GF TRONICS: 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 TRONICS
Largest movements
- Cash -€37,666
down €37,666 (-65.1%), from €57,873 to €20,208
mainly Debts after one year (-€35,707) and Deferred charges and accrued income (-€19,994)
- Tangible fixed assets -€26,249
down €26,249 (-10.0%), from €261,896 to €235,647
of which Land and buildings: -€20,225
- Deferred charges and accrued income +€19,994
up €19,994 (+1362.7%), from €1,467 to €21,461
- Receivables within one year +€19,404
up €19,404 (+64.7%), from €29,982 to €49,386
of which Trade receivables: +€28,442
- Debts after one year -€35,707
down €35,707 (-85.6%), from €41,723 to €6,017
- Other debts +€15,691
up €15,691 (+112.1%), from €13,998 to €29,689
- Accrued charges and deferred income -€7,429
down €7,429 (-12.6%), from €58,931 to €51,502
- Trade debts +€7,112
up €7,112 (+22.2%), from €31,974 to €39,086
- Other operating charges +€8,385
up €8,385 (+66.1%), from €12,688 to €21,073
- Financial income +€7,222
new in 2025: €7,222
- Gross operating margin -€2,541
down €2,541 (-3.4%), from €75,405 to €72,864
- Taxes +€2,333
up €2,333 (+48.5%), from €4,812 to €7,145
- Depreciation -€1,830
down €1,830 (-5.5%), from €33,011 to €31,181
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 | €373,031 | €348,626 | -€24,404 | -6.5% |
| Fixed assets | 21/28 | €261,896 | €235,647 | -€26,249 | -10.0% |
| Tangible fixed assets | 22/27 | €261,896 | €235,647 | -€26,249 | -10.0% |
| Land and buildings | 22 | €177,514 | €157,289 | -€20,225 | -11.4% |
| Plant, machinery and equipment | 23 | €14,560 | €10,636 | -€3,925 | -27.0% |
| Furniture and vehicles | 24 | €2,462 | €6,389 | +€3,927 | +159.5% |
| Other tangible fixed assets | 26 | €67,360 | €61,333 | -€6,027 | -8.9% |
| Current assets | 29/58 | €111,134 | €112,979 | +€1,845 | +1.7% |
| Stocks and contracts in progress | 3 | €21,812 | €21,924 | +€113 | +0.5% |
| Stocks | 30/36 | €21,812 | €21,924 | +€113 | +0.5% |
| Amounts receivable within one year | 40/41 | €29,982 | €49,386 | +€19,404 | +64.7% |
| Trade receivables | 40 | €18,880 | €47,321 | +€28,442 | +150.6% |
| Other amounts receivable | 41 | €11,102 | €2,065 | -€9,037 | -81.4% |
| Cash at bank and in hand | 54/58 | €57,873 | €20,208 | -€37,666 | -65.1% |
| Deferred charges and accrued income | 490/1 | €1,467 | €21,461 | +€19,994 | +1362.7% |
| Total equity and liabilities | 10/49 | €373,031 | €348,626 | -€24,404 | -6.5% |
| Equity | 10/15 | €178,536 | €176,981 | -€1,555 | -0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €89,231 | €87,675 | -€1,555 | -1.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €87,371 | €85,815 | -€1,555 | -1.8% |
| Profit (loss) carried forward | 14 | €70,705 | €70,705 | = | 0.0% |
| Amounts payable | 17/49 | €194,494 | €171,646 | -€22,849 | -11.7% |
| Amounts payable after more than one year | 17 | €41,723 | €6,017 | -€35,707 | -85.6% |
| Financial debts | 170/4 | €41,723 | €6,017 | -€35,707 | -85.6% |
| Amounts payable within one year | 42/48 | €93,840 | €114,127 | +€20,287 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €38,555 | €35,707 | -€2,848 | -7.4% |
| Financial debts | 43 | €161 | - | -€161 | |
| Other loans | 439 | €161 | - | -€161 | |
| Trade debts | 44 | €31,974 | €39,086 | +€7,112 | +22.2% |
| Suppliers | 440/4 | €31,974 | €39,086 | +€7,112 | +22.2% |
| Advances received on contracts in progress | 46 | €613 | - | -€613 | |
| Taxes, remuneration and social security | 45 | €8,540 | €9,645 | +€1,105 | +12.9% |
| Taxes | 450/3 | €8,540 | €9,645 | +€1,105 | +12.9% |
| Other amounts payable | 47/48 | €13,998 | €29,689 | +€15,691 | +112.1% |
| Accrued charges and deferred income | 492/3 | €58,931 | €51,502 | -€7,429 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,011 | €31,181 | -€1,830 | -5.5% |
| Other operating charges | 640/8 | €12,688 | €21,073 | +€8,385 | +66.1% |
| Gross operating margin | 9900 | €75,405 | €72,864 | -€2,541 | -3.4% |
| Operating profit (loss) | 9901 | €29,707 | €20,610 | -€9,096 | -30.6% |
| Financial income | 75/76B | - | €7,222 | +€7,222 | |
| Recurring financial income | 75 | - | €7,222 | +€7,222 | |
| Financial charges | 65/66B | €8,328 | €8,276 | -€52 | -0.6% |
| Recurring financial charges | 65 | €8,328 | €8,276 | -€52 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €21,379 | €19,556 | -€1,823 | -8.5% |
| Income taxes | 67/77 | €4,812 | €7,145 | +€2,333 | +48.5% |
| Profit (loss) for the period | 9904 | €16,567 | €12,411 | -€4,156 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,567 | €12,411 | -€4,156 | -25.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.