GEFRA: 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.
GEFRA
Largest movements
- Tangible fixed assets -€4,370
down €4,370 (-4.9%), from €88,921 to €84,551
of which Plant, machinery and equipment: -€2,373
- Cash +€3,832
up €3,832 (+90.9%), from €4,214 to €8,046
mainly Depreciation (+€11,860) and Net result for the year (+€8,865)
- Deferred charges and accrued income -€2,018
no longer reported in 2025 (was €2,018)
- Reserves +€8,865
up €8,865 (+489.0%), from €1,813 to €10,678
of which Distributable reserves: +€8,865
- Other debts -€4,520
down €4,520 (-7.2%), from €62,394 to €57,874
- Tax, wage and social debts -€4,122
down €4,122 (-92.2%), from €4,472 to €350
- Trade debts -€1,898
no longer reported in 2025 (was €1,898)
- Gross operating margin -€2,227
down €2,227 (-7.3%), from €30,648 to €28,421
- Depreciation +€1,585
up €1,585 (+15.4%), from €10,275 to €11,860
- Taxes -€645
down €645 (-13.5%), from €4,782 to €4,137
- Other operating charges +€639
up €639 (+21.8%), from €2,929 to €3,568
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 | €95,258 | €93,583 | -€1,676 | -1.8% |
| Fixed assets | 21/28 | €89,027 | €84,657 | -€4,370 | -4.9% |
| Tangible fixed assets | 22/27 | €88,921 | €84,551 | -€4,370 | -4.9% |
| Land and buildings | 22 | €83,770 | €81,773 | -€1,997 | -2.4% |
| Plant, machinery and equipment | 23 | €5,150 | €2,778 | -€2,373 | -46.1% |
| Financial fixed assets | 28 | €106 | €106 | = | 0.0% |
| Current assets | 29/58 | €6,232 | €8,926 | +€2,694 | +43.2% |
| Amounts receivable within one year | 40/41 | - | €879 | +€879 | |
| Other amounts receivable | 41 | - | €879 | +€879 | |
| Cash at bank and in hand | 54/58 | €4,214 | €8,046 | +€3,832 | +90.9% |
| Deferred charges and accrued income | 490/1 | €2,018 | - | -€2,018 | |
| Total equity and liabilities | 10/49 | €95,258 | €93,583 | -€1,676 | -1.8% |
| Equity | 10/15 | €26,494 | €35,359 | +€8,865 | +33.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,813 | €10,678 | +€8,865 | +489.0% |
| Non-distributable reserves | 130/1 | €1,803 | €1,803 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,803 | €1,803 | = | 0.0% |
| Tax-exempt reserves | 132 | €10 | €10 | = | 0.0% |
| Distributable reserves | 133 | - | €8,865 | +€8,865 | |
| Profit (loss) carried forward | 14 | €6,089 | €6,089 | = | 0.0% |
| Amounts payable | 17/49 | €68,764 | €58,224 | -€10,540 | -15.3% |
| Amounts payable within one year | 42/48 | €68,764 | €58,224 | -€10,540 | -15.3% |
| Trade debts | 44 | €1,898 | - | -€1,898 | |
| Suppliers | 440/4 | €1,898 | - | -€1,898 | |
| Taxes, remuneration and social security | 45 | €4,472 | €350 | -€4,122 | -92.2% |
| Taxes | 450/3 | €4,472 | €350 | -€4,122 | -92.2% |
| Other amounts payable | 47/48 | €62,394 | €57,874 | -€4,520 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,275 | €11,860 | +€1,585 | +15.4% |
| Other operating charges | 640/8 | €2,929 | €3,568 | +€639 | +21.8% |
| Gross operating margin | 9900 | €30,648 | €28,421 | -€2,227 | -7.3% |
| Operating profit (loss) | 9901 | €17,444 | €12,993 | -€4,451 | -25.5% |
| Financial income | 75/76B | €0 | €54 | +€54 | +38471.4% |
| Recurring financial income | 75 | €0 | €54 | +€54 | +38471.4% |
| Financial charges | 65/66B | €46 | €45 | -€1 | -2.1% |
| Recurring financial charges | 65 | €46 | €45 | -€1 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €17,398 | €13,002 | -€4,396 | -25.3% |
| Income taxes | 67/77 | €4,782 | €4,137 | -€645 | -13.5% |
| Profit (loss) for the period | 9904 | €12,616 | €8,865 | -€3,751 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,616 | €8,865 | -€3,751 | -29.7% |
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 3 October 2026 via checked.be.