GEFRA INVEST: 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 INVEST
Largest movements
- Tangible fixed assets -€55,054
down €55,054 (-12.8%), from €431,546 to €376,492
- Cash +€41,577
up €41,577 (+88.9%), from €46,758 to €88,335
mainly Depreciation (+€55,054) and Net result for the year (+€36,887)
- Debts after one year -€42,266
down €42,266 (-15.8%), from €267,149 to €224,883
- Reserves +€36,887
up €36,887 (+22.0%), from €167,305 to €204,192
of which Distributable reserves: +€36,887
- Gross operating margin -€17,172
down €17,172 (-12.7%), from €134,765 to €117,593
- Depreciation -€8,088
down €8,088 (-12.8%), from €63,142 to €55,054
- Financial charges -€1,932
down €1,932 (-40.3%), from €4,791 to €2,860
- Taxes -€1,798
down €1,798 (-12.8%), from €14,061 to €12,263
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 | €481,420 | €472,241 | -€9,179 | -1.9% |
| Fixed assets | 21/28 | €431,546 | €376,492 | -€55,054 | -12.8% |
| Tangible fixed assets | 22/27 | €431,546 | €376,492 | -€55,054 | -12.8% |
| Land and buildings | 22 | €431,546 | €376,492 | -€55,054 | -12.8% |
| Current assets | 29/58 | €49,874 | €95,749 | +€45,875 | +92.0% |
| Amounts receivable within one year | 40/41 | €1,801 | €6,099 | +€4,299 | +239% |
| Other amounts receivable | 41 | €1,801 | €6,099 | +€4,299 | +239% |
| Cash at bank and in hand | 54/58 | €46,758 | €88,335 | +€41,577 | +88.9% |
| Deferred charges and accrued income | 490/1 | €1,315 | €1,314 | -€0 | 0.0% |
| Total equity and liabilities | 10/49 | €481,420 | €472,241 | -€9,179 | -1.9% |
| Equity | 10/15 | €167,562 | €204,449 | +€36,887 | +22.0% |
| Contributions | 10/11 | €257 | €257 | = | 0.0% |
| Reserves | 13 | €167,305 | €204,192 | +€36,887 | +22.0% |
| Tax-exempt reserves | 132 | €775 | €775 | = | 0.0% |
| Distributable reserves | 133 | €166,530 | €203,417 | +€36,887 | +22.2% |
| Amounts payable | 17/49 | €313,858 | €267,792 | -€46,066 | -14.7% |
| Amounts payable after more than one year | 17 | €267,149 | €224,883 | -€42,266 | -15.8% |
| Financial debts | 170/4 | €267,149 | €224,883 | -€42,266 | -15.8% |
| Amounts payable within one year | 42/48 | €45,822 | €42,266 | -€3,556 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €45,337 | €42,266 | -€3,071 | -6.8% |
| Trade debts | 44 | €484 | €0 | -€484 | -100% |
| Suppliers | 440/4 | €484 | €0 | -€484 | -100% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €887 | €643 | -€244 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,142 | €55,054 | -€8,088 | -12.8% |
| Other operating charges | 640/8 | €10,181 | €10,530 | +€349 | +3.4% |
| Gross operating margin | 9900 | €134,765 | €117,593 | -€17,172 | -12.7% |
| Operating profit (loss) | 9901 | €61,442 | €52,010 | -€9,433 | -15.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €4,791 | €2,860 | -€1,932 | -40.3% |
| Recurring financial charges | 65 | €4,791 | €2,860 | -€1,932 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | €56,651 | €49,150 | -€7,501 | -13.2% |
| Income taxes | 67/77 | €14,061 | €12,263 | -€1,798 | -12.8% |
| Profit (loss) for the period | 9904 | €42,590 | €36,887 | -€5,703 | -13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,590 | €36,887 | -€5,703 | -13.4% |
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 27 October 2026 via checked.be.