GF: 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.
GF
Largest movements
- Current investments +€1.0m
new in 2025: €1.0m
- Tangible fixed assets -€775,124
down €775,124 (-40.7%), from €1.9m to €1.1m
of which Land and buildings: -€774,689
- Cash -€559,853
down €559,853 (-68.0%), from €823,562 to €263,709
mainly Other debts (-€1.1m) and Current investments (-€1.0m)
- Receivables within one year +€111,861
up €111,861 (+158.5%), from €70,581 to €182,443
of which Other amounts receivable: +€111,861
- Other debts -€1.1m
down €1.1m (-10.7%), from €9.8m to €8.8m
- Reserves +€699,163
up €699,163 (+11276.8%), from €6,200 to €705,363
of which Tax-exempt reserves: +€699,163
- Provisions +€233,054
new in 2025: €233,054
- Profit (loss) carried forward -€120,099
down €120,099 (-13.7%), from -€874,564 to -€994,664
- Gross operating margin +€877,297
up €877,297, from -€7,946 to €869,351
- Financial charges -€57,285
down €57,285 (-97.9%), from €58,526 to €1,241
- Depreciation -€43,533
down €43,533 (-56.5%), from €77,076 to €33,543
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 | €9,203,363 | €8,976,108 | -€227,254 | -2.5% |
| Fixed assets | 21/28 | €8,302,865 | €7,527,742 | -€775,124 | -9.3% |
| Tangible fixed assets | 22/27 | €1,902,865 | €1,127,742 | -€775,124 | -40.7% |
| Land and buildings | 22 | €1,900,127 | €1,125,438 | -€774,689 | -40.8% |
| Plant, machinery and equipment | 23 | €2,738 | €2,304 | -€434 | -15.9% |
| Financial fixed assets | 28 | €6,400,000 | €6,400,000 | = | 0.0% |
| Current assets | 29/58 | €900,497 | €1,448,367 | +€547,869 | +60.8% |
| Amounts receivable within one year | 40/41 | €70,581 | €182,443 | +€111,861 | +158.5% |
| Trade receivables | 40 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 41 | €60,581 | €172,443 | +€111,861 | +184.6% |
| Current investments | 50/53 | - | €1,000,000 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €823,562 | €263,709 | -€559,853 | -68.0% |
| Deferred charges and accrued income | 490/1 | €6,354 | €2,215 | -€4,139 | -65.1% |
| Total equity and liabilities | 10/49 | €9,203,363 | €8,976,108 | -€227,254 | -2.5% |
| Equity | 10/15 | -€806,364 | -€227,300 | +€579,064 | +71.8% |
| 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 | €705,363 | +€699,163 | +11276.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €699,163 | +€699,163 | |
| Profit (loss) carried forward | 14 | -€874,564 | -€994,664 | -€120,099 | -13.7% |
| Provisions and deferred taxes | 16 | - | €233,054 | +€233,054 | |
| Deferred taxes | 168 | - | €233,054 | +€233,054 | |
| Amounts payable | 17/49 | €10,009,727 | €8,970,354 | -€1.0m | -10.4% |
| Amounts payable after more than one year | 17 | €158,899 | €158,899 | = | 0.0% |
| Other amounts payable | 178/9 | €158,899 | €158,899 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,850,828 | €8,811,455 | -€1.0m | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €19,210 | €35,825 | +€16,615 | +86.5% |
| Suppliers | 440/4 | €19,210 | €35,825 | +€16,615 | +86.5% |
| Other amounts payable | 47/48 | €9,831,618 | €8,775,631 | -€1.1m | -10.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €1,010,917 | +€1.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,076 | €33,543 | -€43,533 | -56.5% |
| Other operating charges | 640/8 | €28,515 | €26,437 | -€2,078 | -7.3% |
| Gross operating margin | 9900 | -€7,946 | €869,351 | +€877,297 | |
| Operating profit (loss) | 9901 | -€113,537 | €809,371 | +€922,908 | |
| Financial income | 75/76B | €541 | €3,989 | +€3,448 | +637.2% |
| Recurring financial income | 75 | €541 | €3,989 | +€3,448 | +637.2% |
| Financial charges | 65/66B | €58,526 | €1,241 | -€57,285 | -97.9% |
| Recurring financial charges | 65 | €58,526 | €1,241 | -€57,285 | -97.9% |
| Profit (loss) for the period before taxes | 9903 | -€171,522 | €812,118 | +€983,641 | |
| Transfer to deferred taxes | 680 | - | €233,054 | +€233,054 | |
| Profit (loss) for the period | 9904 | -€171,522 | €579,064 | +€750,586 | |
| Transfer to tax-exempt reserves | 689 | - | €699,163 | +€699,163 | |
| Profit (loss) for the period to be appropriated | 9905 | -€171,522 | -€120,099 | +€51,423 | +30.0% |
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 8 October 2026 via checked.be.