GF 3: 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 3
Largest movements
- Tangible fixed assets +€385,287
up €385,287 (+284.9%), from €135,213 to €520,500
of which Land and buildings: +€308,718
- Receivables within one year -€359,564
down €359,564 (-64.8%), from €554,795 to €195,231
of which Trade receivables: -€269,755
- Cash +€76,271
up €76,271 (+101.7%), from €74,988 to €151,259
mainly Receivables within one year (+€359,564) and Debts after one year (+€318,991)
- Stocks and contracts +€61,175
up €61,175 (+31.2%), from €196,232 to €257,407
- Trade debts -€393,635
down €393,635 (-69.4%), from €567,487 to €173,853
- Debts after one year +€318,991
up €318,991 (+427.8%), from €74,559 to €393,550
- Tax, wage and social debts +€122,628
up €122,628 (+80.9%), from €151,548 to €274,176
of which Taxes: +€64,713
- Current portion of long-term debt +€99,161
up €99,161 (+574.1%), from €17,271 to €116,432
- Profit (loss) carried forward +€13,422
up €13,422 (+11.1%), from €121,353 to €134,775
- Staff costs -€46,470
down €46,470 (-10.7%), from €432,468 to €385,997
- Financial charges +€24,015
up €24,015 (+292.9%), from €8,200 to €32,215
- Gross operating margin -€10,654
down €10,654 (-2.2%), from €475,327 to €464,673
- Depreciation +€10,216
up €10,216 (+52.5%), from €19,452 to €29,668
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €965,632 | €1,136,763 | +€171,132 | +17.7% |
| Fixed assets | 21/28 | €135,817 | €528,724 | +€392,907 | +289.3% |
| Intangible fixed assets | 21 | €344 | €164 | -€180 | -52.4% |
| Tangible fixed assets | 22/27 | €135,213 | €520,500 | +€385,287 | +284.9% |
| Land and buildings | 22 | €31,360 | €340,078 | +€308,718 | +984.4% |
| Plant, machinery and equipment | 23 | €36,239 | €33,418 | -€2,821 | -7.8% |
| Furniture and vehicles | 24 | €686 | €118,310 | +€117,624 | +17142.6% |
| Other tangible fixed assets | 26 | €34,481 | €28,693 | -€5,787 | -16.8% |
| Assets under construction and advance payments | 27 | €32,446 | - | -€32,446 | |
| Financial fixed assets | 28 | €260 | €8,060 | +€7,800 | +3000.0% |
| Current assets | 29/58 | €829,815 | €608,039 | -€221,775 | -26.7% |
| Stocks and contracts in progress | 3 | €196,232 | €257,407 | +€61,175 | +31.2% |
| Stocks | 30/36 | €196,232 | €257,407 | +€61,175 | +31.2% |
| Amounts receivable within one year | 40/41 | €554,795 | €195,231 | -€359,564 | -64.8% |
| Trade receivables | 40 | €314,298 | €44,543 | -€269,755 | -85.8% |
| Other amounts receivable | 41 | €240,497 | €150,688 | -€89,809 | -37.3% |
| Cash at bank and in hand | 54/58 | €74,988 | €151,259 | +€76,271 | +101.7% |
| Deferred charges and accrued income | 490/1 | €3,799 | €4,142 | +€342 | +9.0% |
| Total equity and liabilities | 10/49 | €965,632 | €1,136,763 | +€171,132 | +17.7% |
| Equity | 10/15 | €135,613 | €149,035 | +€13,422 | +9.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,353 | €134,775 | +€13,422 | +11.1% |
| Amounts payable | 17/49 | €830,018 | €987,728 | +€157,709 | +19.0% |
| Amounts payable after more than one year | 17 | €74,559 | €393,550 | +€318,991 | +427.8% |
| Financial debts | 170/4 | €74,559 | €393,550 | +€318,991 | +427.8% |
| Amounts payable within one year | 42/48 | €755,459 | €594,177 | -€161,282 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €17,271 | €116,432 | +€99,161 | +574.1% |
| Financial debts | 43 | €10,646 | €8,812 | -€1,834 | -17.2% |
| Credit institutions | 430/8 | €10,646 | €8,812 | -€1,834 | -17.2% |
| Trade debts | 44 | €567,487 | €173,853 | -€393,635 | -69.4% |
| Suppliers | 440/4 | €567,487 | €173,853 | -€393,635 | -69.4% |
| Taxes, remuneration and social security | 45 | €151,548 | €274,176 | +€122,628 | +80.9% |
| Taxes | 450/3 | €115,019 | €179,732 | +€64,713 | +56.3% |
| Remuneration and social security | 454/9 | €36,529 | €94,444 | +€57,915 | +158.5% |
| Other amounts payable | 47/48 | €8,507 | €20,904 | +€12,398 | +145.7% |
| Remuneration, social security and pensions | 62 | €432,468 | €385,997 | -€46,470 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,452 | €29,668 | +€10,216 | +52.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €630 | - | -€630 | |
| Other operating charges | 640/8 | - | €3,392 | +€3,392 | |
| Gross operating margin | 9900 | €475,327 | €464,673 | -€10,654 | -2.2% |
| Operating profit (loss) | 9901 | €22,777 | €45,616 | +€22,839 | +100.3% |
| Financial income | 75/76B | €90 | €22 | -€67 | -75.2% |
| Recurring financial income | 75 | €90 | €22 | -€67 | -75.2% |
| Financial charges | 65/66B | €8,200 | €32,215 | +€24,015 | +292.9% |
| Recurring financial charges | 65 | €8,200 | €32,215 | +€24,015 | +292.9% |
| Profit (loss) for the period before taxes | 9903 | €14,667 | €13,422 | -€1,244 | -8.5% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | €14,667 | €13,422 | -€1,244 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €14,667 | €13,422 | -€1,244 | -8.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.