GEFIMA: 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.
What changed
GEFIMA
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€16,840
2024 · €125,848-€142,688
Equity
€1.3m
2024 · €1.3m-€19,420
Cash
€189,219
2024 · €181,718+€7,501
Balance sheet total
€2.1m
2024 · €2.0m+€109,344
Largest movements
Assets
- Tangible fixed assets +€97,526
up €97,526 (+5.5%), from €1.8m to €1.9m
of which Land and buildings: +€97,696
Equity and liabilities
- Debts after one year +€125,165
up €125,165 (+31.3%), from €400,452 to €525,616
of which Other amounts payable: +€300,000
Income statement
- Depreciation +€154,158
up €154,158 (+234.0%), from €65,892 to €220,050
- Gross operating margin -€24,660
down €24,660 (-9.3%), from €265,348 to €240,689
- Financial charges +€11,019
up €11,019 (+74.3%), from €14,829 to €25,848
- Other operating charges +€8,025
up €8,025 (+103.3%), from €7,772 to €15,797
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
€125,848
Gross operating margin
-€24,660
Depreciation
-€154,158
Other operating charges
-€8,025
Other operating items
-€760
Financial income
-€253
Financial charges
-€11,019
Taxes
-€1
Deferred taxes and other
+€56,188
Result 2025
-€16,840
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
+€202,031
Investment
-€317,576
Financing
+€123,047
Cash 2024
€181,718
From operations (derived)
+€202,031
Net result for the year
-€16,840
Depreciation
+€220,050
Receivables within one year
-€4,008
Deferred charges and accrued income
-€308
Provisions
-€4,539
Trade debts
+€945
Other debts
+€1,002
Accrued charges and deferred income
+€5,730
Investment (derived)
-€317,576
Investment in fixed assets (net)
-€317,576
Financing
+€123,047
Debts after one year
+€125,165
Current portion of long-term debt
+€462
Contributions, distributions and other
-€2,580
Cash 2025
€189,219
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,978,423 | €2,087,767 | +€109,344 | +5.5% |
| Fixed assets | 21/28 | €1,788,508 | €1,886,034 | +€97,526 | +5.5% |
| Tangible fixed assets | 22/27 | €1,788,508 | €1,886,034 | +€97,526 | +5.5% |
| Land and buildings | 22 | €1,788,338 | €1,886,034 | +€97,696 | +5.5% |
| Furniture and vehicles | 24 | €170 | €0 | -€170 | -100.0% |
| Current assets | 29/58 | €189,915 | €201,733 | +€11,818 | +6.2% |
| Amounts receivable within one year | 40/41 | €5,992 | €10,000 | +€4,008 | +66.9% |
| Trade receivables | 40 | €435 | €0 | -€435 | -100.0% |
| Other amounts receivable | 41 | €5,557 | €10,000 | +€4,443 | +80.0% |
| Cash at bank and in hand | 54/58 | €181,718 | €189,219 | +€7,501 | +4.1% |
| Deferred charges and accrued income | 490/1 | €2,206 | €2,514 | +€308 | +14.0% |
| Total equity and liabilities | 10/49 | €1,978,423 | €2,087,767 | +€109,344 | +5.5% |
| Equity | 10/15 | €1,321,533 | €1,302,113 | -€19,420 | -1.5% |
| Contributions | 10/11 | €725,000 | €725,000 | = | 0.0% |
| Capital | 10 | €725,000 | €725,000 | = | 0.0% |
| Issued capital | 100 | €725,000 | €725,000 | = | 0.0% |
| Reserves | 13 | €476,388 | €464,730 | -€11,658 | -2.4% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Legal reserve | 130 | €620 | €620 | = | 0.0% |
| Tax-exempt reserves | 132 | €473,289 | €461,631 | -€11,658 | -2.5% |
| Distributable reserves | 133 | €2,479 | €2,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,145 | €112,383 | -€7,762 | -6.5% |
| Provisions and deferred taxes | 16 | €171,480 | €166,941 | -€4,539 | -2.6% |
| Deferred taxes | 168 | €171,480 | €166,941 | -€4,539 | -2.6% |
| Amounts payable | 17/49 | €485,411 | €618,714 | +€133,303 | +27.5% |
| Amounts payable after more than one year | 17 | €400,452 | €525,616 | +€125,165 | +31.3% |
| Financial debts | 170/4 | €400,452 | €225,616 | -€174,835 | -43.7% |
| Other amounts payable | 178/9 | - | €300,000 | +€300,000 | |
| Amounts payable within one year | 42/48 | €81,659 | €84,068 | +€2,409 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €19,796 | €20,258 | +€462 | +2.3% |
| Trade debts | 44 | €1,409 | €2,354 | +€945 | +67.0% |
| Suppliers | 440/4 | €1,409 | €2,354 | +€945 | +67.0% |
| Other amounts payable | 47/48 | €60,454 | €61,456 | +€1,002 | +1.7% |
| Accrued charges and deferred income | 492/3 | €3,300 | €9,030 | +€5,730 | +173.6% |
| Non-recurring operating income | 76A | €218,355 | €191,739 | -€26,615 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,892 | €220,050 | +€154,158 | +234.0% |
| Other operating charges | 640/8 | €7,772 | €15,797 | +€8,025 | +103.3% |
| Non-recurring operating charges | 66A | - | €760 | +€760 | |
| Gross operating margin | 9900 | €265,348 | €240,689 | -€24,660 | -9.3% |
| Operating profit (loss) | 9901 | €191,685 | €4,082 | -€187,603 | -97.9% |
| Financial income | 75/76B | €641 | €388 | -€253 | -39.5% |
| Recurring financial income | 75 | €641 | €388 | -€253 | -39.5% |
| Financial charges | 65/66B | €14,829 | €25,848 | +€11,019 | +74.3% |
| Recurring financial charges | 65 | €14,829 | €25,848 | +€11,019 | +74.3% |
| Profit (loss) for the period before taxes | 9903 | €177,497 | -€21,379 | -€198,876 | |
| Transfer from deferred taxes | 780 | €2,939 | €4,539 | +€1,600 | +54.4% |
| Transfer to deferred taxes | 680 | €54,589 | €0 | -€54,589 | -100.0% |
| Income taxes | 67/77 | €0 | €1 | +€1 | |
| Profit (loss) for the period | 9904 | €125,848 | -€16,840 | -€142,688 | |
| Transfer from tax-exempt reserves | 789 | €6,859 | €11,658 | +€4,799 | +70.0% |
| Transfer to tax-exempt reserves | 689 | €163,766 | €0 | -€163,766 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,059 | -€5,182 | +€25,877 | +83.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.