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 within one year -€63,224
down €63,224 (-32.2%), from €196,358 to €133,134
of which Trade receivables: -€47,617
- Cash -€50,530
down €50,530 (-99.9%), from €50,570 to €40
- Stocks and contracts +€7,000
new in 2025: €7,000
- Tangible fixed assets -€6,886
no longer reported in 2025 (was €6,886)
of which Other tangible fixed assets: -€5,260
- Advances received -€104,600
down €104,600 (-97.2%), from €107,600 to €3,000
- Other debts -€9,261
down €9,261 (-6.8%), from €136,518 to €127,257
- Gross operating margin -€34,625
down €34,625 (-94.5%), from €36,634 to €2,009
- Financial charges -€17,127
down €17,127 (-91.0%), from €18,816 to €1,688
- Depreciation -€8,413
down €8,413 (-91.2%), from €9,226 to €813
- Taxes -€4,509
no longer reported in 2025 (was €4,509)
- Other operating charges -€2,327
down €2,327 (-84.7%), from €2,747 to €420
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €290,814 | €177,174 | -€113,640 | -39.1% |
| Fixed assets | 21/28 | €43,886 | €37,000 | -€6,886 | -15.7% |
| Tangible fixed assets | 22/27 | €6,886 | - | -€6,886 | |
| Furniture and vehicles | 24 | €1,626 | - | -€1,626 | |
| Other tangible fixed assets | 26 | €5,260 | - | -€5,260 | |
| Financial fixed assets | 28 | €37,000 | €37,000 | = | 0.0% |
| Current assets | 29/58 | €246,929 | €140,174 | -€106,754 | -43.2% |
| Stocks and contracts in progress | 3 | - | €7,000 | +€7,000 | |
| Stocks | 30/36 | - | €7,000 | +€7,000 | |
| Amounts receivable within one year | 40/41 | €196,358 | €133,134 | -€63,224 | -32.2% |
| Trade receivables | 40 | €172,286 | €124,669 | -€47,617 | -27.6% |
| Other amounts receivable | 41 | €24,072 | €8,465 | -€15,607 | -64.8% |
| Cash at bank and in hand | 54/58 | €50,570 | €40 | -€50,530 | -99.9% |
| Total equity and liabilities | 10/49 | €290,814 | €177,174 | -€113,640 | -39.1% |
| Equity | 10/15 | €45,396 | €46,918 | +€1,521 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,936 | €26,458 | +€1,521 | +6.1% |
| Amounts payable | 17/49 | €245,418 | €130,257 | -€115,161 | -46.9% |
| Amounts payable after more than one year | 17 | €1,300 | - | -€1,300 | |
| Other amounts payable | 178/9 | €1,300 | - | -€1,300 | |
| Amounts payable within one year | 42/48 | €244,118 | €130,257 | -€113,861 | -46.6% |
| Advances received on contracts in progress | 46 | €107,600 | €3,000 | -€104,600 | -97.2% |
| Other amounts payable | 47/48 | €136,518 | €127,257 | -€9,261 | -6.8% |
| Remuneration, social security and pensions | 62 | €186 | €110 | -€76 | -40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,226 | €813 | -€8,413 | -91.2% |
| Other operating charges | 640/8 | €2,747 | €420 | -€2,327 | -84.7% |
| Gross operating margin | 9900 | €36,634 | €2,009 | -€34,625 | -94.5% |
| Operating profit (loss) | 9901 | €24,475 | €666 | -€23,809 | -97.3% |
| Financial income | 75/76B | €27 | €1,569 | +€1,542 | +5709.6% |
| Recurring financial income | 75 | €27 | €1,569 | +€1,542 | +5709.6% |
| Financial charges | 65/66B | €18,816 | €1,688 | -€17,127 | -91.0% |
| Recurring financial charges | 65 | €18,816 | €1,688 | -€17,127 | -91.0% |
| Profit (loss) for the period before taxes | 9903 | €5,687 | €546 | -€5,140 | -90.4% |
| Income taxes | 67/77 | €4,509 | - | -€4,509 | |
| Profit (loss) for the period | 9904 | €1,178 | €546 | -€632 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,178 | €546 | -€632 | -53.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 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.