GEFISCO: 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.
GEFISCO
Largest movements
- Cash +€50,279
up €50,279 (+84.5%), from €59,481 to €109,760
mainly Stocks and contracts (+€36,701) and Net result for the year (+€23,020)
- Stocks and contracts -€36,701
down €36,701 (-26.4%), from €138,924 to €102,224
- Tangible fixed assets -€6,843
down €6,843 (-31.1%), from €22,006 to €15,164
of which Other tangible fixed assets: -€6,052
- Receivables within one year +€3,110
up €3,110 (+123.1%), from €2,527 to €5,637
- Profit (loss) carried forward +€23,020
up €23,020 (+24.3%), from €94,638 to €117,658
- Debts after one year -€18,378
down €18,378 (-63.9%), from €28,739 to €10,361
- Trade debts +€5,462
up €5,462 (+11.6%), from €47,220 to €52,682
- Gross operating margin -€7,891
down €7,891 (-6.1%), from €129,253 to €121,362
- Taxes -€2,962
down €2,962 (-22.4%), from €13,196 to €10,234
- Staff costs +€2,451
up €2,451 (+3.2%), from €77,491 to €79,942
- Depreciation +€2,183
up €2,183 (+46.9%), from €4,659 to €6,843
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 | €225,536 | €235,450 | +€9,914 | +4.4% |
| Fixed assets | 21/28 | €22,626 | €15,784 | -€6,843 | -30.2% |
| Tangible fixed assets | 22/27 | €22,006 | €15,164 | -€6,843 | -31.1% |
| Furniture and vehicles | 24 | €2,013 | €1,223 | -€791 | -39.3% |
| Other tangible fixed assets | 26 | €19,993 | €13,941 | -€6,052 | -30.3% |
| Financial fixed assets | 28 | €620 | €620 | = | 0.0% |
| Current assets | 29/58 | €202,910 | €219,666 | +€16,756 | +8.3% |
| Stocks and contracts in progress | 3 | €138,924 | €102,224 | -€36,701 | -26.4% |
| Stocks | 30/36 | €138,924 | €102,224 | -€36,701 | -26.4% |
| Amounts receivable within one year | 40/41 | €2,527 | €5,637 | +€3,110 | +123.1% |
| Trade receivables | 40 | €2,527 | €5,637 | +€3,110 | +123.1% |
| Cash at bank and in hand | 54/58 | €59,481 | €109,760 | +€50,279 | +84.5% |
| Deferred charges and accrued income | 490/1 | €1,978 | €2,046 | +€67 | +3.4% |
| Total equity and liabilities | 10/49 | €225,536 | €235,450 | +€9,914 | +4.4% |
| Equity | 10/15 | €108,101 | €131,121 | +€23,020 | +21.3% |
| Contributions | 10/11 | €11,563 | €11,563 | = | 0.0% |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,638 | €117,658 | +€23,020 | +24.3% |
| Amounts payable | 17/49 | €117,435 | €104,329 | -€13,107 | -11.2% |
| Amounts payable after more than one year | 17 | €28,739 | €10,361 | -€18,378 | -63.9% |
| Financial debts | 170/4 | €28,739 | €10,361 | -€18,378 | -63.9% |
| Amounts payable within one year | 42/48 | €88,697 | €93,967 | +€5,271 | +5.9% |
| Trade debts | 44 | €47,220 | €52,682 | +€5,462 | +11.6% |
| Suppliers | 440/4 | €47,220 | €52,682 | +€5,462 | +11.6% |
| Taxes, remuneration and social security | 45 | €41,476 | €41,285 | -€191 | -0.5% |
| Taxes | 450/3 | €27,521 | €31,170 | +€3,648 | +13.3% |
| Remuneration and social security | 454/9 | €13,955 | €10,116 | -€3,840 | -27.5% |
| Remuneration, social security and pensions | 62 | €77,491 | €79,942 | +€2,451 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,659 | €6,843 | +€2,183 | +46.9% |
| Other operating charges | 640/8 | €326 | - | -€326 | |
| Gross operating margin | 9900 | €129,253 | €121,362 | -€7,891 | -6.1% |
| Operating profit (loss) | 9901 | €46,777 | €34,577 | -€12,200 | -26.1% |
| Financial income | 75/76B | €24 | €109 | +€85 | +345.3% |
| Recurring financial income | 75 | €24 | €109 | +€85 | +345.3% |
| Financial charges | 65/66B | €2,637 | €1,432 | -€1,204 | -45.7% |
| Recurring financial charges | 65 | €2,637 | €1,432 | -€1,204 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | €44,165 | €33,254 | -€10,911 | -24.7% |
| Income taxes | 67/77 | €13,196 | €10,234 | -€2,962 | -22.4% |
| Profit (loss) for the period | 9904 | €30,969 | €23,020 | -€7,948 | -25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,969 | €23,020 | -€7,948 | -25.7% |
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 6 October 2026 via checked.be.