GEFIMAN: 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.
GEFIMAN
Largest movements
- Tangible fixed assets +€2.1m
up €2.1m (+222.0%), from €949,231 to €3.1m
of which Other tangible fixed assets: +€2.1m
- Receivables within one year +€1.3m
up €1.3m (+438.0%), from €292,068 to €1.6m
of which Other amounts receivable: +€1.2m
- Current investments -€340,766
down €340,766 (-22.5%), from €1.5m to €1.2m
- Cash -€291,844
down €291,844 (-80.7%), from €361,740 to €69,897
mainly Investment in fixed assets (net) (-€2.1m) and Receivables within one year (-€1.3m)
- Debts after one year +€1.3m
up €1.3m (+2210.5%), from €57,878 to €1.3m
- Other debts +€575,000
new in 2025: €575,000
- Reserves +€573,050
up €573,050 (+15.6%), from €3.7m to €4.2m
of which Distributable reserves: +€574,619
- Current portion of long-term debt +€195,383
up €195,383 (+774.7%), from €25,221 to €220,604
- Trade debts +€110,495
up €110,495 (+1489.9%), from €7,416 to €117,911
- Financial charges -€419,219
down €419,219 (-95.9%), from €436,935 to €17,716
of which Financial charges: -€419,089
- Financial income -€71,293
down €71,293 (-17.6%), from €404,573 to €333,279
of which Financial income: -€74,284
- Gross operating margin +€16,544
up €16,544 (+3.5%), from €475,609 to €492,153
- Staff costs +€14,342
up €14,342 (+17.0%), from €84,560 to €98,902
- Taxes -€8,323
down €8,323 (-8.5%), from €98,282 to €89,958
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 | €3,928,922 | €6,685,978 | +€2.8m | +70.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,761,765 | €3,871,546 | +€2.1m | +119.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €949,231 | €3,056,713 | +€2.1m | +222.0% |
| Land and buildings | 22 | €937,910 | €901,803 | -€36,106 | -3.8% |
| Plant, machinery and equipment | 23 | €11,049 | €8,969 | -€2,081 | -18.8% |
| Furniture and vehicles | 24 | €272 | €26 | -€246 | -90.3% |
| Other tangible fixed assets | 26 | €0 | €2,145,915 | +€2.1m | |
| Financial fixed assets | 28 | €812,533 | €814,833 | +€2,300 | +0.3% |
| Current assets | 29/58 | €2,167,157 | €2,814,431 | +€647,274 | +29.9% |
| Amounts receivable within one year | 40/41 | €292,068 | €1,571,404 | +€1.3m | +438.0% |
| Trade receivables | 40 | €8,456 | €85,758 | +€77,302 | +914.2% |
| Other amounts receivable | 41 | €283,612 | €1,485,646 | +€1.2m | +423.8% |
| Current investments | 50/53 | €1,511,855 | €1,171,090 | -€340,766 | -22.5% |
| Cash at bank and in hand | 54/58 | €361,740 | €69,897 | -€291,844 | -80.7% |
| Deferred charges and accrued income | 490/1 | €1,494 | €2,041 | +€547 | +36.6% |
| Total equity and liabilities | 10/49 | €3,928,922 | €6,685,978 | +€2.8m | +70.2% |
| Equity | 10/15 | €3,795,398 | €4,368,448 | +€573,050 | +15.1% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €3,676,798 | €4,249,848 | +€573,050 | +15.6% |
| Tax-exempt reserves | 132 | €59,110 | €57,541 | -€1,569 | -2.7% |
| Distributable reserves | 133 | €3,617,688 | €4,192,307 | +€574,619 | +15.9% |
| Provisions and deferred taxes | 16 | €19,221 | €18,698 | -€523 | -2.7% |
| Deferred taxes | 168 | €19,221 | €18,698 | -€523 | -2.7% |
| Amounts payable | 17/49 | €114,303 | €2,298,832 | +€2.2m | +1911.2% |
| Amounts payable after more than one year | 17 | €57,878 | €1,337,275 | +€1.3m | +2210.5% |
| Financial debts | 170/4 | €57,878 | €1,337,275 | +€1.3m | +2210.5% |
| Amounts payable within one year | 42/48 | €52,924 | €958,057 | +€905,133 | +1710.2% |
| Current portion of amounts payable after more than one year | 42 | €25,221 | €220,604 | +€195,383 | +774.7% |
| Financial debts | 43 | €899 | - | -€899 | |
| Credit institutions | 430/8 | €899 | - | -€899 | |
| Trade debts | 44 | €7,416 | €117,911 | +€110,495 | +1489.9% |
| Suppliers | 440/4 | €7,416 | €117,911 | +€110,495 | +1489.9% |
| Taxes, remuneration and social security | 45 | €19,388 | €44,542 | +€25,154 | +129.7% |
| Taxes | 450/3 | €9,599 | €20,533 | +€10,934 | +113.9% |
| Remuneration and social security | 454/9 | €9,789 | €24,009 | +€14,221 | +145.3% |
| Other amounts payable | 47/48 | - | €575,000 | +€575,000 | |
| Accrued charges and deferred income | 492/3 | €3,500 | €3,500 | = | 0.0% |
| Non-recurring operating income | 76A | - | €15,000 | +€15,000 | |
| Remuneration, social security and pensions | 62 | €84,560 | €98,902 | +€14,342 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,433 | €39,840 | +€1,407 | +3.7% |
| Other operating charges | 640/8 | €6,073 | €6,489 | +€416 | +6.9% |
| Gross operating margin | 9900 | €475,609 | €492,153 | +€16,544 | +3.5% |
| Operating profit (loss) | 9901 | €346,542 | €346,922 | +€380 | +0.1% |
| Financial income | 75/76B | €404,573 | €333,279 | -€71,293 | -17.6% |
| Recurring financial income | 75 | €404,064 | €329,779 | -€74,284 | -18.4% |
| Non-recurring financial income | 76B | €509 | €3,500 | +€2,991 | +587.8% |
| Financial charges | 65/66B | €436,935 | €17,716 | -€419,219 | -95.9% |
| Recurring financial charges | 65 | €435,810 | €16,721 | -€419,089 | -96.2% |
| Non-recurring financial charges | 66B | €1,125 | €995 | -€130 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €314,180 | €662,485 | +€348,306 | +110.9% |
| Transfer from deferred taxes | 780 | €523 | €523 | = | 0.0% |
| Income taxes | 67/77 | €98,282 | €89,958 | -€8,323 | -8.5% |
| Profit (loss) for the period | 9904 | €216,421 | €573,050 | +€356,629 | +164.8% |
| Transfer from tax-exempt reserves | 789 | €1,569 | €1,569 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €217,991 | €574,619 | +€356,629 | +163.6% |
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 9 October 2026 via checked.be.