GEFOR: 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.
What changed
GEFOR
NACE 73.200, Market research and public opinion polling
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€22,958
2024 · €29,718-€52,676
Equity
€3.0m
2024 · €3.0m-€22,958
Cash
€162,474
2024 · €136,411+€26,063
Balance sheet total
€3.1m
2024 · €3.1m+€83,474
Largest movements
Assets
- Tangible fixed assets +€503,832
up €503,832 (+27.5%), from €1.8m to €2.3m
of which Assets under construction and advance payments: +€689,073
- Current investments -€449,111
down €449,111 (-42.8%), from €1.0m to €600,000
Equity and liabilities
- Trade debts +€107,976
up €107,976 (+7,291%), from €1,481 to €109,457
Income statement
- Gross operating margin -€50,502
down €50,502 (-23.7%), from €213,449 to €162,947
- Taxes -€14,596
down €14,596 (-98.2%), from €14,866 to €270
- Write-downs +€14,090
new in 2025: €14,090
- Financial income -€5,173
down €5,173 (-19.3%), from €26,764 to €21,591
- Other operating charges -€3,029
down €3,029 (-66.9%), from €4,525 to €1,496
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.
Result 2024
€29,718
Gross operating margin
-€50,502
Depreciation
-€206
Write-downs
-€14,090
Other operating charges
+€3,029
Financial income
-€5,173
Financial charges
-€329
Taxes
+€14,596
Result 2025
-€22,958
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€268,533
Investment
-€245,505
Financing
+€3,035
Cash 2024
€136,411
From operations (derived)
+€268,533
Net result for the year
-€22,958
Depreciation
+€190,783
Receivables within one year
+€4,627
Deferred charges and accrued income
-€7,315
Trade debts
+€107,976
Tax, wage and social debts
-€2,418
Advances received
-€338
Accrued charges and deferred income
-€1,822
Investment (derived)
-€245,505
Investment in fixed assets (net)
-€694,615
Current investments
+€449,111
Financing
+€3,035
Debts after one year
+€3,035
Cash 2025
€162,474
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,050,557 | €3,134,031 | +€83,474 | +2.7% |
| Fixed assets | 21/28 | €1,834,657 | €2,338,490 | +€503,832 | +27.5% |
| Tangible fixed assets | 22/27 | €1,834,533 | €2,338,366 | +€503,832 | +27.5% |
| Land and buildings | 22 | €1,800,138 | €1,611,341 | -€188,797 | -10.5% |
| Plant, machinery and equipment | 23 | - | €5,471 | +€5,471 | |
| Furniture and vehicles | 24 | €1,149 | €569 | -€580 | -50.5% |
| Other tangible fixed assets | 26 | €33,247 | €31,913 | -€1,334 | -4.0% |
| Assets under construction and advance payments | 27 | - | €689,073 | +€689,073 | |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €1,215,900 | €795,541 | -€420,359 | -34.6% |
| Amounts receivable within one year | 40/41 | €20,986 | €16,359 | -€4,627 | -22.0% |
| Trade receivables | 40 | €20,986 | €5,138 | -€15,847 | -75.5% |
| Other amounts receivable | 41 | - | €11,221 | +€11,221 | |
| Current investments | 50/53 | €1,049,111 | €600,000 | -€449,111 | -42.8% |
| Cash at bank and in hand | 54/58 | €136,411 | €162,474 | +€26,063 | +19.1% |
| Deferred charges and accrued income | 490/1 | €9,392 | €16,707 | +€7,315 | +77.9% |
| Total equity and liabilities | 10/49 | €3,050,557 | €3,134,031 | +€83,474 | +2.7% |
| Equity | 10/15 | €3,032,476 | €3,009,518 | -€22,958 | -0.8% |
| Contributions | 10/11 | €698,679 | €698,679 | = | 0.0% |
| Reserves | 13 | €2,267,094 | €2,267,094 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,267,094 | €2,267,094 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,703 | €43,745 | -€22,958 | -34.4% |
| Amounts payable | 17/49 | €18,080 | €124,513 | +€106,432 | +589% |
| Amounts payable after more than one year | 17 | €2,249 | €5,284 | +€3,035 | +135% |
| Other amounts payable | 178/9 | €2,249 | €5,284 | +€3,035 | +135% |
| Amounts payable within one year | 42/48 | €5,119 | €110,339 | +€105,220 | +2,055% |
| Trade debts | 44 | €1,481 | €109,457 | +€107,976 | +7,291% |
| Suppliers | 440/4 | €1,481 | €109,457 | +€107,976 | +7,291% |
| Advances received on contracts in progress | 46 | €891 | €553 | -€338 | -37.9% |
| Taxes, remuneration and social security | 45 | €2,747 | €329 | -€2,418 | -88.0% |
| Taxes | 450/3 | €2,747 | €329 | -€2,418 | -88.0% |
| Accrued charges and deferred income | 492/3 | €10,712 | €8,890 | -€1,822 | -17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190,577 | €190,783 | +€206 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,090 | +€14,090 | |
| Other operating charges | 640/8 | €4,525 | €1,496 | -€3,029 | -66.9% |
| Gross operating margin | 9900 | €213,449 | €162,947 | -€50,502 | -23.7% |
| Operating profit (loss) | 9901 | €18,347 | -€43,422 | -€61,770 | |
| Financial income | 75/76B | €26,764 | €21,591 | -€5,173 | -19.3% |
| Recurring financial income | 75 | €26,764 | €21,591 | -€5,173 | -19.3% |
| Financial charges | 65/66B | €528 | €857 | +€329 | +62.4% |
| Recurring financial charges | 65 | €528 | €857 | +€329 | +62.4% |
| Profit (loss) for the period before taxes | 9903 | €44,583 | -€22,688 | -€67,272 | |
| Income taxes | 67/77 | €14,866 | €270 | -€14,596 | -98.2% |
| Profit (loss) for the period | 9904 | €29,718 | -€22,958 | -€52,676 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,718 | -€22,958 | -€52,676 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.