GEFI: 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.
What changed
GEFI
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€104,764
2024 · €91,038+€13,726
Equity
€407,911
2024 · €398,480+€9,431
Cash
€126,962
2024 · €128,799-€1,837
Balance sheet total
€1.1m
2024 · €872,181+€199,920
Largest movements
Assets
- Tangible fixed assets +€149,866
up €149,866 (+39.0%), from €383,854 to €533,721
of which Plant, machinery and equipment: +€165,699
- Receivables within one year +€39,563
up €39,563 (+16.3%), from €242,310 to €281,873
of which Trade receivables: +€22,001
- Stocks and contracts +€11,790
up €11,790 (+11.0%), from €107,235 to €119,025
Equity and liabilities
- Trade debts +€169,067
up €169,067 (+184.3%), from €91,741 to €260,807
- Other debts +€21,063
new in 2025: €21,063
- Debts after one year -€12,900
down €12,900 (-4.2%), from €306,122 to €293,222
- Current portion of long-term debt +€11,220
up €11,220 (+16.3%), from €68,676 to €79,896
Income statement
- Gross operating margin +€54,905
up €54,905 (+26.1%), from €210,345 to €265,250
- Staff costs +€24,075
up €24,075 (+147.7%), from €16,297 to €40,372
- Depreciation +€15,635
up €15,635 (+26.9%), from €58,094 to €73,730
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.
Result 2024
€91,038
Gross operating margin
+€54,905
Staff costs
-€24,075
Depreciation
-€15,635
Other operating charges
+€139
Financial income
-€1,269
Financial charges
-€1,291
Taxes
+€952
Result 2025
€104,764
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.
From operations
+€318,116
Investment
-€223,596
Financing
-€96,357
Cash 2024
€128,799
From operations (derived)
+€318,116
Net result for the year
+€104,764
Depreciation
+€73,730
Stocks and contracts
-€11,790
Receivables within one year
-€39,563
Deferred charges and accrued income
-€538
Trade debts
+€169,067
Tax, wage and social debts
+€1,383
Other debts
+€21,063
Investment (derived)
-€223,596
Investment in fixed assets (net)
-€223,596
Financing
-€96,357
Debts after one year
-€12,900
Current portion of long-term debt
+€11,220
Short-term financial debts
+€656
Contributions, distributions and other
-€95,333
Cash 2025
€126,962
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €872,181 | €1,072,101 | +€199,920 | +22.9% |
| Fixed assets | 21/28 | €392,354 | €542,221 | +€149,866 | +38.2% |
| Tangible fixed assets | 22/27 | €383,854 | €533,721 | +€149,866 | +39.0% |
| Land and buildings | 22 | €83,637 | €80,152 | -€3,485 | -4.2% |
| Plant, machinery and equipment | 23 | €247,716 | €413,416 | +€165,699 | +66.9% |
| Furniture and vehicles | 24 | €52,501 | €40,153 | -€12,348 | -23.5% |
| Financial fixed assets | 28 | €8,500 | €8,500 | = | 0.0% |
| Current assets | 29/58 | €479,827 | €529,881 | +€50,054 | +10.4% |
| Stocks and contracts in progress | 3 | €107,235 | €119,025 | +€11,790 | +11.0% |
| Stocks | 30/36 | €107,235 | €119,025 | +€11,790 | +11.0% |
| Amounts receivable within one year | 40/41 | €242,310 | €281,873 | +€39,563 | +16.3% |
| Trade receivables | 40 | €209,295 | €231,296 | +€22,001 | +10.5% |
| Other amounts receivable | 41 | €33,015 | €50,577 | +€17,562 | +53.2% |
| Cash at bank and in hand | 54/58 | €128,799 | €126,962 | -€1,837 | -1.4% |
| Deferred charges and accrued income | 490/1 | €1,483 | €2,021 | +€538 | +36.3% |
| Total equity and liabilities | 10/49 | €872,181 | €1,072,101 | +€199,920 | +22.9% |
| Equity | 10/15 | €398,480 | €407,911 | +€9,431 | +2.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €350,980 | €360,411 | +€9,431 | +2.7% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €348,480 | €357,911 | +€9,431 | +2.7% |
| Profit (loss) carried forward | 14 | €22,500 | €22,500 | = | 0.0% |
| Amounts payable | 17/49 | €473,701 | €664,190 | +€190,489 | +40.2% |
| Amounts payable after more than one year | 17 | €306,122 | €293,222 | -€12,900 | -4.2% |
| Financial debts | 170/4 | €306,122 | €293,222 | -€12,900 | -4.2% |
| Amounts payable within one year | 42/48 | €167,579 | €370,968 | +€203,389 | +121.4% |
| Current portion of amounts payable after more than one year | 42 | €68,676 | €79,896 | +€11,220 | +16.3% |
| Financial debts | 43 | - | €656 | +€656 | |
| Credit institutions | 430/8 | - | €656 | +€656 | |
| Trade debts | 44 | €91,741 | €260,807 | +€169,067 | +184.3% |
| Suppliers | 440/4 | €91,741 | €260,807 | +€169,067 | +184.3% |
| Taxes, remuneration and social security | 45 | €7,162 | €8,545 | +€1,383 | +19.3% |
| Taxes | 450/3 | - | €219 | +€219 | |
| Remuneration and social security | 454/9 | €7,162 | €8,326 | +€1,164 | +16.2% |
| Other amounts payable | 47/48 | - | €21,063 | +€21,063 | |
| Non-recurring operating income | 76A | €5,000 | €3,150 | -€1,850 | -37.0% |
| Remuneration, social security and pensions | 62 | €16,297 | €40,372 | +€24,075 | +147.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,094 | €73,730 | +€15,635 | +26.9% |
| Other operating charges | 640/8 | €1,418 | €1,279 | -€139 | -9.8% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €210,345 | €265,250 | +€54,905 | +26.1% |
| Operating profit (loss) | 9901 | €134,535 | €149,869 | +€15,335 | +11.4% |
| Financial income | 75/76B | €1,434 | €165 | -€1,269 | -88.5% |
| Recurring financial income | 75 | €1,434 | €165 | -€1,269 | -88.5% |
| Financial charges | 65/66B | €8,396 | €9,688 | +€1,291 | +15.4% |
| Recurring financial charges | 65 | €8,396 | €9,559 | +€1,163 | +13.9% |
| Non-recurring financial charges | 66B | - | €128 | +€128 | |
| Profit (loss) for the period before taxes | 9903 | €127,572 | €140,347 | +€12,775 | +10.0% |
| Income taxes | 67/77 | €36,534 | €35,582 | -€952 | -2.6% |
| Profit (loss) for the period | 9904 | €91,038 | €104,764 | +€13,726 | +15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €91,038 | €104,764 | +€13,726 | +15.1% |
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 11 October 2026 via checked.be.