GFI: 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.
GFI
Largest movements
- Receivables after one year +€175,000
up €175,000 (+27.8%), from €630,000 to €805,000
- Tangible fixed assets -€149,614
down €149,614 (-5.4%), from €2.8m to €2.6m
of which Land and buildings: -€130,128
- Cash +€133,374
up €133,374 (+71.4%), from €186,723 to €320,097
mainly Depreciation (+€190,849) and Net result for the year (+€152,275)
- Current investments -€76,677
down €76,677 (-10.4%), from €739,033 to €662,355
- Receivables within one year +€63,013
up €63,013 (+126.4%), from €49,845 to €112,858
of which Trade receivables: +€61,451
- Profit (loss) carried forward +€170,671
up €170,671 (+38.0%), from €449,660 to €620,331
- Other debts +€49,060
up €49,060 (+1.8%), from €2.8m to €2.8m
- Gross operating margin +€67,078
up €67,078 (+15.2%), from €440,196 to €507,274
- Taxes +€18,987
up €18,987 (+50.3%), from €37,748 to €56,735
- Financial charges -€10,178
down €10,178 (-7.1%), from €144,109 to €133,931
- Depreciation +€8,506
up €8,506 (+4.7%), from €182,343 to €190,849
- Financial income +€5,156
up €5,156 (+14.7%), from €34,955 to €40,110
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,451,809 | €4,597,174 | +€145,365 | +3.3% |
| Fixed assets | 21/28 | €2,840,285 | €2,690,671 | -€149,614 | -5.3% |
| Tangible fixed assets | 22/27 | €2,790,635 | €2,641,021 | -€149,614 | -5.4% |
| Land and buildings | 22 | €2,733,629 | €2,603,501 | -€130,128 | -4.8% |
| Plant, machinery and equipment | 23 | €6,656 | €4,647 | -€2,009 | -30.2% |
| Furniture and vehicles | 24 | €50,350 | €32,872 | -€17,478 | -34.7% |
| Financial fixed assets | 28 | €49,650 | €49,650 | = | 0.0% |
| Current assets | 29/58 | €1,611,524 | €1,906,503 | +€294,979 | +18.3% |
| Amounts receivable after more than one year | 29 | €630,000 | €805,000 | +€175,000 | +27.8% |
| Other amounts receivable | 291 | €630,000 | €805,000 | +€175,000 | +27.8% |
| Amounts receivable within one year | 40/41 | €49,845 | €112,858 | +€63,013 | +126.4% |
| Trade receivables | 40 | €30,250 | €91,701 | +€61,451 | +203.1% |
| Other amounts receivable | 41 | €19,595 | €21,157 | +€1,562 | +8.0% |
| Current investments | 50/53 | €739,033 | €662,355 | -€76,677 | -10.4% |
| Cash at bank and in hand | 54/58 | €186,723 | €320,097 | +€133,374 | +71.4% |
| Deferred charges and accrued income | 490/1 | €5,923 | €6,194 | +€270 | +4.6% |
| Total equity and liabilities | 10/49 | €4,451,809 | €4,597,174 | +€145,365 | +3.3% |
| Equity | 10/15 | €1,288,504 | €1,440,778 | +€152,275 | +11.8% |
| Contributions | 10/11 | €475,000 | €475,000 | = | 0.0% |
| Capital | 10 | €475,000 | €475,000 | = | 0.0% |
| Issued capital | 100 | €475,000 | €475,000 | = | 0.0% |
| Reserves | 13 | €363,844 | €345,448 | -€18,396 | -5.1% |
| Non-distributable reserves | 130/1 | €47,500 | €47,500 | = | 0.0% |
| Legal reserve | 130 | €47,500 | €47,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €152,347 | €133,950 | -€18,396 | -12.1% |
| Distributable reserves | 133 | €163,997 | €163,997 | = | 0.0% |
| Profit (loss) carried forward | 14 | €449,660 | €620,331 | +€170,671 | +38.0% |
| Provisions and deferred taxes | 16 | €78,447 | €68,974 | -€9,473 | -12.1% |
| Deferred taxes | 168 | €78,447 | €68,974 | -€9,473 | -12.1% |
| Amounts payable | 17/49 | €3,084,858 | €3,087,421 | +€2,563 | +0.1% |
| Amounts payable after more than one year | 17 | €182,005 | €144,847 | -€37,158 | -20.4% |
| Financial debts | 170/4 | €182,005 | €144,847 | -€37,158 | -20.4% |
| Amounts payable within one year | 42/48 | €2,880,482 | €2,938,624 | +€58,141 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €36,559 | €37,158 | +€599 | +1.6% |
| Trade debts | 44 | €2,894 | €3,825 | +€931 | +32.2% |
| Suppliers | 440/4 | €2,894 | €3,825 | +€931 | +32.2% |
| Taxes, remuneration and social security | 45 | €40,823 | €48,375 | +€7,551 | +18.5% |
| Taxes | 450/3 | €40,823 | €48,375 | +€7,551 | +18.5% |
| Other amounts payable | 47/48 | €2,800,206 | €2,849,266 | +€49,060 | +1.8% |
| Accrued charges and deferred income | 492/3 | €22,371 | €3,950 | -€18,420 | -82.3% |
| Non-recurring operating income | 76A | - | €148 | +€148 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,343 | €190,849 | +€8,506 | +4.7% |
| Other operating charges | 640/8 | €19,820 | €21,453 | +€1,633 | +8.2% |
| Non-recurring operating charges | 66A | - | €1,614 | +€1,614 | |
| Gross operating margin | 9900 | €440,196 | €507,274 | +€67,078 | +15.2% |
| Operating profit (loss) | 9901 | €238,033 | €293,358 | +€55,325 | +23.2% |
| Financial income | 75/76B | €34,955 | €40,110 | +€5,156 | +14.7% |
| Recurring financial income | 75 | €34,955 | €40,110 | +€5,156 | +14.7% |
| Financial charges | 65/66B | €144,109 | €133,931 | -€10,178 | -7.1% |
| Recurring financial charges | 65 | €144,109 | €133,931 | -€10,178 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €128,879 | €199,537 | +€70,658 | +54.8% |
| Transfer from deferred taxes | 780 | €9,473 | €9,473 | = | 0.0% |
| Income taxes | 67/77 | €37,748 | €56,735 | +€18,987 | +50.3% |
| Profit (loss) for the period | 9904 | €100,604 | €152,275 | +€51,671 | +51.4% |
| Transfer from tax-exempt reserves | 789 | €18,396 | €18,396 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €119,000 | €170,671 | +€51,671 | +43.4% |
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.