GESFRAIS: 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.
GESFRAIS
Largest movements
- Cash -€448,852
down €448,852 (-54.4%), from €825,136 to €376,284
mainly Net result for the year (-€539,861) and Receivables within one year (-€222,135)
- Receivables within one year +€222,135
up €222,135 (+45.9%), from €483,718 to €705,853
of which Trade receivables: +€292,246
- Stocks and contracts +€53,916
up €53,916 (+91.4%), from €58,981 to €112,897
- Tangible fixed assets -€47,090
down €47,090 (-19.2%), from €244,747 to €197,657
of which Assets under construction and advance payments: -€66,000
- Profit (loss) carried forward -€539,861
down €539,861 (-68.5%), from €787,996 to €248,134
- Trade debts +€236,764
up €236,764 (+47.7%), from €496,071 to €732,835
- Tax, wage and social debts +€129,000
up €129,000 (+74.5%), from €173,195 to €302,194
of which Remuneration and social security: +€107,146
- Debts after one year -€39,778
down €39,778 (-76.3%), from €52,149 to €12,371
- Gross operating margin -€358,935
down €358,935 (-26.6%), from €1.3m to €989,778
- Financial income -€92,472
down €92,472 (-99.3%), from €93,158 to €685
- Other operating charges -€25,626
down €25,626 (-87.9%), from €29,156 to €3,529
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 | €1,622,142 | €1,414,466 | -€207,677 | -12.8% |
| Fixed assets | 21/28 | €244,747 | €197,807 | -€46,940 | -19.2% |
| Tangible fixed assets | 22/27 | €244,747 | €197,657 | -€47,090 | -19.2% |
| Plant, machinery and equipment | 23 | €156,877 | €121,671 | -€35,206 | -22.4% |
| Furniture and vehicles | 24 | €8,502 | €27,410 | +€18,908 | +222.4% |
| Other tangible fixed assets | 26 | €13,368 | €48,575 | +€35,207 | +263.4% |
| Assets under construction and advance payments | 27 | €66,000 | - | -€66,000 | |
| Financial fixed assets | 28 | - | €150 | +€150 | |
| Current assets | 29/58 | €1,377,395 | €1,216,659 | -€160,736 | -11.7% |
| Stocks and contracts in progress | 3 | €58,981 | €112,897 | +€53,916 | +91.4% |
| Stocks | 30/36 | €58,981 | €112,897 | +€53,916 | +91.4% |
| Amounts receivable within one year | 40/41 | €483,718 | €705,853 | +€222,135 | +45.9% |
| Trade receivables | 40 | €412,709 | €704,955 | +€292,246 | +70.8% |
| Other amounts receivable | 41 | €71,010 | €898 | -€70,111 | -98.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €825,136 | €376,284 | -€448,852 | -54.4% |
| Deferred charges and accrued income | 490/1 | €9,560 | €21,625 | +€12,065 | +126.2% |
| Total equity and liabilities | 10/49 | €1,622,142 | €1,414,466 | -€207,677 | -12.8% |
| Equity | 10/15 | €857,239 | €317,377 | -€539,861 | -63.0% |
| 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 | €6,460 | €6,460 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €260 | €260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €787,996 | €248,134 | -€539,861 | -68.5% |
| Investment grants | 15 | €783 | €783 | = | 0.0% |
| Amounts payable | 17/49 | €764,904 | €1,097,088 | +€332,185 | +43.4% |
| Amounts payable after more than one year | 17 | €52,149 | €12,371 | -€39,778 | -76.3% |
| Financial debts | 170/4 | €52,149 | €12,371 | -€39,778 | -76.3% |
| Amounts payable within one year | 42/48 | €710,603 | €1,082,566 | +€371,963 | +52.3% |
| Current portion of amounts payable after more than one year | 42 | €41,337 | €39,778 | -€1,559 | -3.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €496,071 | €732,835 | +€236,764 | +47.7% |
| Suppliers | 440/4 | €496,071 | €732,835 | +€236,764 | +47.7% |
| Taxes, remuneration and social security | 45 | €173,195 | €302,194 | +€129,000 | +74.5% |
| Taxes | 450/3 | €36,198 | €58,052 | +€21,853 | +60.4% |
| Remuneration and social security | 454/9 | €136,997 | €244,143 | +€107,146 | +78.2% |
| Other amounts payable | 47/48 | - | €7,758 | +€7,758 | |
| Accrued charges and deferred income | 492/3 | €2,152 | €2,152 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,433,014 | €1,428,567 | -€4,447 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,092 | €92,734 | +€5,643 | +6.5% |
| Other operating charges | 640/8 | €29,156 | €3,529 | -€25,626 | -87.9% |
| Non-recurring operating charges | 66A | €23,939 | €2,224 | -€21,715 | -90.7% |
| Gross operating margin | 9900 | €1,348,713 | €989,778 | -€358,935 | -26.6% |
| Operating profit (loss) | 9901 | -€224,487 | -€537,276 | -€312,790 | -139.3% |
| Financial income | 75/76B | €93,158 | €685 | -€92,472 | -99.3% |
| Recurring financial income | 75 | €93,158 | €685 | -€92,472 | -99.3% |
| Financial charges | 65/66B | €8,294 | €3,270 | -€5,023 | -60.6% |
| Recurring financial charges | 65 | €8,294 | €2,298 | -€5,996 | -72.3% |
| Non-recurring financial charges | 66B | - | €973 | +€973 | |
| Profit (loss) for the period before taxes | 9903 | -€139,623 | -€539,861 | -€400,239 | -286.7% |
| Income taxes | 67/77 | €1,476 | - | -€1,476 | |
| Profit (loss) for the period | 9904 | -€141,099 | -€539,861 | -€398,762 | -282.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€141,099 | -€539,861 | -€398,762 | -282.6% |
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 4 October 2026 via checked.be.