GF PROJECTS: 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.
What changed
GF PROJECTS
NACE 66.300, Activities auxiliary to financial services and insurance activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€381,193
2024 · -€74,397-€306,796
Equity
€2.2m
2024 · €2.6m-€381,193
Cash
€63,052
2024 · €21,444+€41,608
Balance sheet total
€5.6m
2024 · €6.2m-€666,072
Largest movements
Assets
- Tangible fixed assets -€654,941
down €654,941 (-14.3%), from €4.6m to €3.9m
of which Land and buildings: -€654,941
Equity and liabilities
- Reserves -€381,193
down €381,193 (-15.0%), from €2.5m to €2.2m
of which Tax-exempt reserves: -€201,099
- Short-term financial debts -€223,727
down €223,727 (-26.6%), from €842,176 to €618,449
- Provisions -€80,681
down €80,681 (-8.0%), from €1.0m to €929,512
Income statement
- Gross operating margin -€353,913
down €353,913, from €149,687 to -€204,226
- Financial charges -€18,830
down €18,830 (-13.3%), from €141,148 to €122,318
- Depreciation -€13,032
down €13,032 (-9.9%), from €131,081 to €118,048
- Other operating charges -€3,241
down €3,241 (-19.8%), from €16,366 to €13,125
- Financial income -€3,134
down €3,134 (-8.1%), from €38,599 to €35,465
of which Financial income: -€3,134
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.
Result 2024
-€74,397
Gross operating margin
-€353,913
Depreciation
+€13,032
Other operating charges
+€3,241
Other operating items
-€39,216
Financial income
-€3,134
Financial charges
+€18,830
Taxes
+€158
Deferred taxes and other
+€54,207
Result 2025
-€381,193
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€223,904
Investment
+€536,893
Financing
-€271,381
Cash 2024
€21,444
From operations (derived)
-€223,904
Net result for the year
-€381,193
Depreciation
+€118,048
Receivables within one year
+€33,128
Deferred charges and accrued income
+€19,610
Provisions
-€80,681
Trade debts
+€46,831
Tax, wage and social debts
+€22,177
Other debts
+€591
Accrued charges and deferred income
-€2,415
Investment (derived)
+€536,893
Investment in fixed assets (net)
+€536,893
Financing
-€271,381
Debts after one year
-€49,741
Current portion of long-term debt
+€2,087
Short-term financial debts
-€223,727
Cash 2025
€63,052
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,247,712 | €5,581,641 | -€666,072 | -10.7% |
| Fixed assets | 21/28 | €4,567,136 | €3,912,195 | -€654,941 | -14.3% |
| Tangible fixed assets | 22/27 | €4,566,595 | €3,911,653 | -€654,941 | -14.3% |
| Land and buildings | 22 | €4,507,357 | €3,852,416 | -€654,941 | -14.5% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €59,237 | €59,237 | = | 0.0% |
| Financial fixed assets | 28 | €542 | €542 | = | 0.0% |
| Current assets | 29/58 | €1,680,576 | €1,669,446 | -€11,130 | -0.7% |
| Stocks and contracts in progress | 3 | €2,803 | €2,803 | = | 0.0% |
| Stocks | 30/36 | €2,803 | €2,803 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,623,418 | €1,590,290 | -€33,128 | -2.0% |
| Trade receivables | 40 | €257,550 | €277,550 | +€20,000 | +7.8% |
| Other amounts receivable | 41 | €1,365,868 | €1,312,740 | -€53,128 | -3.9% |
| Cash at bank and in hand | 54/58 | €21,444 | €63,052 | +€41,608 | +194% |
| Deferred charges and accrued income | 490/1 | €32,911 | €13,300 | -€19,610 | -59.6% |
| Total equity and liabilities | 10/49 | €6,247,712 | €5,581,641 | -€666,072 | -10.7% |
| Equity | 10/15 | €2,602,638 | €2,221,446 | -€381,193 | -14.6% |
| 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 | €2,540,638 | €2,159,446 | -€381,193 | -15.0% |
| Non-distributable reserves | 130/1 | €17,400 | €17,400 | = | 0.0% |
| Legal reserve | 130 | €17,400 | €17,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,355,322 | €1,154,223 | -€201,099 | -14.8% |
| Distributable reserves | 133 | €1,167,916 | €987,823 | -€180,093 | -15.4% |
| Provisions and deferred taxes | 16 | €1,010,194 | €929,512 | -€80,681 | -8.0% |
| Deferred taxes | 168 | €1,010,194 | €929,512 | -€80,681 | -8.0% |
| Amounts payable | 17/49 | €2,634,880 | €2,430,683 | -€204,198 | -7.7% |
| Amounts payable after more than one year | 17 | €1,624,056 | €1,574,315 | -€49,741 | -3.1% |
| Financial debts | 170/4 | €1,621,016 | €1,573,215 | -€47,801 | -2.9% |
| Other amounts payable | 178/9 | €3,040 | €1,100 | -€1,940 | -63.8% |
| Amounts payable within one year | 42/48 | €1,008,409 | €856,368 | -€152,042 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €48,709 | €50,797 | +€2,087 | +4.3% |
| Financial debts | 43 | €842,176 | €618,449 | -€223,727 | -26.6% |
| Credit institutions | 430/8 | €842,176 | €618,449 | -€223,727 | -26.6% |
| Trade debts | 44 | €307 | €47,137 | +€46,831 | +15,269% |
| Suppliers | 440/4 | €307 | €47,137 | +€46,831 | +15,269% |
| Taxes, remuneration and social security | 45 | €33,598 | €55,775 | +€22,177 | +66.0% |
| Taxes | 450/3 | €16,798 | €28,175 | +€11,377 | +67.7% |
| Remuneration and social security | 454/9 | €16,800 | €27,600 | +€10,800 | +64.3% |
| Other amounts payable | 47/48 | €83,619 | €84,209 | +€591 | +0.7% |
| Accrued charges and deferred income | 492/3 | €2,415 | €0 | -€2,415 | -100% |
| Non-recurring operating income | 76A | €145,947 | €16,247 | -€129,700 | -88.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,081 | €118,048 | -€13,032 | -9.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €16,366 | €13,125 | -€3,241 | -19.8% |
| Non-recurring operating charges | 66A | - | €39,216 | +€39,216 | |
| Gross operating margin | 9900 | €149,687 | -€204,226 | -€353,913 | |
| Operating profit (loss) | 9901 | €2,240 | -€374,616 | -€376,856 | |
| Financial income | 75/76B | €38,599 | €35,465 | -€3,134 | -8.1% |
| Recurring financial income | 75 | €32,983 | €29,849 | -€3,134 | -9.5% |
| Non-recurring financial income | 76B | €5,615 | €5,615 | +€0 | 0.0% |
| Financial charges | 65/66B | €141,148 | €122,318 | -€18,830 | -13.3% |
| Recurring financial charges | 65 | €141,148 | €122,318 | -€18,830 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | -€100,309 | -€461,469 | -€361,160 | -360% |
| Transfer from deferred taxes | 780 | €26,475 | €80,681 | +€54,207 | +205% |
| Income taxes | 67/77 | €563 | €405 | -€158 | -28.0% |
| Profit (loss) for the period | 9904 | -€74,397 | -€381,193 | -€306,796 | -412% |
| Transfer from tax-exempt reserves | 789 | €52,141 | €201,099 | +€148,958 | +286% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,256 | -€180,093 | -€157,837 | -709% |
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 24 October 2026 via checked.be.