
| Non-distributable reserves | 130/1 | €37,184 | €37,184 | = | 0.0% |
| Reserves not available under the articles | 1311 | €37,184 | €37,184 | = | 0.0% |
| Tax-exempt reserves | 132 | €431,992 | €417,367 | -€14,625 | -3.4% |
| Distributable reserves | 133 | €198,583 | €297,226 | +€98,643 | +49.7% |
| Profit (loss) carried forward | 14 | €103,627 | €103,627 | = | 0.0% |
| Provisions and deferred taxes | 16 | €143,997 | €139,122 | -€4,875 | -3.4% |
| Deferred taxes | 168 | €143,997 | €139,122 | -€4,875 | -3.4% |
| Amounts payable | 17/49 | €852,893 | €1,299,648 | +€446,755 | +52.4% |
| Amounts payable after more than one year | 17 | €423,596 | €463,552 | +€39,956 | +9.4% |
| Financial debts | 170/4 | €423,596 | €463,552 | +€39,956 | +9.4% |
| Amounts payable within one year | 42/48 | €429,297 | €836,096 | +€406,799 | +94.8% |
| Current portion of amounts payable after more than one year | 42 | €90,047 | €94,671 | +€4,625 | +5.1% |
| Trade debts | 44 | €243,476 | €659,019 | +€415,543 | +171% |
| Suppliers | 440/4 | €243,476 | €659,019 | +€415,543 | +171% |
| Taxes, remuneration and social security | 45 | €42,019 | €53,497 | +€11,478 | +27.3% |
| Taxes | 450/3 | €38,938 | €49,281 | +€10,343 | +26.6% |
| Remuneration and social security | 454/9 | €3,082 | €4,216 | +€1,135 | +36.8% |
| Other amounts payable | 47/48 | €53,755 | €28,909 | -€24,846 | -46.2% |
| Remuneration, social security and pensions | 62 | €5,227 | €5,311 | +€85 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,447 | €176,299 | +€40,851 | +30.2% |
| Other operating charges | 640/8 | €43,105 | €43,657 | +€553 | +1.3% |
| Gross operating margin | 9900 | €241,119 | €370,090 | +€128,971 | +53.5% |
| Operating profit (loss) | 9901 | €57,340 | €144,823 | +€87,483 | +153% |
| Financial income | 75/76B | €235 | €1,903 | +€1,668 | +711% |
| Recurring financial income | 75 | €235 | €1,903 | +€1,668 | +711% |
| Financial charges | 65/66B | €32,966 | €18,302 | -€14,665 | -44.5% |
| Recurring financial charges | 65 | €32,966 | €18,302 | -€14,665 | -44.5% |
| Profit (loss) for the period before taxes | 9903 | €24,609 | €128,424 | +€103,815 | +422% |
| Transfer from deferred taxes | 780 | €3,579 | €4,875 | +€1,296 | +36.2% |
| Income taxes | 67/77 | €13,736 | €49,281 | +€35,545 | +259% |
| Profit (loss) for the period | 9904 | €14,452 | €84,018 | +€69,566 | +481% |
| Transfer from tax-exempt reserves | 789 | €10,738 | €14,625 | +€3,887 | +36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,190 | €98,643 | +€73,453 | +292% |
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 31 October 2026 via checked.be.