GFRFG: 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.
GFRFG
Largest movements
- Receivables within one year -€29,953
down €29,953 (-70.9%), from €42,246 to €12,293
of which Trade receivables: -€28,364
- Cash -€12,992
down €12,992 (-28.6%), from €45,495 to €32,503
mainly Trade debts (-€52,553) and Debts after one year (-€5,907)
- Stocks and contracts -€10,805
down €10,805 (-37.5%), from €28,791 to €17,986
- Trade debts -€52,553
down €52,553 (-70.8%), from €74,253 to €21,700
- Debts after one year -€5,907
down €5,907 (-4.0%), from €147,949 to €142,042
- Reserves +€3,235
up €3,235 (+6.0%), from €54,201 to €57,436
- Gross operating margin +€11,144
up €11,144 (+25.2%), from €44,241 to €55,385
- Staff costs +€10,018
up €10,018 (+48.7%), from €20,570 to €30,589
- Other operating charges -€1,284
down €1,284 (-28.5%), from €4,502 to €3,218
- Financial charges +€863
up €863 (+9.6%), from €8,967 to €9,830
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 | €301,802 | €244,957 | -€56,845 | -18.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €184,540 | €181,746 | -€2,793 | -1.5% |
| Tangible fixed assets | 22/27 | €184,365 | €181,571 | -€2,793 | -1.5% |
| Land and buildings | 22 | €177,049 | €171,588 | -€5,461 | -3.1% |
| Plant, machinery and equipment | 23 | €7,316 | €4,964 | -€2,352 | -32.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Assets under construction and advance payments | 27 | - | €5,020 | +€5,020 | |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €117,262 | €63,211 | -€54,051 | -46.1% |
| Stocks and contracts in progress | 3 | €28,791 | €17,986 | -€10,805 | -37.5% |
| Stocks | 30/36 | €28,791 | €17,986 | -€10,805 | -37.5% |
| Amounts receivable within one year | 40/41 | €42,246 | €12,293 | -€29,953 | -70.9% |
| Trade receivables | 40 | €39,809 | €11,445 | -€28,364 | -71.3% |
| Other amounts receivable | 41 | €2,436 | €848 | -€1,588 | -65.2% |
| Cash at bank and in hand | 54/58 | €45,495 | €32,503 | -€12,992 | -28.6% |
| Deferred charges and accrued income | 490/1 | €730 | €429 | -€302 | -41.3% |
| Total equity and liabilities | 10/49 | €301,802 | €244,957 | -€56,845 | -18.8% |
| Equity | 10/15 | €61,278 | €63,636 | +€2,358 | +3.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €54,201 | €57,436 | +€3,235 | +6.0% |
| Distributable reserves | 133 | €54,201 | €57,436 | +€3,235 | +6.0% |
| Profit (loss) carried forward | 14 | €878 | €0 | -€878 | -100% |
| Amounts payable | 17/49 | €240,524 | €181,321 | -€59,202 | -24.6% |
| Amounts payable after more than one year | 17 | €147,949 | €142,042 | -€5,907 | -4.0% |
| Financial debts | 170/4 | €147,949 | €142,042 | -€5,907 | -4.0% |
| Amounts payable within one year | 42/48 | €92,517 | €38,934 | -€53,583 | -57.9% |
| Current portion of amounts payable after more than one year | 42 | €5,043 | €6,405 | +€1,362 | +27.0% |
| Trade debts | 44 | €74,253 | €21,700 | -€52,553 | -70.8% |
| Suppliers | 440/4 | €74,253 | €21,700 | -€52,553 | -70.8% |
| Taxes, remuneration and social security | 45 | €13,221 | €10,829 | -€2,392 | -18.1% |
| Taxes | 450/3 | €7,699 | €3,101 | -€4,598 | -59.7% |
| Remuneration and social security | 454/9 | €5,522 | €7,728 | +€2,206 | +39.9% |
| Accrued charges and deferred income | 492/3 | €58 | €345 | +€287 | +496% |
| Remuneration, social security and pensions | 62 | €20,570 | €30,589 | +€10,018 | +48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,072 | €7,813 | -€259 | -3.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €17 | €0 | -€17 | -100% |
| Other operating charges | 640/8 | €4,502 | €3,218 | -€1,284 | -28.5% |
| Gross operating margin | 9900 | €44,241 | €55,385 | +€11,144 | +25.2% |
| Operating profit (loss) | 9901 | €11,079 | €13,765 | +€2,686 | +24.2% |
| Financial income | 75/76B | €495 | €91 | -€403 | -81.5% |
| Recurring financial income | 75 | €495 | €91 | -€403 | -81.5% |
| Financial charges | 65/66B | €8,967 | €9,830 | +€863 | +9.6% |
| Recurring financial charges | 65 | €8,967 | €9,830 | +€863 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €2,607 | €4,027 | +€1,420 | +54.5% |
| Income taxes | 67/77 | €1,406 | €1,669 | +€263 | +18.7% |
| Profit (loss) for the period | 9904 | €1,201 | €2,358 | +€1,157 | +96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,201 | €2,358 | +€1,157 | +96.4% |
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 24 October 2026 via checked.be.