GF ACTIVITES: 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 ACTIVITES
Largest movements
- Tangible fixed assets +€55,109
up €55,109 (+388%), from €14,219 to €69,328
of which Furniture and vehicles: +€66,060
- Cash +€39,378
up €39,378 (+154%), from €25,643 to €65,021
mainly Debts after one year (+€50,497) and Net result for the year (+€29,151)
- Receivables within one year -€11,119
down €11,119 (-45.7%), from €24,331 to €13,212
of which Trade receivables: -€12,596
- Debts after one year +€50,497
up €50,497 (+1,487%), from €3,397 to €53,894
- Reserves +€29,151
up €29,151 (+74.5%), from €39,144 to €68,295
- Current portion of long-term debt +€6,336
up €6,336 (+79.4%), from €7,984 to €14,320
- Tax, wage and social debts -€4,915
down €4,915 (-83.1%), from €5,915 to €1,000
of which Taxes: -€2,915
- Other debts +€2,140
up €2,140 (+86.0%), from €2,488 to €4,628
- Gross operating margin +€10,209
up €10,209 (+26.3%), from €38,847 to €49,056
- Depreciation +€3,673
up €3,673 (+60.9%), from €6,035 to €9,708
- Financial charges +€1,929
up €1,929 (+310%), from €622 to €2,551
- Taxes +€965
up €965 (+14.8%), from €6,503 to €7,468
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 | €64,192 | €147,560 | +€83,368 | +130% |
| Fixed assets | 21/28 | €14,219 | €69,328 | +€55,109 | +388% |
| Tangible fixed assets | 22/27 | €14,219 | €69,328 | +€55,109 | +388% |
| Plant, machinery and equipment | 23 | €11,441 | €489 | -€10,952 | -95.7% |
| Furniture and vehicles | 24 | €2,778 | €68,838 | +€66,060 | +2,378% |
| Current assets | 29/58 | €49,973 | €78,233 | +€28,259 | +56.5% |
| Amounts receivable within one year | 40/41 | €24,331 | €13,212 | -€11,119 | -45.7% |
| Trade receivables | 40 | €23,293 | €10,696 | -€12,596 | -54.1% |
| Other amounts receivable | 41 | €1,038 | €2,516 | +€1,478 | +142% |
| Cash at bank and in hand | 54/58 | €25,643 | €65,021 | +€39,378 | +154% |
| Total equity and liabilities | 10/49 | €64,192 | €147,560 | +€83,368 | +130% |
| Equity | 10/15 | €44,144 | €73,295 | +€29,151 | +66.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €39,144 | €68,295 | +€29,151 | +74.5% |
| Distributable reserves | 133 | €39,144 | €68,295 | +€29,151 | +74.5% |
| Amounts payable | 17/49 | €20,048 | €74,265 | +€54,217 | +270% |
| Amounts payable after more than one year | 17 | €3,397 | €53,894 | +€50,497 | +1,487% |
| Financial debts | 170/4 | €3,397 | €53,894 | +€50,497 | +1,487% |
| Amounts payable within one year | 42/48 | €16,651 | €20,371 | +€3,720 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €7,984 | €14,320 | +€6,336 | +79.4% |
| Trade debts | 44 | €264 | €424 | +€160 | +60.6% |
| Suppliers | 440/4 | €264 | €424 | +€160 | +60.6% |
| Taxes, remuneration and social security | 45 | €5,915 | €1,000 | -€4,915 | -83.1% |
| Taxes | 450/3 | €3,915 | €1,000 | -€2,915 | -74.5% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €2,488 | €4,628 | +€2,140 | +86.0% |
| Non-recurring operating income | 76A | €151 | €689 | +€538 | +357% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,035 | €9,708 | +€3,673 | +60.9% |
| Other operating charges | 640/8 | €149 | €223 | +€74 | +50.0% |
| Gross operating margin | 9900 | €38,847 | €49,056 | +€10,209 | +26.3% |
| Operating profit (loss) | 9901 | €32,663 | €39,125 | +€6,462 | +19.8% |
| Financial income | 75/76B | €37 | €45 | +€7 | +19.9% |
| Recurring financial income | 75 | €37 | €45 | +€7 | +19.9% |
| Financial charges | 65/66B | €622 | €2,551 | +€1,929 | +310% |
| Recurring financial charges | 65 | €622 | €2,551 | +€1,929 | +310% |
| Profit (loss) for the period before taxes | 9903 | €32,079 | €36,619 | +€4,540 | +14.2% |
| Income taxes | 67/77 | €6,503 | €7,468 | +€965 | +14.8% |
| Profit (loss) for the period | 9904 | €25,576 | €29,151 | +€3,575 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,576 | €29,151 | +€3,575 | +14.0% |
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 13 October 2026 via checked.be.