GF4: 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.
GF4
Largest movements
- Tangible fixed assets -€28,996
down €28,996 (-28.6%), from €101,255 to €72,259
of which Other tangible fixed assets: -€25,795
- Receivables within one year +€5,857
up €5,857 (+12.4%), from €47,214 to €53,071
of which Trade receivables: +€3,098
- Stocks and contracts -€4,015
down €4,015 (-42.2%), from €9,520 to €5,505
- Trade debts -€31,530
down €31,530 (-26.3%), from €119,801 to €88,272
- Profit (loss) carried forward +€31,479
up €31,479 (+12.1%), from -€260,578 to -€229,098
- Debts after one year -€29,751
down €29,751 (-95.8%), from €31,056 to €1,305
- Other debts +€16,776
up €16,776 (+8.4%), from €198,545 to €215,322
- Tax, wage and social debts -€10,793
down €10,793 (-56.6%), from €19,058 to €8,265
of which Taxes: -€10,406
- Gross operating margin +€28,956
up €28,956 (+15.6%), from €185,551 to €214,507
- Other operating charges -€21,323
down €21,323 (-93.6%), from €22,781 to €1,458
- Depreciation +€7,628
up €7,628 (+35.7%), from €21,368 to €28,996
- Staff costs +€7,003
up €7,003 (+4.9%), from €142,056 to €149,059
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 | €163,070 | €134,939 | -€28,131 | -17.3% |
| Fixed assets | 21/28 | €101,515 | €72,519 | -€28,996 | -28.6% |
| Tangible fixed assets | 22/27 | €101,255 | €72,259 | -€28,996 | -28.6% |
| Plant, machinery and equipment | 23 | €10,156 | €7,939 | -€2,218 | -21.8% |
| Furniture and vehicles | 24 | €4,417 | €3,434 | -€983 | -22.2% |
| Other tangible fixed assets | 26 | €86,681 | €60,886 | -€25,795 | -29.8% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €61,556 | €62,421 | +€865 | +1.4% |
| Stocks and contracts in progress | 3 | €9,520 | €5,505 | -€4,015 | -42.2% |
| Stocks | 30/36 | €9,520 | €5,505 | -€4,015 | -42.2% |
| Amounts receivable within one year | 40/41 | €47,214 | €53,071 | +€5,857 | +12.4% |
| Trade receivables | 40 | €46,577 | €49,675 | +€3,098 | +6.7% |
| Other amounts receivable | 41 | €636 | €3,396 | +€2,759 | +433.6% |
| Cash at bank and in hand | 54/58 | €4,822 | €3,693 | -€1,129 | -23.4% |
| Deferred charges and accrued income | 490/1 | - | €152 | +€152 | |
| Total equity and liabilities | 10/49 | €163,070 | €134,939 | -€28,131 | -17.3% |
| Equity | 10/15 | -€241,978 | -€210,498 | +€31,479 | +13.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€260,578 | -€229,098 | +€31,479 | +12.1% |
| Amounts payable | 17/49 | €405,048 | €345,438 | -€59,610 | -14.7% |
| Amounts payable after more than one year | 17 | €31,056 | €1,305 | -€29,751 | -95.8% |
| Financial debts | 170/4 | €31,056 | €1,305 | -€29,751 | -95.8% |
| Amounts payable within one year | 42/48 | €370,556 | €340,683 | -€29,872 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €33,151 | €28,825 | -€4,326 | -13.0% |
| Trade debts | 44 | €119,801 | €88,272 | -€31,530 | -26.3% |
| Suppliers | 440/4 | €119,801 | €88,272 | -€31,530 | -26.3% |
| Taxes, remuneration and social security | 45 | €19,058 | €8,265 | -€10,793 | -56.6% |
| Taxes | 450/3 | €10,406 | - | -€10,406 | |
| Remuneration and social security | 454/9 | €8,652 | €8,265 | -€387 | -4.5% |
| Other amounts payable | 47/48 | €198,545 | €215,322 | +€16,776 | +8.4% |
| Accrued charges and deferred income | 492/3 | €3,436 | €3,450 | +€14 | +0.4% |
| Remuneration, social security and pensions | 62 | €142,056 | €149,059 | +€7,003 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,368 | €28,996 | +€7,628 | +35.7% |
| Other operating charges | 640/8 | €22,781 | €1,458 | -€21,323 | -93.6% |
| Gross operating margin | 9900 | €185,551 | €214,507 | +€28,956 | +15.6% |
| Operating profit (loss) | 9901 | -€653 | €34,995 | +€35,648 | |
| Financial charges | 65/66B | €4,785 | €3,516 | -€1,269 | -26.5% |
| Recurring financial charges | 65 | €4,785 | €3,516 | -€1,269 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,438 | €31,479 | +€36,917 | |
| Profit (loss) for the period | 9904 | -€5,438 | €31,479 | +€36,917 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,438 | €31,479 | +€36,917 |
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 30 September 2026 via checked.be.