GEFINAM: 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.
GEFINAM
Largest movements
- Cash +€1.3m
up €1.3m (+27384.5%), from €4,734 to €1.3m
mainly Net result for the year (+€1.6m) and Investment in fixed assets (net) (+€806,800)
- Financial fixed assets -€806,800
down €806,800 (-77.7%), from €1.0m to €231,741
- Receivables within one year +€249,860
up €249,860 (+1528.6%), from €16,346 to €266,206
of which Other amounts receivable: +€144,597
- Reserves +€1.4m
up €1.4m (+784.7%), from €182,875 to €1.6m
- Revaluation surpluses -€682,800
no longer reported in 2025 (was €682,800)
- Gross operating margin +€1.7m
up €1.7m (+11341.1%), from €15,228 to €1.7m
- Taxes +€156,027
up €156,027 (+3915.1%), from €3,985 to €160,012
- Financial income +€23,410
up €23,410 (+5297.1%), from €442 to €23,852
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 | €1,064,009 | €1,803,219 | +€739,210 | +69.5% |
| Fixed assets | 21/28 | €1,042,509 | €233,515 | -€808,994 | -77.6% |
| Tangible fixed assets | 22/27 | €3,968 | €1,774 | -€2,194 | -55.3% |
| Furniture and vehicles | 24 | €529 | - | -€529 | |
| Other tangible fixed assets | 26 | €3,439 | €1,774 | -€1,665 | -48.4% |
| Financial fixed assets | 28 | €1,038,541 | €231,741 | -€806,800 | -77.7% |
| Current assets | 29/58 | €21,500 | €1,569,704 | +€1.5m | +7201.1% |
| Amounts receivable within one year | 40/41 | €16,346 | €266,206 | +€249,860 | +1528.6% |
| Trade receivables | 40 | - | €105,263 | +€105,263 | |
| Other amounts receivable | 41 | €16,346 | €160,943 | +€144,597 | +884.6% |
| Cash at bank and in hand | 54/58 | €4,734 | €1,301,055 | +€1.3m | +27384.5% |
| Deferred charges and accrued income | 490/1 | €420 | €2,443 | +€2,023 | +481.4% |
| Total equity and liabilities | 10/49 | €1,064,009 | €1,803,219 | +€739,210 | +69.5% |
| Equity | 10/15 | €873,394 | €1,627,994 | +€754,600 | +86.4% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Revaluation surpluses | 12 | €682,800 | - | -€682,800 | |
| Reserves | 13 | €182,875 | €1,617,875 | +€1.4m | +784.7% |
| Distributable reserves | 133 | €182,875 | €1,617,875 | +€1.4m | +784.7% |
| Profit (loss) carried forward | 14 | €1,469 | €3,869 | +€2,400 | +163.4% |
| Amounts payable | 17/49 | €190,615 | €175,225 | -€15,390 | -8.1% |
| Amounts payable after more than one year | 17 | €1,547 | - | -€1,547 | |
| Financial debts | 170/4 | €1,547 | - | -€1,547 | |
| Amounts payable within one year | 42/48 | €189,068 | €169,225 | -€19,843 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €6,138 | €1,547 | -€4,591 | -74.8% |
| Financial debts | 43 | €6,500 | €500 | -€6,000 | -92.3% |
| Credit institutions | 430/8 | €6,500 | €500 | -€6,000 | -92.3% |
| Trade debts | 44 | €4,930 | €2,178 | -€2,752 | -55.8% |
| Suppliers | 440/4 | €4,930 | €2,178 | -€2,752 | -55.8% |
| Taxes, remuneration and social security | 45 | €1,500 | - | -€1,500 | |
| Taxes | 450/3 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €170,000 | €165,000 | -€5,000 | -2.9% |
| Accrued charges and deferred income | 492/3 | - | €6,000 | +€6,000 | |
| Non-recurring operating income | 76A | €348 | €1,770,737 | +€1.8m | +509464.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,954 | €2,194 | -€760 | -25.7% |
| Other operating charges | 640/8 | €960 | €968 | +€7 | +0.8% |
| Gross operating margin | 9900 | €15,228 | €1,742,220 | +€1.7m | +11341.1% |
| Operating profit (loss) | 9901 | €11,314 | €1,739,059 | +€1.7m | +15271.2% |
| Financial income | 75/76B | €442 | €23,852 | +€23,410 | +5297.1% |
| Recurring financial income | 75 | €442 | €23,852 | +€23,410 | +5297.1% |
| Financial charges | 65/66B | €574 | €498 | -€76 | -13.2% |
| Recurring financial charges | 65 | €574 | €498 | -€76 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €11,182 | €1,762,412 | +€1.8m | +15661.4% |
| Income taxes | 67/77 | €3,985 | €160,012 | +€156,027 | +3915.1% |
| Profit (loss) for the period | 9904 | €7,197 | €1,602,400 | +€1.6m | +22166.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,197 | €1,602,400 | +€1.6m | +22166.2% |
Source: filed annual accounts (NBB), fiscal years ended 1 July 2024 and 1 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.