GENAPHAR: 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.
GENAPHAR
Largest movements
- Cash +€12,183
up €12,183 (+18.5%), from €65,869 to €78,052
mainly Net result for the year (+€18,373) and Tax, wage and social debts (+€1,477)
- Stocks and contracts +€5,641
up €5,641 (+9.2%), from €61,034 to €66,675
- Profit (loss) carried forward +€18,373
up €18,373 (+165.9%), from €11,072 to €29,445
- Trade debts -€2,633
down €2,633 (-9.8%), from €26,754 to €24,121
- Tax, wage and social debts +€1,477
up €1,477 (+19.7%), from €7,508 to €8,985
of which Taxes: +€1,477
- Taxes -€3,248
no longer reported in 2025 (was €3,248)
- Financial income +€2,360
up €2,360 (+16252.8%), from €15 to €2,374
- Depreciation -€1,937
down €1,937 (-78.7%), from €2,462 to €525
- Gross operating margin +€1,331
up €1,331 (+7.8%), from €17,035 to €18,365
- Financial charges +€795
up €795 (+122.9%), from €647 to €1,442
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 | €130,113 | €147,330 | +€17,217 | +13.2% |
| Fixed assets | 21/28 | €3,128 | €2,603 | -€525 | -16.8% |
| Tangible fixed assets | 22/27 | €525 | - | -€525 | |
| Furniture and vehicles | 24 | €525 | - | -€525 | |
| Financial fixed assets | 28 | €2,603 | €2,603 | = | 0.0% |
| Current assets | 29/58 | €126,985 | €144,727 | +€17,742 | +14.0% |
| Stocks and contracts in progress | 3 | €61,034 | €66,675 | +€5,641 | +9.2% |
| Stocks | 30/36 | €61,034 | €66,675 | +€5,641 | +9.2% |
| Amounts receivable within one year | 40/41 | €83 | - | -€83 | |
| Other amounts receivable | 41 | €83 | - | -€83 | |
| Cash at bank and in hand | 54/58 | €65,869 | €78,052 | +€12,183 | +18.5% |
| Total equity and liabilities | 10/49 | €130,113 | €147,330 | +€17,217 | +13.2% |
| Equity | 10/15 | €79,272 | €97,645 | +€18,373 | +23.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,072 | €29,445 | +€18,373 | +165.9% |
| Amounts payable | 17/49 | €50,841 | €49,685 | -€1,156 | -2.3% |
| Amounts payable within one year | 42/48 | €50,841 | €49,685 | -€1,156 | -2.3% |
| Financial debts | 43 | €16,579 | €16,579 | = | 0.0% |
| Other loans | 439 | €16,579 | €16,579 | = | 0.0% |
| Trade debts | 44 | €26,754 | €24,121 | -€2,633 | -9.8% |
| Suppliers | 440/4 | €26,754 | €24,121 | -€2,633 | -9.8% |
| Taxes, remuneration and social security | 45 | €7,508 | €8,985 | +€1,477 | +19.7% |
| Taxes | 450/3 | €4,008 | €5,485 | +€1,477 | +36.9% |
| Remuneration and social security | 454/9 | €3,500 | €3,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,462 | €525 | -€1,937 | -78.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €17,035 | €18,365 | +€1,331 | +7.8% |
| Operating profit (loss) | 9901 | €14,185 | €17,440 | +€3,255 | +22.9% |
| Financial income | 75/76B | €15 | €2,374 | +€2,360 | +16252.8% |
| Recurring financial income | 75 | €15 | €2,374 | +€2,360 | +16252.8% |
| Financial charges | 65/66B | €647 | €1,442 | +€795 | +122.9% |
| Recurring financial charges | 65 | €647 | €1,442 | +€795 | +122.9% |
| Profit (loss) for the period before taxes | 9903 | €13,553 | €18,373 | +€4,820 | +35.6% |
| Income taxes | 67/77 | €3,248 | - | -€3,248 | |
| Profit (loss) for the period | 9904 | €10,305 | €18,373 | +€8,067 | +78.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,305 | €18,373 | +€8,067 | +78.3% |
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 2 October 2026 via checked.be.