GFR Projects: 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.
GFR Projects
Largest movements
- Stocks and contracts +€457,997
up €457,997 (+195%), from €235,076 to €693,073
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
- Tangible fixed assets +€47,334
up €47,334 (+10.9%), from €435,867 to €483,200
- Receivables within one year -€32,147
down €32,147 (-100%), from €32,147 to €0
of which Trade receivables: -€31,800
- Cash +€15,170
up €15,170 (+45.0%), from €33,725 to €48,895
mainly Short-term financial debts (+€400,000) and Current investments (+€50,000)
- Short-term financial debts +€400,000
new in 2025: €400,000
- Reserves +€16,382
new in 2025: €16,382
- Profit (loss) carried forward +€14,495
up €14,495, from -€14,495 to €0
- Gross operating margin +€108,671
up €108,671, from -€743 to €107,927
- Financial charges +€25,869
up €25,869 (+329%), from €7,868 to €33,737
- Other operating charges +€17,953
up €17,953 (+1,381%), from €1,300 to €19,253
- Depreciation +€14,213
up €14,213 (+248%), from €5,741 to €19,954
- Taxes +€4,096
new in 2025: €4,096
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 | €786,933 | €1,225,762 | +€438,829 | +55.8% |
| Fixed assets | 21/28 | €435,867 | €483,200 | +€47,334 | +10.9% |
| Tangible fixed assets | 22/27 | €435,867 | €483,200 | +€47,334 | +10.9% |
| Land and buildings | 22 | €435,867 | €483,200 | +€47,334 | +10.9% |
| Current assets | 29/58 | €351,067 | €742,562 | +€391,496 | +112% |
| Stocks and contracts in progress | 3 | €235,076 | €693,073 | +€457,997 | +195% |
| Stocks | 30/36 | €235,076 | €693,073 | +€457,997 | +195% |
| Amounts receivable within one year | 40/41 | €32,147 | €0 | -€32,147 | -100% |
| Trade receivables | 40 | €31,800 | €0 | -€31,800 | -100% |
| Other amounts receivable | 41 | €347 | €0 | -€347 | -100% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €33,725 | €48,895 | +€15,170 | +45.0% |
| Deferred charges and accrued income | 490/1 | €118 | €594 | +€476 | +403% |
| Total equity and liabilities | 10/49 | €786,933 | €1,225,762 | +€438,829 | +55.8% |
| Equity | 10/15 | €385,505 | €416,382 | +€30,877 | +8.0% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | - | €16,382 | +€16,382 | |
| Distributable reserves | 133 | - | €16,382 | +€16,382 | |
| Profit (loss) carried forward | 14 | -€14,495 | €0 | +€14,495 | |
| Amounts payable | 17/49 | €401,428 | €809,380 | +€407,952 | +102% |
| Amounts payable after more than one year | 17 | €400,000 | €400,000 | = | 0.0% |
| Financial debts | 170/4 | €400,000 | €400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €261 | €405,480 | +€405,219 | +155,054% |
| Current portion of amounts payable after more than one year | 42 | - | €1,450 | +€1,450 | |
| Financial debts | 43 | - | €400,000 | +€400,000 | |
| Credit institutions | 430/8 | - | €400,000 | +€400,000 | |
| Trade debts | 44 | €261 | €0 | -€261 | -100% |
| Suppliers | 440/4 | €261 | €0 | -€261 | -100% |
| Taxes, remuneration and social security | 45 | - | €4,030 | +€4,030 | |
| Taxes | 450/3 | - | €4,030 | +€4,030 | |
| Accrued charges and deferred income | 492/3 | €1,167 | €3,900 | +€2,733 | +234% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,741 | €19,954 | +€14,213 | +248% |
| Other operating charges | 640/8 | €1,300 | €19,253 | +€17,953 | +1,381% |
| Non-recurring operating charges | 66A | - | €228 | +€228 | |
| Gross operating margin | 9900 | -€743 | €107,927 | +€108,671 | |
| Operating profit (loss) | 9901 | -€7,784 | €68,492 | +€76,276 | |
| Financial income | 75/76B | €1,158 | €218 | -€939 | -81.2% |
| Recurring financial income | 75 | €1,158 | €218 | -€939 | -81.2% |
| Financial charges | 65/66B | €7,868 | €33,737 | +€25,869 | +329% |
| Recurring financial charges | 65 | €7,868 | €33,737 | +€25,869 | +329% |
| Profit (loss) for the period before taxes | 9903 | -€14,495 | €34,973 | +€49,468 | |
| Income taxes | 67/77 | - | €4,096 | +€4,096 | |
| Profit (loss) for the period | 9904 | -€14,495 | €30,877 | +€45,373 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,495 | €30,877 | +€45,373 |
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 14 October 2026 via checked.be.