GF DIRECTION: 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 DIRECTION
Largest movements
- Cash -€125,951
down €125,951 (-84.2%), from €149,668 to €23,717
mainly Contributions, distributions and other (-€242,000) and Tax, wage and social debts (-€43,836)
- Receivables within one year -€46,433
down €46,433 (-53.3%), from €87,120 to €40,687
of which Trade receivables: -€86,737
- Tangible fixed assets -€11,050
down €11,050 (-50.5%), from €21,892 to €10,841
of which Furniture and vehicles: -€12,206
- Reserves -€192,000
no longer reported in 2025 (was €192,000)
- Other debts +€51,122
up €51,122 (+3900.6%), from €1,311 to €52,433
- Tax, wage and social debts -€43,836
down €43,836 (-78.6%), from €55,796 to €11,960
- Current portion of long-term debt -€6,247
no longer reported in 2025 (was €6,247)
- Trade debts +€5,499
up €5,499 (+621.5%), from €885 to €6,383
- Gross operating margin -€41,248
down €41,248 (-34.6%), from €119,151 to €77,903
- Taxes -€8,962
down €8,962 (-38.4%), from €23,341 to €14,378
- Depreciation +€1,900
up €1,900 (+18.2%), from €10,467 to €12,367
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 | €260,659 | €75,771 | -€184,888 | -70.9% |
| Fixed assets | 21/28 | €21,892 | €10,841 | -€11,050 | -50.5% |
| Tangible fixed assets | 22/27 | €21,892 | €10,841 | -€11,050 | -50.5% |
| Furniture and vehicles | 24 | €21,892 | €9,686 | -€12,206 | -55.8% |
| Other tangible fixed assets | 26 | - | €1,155 | +€1,155 | |
| Current assets | 29/58 | €238,767 | €64,930 | -€173,838 | -72.8% |
| Amounts receivable within one year | 40/41 | €87,120 | €40,687 | -€46,433 | -53.3% |
| Trade receivables | 40 | €87,120 | €383 | -€86,737 | -99.6% |
| Other amounts receivable | 41 | - | €40,304 | +€40,304 | |
| Cash at bank and in hand | 54/58 | €149,668 | €23,717 | -€125,951 | -84.2% |
| Deferred charges and accrued income | 490/1 | €1,979 | €526 | -€1,453 | -73.4% |
| Total equity and liabilities | 10/49 | €260,659 | €75,771 | -€184,888 | -70.9% |
| Equity | 10/15 | €195,549 | €4,056 | -€191,493 | -97.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €192,000 | - | -€192,000 | |
| Distributable reserves | 133 | €192,000 | - | -€192,000 | |
| Profit (loss) carried forward | 14 | €549 | €1,056 | +€507 | +92.4% |
| Amounts payable | 17/49 | €65,110 | €71,715 | +€6,605 | +10.1% |
| Amounts payable within one year | 42/48 | €64,238 | €70,776 | +€6,538 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €6,247 | - | -€6,247 | |
| Trade debts | 44 | €885 | €6,383 | +€5,499 | +621.5% |
| Suppliers | 440/4 | €885 | €6,383 | +€5,499 | +621.5% |
| Taxes, remuneration and social security | 45 | €55,796 | €11,960 | -€43,836 | -78.6% |
| Taxes | 450/3 | €55,796 | €11,960 | -€43,836 | -78.6% |
| Other amounts payable | 47/48 | €1,311 | €52,433 | +€51,122 | +3900.6% |
| Accrued charges and deferred income | 492/3 | €872 | €939 | +€67 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,467 | €12,367 | +€1,900 | +18.2% |
| Other operating charges | 640/8 | €565 | €513 | -€52 | -9.2% |
| Gross operating margin | 9900 | €119,151 | €77,903 | -€41,248 | -34.6% |
| Operating profit (loss) | 9901 | €108,119 | €65,023 | -€43,097 | -39.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €529 | €137 | -€392 | -74.1% |
| Recurring financial charges | 65 | €529 | €137 | -€392 | -74.1% |
| Profit (loss) for the period before taxes | 9903 | €107,590 | €64,885 | -€42,704 | -39.7% |
| Income taxes | 67/77 | €23,341 | €14,378 | -€8,962 | -38.4% |
| Profit (loss) for the period | 9904 | €84,249 | €50,507 | -€33,742 | -40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €84,249 | €50,507 | -€33,742 | -40.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.