GEFRA: 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.
GEFRA
Largest movements
- Cash -€378,230
down €378,230 (-78.3%), from €482,879 to €104,650
mainly Trade debts (-€675,458) and Investment in fixed assets (net) (-€377,475)
- Tangible fixed assets +€298,553
up €298,553 (+104%), from €287,843 to €586,396
of which Land and buildings: +€153,757
- Receivables within one year -€118,462
down €118,462 (-4.6%), from €2.6m to €2.4m
of which Trade receivables: -€107,867
- Stocks and contracts +€56,149
up €56,149 (+3.2%), from €1.8m to €1.8m
- Trade debts -€675,458
down €675,458 (-72.6%), from €930,234 to €254,776
- Reserves +€323,424
up €323,424 (+8.8%), from €3.7m to €4.0m
of which Distributable reserves: +€323,424
- Other debts +€130,375
up €130,375 (+21.7%), from €599,746 to €730,121
- Depreciation +€52,092
up €52,092 (+118%), from €44,015 to €96,107
- Staff costs +€36,749
up €36,749 (+8.8%), from €416,710 to €453,459
- Gross operating margin +€36,344
up €36,344 (+2.4%), from €1.5m to €1.6m
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,376,241 | €5,181,073 | -€195,169 | -3.6% |
| Fixed assets | 21/28 | €366,349 | €647,717 | +€281,368 | +76.8% |
| Tangible fixed assets | 22/27 | €287,843 | €586,396 | +€298,553 | +104% |
| Land and buildings | 22 | €94,774 | €248,531 | +€153,757 | +162% |
| Plant, machinery and equipment | 23 | €12,561 | €12,527 | -€34 | -0.3% |
| Furniture and vehicles | 24 | €180,507 | €325,337 | +€144,830 | +80.2% |
| Financial fixed assets | 28 | €78,506 | €61,321 | -€17,185 | -21.9% |
| Current assets | 29/58 | €5,009,893 | €4,533,356 | -€476,537 | -9.5% |
| Amounts receivable after more than one year | 29 | €195,178 | €153,178 | -€42,000 | -21.5% |
| Other amounts receivable | 291 | €195,178 | €153,178 | -€42,000 | -21.5% |
| Stocks and contracts in progress | 3 | €1,759,973 | €1,816,122 | +€56,149 | +3.2% |
| Stocks | 30/36 | €1,759,973 | €1,816,122 | +€56,149 | +3.2% |
| Amounts receivable within one year | 40/41 | €2,553,294 | €2,434,831 | -€118,462 | -4.6% |
| Trade receivables | 40 | €2,533,769 | €2,425,903 | -€107,867 | -4.3% |
| Other amounts receivable | 41 | €19,524 | €8,929 | -€10,596 | -54.3% |
| Cash at bank and in hand | 54/58 | €482,879 | €104,650 | -€378,230 | -78.3% |
| Deferred charges and accrued income | 490/1 | €18,569 | €24,575 | +€6,007 | +32.3% |
| Total equity and liabilities | 10/49 | €5,376,241 | €5,181,073 | -€195,169 | -3.6% |
| Equity | 10/15 | €3,712,479 | €4,035,904 | +€323,424 | +8.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €3,662,479 | €3,985,904 | +€323,424 | +8.8% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €3,624,979 | €3,948,404 | +€323,424 | +8.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,663,762 | €1,145,169 | -€518,593 | -31.2% |
| Amounts payable within one year | 42/48 | €1,609,753 | €1,097,918 | -€511,835 | -31.8% |
| Trade debts | 44 | €930,234 | €254,776 | -€675,458 | -72.6% |
| Suppliers | 440/4 | €930,234 | €254,776 | -€675,458 | -72.6% |
| Taxes, remuneration and social security | 45 | €79,773 | €113,020 | +€33,247 | +41.7% |
| Taxes | 450/3 | €46,454 | €53,423 | +€6,969 | +15.0% |
| Remuneration and social security | 454/9 | €33,319 | €59,597 | +€26,278 | +78.9% |
| Other amounts payable | 47/48 | €599,746 | €730,121 | +€130,375 | +21.7% |
| Accrued charges and deferred income | 492/3 | €54,009 | €47,251 | -€6,758 | -12.5% |
| Non-recurring operating income | 76A | €2,250 | €0 | -€2,250 | -100% |
| Remuneration, social security and pensions | 62 | €416,710 | €453,459 | +€36,749 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,015 | €96,107 | +€52,092 | +118% |
| Other operating charges | 640/8 | €21,738 | €21,208 | -€529 | -2.4% |
| Gross operating margin | 9900 | €1,538,734 | €1,575,078 | +€36,344 | +2.4% |
| Operating profit (loss) | 9901 | €1,056,272 | €1,004,305 | -€51,967 | -4.9% |
| Financial income | 75/76B | €269 | €3,058 | +€2,789 | +1,037% |
| Recurring financial income | 75 | €269 | €3,058 | +€2,789 | +1,037% |
| Financial charges | 65/66B | €55,739 | €48,952 | -€6,787 | -12.2% |
| Recurring financial charges | 65 | €55,739 | €48,952 | -€6,787 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €1,000,802 | €958,411 | -€42,391 | -4.2% |
| Income taxes | 67/77 | €305,476 | €291,071 | -€14,404 | -4.7% |
| Profit (loss) for the period | 9904 | €695,326 | €667,339 | -€27,987 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €695,326 | €667,339 | -€27,987 | -4.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.