GF Ventures: 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 Ventures
Largest movements
- Financial fixed assets +€3.9m
up €3.9m (+178.1%), from €2.2m to €6.0m
- Cash +€177,372
up €177,372 (+594.7%), from €29,824 to €207,197
mainly Debts after one year (+€2.9m) and Contributions, distributions and other (+€697,000)
- Debts after one year +€2.9m
up €2.9m (+387.7%), from €739,994 to €3.6m
- Contributions +€697,000
up €697,000 (+633.6%), from €110,000 to €807,000
- Current portion of long-term debt +€378,608
up €378,608 (+475.8%), from €79,565 to €458,173
- Other debts +€136,686
up €136,686 (+100.6%), from €135,876 to €272,563
- Gross operating margin -€72,319
down €72,319 (-64.0%), from €113,074 to €40,755
- Financial charges +€69,901
up €69,901 (+229.7%), from €30,425 to €100,326
- Financial income +€15,030
up €15,030 (+99.8%), from €15,053 to €30,083
- Taxes -€7,326
down €7,326 (-99.7%), from €7,350 to €24
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 | €2,200,654 | €6,244,351 | +€4.0m | +183.7% |
| Fixed assets | 21/28 | €2,168,060 | €6,029,928 | +€3.9m | +178.1% |
| Financial fixed assets | 28 | €2,168,060 | €6,029,928 | +€3.9m | +178.1% |
| Current assets | 29/58 | €32,594 | €214,423 | +€181,829 | +557.9% |
| Amounts receivable within one year | 40/41 | €391 | €5,571 | +€5,180 | +1325.9% |
| Other amounts receivable | 41 | €391 | €5,571 | +€5,180 | +1325.9% |
| Cash at bank and in hand | 54/58 | €29,824 | €207,197 | +€177,372 | +594.7% |
| Deferred charges and accrued income | 490/1 | €2,379 | €1,655 | -€723 | -30.4% |
| Total equity and liabilities | 10/49 | €2,200,654 | €6,244,351 | +€4.0m | +183.7% |
| Equity | 10/15 | €1,220,051 | €1,886,067 | +€666,016 | +54.6% |
| Contributions | 10/11 | €110,000 | €807,000 | +€697,000 | +633.6% |
| Reserves | 13 | €1,110,051 | €1,110,051 | = | 0.0% |
| Distributable reserves | 133 | €1,110,051 | €1,110,051 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€30,984 | -€30,984 | |
| Amounts payable | 17/49 | €980,603 | €4,358,285 | +€3.4m | +344.4% |
| Amounts payable after more than one year | 17 | €739,994 | €3,609,099 | +€2.9m | +387.7% |
| Financial debts | 170/4 | €739,994 | €3,609,099 | +€2.9m | +387.7% |
| Amounts payable within one year | 42/48 | €240,609 | €749,185 | +€508,576 | +211.4% |
| Current portion of amounts payable after more than one year | 42 | €79,565 | €458,173 | +€378,608 | +475.8% |
| Trade debts | 44 | €10,837 | €11,099 | +€262 | +2.4% |
| Suppliers | 440/4 | €10,837 | €11,099 | +€262 | +2.4% |
| Taxes, remuneration and social security | 45 | €14,330 | €7,350 | -€6,980 | -48.7% |
| Taxes | 450/3 | €14,330 | €7,350 | -€6,980 | -48.7% |
| Other amounts payable | 47/48 | €135,876 | €272,563 | +€136,686 | +100.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €1,812 | €1,472 | -€339 | -18.7% |
| Gross operating margin | 9900 | €113,074 | €40,755 | -€72,319 | -64.0% |
| Operating profit (loss) | 9901 | €111,262 | €39,283 | -€71,979 | -64.7% |
| Financial income | 75/76B | €15,053 | €30,083 | +€15,030 | +99.8% |
| Recurring financial income | 75 | €15,053 | €30,083 | +€15,030 | +99.8% |
| Financial charges | 65/66B | €30,425 | €100,326 | +€69,901 | +229.7% |
| Recurring financial charges | 65 | €30,425 | €100,326 | +€69,901 | +229.7% |
| Profit (loss) for the period before taxes | 9903 | €95,891 | -€30,960 | -€126,851 | |
| Income taxes | 67/77 | €7,350 | €24 | -€7,326 | -99.7% |
| Profit (loss) for the period | 9904 | €88,541 | -€30,984 | -€119,525 | |
| Profit (loss) for the period to be appropriated | 9905 | €88,541 | -€30,984 | -€119,525 |
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 12 October 2026 via checked.be.