GF4.2: 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.
GF4.2
Largest movements
- Deferred charges and accrued income -€38,842
down €38,842 (-89.1%), from €43,614 to €4,772
- Cash +€19,208
up €19,208 (+96.4%), from €19,933 to €39,141
mainly Deferred charges and accrued income (+€38,842) and Depreciation (+€38,376)
- Trade debts -€52,488
down €52,488 (-43.0%), from €122,029 to €69,541
- Other debts +€10,322
up €10,322 (+12.9%), from €79,841 to €90,162
- Debts after one year +€7,805
up €7,805 (+3.9%), from €198,275 to €206,080
- Current portion of long-term debt +€7,708
up €7,708 (+24.9%), from €30,918 to €38,626
- Tax, wage and social debts +€6,744
up €6,744 (+270.7%), from €2,491 to €9,235
of which Taxes: +€3,673
- Gross operating margin +€17,165
up €17,165 (+6.4%), from €270,091 to €287,255
- Taxes +€8,323
new in 2025: €8,323
- Staff costs +€4,955
up €4,955 (+2.4%), from €207,214 to €212,169
- Depreciation +€3,240
up €3,240 (+9.2%), from €35,135 to €38,376
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 | €454,207 | €434,833 | -€19,374 | -4.3% |
| Fixed assets | 21/28 | €253,321 | €256,177 | +€2,857 | +1.1% |
| Intangible fixed assets | 21 | €626 | €296 | -€330 | -52.7% |
| Tangible fixed assets | 22/27 | €241,039 | €244,226 | +€3,187 | +1.3% |
| Plant, machinery and equipment | 23 | €25,991 | €21,719 | -€4,272 | -16.4% |
| Other tangible fixed assets | 26 | €215,048 | €222,507 | +€7,459 | +3.5% |
| Financial fixed assets | 28 | €11,656 | €11,656 | = | 0.0% |
| Current assets | 29/58 | €200,887 | €178,656 | -€22,231 | -11.1% |
| Stocks and contracts in progress | 3 | €31,426 | €31,426 | = | 0.0% |
| Stocks | 30/36 | €31,426 | €31,426 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €105,914 | €103,317 | -€2,597 | -2.5% |
| Trade receivables | 40 | €37,265 | €17,883 | -€19,382 | -52.0% |
| Other amounts receivable | 41 | €68,649 | €85,434 | +€16,785 | +24.5% |
| Cash at bank and in hand | 54/58 | €19,933 | €39,141 | +€19,208 | +96.4% |
| Deferred charges and accrued income | 490/1 | €43,614 | €4,772 | -€38,842 | -89.1% |
| Total equity and liabilities | 10/49 | €454,207 | €434,833 | -€19,374 | -4.3% |
| Equity | 10/15 | €17,285 | €17,716 | +€432 | +2.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,285 | €2,716 | +€432 | +18.9% |
| Amounts payable | 17/49 | €436,922 | €417,116 | -€19,806 | -4.5% |
| Amounts payable after more than one year | 17 | €198,275 | €206,080 | +€7,805 | +3.9% |
| Financial debts | 170/4 | €198,275 | €206,080 | +€7,805 | +3.9% |
| Amounts payable within one year | 42/48 | €235,279 | €207,565 | -€27,714 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €30,918 | €38,626 | +€7,708 | +24.9% |
| Trade debts | 44 | €122,029 | €69,541 | -€52,488 | -43.0% |
| Suppliers | 440/4 | €122,029 | €69,541 | -€52,488 | -43.0% |
| Taxes, remuneration and social security | 45 | €2,491 | €9,235 | +€6,744 | +270.7% |
| Taxes | 450/3 | €2,491 | €6,164 | +€3,673 | +147.4% |
| Remuneration and social security | 454/9 | - | €3,072 | +€3,072 | |
| Other amounts payable | 47/48 | €79,841 | €90,162 | +€10,322 | +12.9% |
| Accrued charges and deferred income | 492/3 | €3,369 | €3,472 | +€103 | +3.0% |
| Remuneration, social security and pensions | 62 | €207,214 | €212,169 | +€4,955 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,135 | €38,376 | +€3,240 | +9.2% |
| Other operating charges | 640/8 | €13,728 | €12,101 | -€1,627 | -11.9% |
| Gross operating margin | 9900 | €270,091 | €287,255 | +€17,165 | +6.4% |
| Operating profit (loss) | 9901 | €14,013 | €24,609 | +€10,597 | +75.6% |
| Financial income | 75/76B | €515 | - | -€515 | |
| Recurring financial income | 75 | €515 | - | -€515 | |
| Financial charges | 65/66B | €13,313 | €15,855 | +€2,541 | +19.1% |
| Recurring financial charges | 65 | €13,313 | €15,855 | +€2,541 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €1,214 | €8,754 | +€7,540 | +621.0% |
| Income taxes | 67/77 | - | €8,323 | +€8,323 | |
| Profit (loss) for the period | 9904 | €1,214 | €432 | -€782 | -64.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,214 | €432 | -€782 | -64.4% |
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 5 October 2026 via checked.be.