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
- Receivables within one year -€33,194
down €33,194 (-57.2%), from €58,061 to €24,867
of which Trade receivables: -€24,743
- Tangible fixed assets -€14,199
down €14,199 (-49.7%), from €28,548 to €14,349
- Cash +€11,257
up €11,257 (+212.8%), from €5,290 to €16,547
mainly Receivables within one year (+€33,194) and Depreciation (+€14,741)
- Tax, wage and social debts -€19,980
down €19,980 (-82.4%), from €24,238 to €4,258
of which Remuneration and social security: -€20,000
- Profit (loss) carried forward -€18,195
down €18,195 (-46.6%), from €39,082 to €20,887
- Other debts +€12,018
new in 2025: €12,018
- Debts after one year -€10,384
no longer reported in 2025 (was €10,384)
- Gross operating margin +€2,534
up €2,534 (+59.1%), from -€4,287 to -€1,753
- Financial charges -€433
down €433 (-34.6%), from €1,252 to €819
- Depreciation +€204
up €204 (+1.4%), from €14,537 to €14,741
- Taxes +€118
up €118, from -€2 to €116
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 | €91,954 | €55,818 | -€36,136 | -39.3% |
| Fixed assets | 21/28 | €28,548 | €14,349 | -€14,199 | -49.7% |
| Tangible fixed assets | 22/27 | €28,548 | €14,349 | -€14,199 | -49.7% |
| Furniture and vehicles | 24 | €28,548 | €14,349 | -€14,199 | -49.7% |
| Current assets | 29/58 | €63,406 | €41,469 | -€21,937 | -34.6% |
| Amounts receivable within one year | 40/41 | €58,061 | €24,867 | -€33,194 | -57.2% |
| Trade receivables | 40 | €49,163 | €24,420 | -€24,743 | -50.3% |
| Other amounts receivable | 41 | €8,898 | €447 | -€8,451 | -95.0% |
| Current investments | 50/53 | €55 | €55 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,290 | €16,547 | +€11,257 | +212.8% |
| Total equity and liabilities | 10/49 | €91,954 | €55,818 | -€36,136 | -39.3% |
| Equity | 10/15 | €47,138 | €28,943 | -€18,195 | -38.6% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Other | 1319 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,082 | €20,887 | -€18,195 | -46.6% |
| Amounts payable | 17/49 | €44,816 | €26,875 | -€17,941 | -40.0% |
| Amounts payable after more than one year | 17 | €10,384 | - | -€10,384 | |
| Financial debts | 170/4 | €10,384 | - | -€10,384 | |
| Amounts payable within one year | 42/48 | €34,432 | €26,875 | -€7,557 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €9,924 | €10,384 | +€460 | +4.6% |
| Trade debts | 44 | €270 | €215 | -€55 | -20.4% |
| Suppliers | 440/4 | €270 | €215 | -€55 | -20.4% |
| Taxes, remuneration and social security | 45 | €24,238 | €4,258 | -€19,980 | -82.4% |
| Taxes | 450/3 | €4,238 | €4,258 | +€20 | +0.5% |
| Remuneration and social security | 454/9 | €20,000 | - | -€20,000 | |
| Other amounts payable | 47/48 | - | €12,018 | +€12,018 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,537 | €14,741 | +€204 | +1.4% |
| Other operating charges | 640/8 | €511 | €528 | +€17 | +3.3% |
| Non-recurring operating charges | 66A | €214 | €238 | +€24 | +11.2% |
| Gross operating margin | 9900 | -€4,287 | -€1,753 | +€2,534 | +59.1% |
| Operating profit (loss) | 9901 | -€19,549 | -€17,260 | +€2,289 | +11.7% |
| Financial charges | 65/66B | €1,252 | €819 | -€433 | -34.6% |
| Recurring financial charges | 65 | €1,252 | €819 | -€433 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | -€20,801 | -€18,079 | +€2,722 | +13.1% |
| Income taxes | 67/77 | -€2 | €116 | +€118 | |
| Profit (loss) for the period | 9904 | -€20,799 | -€18,195 | +€2,604 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,799 | -€18,195 | +€2,604 | +12.5% |
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 7 October 2026 via checked.be.