GF 2: 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.
GF 2
Largest movements
- Cash -€134,188
down €134,188 (-60.1%), from €223,333 to €89,145
mainly Other debts (-€148,162) and Investment in fixed assets (net) (-€54,653)
- Tangible fixed assets -€27,022
down €27,022 (-8.7%), from €310,720 to €283,699
of which Leasing and similar rights: -€18,524
- Stocks and contracts -€18,187
down €18,187 (-25.1%), from €72,561 to €54,374
- Deferred charges and accrued income -€15,809
down €15,809 (-61.4%), from €25,741 to €9,932
- Receivables within one year +€14,895
up €14,895 (+23.8%), from €62,529 to €77,424
of which Trade receivables: +€14,921
- Other debts -€148,162
down €148,162 (-99.8%), from €148,502 to €340
- Tax, wage and social debts +€72,075
up €72,075 (+11526.8%), from €625 to €72,700
- Debts after one year -€44,403
down €44,403 (-80.0%), from €55,504 to €11,102
- Current portion of long-term debt -€26,528
down €26,528 (-29.7%), from €89,178 to €62,649
- Profit (loss) carried forward -€23,311
down €23,311 (-8.8%), from €263,416 to €240,105
- Staff costs +€41,430
up €41,430 (+5.8%), from €711,235 to €752,665
- Gross operating margin +€29,209
up €29,209 (+3.4%), from €850,485 to €879,695
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 | €709,614 | €535,029 | -€174,585 | -24.6% |
| Fixed assets | 21/28 | €325,451 | €298,430 | -€27,022 | -8.3% |
| Tangible fixed assets | 22/27 | €310,720 | €283,699 | -€27,022 | -8.7% |
| Plant, machinery and equipment | 23 | €38,465 | €43,043 | +€4,578 | +11.9% |
| Furniture and vehicles | 24 | €58,219 | €54,086 | -€4,133 | -7.1% |
| Leasing and similar rights | 25 | €18,524 | - | -€18,524 | |
| Other tangible fixed assets | 26 | €195,512 | €186,570 | -€8,942 | -4.6% |
| Financial fixed assets | 28 | €14,731 | €14,731 | = | 0.0% |
| Current assets | 29/58 | €384,163 | €236,600 | -€147,563 | -38.4% |
| Amounts receivable after more than one year | 29 | - | €5,725 | +€5,725 | |
| Other amounts receivable | 291 | - | €5,725 | +€5,725 | |
| Stocks and contracts in progress | 3 | €72,561 | €54,374 | -€18,187 | -25.1% |
| Stocks | 30/36 | €72,561 | €54,374 | -€18,187 | -25.1% |
| Amounts receivable within one year | 40/41 | €62,529 | €77,424 | +€14,895 | +23.8% |
| Trade receivables | 40 | €44,106 | €59,027 | +€14,921 | +33.8% |
| Other amounts receivable | 41 | €18,423 | €18,397 | -€26 | -0.1% |
| Cash at bank and in hand | 54/58 | €223,333 | €89,145 | -€134,188 | -60.1% |
| Deferred charges and accrued income | 490/1 | €25,741 | €9,932 | -€15,809 | -61.4% |
| Total equity and liabilities | 10/49 | €709,614 | €535,029 | -€174,585 | -24.6% |
| Equity | 10/15 | €283,876 | €260,565 | -€23,311 | -8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €263,416 | €240,105 | -€23,311 | -8.8% |
| Amounts payable | 17/49 | €425,739 | €274,465 | -€151,274 | -35.5% |
| Amounts payable after more than one year | 17 | €55,504 | €11,102 | -€44,403 | -80.0% |
| Financial debts | 170/4 | €55,504 | €11,102 | -€44,403 | -80.0% |
| Amounts payable within one year | 42/48 | €364,634 | €263,363 | -€101,271 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €89,178 | €62,649 | -€26,528 | -29.7% |
| Financial debts | 43 | €12,000 | €18,000 | +€6,000 | +50.0% |
| Credit institutions | 430/8 | €12,000 | €18,000 | +€6,000 | +50.0% |
| Trade debts | 44 | €114,329 | €109,673 | -€4,656 | -4.1% |
| Suppliers | 440/4 | €114,329 | €109,673 | -€4,656 | -4.1% |
| Taxes, remuneration and social security | 45 | €625 | €72,700 | +€72,075 | +11526.8% |
| Remuneration and social security | 454/9 | €625 | €72,700 | +€72,075 | +11526.8% |
| Other amounts payable | 47/48 | €148,502 | €340 | -€148,162 | -99.8% |
| Accrued charges and deferred income | 492/3 | €5,600 | - | -€5,600 | |
| Non-recurring operating income | 76A | €527 | €1,011 | +€484 | +91.8% |
| Remuneration, social security and pensions | 62 | €711,235 | €752,665 | +€41,430 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,399 | €81,674 | -€8,724 | -9.7% |
| Other operating charges | 640/8 | €5,531 | €8,785 | +€3,254 | +58.8% |
| Non-recurring operating charges | 66A | €100 | €17,404 | +€17,305 | +17375.8% |
| Gross operating margin | 9900 | €850,485 | €879,695 | +€29,209 | +3.4% |
| Operating profit (loss) | 9901 | €43,221 | €19,166 | -€24,055 | -55.7% |
| Financial income | 75/76B | €98 | €3,046 | +€2,948 | +3023.0% |
| Recurring financial income | 75 | €98 | €3,046 | +€2,948 | +3023.0% |
| Financial charges | 65/66B | €33,013 | €32,754 | -€259 | -0.8% |
| Recurring financial charges | 65 | €33,013 | €32,754 | -€259 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €10,305 | -€10,543 | -€20,848 | |
| Income taxes | 67/77 | €10,000 | €12,769 | +€2,769 | +27.7% |
| Profit (loss) for the period | 9904 | €305 | -€23,311 | -€23,617 | |
| Profit (loss) for the period to be appropriated | 9905 | €305 | -€23,311 | -€23,617 |
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 11 October 2026 via checked.be.