GF MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€42,216
down €42,216 (-50.7%), from €83,304 to €41,088
of which Land and buildings: -€42,439
- Receivables within one year +€15,006
up €15,006 (+389%), from €3,860 to €18,866
- Cash -€3,062
down €3,062 (-41.3%), from €7,421 to €4,358
mainly Contributions, distributions and other (-€34,775) and Debts after one year (-€20,917)
- Debts after one year -€20,917
no longer reported in 2025 (was €20,917)
- Current portion of long-term debt -€5,218
no longer reported in 2025 (was €5,218)
- Other debts -€5,057
down €5,057 (-12.4%), from €40,849 to €35,792
- Trade debts +€1,849
new in 2025: €1,849
- Gross operating margin +€21,288
up €21,288 (+78.4%), from €27,150 to €48,438
- Taxes +€3,617
up €3,617 (+65.3%), from €5,543 to €9,160
- Depreciation -€1,344
down €1,344 (-36.5%), from €3,680 to €2,336
- Financial charges -€773
down €773 (-39.4%), from €1,963 to €1,190
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 | €94,585 | €64,313 | -€30,272 | -32.0% |
| Fixed assets | 21/28 | €83,304 | €41,088 | -€42,216 | -50.7% |
| Tangible fixed assets | 22/27 | €83,304 | €41,088 | -€42,216 | -50.7% |
| Land and buildings | 22 | €80,811 | €38,372 | -€42,439 | -52.5% |
| Plant, machinery and equipment | 23 | €2,493 | €1,521 | -€972 | -39.0% |
| Furniture and vehicles | 24 | - | €1,195 | +€1,195 | |
| Current assets | 29/58 | €11,281 | €23,224 | +€11,944 | +106% |
| Amounts receivable within one year | 40/41 | €3,860 | €18,866 | +€15,006 | +389% |
| Trade receivables | 40 | €3,860 | €18,866 | +€15,006 | +389% |
| Cash at bank and in hand | 54/58 | €7,421 | €4,358 | -€3,062 | -41.3% |
| Total equity and liabilities | 10/49 | €94,585 | €64,313 | -€30,272 | -32.0% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Amounts payable | 17/49 | €74,125 | €43,853 | -€30,272 | -40.8% |
| Amounts payable after more than one year | 17 | €20,917 | - | -€20,917 | |
| Financial debts | 170/4 | €20,917 | - | -€20,917 | |
| Amounts payable within one year | 42/48 | €53,208 | €43,853 | -€9,355 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €5,218 | - | -€5,218 | |
| Trade debts | 44 | - | €1,849 | +€1,849 | |
| Suppliers | 440/4 | - | €1,849 | +€1,849 | |
| Taxes, remuneration and social security | 45 | €7,141 | €6,212 | -€929 | -13.0% |
| Taxes | 450/3 | €7,141 | €6,212 | -€929 | -13.0% |
| Other amounts payable | 47/48 | €40,849 | €35,792 | -€5,057 | -12.4% |
| Non-recurring operating income | 76A | - | €10,137 | +€10,137 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,680 | €2,336 | -€1,344 | -36.5% |
| Other operating charges | 640/8 | €1,407 | €977 | -€430 | -30.6% |
| Gross operating margin | 9900 | €27,150 | €48,438 | +€21,288 | +78.4% |
| Operating profit (loss) | 9901 | €22,063 | €45,125 | +€23,062 | +105% |
| Financial charges | 65/66B | €1,963 | €1,190 | -€773 | -39.4% |
| Recurring financial charges | 65 | €1,963 | €1,190 | -€773 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | €20,100 | €43,935 | +€23,835 | +119% |
| Income taxes | 67/77 | €5,543 | €9,160 | +€3,617 | +65.3% |
| Profit (loss) for the period | 9904 | €14,557 | €34,775 | +€20,218 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €14,557 | €34,775 | +€20,218 | +139% |
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 22 October 2026 via checked.be.