GEGA GAUFRE: 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.
GEGA GAUFRE
Largest movements
- Cash -€89,575
down €89,575 (-51.6%), from €173,609 to €84,034
mainly Net result for the year (-€121,895) and Debts after one year (-€29,405)
- Tangible fixed assets -€45,440
down €45,440 (-10.6%), from €430,049 to €384,608
of which Other tangible fixed assets: -€36,241
- Reserves -€121,895
down €121,895 (-96.8%), from €125,983 to €4,089
of which Distributable reserves: -€121,895
- Debts after one year -€29,405
down €29,405 (-9.1%), from €321,950 to €292,545
- Trade debts +€27,929
up €27,929 (+91.9%), from €30,375 to €58,303
- Accrued charges and deferred income +€15,460
up €15,460 (+234%), from €6,614 to €22,073
- Tax, wage and social debts -€11,934
down €11,934 (-20.7%), from €57,779 to €45,845
of which Remuneration and social security: -€7,103
- Gross operating margin -€106,821
down €106,821 (-20.7%), from €516,891 to €410,070
- Staff costs -€48,479
down €48,479 (-10.2%), from €477,359 to €428,881
- Depreciation +€12,549
up €12,549 (+24.9%), from €50,434 to €62,984
- Financial charges -€5,937
down €5,937 (-16.2%), from €36,763 to €30,825
of which Financial charges: -€5,937
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 | €643,162 | €510,328 | -€132,834 | -20.7% |
| Fixed assets | 21/28 | €442,066 | €396,681 | -€45,385 | -10.3% |
| Tangible fixed assets | 22/27 | €430,049 | €384,608 | -€45,440 | -10.6% |
| Plant, machinery and equipment | 23 | €41,053 | €33,555 | -€7,498 | -18.3% |
| Furniture and vehicles | 24 | €17,810 | €16,108 | -€1,701 | -9.6% |
| Other tangible fixed assets | 26 | €371,186 | €334,945 | -€36,241 | -9.8% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €12,018 | €12,073 | +€55 | +0.5% |
| Current assets | 29/58 | €201,096 | €113,647 | -€87,449 | -43.5% |
| Stocks and contracts in progress | 3 | €13,921 | €10,346 | -€3,575 | -25.7% |
| Stocks | 30/36 | €13,921 | €10,346 | -€3,575 | -25.7% |
| Amounts receivable within one year | 40/41 | €128 | €5,915 | +€5,787 | +4,514% |
| Trade receivables | 40 | €112 | €5,903 | +€5,792 | +5,179% |
| Other amounts receivable | 41 | €16 | €12 | -€4 | -26.8% |
| Cash at bank and in hand | 54/58 | €173,609 | €84,034 | -€89,575 | -51.6% |
| Deferred charges and accrued income | 490/1 | €13,438 | €13,351 | -€87 | -0.6% |
| Total equity and liabilities | 10/49 | €643,162 | €510,328 | -€132,834 | -20.7% |
| Equity | 10/15 | €189,536 | €62,156 | -€127,380 | -67.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €125,983 | €4,089 | -€121,895 | -96.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €124,123 | €2,229 | -€121,895 | -98.2% |
| Investment grants | 15 | €44,953 | €39,468 | -€5,486 | -12.2% |
| Amounts payable | 17/49 | €453,626 | €448,171 | -€5,454 | -1.2% |
| Amounts payable after more than one year | 17 | €321,950 | €292,545 | -€29,405 | -9.1% |
| Financial debts | 170/4 | €321,950 | €292,545 | -€29,405 | -9.1% |
| Amounts payable within one year | 42/48 | €125,062 | €133,553 | +€8,490 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €36,908 | €29,405 | -€7,504 | -20.3% |
| Trade debts | 44 | €30,375 | €58,303 | +€27,929 | +91.9% |
| Suppliers | 440/4 | €30,375 | €58,303 | +€27,929 | +91.9% |
| Taxes, remuneration and social security | 45 | €57,779 | €45,845 | -€11,934 | -20.7% |
| Taxes | 450/3 | €25,658 | €20,826 | -€4,831 | -18.8% |
| Remuneration and social security | 454/9 | €32,122 | €25,019 | -€7,103 | -22.1% |
| Accrued charges and deferred income | 492/3 | €6,614 | €22,073 | +€15,460 | +234% |
| Remuneration, social security and pensions | 62 | €477,359 | €428,881 | -€48,479 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,434 | €62,984 | +€12,549 | +24.9% |
| Other operating charges | 640/8 | €9,302 | €7,219 | -€2,083 | -22.4% |
| Non-recurring operating charges | 66A | - | €7,598 | +€7,598 | |
| Gross operating margin | 9900 | €516,891 | €410,070 | -€106,821 | -20.7% |
| Operating profit (loss) | 9901 | -€20,205 | -€96,612 | -€76,407 | -378% |
| Financial income | 75/76B | €4,338 | €5,542 | +€1,204 | +27.8% |
| Recurring financial income | 75 | €4,338 | €5,542 | +€1,204 | +27.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €36,763 | €30,825 | -€5,937 | -16.2% |
| Recurring financial charges | 65 | €36,763 | €30,825 | -€5,937 | -16.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€52,629 | -€121,895 | -€69,265 | -132% |
| Income taxes | 67/77 | €9 | €0 | -€9 | -100% |
| Profit (loss) for the period | 9904 | -€52,638 | -€121,895 | -€69,256 | -132% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,638 | -€121,895 | -€69,256 | -132% |
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 20 October 2026 via checked.be.