GF CONSTRUCT: 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 CONSTRUCT
Largest movements
- Receivables within one year -€45,226
down €45,226 (-32.4%), from €139,729 to €94,503
of which Trade receivables: -€46,963
- Tangible fixed assets -€33,996
down €33,996 (-36.0%), from €94,312 to €60,316
- Deferred charges and accrued income +€8,884
up €8,884 (+486.6%), from €1,826 to €10,710
- Cash +€6,106
up €6,106 (+647.6%), from €943 to €7,049
mainly Receivables within one year (+€45,226) and Depreciation (+€40,788)
- Tax, wage and social debts -€53,200
down €53,200 (-71.2%), from €74,671 to €21,471
of which Remuneration and social security: -€50,746
- Debts after one year -€31,087
down €31,087 (-58.0%), from €53,582 to €22,494
- Profit (loss) carried forward +€29,083
up €29,083 (+48.0%), from -€60,614 to -€31,531
- Short-term financial debts -€11,876
down €11,876 (-69.6%), from €17,071 to €5,194
- Trade debts +€5,909
up €5,909 (+7.5%), from €78,810 to €84,718
- Gross operating margin +€49,061
up €49,061 (+24.6%), from €199,621 to €248,682
- Staff costs +€11,386
up €11,386 (+7.4%), from €153,606 to €164,993
- Financial charges -€10,245
down €10,245 (-52.7%), from €19,438 to €9,193
of which Financial charges: -€10,245
- Depreciation +€3,139
up €3,139 (+8.3%), from €37,649 to €40,788
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 | €258,145 | €195,469 | -€62,675 | -24.3% |
| Fixed assets | 21/28 | €95,137 | €61,140 | -€33,996 | -35.7% |
| Tangible fixed assets | 22/27 | €94,312 | €60,316 | -€33,996 | -36.0% |
| Plant, machinery and equipment | 23 | €23,292 | €16,588 | -€6,704 | -28.8% |
| Furniture and vehicles | 24 | €39,682 | €26,264 | -€13,419 | -33.8% |
| Leasing and similar rights | 25 | €31,338 | €17,464 | -€13,874 | -44.3% |
| Financial fixed assets | 28 | €824 | €824 | = | 0.0% |
| Current assets | 29/58 | €163,008 | €134,329 | -€28,679 | -17.6% |
| Stocks and contracts in progress | 3 | €20,510 | €22,067 | +€1,557 | +7.6% |
| Stocks | 30/36 | €11,900 | €9,954 | -€1,946 | -16.4% |
| Contracts in progress | 37 | €8,610 | €12,113 | +€3,503 | +40.7% |
| Amounts receivable within one year | 40/41 | €139,729 | €94,503 | -€45,226 | -32.4% |
| Trade receivables | 40 | €86,153 | €39,189 | -€46,963 | -54.5% |
| Other amounts receivable | 41 | €53,577 | €55,314 | +€1,737 | +3.2% |
| Cash at bank and in hand | 54/58 | €943 | €7,049 | +€6,106 | +647.6% |
| Deferred charges and accrued income | 490/1 | €1,826 | €10,710 | +€8,884 | +486.6% |
| Total equity and liabilities | 10/49 | €258,145 | €195,469 | -€62,675 | -24.3% |
| Equity | 10/15 | €2,006 | €31,089 | +€29,083 | +1449.6% |
| 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 | €620 | €620 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Legal reserve | 130 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,614 | -€31,531 | +€29,083 | +48.0% |
| Amounts payable | 17/49 | €256,139 | €164,380 | -€91,758 | -35.8% |
| Amounts payable after more than one year | 17 | €53,582 | €22,494 | -€31,087 | -58.0% |
| Financial debts | 170/4 | €53,582 | €22,494 | -€31,087 | -58.0% |
| Amounts payable within one year | 42/48 | €202,482 | €141,886 | -€60,596 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €31,930 | €30,502 | -€1,428 | -4.5% |
| Financial debts | 43 | €17,071 | €5,194 | -€11,876 | -69.6% |
| Credit institutions | 430/8 | €17,071 | €5,194 | -€11,876 | -69.6% |
| Trade debts | 44 | €78,810 | €84,718 | +€5,909 | +7.5% |
| Suppliers | 440/4 | €78,810 | €84,718 | +€5,909 | +7.5% |
| Taxes, remuneration and social security | 45 | €74,671 | €21,471 | -€53,200 | -71.2% |
| Taxes | 450/3 | €23,168 | €20,713 | -€2,454 | -10.6% |
| Remuneration and social security | 454/9 | €51,504 | €758 | -€50,746 | -98.5% |
| Accrued charges and deferred income | 492/3 | €75 | €0 | -€75 | -100.0% |
| Non-recurring operating income | 76A | €13,197 | €0 | -€13,197 | -100.0% |
| Remuneration, social security and pensions | 62 | €153,606 | €164,993 | +€11,386 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,649 | €40,788 | +€3,139 | +8.3% |
| Other operating charges | 640/8 | €3,656 | €2,509 | -€1,147 | -31.4% |
| Non-recurring operating charges | 66A | €8,354 | €4,776 | -€3,578 | -42.8% |
| Gross operating margin | 9900 | €199,621 | €248,682 | +€49,061 | +24.6% |
| Operating profit (loss) | 9901 | -€3,644 | €35,618 | +€39,262 | |
| Financial income | 75/76B | €2,770 | €3,034 | +€264 | +9.5% |
| Recurring financial income | 75 | €2,770 | €3,034 | +€264 | +9.5% |
| Financial charges | 65/66B | €19,438 | €9,193 | -€10,245 | -52.7% |
| Recurring financial charges | 65 | €19,438 | €9,193 | -€10,245 | -52.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€20,311 | €29,459 | +€49,770 | |
| Income taxes | 67/77 | €147 | €376 | +€229 | +155.5% |
| Profit (loss) for the period | 9904 | -€20,459 | €29,083 | +€49,542 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,459 | €29,083 | +€49,542 |
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 29 September 2026 via checked.be.