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
- Cash +€57,761
up €57,761 (+183.2%), from €31,522 to €89,282
mainly Net result for the year (+€22,432) and Current investments (+€17,609)
- Current investments -€17,609
down €17,609 (-26.1%), from €67,569 to €49,960
- Tangible fixed assets +€10,668
up €10,668 (+18.0%), from €59,401 to €70,069
of which Leasing and similar rights: +€15,294
- Receivables within one year -€5,664
down €5,664 (-35.8%), from €15,824 to €10,160
of which Trade receivables: -€5,135
- Reserves +€22,432
up €22,432 (+17.2%), from €130,779 to €153,211
- Current portion of long-term debt +€8,021
up €8,021 (+109.0%), from €7,358 to €15,379
- Debts after one year +€7,579
up €7,579 (+26.3%), from €28,819 to €36,399
- Tax, wage and social debts +€6,828
up €6,828 (+948.0%), from €720 to €7,548
of which Remuneration and social security: +€4,173
- Depreciation +€11,648
up €11,648 (+278.9%), from €4,176 to €15,824
- Gross operating margin +€5,486
up €5,486 (+11.9%), from €45,944 to €51,430
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 | €178,919 | €225,433 | +€46,515 | +26.0% |
| Fixed assets | 21/28 | €59,401 | €70,069 | +€10,668 | +18.0% |
| Tangible fixed assets | 22/27 | €59,401 | €70,069 | +€10,668 | +18.0% |
| Land and buildings | 22 | €2,382 | €2,132 | -€250 | -10.5% |
| Plant, machinery and equipment | 23 | €2,359 | €1,300 | -€1,059 | -44.9% |
| Furniture and vehicles | 24 | €11,712 | €8,395 | -€3,318 | -28.3% |
| Leasing and similar rights | 25 | €42,949 | €58,243 | +€15,294 | +35.6% |
| Current assets | 29/58 | €119,517 | €155,364 | +€35,847 | +30.0% |
| Amounts receivable within one year | 40/41 | €15,824 | €10,160 | -€5,664 | -35.8% |
| Trade receivables | 40 | €14,417 | €9,282 | -€5,135 | -35.6% |
| Other amounts receivable | 41 | €1,407 | €878 | -€529 | -37.6% |
| Current investments | 50/53 | €67,569 | €49,960 | -€17,609 | -26.1% |
| Cash at bank and in hand | 54/58 | €31,522 | €89,282 | +€57,761 | +183.2% |
| Deferred charges and accrued income | 490/1 | €4,603 | €5,962 | +€1,359 | +29.5% |
| Total equity and liabilities | 10/49 | €178,919 | €225,433 | +€46,515 | +26.0% |
| Equity | 10/15 | €137,979 | €160,411 | +€22,432 | +16.3% |
| Contributions | 10/11 | €7,200 | €7,200 | = | 0.0% |
| Reserves | 13 | €130,779 | €153,211 | +€22,432 | +17.2% |
| Distributable reserves | 133 | €130,779 | €153,211 | +€22,432 | +17.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €40,940 | €65,023 | +€24,083 | +58.8% |
| Amounts payable after more than one year | 17 | €28,819 | €36,399 | +€7,579 | +26.3% |
| Financial debts | 170/4 | €28,819 | €36,399 | +€7,579 | +26.3% |
| Amounts payable within one year | 42/48 | €12,120 | €28,624 | +€16,504 | +136.2% |
| Current portion of amounts payable after more than one year | 42 | €7,358 | €15,379 | +€8,021 | +109.0% |
| Trade debts | 44 | €2,410 | €3,302 | +€891 | +37.0% |
| Suppliers | 440/4 | €2,410 | €3,302 | +€891 | +37.0% |
| Taxes, remuneration and social security | 45 | €720 | €7,548 | +€6,828 | +948.0% |
| Taxes | 450/3 | €720 | €3,375 | +€2,654 | +368.5% |
| Remuneration and social security | 454/9 | €0 | €4,173 | +€4,173 | |
| Other amounts payable | 47/48 | €1,632 | €2,396 | +€764 | +46.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,176 | €15,824 | +€11,648 | +278.9% |
| Other operating charges | 640/8 | €1,558 | €1,834 | +€276 | +17.7% |
| Non-recurring operating charges | 66A | €3,305 | €0 | -€3,305 | -100.0% |
| Gross operating margin | 9900 | €45,944 | €51,430 | +€5,486 | +11.9% |
| Operating profit (loss) | 9901 | €36,906 | €33,773 | -€3,133 | -8.5% |
| Financial income | 75/76B | €239 | €228 | -€10 | -4.4% |
| Recurring financial income | 75 | €239 | €228 | -€10 | -4.4% |
| Financial charges | 65/66B | €1,494 | €1,257 | -€238 | -15.9% |
| Recurring financial charges | 65 | €1,494 | €1,257 | -€238 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €35,650 | €32,744 | -€2,906 | -8.2% |
| Income taxes | 67/77 | €10,292 | €10,313 | +€21 | +0.2% |
| Profit (loss) for the period | 9904 | €25,358 | €22,432 | -€2,927 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,358 | €22,432 | -€2,927 | -11.5% |
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 5 October 2026 via checked.be.