GEFOR: 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.
GEFOR
Largest movements
- Receivables within one year +€181,719
up €181,719 (+28.3%), from €642,282 to €824,001
of which Trade receivables: +€208,725
- Tangible fixed assets -€167,315
down €167,315 (-18.7%), from €895,522 to €728,207
of which Plant, machinery and equipment: -€86,566
- Cash -€89,613
down €89,613 (-37.9%), from €236,489 to €146,876
mainly Receivables within one year (-€181,719) and Other debts (-€84,065)
- Stocks and contracts -€46,708
down €46,708 (-21.6%), from €216,044 to €169,336
- Deferred charges and accrued income +€36,606
up €36,606 (+450.8%), from €8,121 to €44,727
- Other debts -€84,065
no longer reported in 2025 (was €84,065)
- Reserves +€68,944
up €68,944 (+51.5%), from €133,889 to €202,833
- Debts after one year -€58,216
down €58,216 (-6.4%), from €914,853 to €856,637
- Accrued charges and deferred income +€48,541
up €48,541 (+684.0%), from €7,096 to €55,637
- Current portion of long-term debt -€42,134
down €42,134 (-17.6%), from €239,709 to €197,575
- Turnover +€1.5m
new in 2025: €1.5m
- Purchases and services +€915,996
new in 2025: €915,996
- Gross operating margin -€121,791
down €121,791 (-17.5%), from €695,765 to €573,974
- Staff costs -€118,007
down €118,007 (-31.0%), from €380,787 to €262,780
- Depreciation -€59,038
down €59,038 (-25.0%), from €236,520 to €177,482
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 | €2,396,288 | €2,338,921 | -€57,367 | -2.4% |
| Fixed assets | 21/28 | €1,293,352 | €1,153,981 | -€139,371 | -10.8% |
| Intangible fixed assets | 21 | €2,626 | €5,806 | +€3,180 | +121.1% |
| Tangible fixed assets | 22/27 | €895,522 | €728,207 | -€167,315 | -18.7% |
| Land and buildings | 22 | €568,149 | €537,489 | -€30,660 | -5.4% |
| Plant, machinery and equipment | 23 | €184,068 | €97,502 | -€86,566 | -47.0% |
| Furniture and vehicles | 24 | €140,110 | €92,418 | -€47,692 | -34.0% |
| Leasing and similar rights | 25 | €3,194 | €798 | -€2,396 | -75.0% |
| Financial fixed assets | 28 | €395,204 | €419,968 | +€24,764 | +6.3% |
| Current assets | 29/58 | €1,102,936 | €1,184,940 | +€82,004 | +7.4% |
| Stocks and contracts in progress | 3 | €216,044 | €169,336 | -€46,708 | -21.6% |
| Stocks | 30/36 | €216,044 | €169,336 | -€46,708 | -21.6% |
| Amounts receivable within one year | 40/41 | €642,282 | €824,001 | +€181,719 | +28.3% |
| Trade receivables | 40 | €602,292 | €811,017 | +€208,725 | +34.7% |
| Other amounts receivable | 41 | €39,990 | €12,984 | -€27,006 | -67.5% |
| Cash at bank and in hand | 54/58 | €236,489 | €146,876 | -€89,613 | -37.9% |
| Deferred charges and accrued income | 490/1 | €8,121 | €44,727 | +€36,606 | +450.8% |
| Total equity and liabilities | 10/49 | €2,396,288 | €2,338,921 | -€57,367 | -2.4% |
| Equity | 10/15 | €460,589 | €529,533 | +€68,944 | +15.0% |
| Contributions | 10/11 | €326,700 | €326,700 | = | 0.0% |
| Reserves | 13 | €133,889 | €202,833 | +€68,944 | +51.5% |
| Distributable reserves | 133 | €133,889 | €202,833 | +€68,944 | +51.5% |
| Amounts payable | 17/49 | €1,935,699 | €1,809,388 | -€126,311 | -6.5% |
| Amounts payable after more than one year | 17 | €914,853 | €856,637 | -€58,216 | -6.4% |
| Financial debts | 170/4 | €914,853 | €856,637 | -€58,216 | -6.4% |
| Amounts payable within one year | 42/48 | €1,013,750 | €897,114 | -€116,636 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €239,709 | €197,575 | -€42,134 | -17.6% |
| Financial debts | 43 | €428,032 | €425,000 | -€3,032 | -0.7% |
| Credit institutions | 430/8 | €428,032 | €425,000 | -€3,032 | -0.7% |
| Trade debts | 44 | €212,763 | €254,049 | +€41,286 | +19.4% |
| Suppliers | 440/4 | €212,763 | €254,049 | +€41,286 | +19.4% |
| Taxes, remuneration and social security | 45 | €49,182 | €20,490 | -€28,692 | -58.3% |
| Taxes | 450/3 | €7,033 | €15,403 | +€8,370 | +119.0% |
| Remuneration and social security | 454/9 | €42,149 | €5,087 | -€37,062 | -87.9% |
| Other amounts payable | 47/48 | €84,065 | - | -€84,065 | |
| Accrued charges and deferred income | 492/3 | €7,096 | €55,637 | +€48,541 | +684.0% |
| Turnover | 70 | - | €1,476,143 | +€1.5m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €915,996 | +€915,996 | |
| Remuneration, social security and pensions | 62 | €380,787 | €262,780 | -€118,007 | -31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €236,520 | €177,482 | -€59,038 | -25.0% |
| Other operating charges | 640/8 | €34,296 | €32,457 | -€1,839 | -5.4% |
| Gross operating margin | 9900 | €695,765 | €573,974 | -€121,791 | -17.5% |
| Operating profit (loss) | 9901 | €44,162 | €101,255 | +€57,093 | +129.3% |
| Financial income | 75/76B | €24,766 | €11,842 | -€12,924 | -52.2% |
| Recurring financial income | 75 | €24,766 | €11,842 | -€12,924 | -52.2% |
| Financial charges | 65/66B | €58,589 | €44,153 | -€14,436 | -24.6% |
| Recurring financial charges | 65 | €58,589 | €44,153 | -€14,436 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €10,339 | €68,944 | +€58,605 | +566.8% |
| Profit (loss) for the period | 9904 | €10,339 | €68,944 | +€58,605 | +566.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,339 | €68,944 | +€58,605 | +566.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.