GF INVEST: what changed
What changed
GF INVEST
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€22,679
2024 · €7,200+€15,479
Equity
€170,064
2024 · €147,385+€22,679
Cash
€117,549
2024 · €26,579+€90,971
Balance sheet total
€426,840
2024 · €401,237+€25,603
Largest movements
Assets
- Cash +€90,971
up €90,971 (+342%), from €26,579 to €117,549
mainly Stocks and contracts (+€52,961) and Net result for the year (+€22,679)
- Stocks and contracts -€52,961
down €52,961 (-24.2%), from €218,891 to €165,929
- Receivables within one year -€13,136
down €13,136 (-51.8%), from €25,370 to €12,234
of which Trade receivables: -€7,920
Equity and liabilities
- Profit (loss) carried forward +€22,679
up €22,679 (+20.2%), from €112,325 to €135,004
Income statement
- Gross operating margin +€20,669
up €20,669 (+178%), from €11,644 to €32,313
- Taxes +€6,370
up €6,370 (+4,976%), from €128 to €6,498
- Depreciation -€2,509
down €2,509 (-79.1%), from €3,172 to €663
- Financial income -€1,314
down €1,314 (-25.4%), from €5,172 to €3,859
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€7,200
Gross operating margin
+€20,669
Depreciation
+€2,509
Other operating charges
-€62
Financial income
-€1,314
Financial charges
+€46
Taxes
-€6,370
Result 2025
€22,679
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€92,793
Investment
-€1,380
Financing
-€442
Cash 2024
€26,579
From operations (derived)
+€92,793
Net result for the year
+€22,679
Depreciation
+€663
Stocks and contracts
+€52,961
Receivables within one year
+€13,136
Smaller working-capital items
-€57
Trade debts
+€294
Other debts
+€3,116
Investment (derived)
-€1,380
Current investments
-€1,380
Financing
-€442
Current portion of long-term debt
-€430
Short-term financial debts
-€12
Cash 2025
€117,549
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €401,237 | €426,840 | +€25,603 | +6.4% |
| Fixed assets | 21/28 | €1,321 | €658 | -€663 | -50.2% |
| Tangible fixed assets | 22/27 | €1,321 | €658 | -€663 | -50.2% |
| Furniture and vehicles | 24 | €1,321 | €658 | -€663 | -50.2% |
| Current assets | 29/58 | €399,915 | €426,182 | +€26,267 | +6.6% |
| Stocks and contracts in progress | 3 | €218,891 | €165,929 | -€52,961 | -24.2% |
| Stocks | 30/36 | €218,891 | €165,929 | -€52,961 | -24.2% |
| Amounts receivable within one year | 40/41 | €25,370 | €12,234 | -€13,136 | -51.8% |
| Trade receivables | 40 | €9,059 | €1,139 | -€7,920 | -87.4% |
| Other amounts receivable | 41 | €16,312 | €11,095 | -€5,216 | -32.0% |
| Current investments | 50/53 | €128,620 | €130,000 | +€1,380 | +1.1% |
| Cash at bank and in hand | 54/58 | €26,579 | €117,549 | +€90,971 | +342% |
| Deferred charges and accrued income | 490/1 | €456 | €469 | +€13 | +2.9% |
| Total equity and liabilities | 10/49 | €401,237 | €426,840 | +€25,603 | +6.4% |
| Equity | 10/15 | €147,385 | €170,064 | +€22,679 | +15.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €28,860 | €28,860 | = | 0.0% |
| Distributable reserves | 133 | €28,860 | €28,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,325 | €135,004 | +€22,679 | +20.2% |
| Amounts payable | 17/49 | €253,852 | €256,776 | +€2,924 | +1.2% |
| Amounts payable within one year | 42/48 | €253,852 | €256,776 | +€2,924 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €430 | - | -€430 | |
| Financial debts | 43 | €2,541 | €2,529 | -€12 | -0.5% |
| Credit institutions | 430/8 | €2,541 | €2,529 | -€12 | -0.5% |
| Trade debts | 44 | €1,147 | €1,441 | +€294 | +25.6% |
| Suppliers | 440/4 | €1,147 | €1,441 | +€294 | +25.6% |
| Taxes, remuneration and social security | 45 | €2,932 | €2,889 | -€44 | -1.5% |
| Taxes | 450/3 | €2,932 | €2,889 | -€44 | -1.5% |
| Other amounts payable | 47/48 | €246,801 | €249,917 | +€3,116 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,172 | €663 | -€2,509 | -79.1% |
| Other operating charges | 640/8 | €777 | €839 | +€62 | +8.0% |
| Gross operating margin | 9900 | €11,644 | €32,313 | +€20,669 | +178% |
| Operating profit (loss) | 9901 | €7,695 | €30,812 | +€23,116 | +300% |
| Financial income | 75/76B | €5,172 | €3,859 | -€1,314 | -25.4% |
| Recurring financial income | 75 | €5,172 | €3,859 | -€1,314 | -25.4% |
| Financial charges | 65/66B | €5,539 | €5,493 | -€46 | -0.8% |
| Recurring financial charges | 65 | €5,539 | €5,493 | -€46 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €7,328 | €29,177 | +€21,849 | +298% |
| Income taxes | 67/77 | €128 | €6,498 | +€6,370 | +4,976% |
| Profit (loss) for the period | 9904 | €7,200 | €22,679 | +€15,479 | +215% |
| Profit (loss) for the period to be appropriated | 9905 | €7,200 | €22,679 | +€15,479 | +215% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.