GFPM: 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.
GFPM
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+185.5%), from €546,130 to €1.6m
- Receivables within one year -€229,642
down €229,642 (-93.9%), from €244,684 to €15,042
of which Other amounts receivable: -€228,683
- Cash +€122,823
up €122,823 (+107.4%), from €114,378 to €237,202
mainly Debts after one year (+€527,061) and Receivables within one year (+€229,642)
- Intangible fixed assets +€115,700
up €115,700 (+192.3%), from €60,178 to €175,878
- Stocks and contracts +€68,903
up €68,903 (+360.9%), from €19,094 to €87,997
- Debts after one year +€527,061
up €527,061 (+86.8%), from €607,425 to €1.1m
- Tax, wage and social debts +€169,273
up €169,273 (+211.6%), from €79,985 to €249,257
of which Remuneration and social security: +€154,801
- Other debts +€105,852
up €105,852 (+75.9%), from €139,461 to €245,313
- Current portion of long-term debt +€93,941
up €93,941 (+94.0%), from €99,958 to €193,899
- Trade debts +€81,024
up €81,024 (+96.8%), from €83,689 to €164,713
- Gross operating margin +€1.1m
up €1.1m (+315.8%), from €356,746 to €1.5m
- Staff costs +€883,308
up €883,308 (+278.4%), from €317,322 to €1.2m
- Depreciation +€100,228
up €100,228 (+286.3%), from €35,012 to €135,239
- Financial charges +€40,442
up €40,442 (+129.7%), from €31,182 to €71,625
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 | €993,401 | €2,097,826 | +€1.1m | +111.2% |
| Fixed assets | 21/28 | €606,309 | €1,757,586 | +€1.2m | +189.9% |
| Intangible fixed assets | 21 | €60,178 | €175,878 | +€115,700 | +192.3% |
| Tangible fixed assets | 22/27 | €546,130 | €1,559,334 | +€1.0m | +185.5% |
| Land and buildings | 22 | - | €53,615 | +€53,615 | |
| Plant, machinery and equipment | 23 | €193,074 | €386,583 | +€193,509 | +100.2% |
| Furniture and vehicles | 24 | €25,644 | €47,904 | +€22,260 | +86.8% |
| Other tangible fixed assets | 26 | €254,676 | €737,418 | +€482,742 | +189.6% |
| Assets under construction and advance payments | 27 | €72,736 | €333,813 | +€261,077 | +358.9% |
| Financial fixed assets | 28 | - | €22,374 | +€22,374 | |
| Current assets | 29/58 | €387,092 | €340,240 | -€46,852 | -12.1% |
| Stocks and contracts in progress | 3 | €19,094 | €87,997 | +€68,903 | +360.9% |
| Stocks | 30/36 | €19,094 | €87,997 | +€68,903 | +360.9% |
| Amounts receivable within one year | 40/41 | €244,684 | €15,042 | -€229,642 | -93.9% |
| Trade receivables | 40 | €14,577 | €13,618 | -€959 | -6.6% |
| Other amounts receivable | 41 | €230,107 | €1,424 | -€228,683 | -99.4% |
| Cash at bank and in hand | 54/58 | €114,378 | €237,202 | +€122,823 | +107.4% |
| Deferred charges and accrued income | 490/1 | €8,936 | - | -€8,936 | |
| Total equity and liabilities | 10/49 | €993,401 | €2,097,826 | +€1.1m | +111.2% |
| Equity | 10/15 | -€21,639 | €61,159 | +€82,799 | |
| Contributions | 10/11 | €20,000 | €52,000 | +€32,000 | +160.0% |
| Profit (loss) carried forward | 14 | -€41,639 | €9,159 | +€50,799 | |
| Amounts payable | 17/49 | €1,015,040 | €2,036,667 | +€1.0m | +100.6% |
| Amounts payable after more than one year | 17 | €607,425 | €1,134,486 | +€527,061 | +86.8% |
| Financial debts | 170/4 | €607,425 | €1,134,486 | +€527,061 | +86.8% |
| Amounts payable within one year | 42/48 | €403,094 | €853,183 | +€450,089 | +111.7% |
| Current portion of amounts payable after more than one year | 42 | €99,958 | €193,899 | +€93,941 | +94.0% |
| Trade debts | 44 | €83,689 | €164,713 | +€81,024 | +96.8% |
| Suppliers | 440/4 | €83,689 | €164,713 | +€81,024 | +96.8% |
| Taxes, remuneration and social security | 45 | €79,985 | €249,257 | +€169,273 | +211.6% |
| Taxes | 450/3 | €5,079 | €19,551 | +€14,472 | +284.9% |
| Remuneration and social security | 454/9 | €74,906 | €229,706 | +€154,801 | +206.7% |
| Other amounts payable | 47/48 | €139,461 | €245,313 | +€105,852 | +75.9% |
| Accrued charges and deferred income | 492/3 | €4,521 | €48,998 | +€44,477 | +983.8% |
| Remuneration, social security and pensions | 62 | €317,322 | €1,200,630 | +€883,308 | +278.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,012 | €135,239 | +€100,228 | +286.3% |
| Other operating charges | 640/8 | €14,889 | €24,974 | +€10,086 | +67.7% |
| Gross operating margin | 9900 | €356,746 | €1,483,267 | +€1.1m | +315.8% |
| Operating profit (loss) | 9901 | -€10,477 | €122,423 | +€132,900 | |
| Financial income | 75/76B | €20 | €1 | -€19 | -97.3% |
| Recurring financial income | 75 | €20 | €1 | -€19 | -97.3% |
| Financial charges | 65/66B | €31,182 | €71,625 | +€40,442 | +129.7% |
| Recurring financial charges | 65 | €31,182 | €71,625 | +€40,442 | +129.7% |
| Profit (loss) for the period before taxes | 9903 | -€41,639 | €50,799 | +€92,438 | |
| Income taxes | 67/77 | - | €1 | +€1 | |
| Profit (loss) for the period | 9904 | -€41,639 | €50,799 | +€92,438 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,639 | €50,799 | +€92,438 |
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 8 October 2026 via checked.be.