GEFISCA: 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.
GEFISCA
Largest movements
- Tangible fixed assets +€181,806
up €181,806 (+67.0%), from €271,537 to €453,343
of which Land and buildings: +€183,898
- Cash -€39,497
down €39,497 (-9.8%), from €404,433 to €364,936
mainly Investment in fixed assets (net) (-€227,045) and Other debts (-€48,057)
- Receivables within one year -€18,291
down €18,291 (-60.4%), from €30,271 to €11,980
of which Other amounts receivable: -€18,291
- Reserves +€137,536
up €137,536 (+25.2%), from €545,078 to €682,614
- Other debts -€48,057
down €48,057 (-81.0%), from €59,345 to €11,288
- Debts after one year +€32,567
up €32,567 (+8.5%), from €382,326 to €414,893
- Depreciation +€24,081
up €24,081 (+113.8%), from €21,158 to €45,239
- Financial income +€14,624
up €14,624 (+10.4%), from €140,090 to €154,714
- Gross operating margin -€11,065
down €11,065 (-17.0%), from €65,197 to €54,132
- Taxes -€10,480
down €10,480 (-40.5%), from €25,864 to €15,384
- Financial charges +€1,830
up €1,830 (+26.0%), from €7,042 to €8,872
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 | €1,239,149 | €1,365,130 | +€125,981 | +10.2% |
| Fixed assets | 21/28 | €803,691 | €985,497 | +€181,806 | +22.6% |
| Tangible fixed assets | 22/27 | €271,537 | €453,343 | +€181,806 | +67.0% |
| Land and buildings | 22 | €269,299 | €453,197 | +€183,898 | +68.3% |
| Furniture and vehicles | 24 | €2,238 | €146 | -€2,092 | -93.5% |
| Financial fixed assets | 28 | €532,154 | €532,154 | = | 0.0% |
| Current assets | 29/58 | €435,458 | €379,633 | -€55,825 | -12.8% |
| Amounts receivable within one year | 40/41 | €30,271 | €11,980 | -€18,291 | -60.4% |
| Trade receivables | 40 | €8,600 | €8,600 | = | 0.0% |
| Other amounts receivable | 41 | €21,671 | €3,380 | -€18,291 | -84.4% |
| Cash at bank and in hand | 54/58 | €404,433 | €364,936 | -€39,497 | -9.8% |
| Deferred charges and accrued income | 490/1 | €754 | €2,717 | +€1,963 | +260.3% |
| Total equity and liabilities | 10/49 | €1,239,149 | €1,365,130 | +€125,981 | +10.2% |
| Equity | 10/15 | €702,217 | €839,753 | +€137,536 | +19.6% |
| Contributions | 10/11 | €86,000 | €86,000 | = | 0.0% |
| Reserves | 13 | €545,078 | €682,614 | +€137,536 | +25.2% |
| Distributable reserves | 133 | €545,078 | €682,614 | +€137,536 | +25.2% |
| Profit (loss) carried forward | 14 | €71,139 | €71,139 | = | 0.0% |
| Amounts payable | 17/49 | €536,932 | €525,377 | -€11,555 | -2.2% |
| Amounts payable after more than one year | 17 | €382,326 | €414,893 | +€32,567 | +8.5% |
| Financial debts | 170/4 | €382,326 | €414,893 | +€32,567 | +8.5% |
| Amounts payable within one year | 42/48 | €150,821 | €106,698 | -€44,123 | -29.3% |
| Current portion of amounts payable after more than one year | 42 | €53,685 | €63,140 | +€9,455 | +17.6% |
| Trade debts | 44 | €15,481 | €10,278 | -€5,203 | -33.6% |
| Suppliers | 440/4 | €15,481 | €10,278 | -€5,203 | -33.6% |
| Taxes, remuneration and social security | 45 | €22,310 | €21,992 | -€318 | -1.4% |
| Taxes | 450/3 | €22,310 | €21,992 | -€318 | -1.4% |
| Other amounts payable | 47/48 | €59,345 | €11,288 | -€48,057 | -81.0% |
| Accrued charges and deferred income | 492/3 | €3,785 | €3,786 | +€1 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,158 | €45,239 | +€24,081 | +113.8% |
| Other operating charges | 640/8 | €1,418 | €1,815 | +€397 | +28.0% |
| Gross operating margin | 9900 | €65,197 | €54,132 | -€11,065 | -17.0% |
| Operating profit (loss) | 9901 | €42,621 | €7,078 | -€35,543 | -83.4% |
| Financial income | 75/76B | €140,090 | €154,714 | +€14,624 | +10.4% |
| Recurring financial income | 75 | €140,090 | €154,714 | +€14,624 | +10.4% |
| Financial charges | 65/66B | €7,042 | €8,872 | +€1,830 | +26.0% |
| Recurring financial charges | 65 | €7,042 | €8,872 | +€1,830 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €175,669 | €152,920 | -€22,749 | -12.9% |
| Income taxes | 67/77 | €25,864 | €15,384 | -€10,480 | -40.5% |
| Profit (loss) for the period | 9904 | €149,805 | €137,536 | -€12,269 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €149,805 | €137,536 | -€12,269 | -8.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.