GERFOR: 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.
GERFOR
Largest movements
- Cash +€25,245
up €25,245 (+323%), from €7,821 to €33,066
mainly Depreciation (+€12,231) and Tax, wage and social debts (+€7,788)
- Tangible fixed assets -€11,440
down €11,440 (-22.3%), from €51,369 to €39,929
- Receivables within one year -€4,973
down €4,973 (-4.8%), from €103,022 to €98,049
- Tax, wage and social debts +€7,788
up €7,788 (+30.4%), from €25,599 to €33,387
of which Remuneration and social security: +€5,000
- Reserves +€6,186
up €6,186 (+18.5%), from €33,443 to €39,630
of which Distributable reserves: +€6,186
- Other debts -€2,449
down €2,449 (-34.2%), from €7,170 to €4,721
- Trade debts -€2,344
down €2,344 (-81.4%), from €2,880 to €536
- Depreciation +€4,009
up €4,009 (+48.8%), from €8,223 to €12,231
- Taxes -€1,670
down €1,670 (-72.4%), from €2,306 to €637
- Gross operating margin +€1,448
up €1,448 (+7.8%), from €18,645 to €20,093
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 | €164,303 | €173,484 | +€9,182 | +5.6% |
| Fixed assets | 21/28 | €51,369 | €39,929 | -€11,440 | -22.3% |
| Tangible fixed assets | 22/27 | €51,369 | €39,929 | -€11,440 | -22.3% |
| Furniture and vehicles | 24 | €51,369 | €39,929 | -€11,440 | -22.3% |
| Current assets | 29/58 | €112,934 | €133,555 | +€20,622 | +18.3% |
| Amounts receivable within one year | 40/41 | €103,022 | €98,049 | -€4,973 | -4.8% |
| Trade receivables | 40 | €103,022 | €98,049 | -€4,973 | -4.8% |
| Cash at bank and in hand | 54/58 | €7,821 | €33,066 | +€25,245 | +323% |
| Deferred charges and accrued income | 490/1 | €2,091 | €2,441 | +€350 | +16.7% |
| Total equity and liabilities | 10/49 | €164,303 | €173,484 | +€9,182 | +5.6% |
| Equity | 10/15 | €128,653 | €134,839 | +€6,186 | +4.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €33,443 | €39,630 | +€6,186 | +18.5% |
| Non-distributable reserves | 130/1 | €20,357 | €20,357 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,357 | €20,357 | = | 0.0% |
| Distributable reserves | 133 | €13,087 | €19,273 | +€6,186 | +47.3% |
| Profit (loss) carried forward | 14 | €20,210 | €20,210 | = | 0.0% |
| Amounts payable | 17/49 | €35,649 | €38,645 | +€2,995 | +8.4% |
| Amounts payable within one year | 42/48 | €35,649 | €38,645 | +€2,995 | +8.4% |
| Trade debts | 44 | €2,880 | €536 | -€2,344 | -81.4% |
| Suppliers | 440/4 | €2,880 | €536 | -€2,344 | -81.4% |
| Taxes, remuneration and social security | 45 | €25,599 | €33,387 | +€7,788 | +30.4% |
| Taxes | 450/3 | €12,599 | €15,387 | +€2,788 | +22.1% |
| Remuneration and social security | 454/9 | €13,000 | €18,000 | +€5,000 | +38.5% |
| Other amounts payable | 47/48 | €7,170 | €4,721 | -€2,449 | -34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,223 | €12,231 | +€4,009 | +48.8% |
| Other operating charges | 640/8 | €941 | €864 | -€77 | -8.1% |
| Gross operating margin | 9900 | €18,645 | €20,093 | +€1,448 | +7.8% |
| Operating profit (loss) | 9901 | €9,481 | €6,997 | -€2,484 | -26.2% |
| Financial income | 75/76B | €11 | €23 | +€11 | +100% |
| Recurring financial income | 75 | €11 | €23 | +€11 | +100% |
| Financial charges | 65/66B | €104 | €197 | +€93 | +90.1% |
| Recurring financial charges | 65 | €104 | €197 | +€93 | +90.1% |
| Profit (loss) for the period before taxes | 9903 | €9,389 | €6,823 | -€2,566 | -27.3% |
| Income taxes | 67/77 | €2,306 | €637 | -€1,670 | -72.4% |
| Profit (loss) for the period | 9904 | €7,083 | €6,186 | -€896 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,083 | €6,186 | -€896 | -12.7% |
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 16 October 2026 via checked.be.