GFIS: 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.
GFIS
Largest movements
- Current investments -€1.4m
no longer reported in 2025 (was €1.4m)
- Cash +€443,846
up €443,846 (+478.6%), from €92,742 to €536,587
mainly Current investments (+€1.4m) and Net result for the year (+€355,975)
- Tangible fixed assets -€92,007
down €92,007 (-5.3%), from €1.7m to €1.6m
of which Land and buildings: -€63,224
- Debts after one year -€1.3m
down €1.3m (-58.5%), from €2.3m to €944,966
of which Financial debts: -€1.3m
- Reserves +€355,000
up €355,000 (+83.4%), from €425,679 to €780,679
of which Distributable reserves: +€355,000
- Trade debts -€39,209
down €39,209 (-41.4%), from €94,728 to €55,519
- Other debts -€37,680
down €37,680 (-100.0%), from €37,680 to €0
- Gross operating margin +€118,821
up €118,821 (+17.6%), from €676,343 to €795,164
- Taxes +€24,428
up €24,428 (+17.3%), from €141,075 to €165,503
- Financial income -€8,927
down €8,927 (-98.4%), from €9,068 to €141
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 | €3,390,944 | €2,324,739 | -€1.1m | -31.4% |
| Fixed assets | 21/28 | €1,775,591 | €1,683,584 | -€92,007 | -5.2% |
| Tangible fixed assets | 22/27 | €1,740,046 | €1,648,038 | -€92,007 | -5.3% |
| Land and buildings | 22 | €972,076 | €908,852 | -€63,224 | -6.5% |
| Plant, machinery and equipment | 23 | €616,934 | €595,084 | -€21,850 | -3.5% |
| Furniture and vehicles | 24 | €49,669 | €42,735 | -€6,933 | -14.0% |
| Other tangible fixed assets | 26 | €86,274 | €86,274 | = | 0.0% |
| Assets under construction and advance payments | 27 | €15,093 | €15,093 | = | 0.0% |
| Financial fixed assets | 28 | €35,545 | €35,545 | = | 0.0% |
| Current assets | 29/58 | €1,615,353 | €641,155 | -€974,198 | -60.3% |
| Stocks and contracts in progress | 3 | €13,143 | €15,838 | +€2,695 | +20.5% |
| Stocks | 30/36 | €13,143 | €15,838 | +€2,695 | +20.5% |
| Amounts receivable within one year | 40/41 | €109,038 | €88,729 | -€20,309 | -18.6% |
| Trade receivables | 40 | €91,000 | €41,420 | -€49,580 | -54.5% |
| Other amounts receivable | 41 | €18,038 | €47,310 | +€29,272 | +162.3% |
| Current investments | 50/53 | €1,400,430 | - | -€1.4m | |
| Cash at bank and in hand | 54/58 | €92,742 | €536,587 | +€443,846 | +478.6% |
| Total equity and liabilities | 10/49 | €3,390,944 | €2,324,739 | -€1.1m | -31.4% |
| Equity | 10/15 | €913,759 | €1,269,734 | +€355,975 | +39.0% |
| Contributions | 10/11 | €455,250 | €455,250 | = | 0.0% |
| Reserves | 13 | €425,679 | €780,679 | +€355,000 | +83.4% |
| Non-distributable reserves | 130/1 | €10,679 | €10,679 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,679 | €10,679 | = | 0.0% |
| Distributable reserves | 133 | €415,000 | €770,000 | +€355,000 | +85.5% |
| Profit (loss) carried forward | 14 | €32,829 | €33,804 | +€975 | +3.0% |
| Provisions and deferred taxes | 16 | €41,300 | €41,300 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €41,300 | €41,300 | = | 0.0% |
| Other liabilities and charges | 164/5 | €41,300 | €41,300 | = | 0.0% |
| Amounts payable | 17/49 | €2,435,885 | €1,013,705 | -€1.4m | -58.4% |
| Amounts payable after more than one year | 17 | €2,277,097 | €944,966 | -€1.3m | -58.5% |
| Financial debts | 170/4 | €2,277,097 | €942,746 | -€1.3m | -58.6% |
| Other amounts payable | 178/9 | - | €2,220 | +€2,220 | |
| Amounts payable within one year | 42/48 | €158,787 | €68,740 | -€90,048 | -56.7% |
| Current portion of amounts payable after more than one year | 42 | €12,209 | €3,148 | -€9,062 | -74.2% |
| Trade debts | 44 | €94,728 | €55,519 | -€39,209 | -41.4% |
| Suppliers | 440/4 | €94,728 | €55,519 | -€39,209 | -41.4% |
| Taxes, remuneration and social security | 45 | €14,170 | €10,073 | -€4,098 | -28.9% |
| Taxes | 450/3 | €9,553 | €1,847 | -€7,705 | -80.7% |
| Remuneration and social security | 454/9 | €4,618 | €8,225 | +€3,608 | +78.1% |
| Other amounts payable | 47/48 | €37,680 | €0 | -€37,680 | -100.0% |
| Remuneration, social security and pensions | 62 | €34,657 | €35,065 | +€408 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,012 | €203,508 | -€6,504 | -3.1% |
| Other operating charges | 640/8 | €31,739 | €35,255 | +€3,517 | +11.1% |
| Gross operating margin | 9900 | €676,343 | €795,164 | +€118,821 | +17.6% |
| Operating profit (loss) | 9901 | €399,936 | €521,337 | +€121,401 | +30.4% |
| Financial income | 75/76B | €9,068 | €141 | -€8,927 | -98.4% |
| Recurring financial income | 75 | €9,068 | €141 | -€8,927 | -98.4% |
| Financial charges | 65/66B | €1,185 | - | -€1,185 | |
| Recurring financial charges | 65 | €1,185 | - | -€1,185 | |
| Profit (loss) for the period before taxes | 9903 | €407,818 | €521,477 | +€113,659 | +27.9% |
| Income taxes | 67/77 | €141,075 | €165,503 | +€24,428 | +17.3% |
| Profit (loss) for the period | 9904 | €266,743 | €355,975 | +€89,232 | +33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €266,743 | €355,975 | +€89,232 | +33.5% |
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 10 October 2026 via checked.be.