GFisco: 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.
GFisco
Largest movements
- Intangible fixed assets -€47,600
down €47,600 (-46.2%), from €103,063 to €55,463
- Receivables within one year -€12,705
down €12,705 (-13.4%), from €94,859 to €82,154
of which Other amounts receivable: -€25,981
- Cash -€5,548
down €5,548 (-11.6%), from €47,682 to €42,135
mainly Net result for the year (-€36,893) and Debts after one year (-€30,914)
- Deferred charges and accrued income -€3,870
down €3,870 (-93.3%), from €4,146 to €276
- Profit (loss) carried forward -€36,893
down €36,893 (-69.4%), from €53,162 to €16,269
- Other debts +€33,190
new in 2025: €33,190
- Debts after one year -€30,914
down €30,914 (-36.7%), from €84,129 to €53,216
- Tax, wage and social debts -€11,626
down €11,626 (-45.9%), from €25,323 to €13,697
of which Taxes: -€6,199
- Current portion of long-term debt -€11,465
down €11,465 (-25.6%), from €44,800 to €33,335
- Financial charges +€67,758
up €67,758 (+1227.5%), from €5,520 to €73,278
- Staff costs -€21,974
down €21,974 (-15.4%), from €143,141 to €121,166
- Gross operating margin -€11,070
down €11,070 (-5.1%), from €217,810 to €206,741
- Taxes -€6,452
down €6,452 (-97.3%), from €6,630 to €179
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 | €253,235 | €182,754 | -€70,481 | -27.8% |
| Fixed assets | 21/28 | €106,548 | €58,189 | -€48,359 | -45.4% |
| Intangible fixed assets | 21 | €103,063 | €55,463 | -€47,600 | -46.2% |
| Tangible fixed assets | 22/27 | €1,532 | €760 | -€772 | -50.4% |
| Furniture and vehicles | 24 | €1,532 | €760 | -€772 | -50.4% |
| Financial fixed assets | 28 | €1,953 | €1,966 | +€12 | +0.6% |
| Current assets | 29/58 | €146,687 | €124,565 | -€22,122 | -15.1% |
| Amounts receivable within one year | 40/41 | €94,859 | €82,154 | -€12,705 | -13.4% |
| Trade receivables | 40 | €67,963 | €81,240 | +€13,277 | +19.5% |
| Other amounts receivable | 41 | €26,895 | €914 | -€25,981 | -96.6% |
| Cash at bank and in hand | 54/58 | €47,682 | €42,135 | -€5,548 | -11.6% |
| Deferred charges and accrued income | 490/1 | €4,146 | €276 | -€3,870 | -93.3% |
| Total equity and liabilities | 10/49 | €253,235 | €182,754 | -€70,481 | -27.8% |
| Equity | 10/15 | €80,816 | €43,923 | -€36,893 | -45.7% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €26,154 | €26,154 | = | 0.0% |
| Distributable reserves | 133 | €26,154 | €26,154 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,162 | €16,269 | -€36,893 | -69.4% |
| Amounts payable | 17/49 | €172,419 | €138,831 | -€33,588 | -19.5% |
| Amounts payable after more than one year | 17 | €84,129 | €53,216 | -€30,914 | -36.7% |
| Financial debts | 170/4 | €84,129 | €53,216 | -€30,914 | -36.7% |
| Amounts payable within one year | 42/48 | €86,036 | €85,615 | -€421 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €44,800 | €33,335 | -€11,465 | -25.6% |
| Trade debts | 44 | €15,913 | €5,392 | -€10,520 | -66.1% |
| Suppliers | 440/4 | €15,501 | €4,454 | -€11,046 | -71.3% |
| Bills of exchange payable | 441 | €412 | €938 | +€526 | +127.7% |
| Taxes, remuneration and social security | 45 | €25,323 | €13,697 | -€11,626 | -45.9% |
| Taxes | 450/3 | €6,199 | - | -€6,199 | |
| Remuneration and social security | 454/9 | €19,125 | €13,697 | -€5,427 | -28.4% |
| Other amounts payable | 47/48 | - | €33,190 | +€33,190 | |
| Accrued charges and deferred income | 492/3 | €2,253 | - | -€2,253 | |
| Remuneration, social security and pensions | 62 | €143,141 | €121,166 | -€21,974 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,816 | €48,372 | +€1,556 | +3.3% |
| Other operating charges | 640/8 | €924 | €758 | -€166 | -18.0% |
| Gross operating margin | 9900 | €217,810 | €206,741 | -€11,070 | -5.1% |
| Operating profit (loss) | 9901 | €26,929 | €36,445 | +€9,516 | +35.3% |
| Financial income | 75/76B | €1,175 | €119 | -€1,056 | -89.9% |
| Recurring financial income | 75 | €1,175 | €119 | -€1,056 | -89.9% |
| Financial charges | 65/66B | €5,520 | €73,278 | +€67,758 | +1227.5% |
| Recurring financial charges | 65 | €5,520 | €73,278 | +€67,758 | +1227.5% |
| Profit (loss) for the period before taxes | 9903 | €22,584 | -€36,715 | -€59,299 | |
| Income taxes | 67/77 | €6,630 | €179 | -€6,452 | -97.3% |
| Profit (loss) for the period | 9904 | €15,954 | -€36,893 | -€52,847 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,954 | -€36,893 | -€52,847 |
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 4 October 2026 via checked.be.