GF GROUP: 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 GROUP
Largest movements
- Receivables after one year -€475,878
down €475,878 (-28.5%), from €1.7m to €1.2m
- Cash -€335,123
down €335,123 (-46.4%), from €722,188 to €387,065
mainly Other debts (-€640,000) and Tax, wage and social debts (-€228,685)
- Receivables within one year +€84,856
up €84,856 (+19.6%), from €432,076 to €516,931
of which Trade receivables: +€111,682
- Tangible fixed assets +€57,002
up €57,002 (+36.8%), from €154,789 to €211,790
of which Furniture and vehicles: +€57,129
- Other debts -€640,000
down €640,000 (-92.8%), from €690,000 to €50,000
- Reserves +€350,000
up €350,000 (+18,421%), from €1,900 to €351,900
of which Distributable reserves: +€350,000
- Tax, wage and social debts -€228,685
down €228,685 (-19.0%), from €1.2m to €974,832
of which Taxes: -€206,415
- Trade debts -€124,508
down €124,508 (-12.4%), from €1.0m to €882,839
- Advances received -€45,000
no longer reported in 2025 (was €45,000)
- Gross operating margin +€884,968
up €884,968 (+40.1%), from €2.2m to €3.1m
- Staff costs +€367,829
up €367,829 (+19.3%), from €1.9m to €2.3m
- Taxes +€119,038
up €119,038 (+133%), from €89,627 to €208,664
- Other operating charges -€32,452
down €32,452 (-27.0%), from €120,232 to €87,780
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 | €3,069,114 | €2,393,863 | -€675,251 | -22.0% |
| Fixed assets | 21/28 | €236,413 | €293,414 | +€57,002 | +24.1% |
| Tangible fixed assets | 22/27 | €154,789 | €211,790 | +€57,002 | +36.8% |
| Furniture and vehicles | 24 | €153,757 | €210,886 | +€57,129 | +37.2% |
| Other tangible fixed assets | 26 | €1,032 | €904 | -€128 | -12.4% |
| Financial fixed assets | 28 | €81,624 | €81,624 | = | 0.0% |
| Current assets | 29/58 | €2,832,701 | €2,100,449 | -€732,252 | -25.8% |
| Amounts receivable after more than one year | 29 | €1,668,875 | €1,192,996 | -€475,878 | -28.5% |
| Other amounts receivable | 291 | €1,668,875 | €1,192,996 | -€475,878 | -28.5% |
| Amounts receivable within one year | 40/41 | €432,076 | €516,931 | +€84,856 | +19.6% |
| Trade receivables | 40 | €381,505 | €493,187 | +€111,682 | +29.3% |
| Other amounts receivable | 41 | €50,571 | €23,744 | -€26,827 | -53.0% |
| Cash at bank and in hand | 54/58 | €722,188 | €387,065 | -€335,123 | -46.4% |
| Deferred charges and accrued income | 490/1 | €9,563 | €3,456 | -€6,107 | -63.9% |
| Total equity and liabilities | 10/49 | €3,069,114 | €2,393,863 | -€675,251 | -22.0% |
| Equity | 10/15 | €120,317 | €486,192 | +€365,875 | +304% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,900 | €351,900 | +€350,000 | +18,421% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | - | €350,000 | +€350,000 | |
| Profit (loss) carried forward | 14 | €99,417 | €115,292 | +€15,875 | +16.0% |
| Amounts payable | 17/49 | €2,948,797 | €1,907,671 | -€1.0m | -35.3% |
| Amounts payable within one year | 42/48 | €2,948,797 | €1,907,671 | -€1.0m | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €2,934 | - | -€2,934 | |
| Trade debts | 44 | €1,007,347 | €882,839 | -€124,508 | -12.4% |
| Suppliers | 440/4 | €1,007,347 | €882,839 | -€124,508 | -12.4% |
| Advances received on contracts in progress | 46 | €45,000 | - | -€45,000 | |
| Taxes, remuneration and social security | 45 | €1,203,517 | €974,832 | -€228,685 | -19.0% |
| Taxes | 450/3 | €875,152 | €668,737 | -€206,415 | -23.6% |
| Remuneration and social security | 454/9 | €328,364 | €306,095 | -€22,269 | -6.8% |
| Other amounts payable | 47/48 | €690,000 | €50,000 | -€640,000 | -92.8% |
| Remuneration, social security and pensions | 62 | €1,903,431 | €2,271,261 | +€367,829 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,006 | €64,385 | +€25,379 | +65.1% |
| Other operating charges | 640/8 | €120,232 | €87,780 | -€32,452 | -27.0% |
| Non-recurring operating charges | 66A | - | €26,500 | +€26,500 | |
| Gross operating margin | 9900 | €2,205,939 | €3,090,907 | +€884,968 | +40.1% |
| Operating profit (loss) | 9901 | €143,269 | €640,982 | +€497,712 | +347% |
| Financial income | 75/76B | €12,919 | €9,505 | -€3,414 | -26.4% |
| Recurring financial income | 75 | €12,919 | €9,505 | -€3,414 | -26.4% |
| Financial charges | 65/66B | €14,500 | €25,948 | +€11,448 | +79.0% |
| Recurring financial charges | 65 | €14,500 | €25,948 | +€11,448 | +79.0% |
| Profit (loss) for the period before taxes | 9903 | €141,689 | €624,539 | +€482,850 | +341% |
| Income taxes | 67/77 | €89,627 | €208,664 | +€119,038 | +133% |
| Profit (loss) for the period | 9904 | €52,062 | €415,875 | +€363,813 | +699% |
| Profit (loss) for the period to be appropriated | 9905 | €52,062 | €415,875 | +€363,813 | +699% |
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.