GFO: 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.
GFO
Largest movements
- Tangible fixed assets -€239,819
down €239,819 (-6.1%), from €3.9m to €3.7m
of which Other tangible fixed assets: -€131,650
- Profit (loss) carried forward -€250,631
down €250,631 (-48.3%), from -€518,467 to -€769,098
- Gross operating margin +€30,505
up €30,505 (+303%), from €10,082 to €40,587
- Financial charges -€26,863
down €26,863 (-98.1%), from €27,374 to €511
- Other operating charges -€559
down €559 (-13.0%), from €4,302 to €3,743
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.
Derived cash bridge
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 | €4,235,207 | €3,997,744 | -€237,463 | -5.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €3,900,087 | €3,660,268 | -€239,819 | -6.1% |
| Tangible fixed assets | 22/27 | €3,900,087 | €3,660,268 | -€239,819 | -6.1% |
| Land and buildings | 22 | €352,285 | €335,520 | -€16,766 | -4.8% |
| Furniture and vehicles | 24 | €371,115 | €288,122 | -€82,993 | -22.4% |
| Other tangible fixed assets | 26 | €3,168,277 | €3,036,627 | -€131,650 | -4.2% |
| Assets under construction and advance payments | 27 | €8,410 | €0 | -€8,410 | -100% |
| Current assets | 29/58 | €335,120 | €337,476 | +€2,356 | +0.7% |
| Amounts receivable within one year | 40/41 | €91,006 | €98,327 | +€7,321 | +8.0% |
| Trade receivables | 40 | €91,006 | €98,327 | +€7,321 | +8.0% |
| Cash at bank and in hand | 54/58 | €244,114 | €237,560 | -€6,555 | -2.7% |
| Deferred charges and accrued income | 490/1 | €0 | €1,589 | +€1,589 | |
| Total equity and liabilities | 10/49 | €4,235,207 | €3,997,744 | -€237,463 | -5.6% |
| Equity | 10/15 | €1,981,533 | €1,730,902 | -€250,631 | -12.6% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€518,467 | -€769,098 | -€250,631 | -48.3% |
| Amounts payable | 17/49 | €2,253,674 | €2,266,842 | +€13,168 | +0.6% |
| Amounts payable within one year | 42/48 | €2,253,674 | €2,247,132 | -€6,542 | -0.3% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €25,674 | €19,132 | -€6,542 | -25.5% |
| Suppliers | 440/4 | €25,674 | €19,132 | -€6,542 | -25.5% |
| Other amounts payable | 47/48 | €2,228,000 | €2,228,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | €19,710 | +€19,710 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €287,128 | €286,964 | -€165 | -0.1% |
| Other operating charges | 640/8 | €4,302 | €3,743 | -€559 | -13.0% |
| Gross operating margin | 9900 | €10,082 | €40,587 | +€30,505 | +303% |
| Operating profit (loss) | 9901 | -€281,348 | -€250,120 | +€31,228 | +11.1% |
| Financial charges | 65/66B | €27,374 | €511 | -€26,863 | -98.1% |
| Recurring financial charges | 65 | €27,374 | €511 | -€26,863 | -98.1% |
| Profit (loss) for the period before taxes | 9903 | -€308,722 | -€250,631 | +€58,091 | +18.8% |
| Profit (loss) for the period | 9904 | -€308,722 | -€250,631 | +€58,091 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€308,722 | -€250,631 | +€58,091 | +18.8% |
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 23 October 2026 via checked.be.