GFC: 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.
GFC
Largest movements
- Tangible fixed assets -€42,535
down €42,535 (-19.2%), from €220,981 to €178,445
of which Land and buildings: -€41,964
- Cash +€4,086
up €4,086 (+5.1%), from €80,118 to €84,204
mainly Depreciation (+€42,535) and Trade debts (+€2,626)
- Reserves -€29,105
down €29,105 (-23.9%), from €121,910 to €92,804
- Other debts -€8,473
down €8,473 (-11.3%), from €75,240 to €66,767
- Tax, wage and social debts -€3,967
down €3,967 (-70.3%), from €5,640 to €1,673
- Gross operating margin -€4,653
down €4,653 (-10.6%), from €43,720 to €39,067
- Financial income -€794
down €794 (-69.9%), from €1,136 to €342
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 | €313,132 | €274,213 | -€38,919 | -12.4% |
| Fixed assets | 21/28 | €220,981 | €178,445 | -€42,535 | -19.2% |
| Tangible fixed assets | 22/27 | €220,981 | €178,445 | -€42,535 | -19.2% |
| Land and buildings | 22 | €219,541 | €177,577 | -€41,964 | -19.1% |
| Plant, machinery and equipment | 23 | €1,440 | €869 | -€571 | -39.7% |
| Current assets | 29/58 | €92,152 | €95,768 | +€3,616 | +3.9% |
| Amounts receivable within one year | 40/41 | €12,033 | €9,734 | -€2,300 | -19.1% |
| Trade receivables | 40 | €5,592 | €5,716 | +€124 | +2.2% |
| Other amounts receivable | 41 | €6,441 | €4,018 | -€2,423 | -37.6% |
| Cash at bank and in hand | 54/58 | €80,118 | €84,204 | +€4,086 | +5.1% |
| Deferred charges and accrued income | 490/1 | - | €1,830 | +€1,830 | |
| Total equity and liabilities | 10/49 | €313,132 | €274,213 | -€38,919 | -12.4% |
| Equity | 10/15 | €231,810 | €202,704 | -€29,105 | -12.6% |
| Contributions | 10/11 | €109,900 | €109,900 | = | 0.0% |
| Reserves | 13 | €121,910 | €92,804 | -€29,105 | -23.9% |
| Distributable reserves | 133 | €121,910 | €92,804 | -€29,105 | -23.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €81,322 | €71,509 | -€9,814 | -12.1% |
| Amounts payable within one year | 42/48 | €81,322 | €71,509 | -€9,814 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €443 | €3,068 | +€2,626 | +593.2% |
| Suppliers | 440/4 | €443 | €3,068 | +€2,626 | +593.2% |
| Taxes, remuneration and social security | 45 | €5,640 | €1,673 | -€3,967 | -70.3% |
| Taxes | 450/3 | €5,640 | €1,673 | -€3,967 | -70.3% |
| Other amounts payable | 47/48 | €75,240 | €66,767 | -€8,473 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,551 | €42,535 | -€16 | 0.0% |
| Other operating charges | 640/8 | €3,167 | €3,115 | -€52 | -1.7% |
| Gross operating margin | 9900 | €43,720 | €39,067 | -€4,653 | -10.6% |
| Operating profit (loss) | 9901 | -€1,998 | -€6,583 | -€4,584 | -229.4% |
| Financial income | 75/76B | €1,136 | €342 | -€794 | -69.9% |
| Recurring financial income | 75 | €1,136 | €342 | -€794 | -69.9% |
| Financial charges | 65/66B | €313 | €75 | -€238 | -76.0% |
| Recurring financial charges | 65 | €313 | €75 | -€238 | -76.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,175 | -€6,316 | -€5,141 | -437.5% |
| Income taxes | 67/77 | €158 | €211 | +€53 | +33.3% |
| Profit (loss) for the period | 9904 | -€1,334 | -€6,527 | -€5,193 | -389.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,334 | -€6,527 | -€5,193 | -389.4% |
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 7 October 2026 via checked.be.