GFS: 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.
GFS
Largest movements
- Tangible fixed assets -€1.6m
down €1.6m (-33.5%), from €4.8m to €3.2m
of which Plant, machinery and equipment: -€1.1m
- Current investments -€400,000
down €400,000 (-25.0%), from €1.6m to €1.2m
- Receivables after one year -€333,000
no longer reported in 2025 (was €333,000)
- Receivables within one year +€197,464
up €197,464 (+39.5%), from €499,700 to €697,163
of which Other amounts receivable: +€308,885
- Reserves -€1.2m
down €1.2m (-26.5%), from €4.6m to €3.4m
of which Distributable reserves: -€1.2m
- Contributions -€309,993
down €309,993 (-27.0%), from €1.2m to €840,007
- Current portion of long-term debt -€266,995
no longer reported in 2025 (was €266,995)
- Tax, wage and social debts -€164,330
down €164,330 (-70.9%), from €231,645 to €67,316
of which Taxes: -€119,425
- Trade debts -€134,685
down €134,685 (-58.6%), from €229,664 to €94,980
- Gross operating margin -€859,593
down €859,593 (-33.2%), from €2.6m to €1.7m
- Staff costs -€325,227
down €325,227 (-100.0%), from €325,319 to €91
- Depreciation -€288,961
down €288,961 (-40.7%), from €709,303 to €420,342
- Other operating charges -€88,336
down €88,336 (-74.0%), from €119,369 to €31,034
- Taxes -€35,405
down €35,405 (-10.4%), from €340,579 to €305,174
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 | €7,496,230 | €5,300,405 | -€2.2m | -29.3% |
| Fixed assets | 21/28 | €4,813,686 | €3,181,450 | -€1.6m | -33.9% |
| Intangible fixed assets | 21 | €27,078 | - | -€27,078 | |
| Tangible fixed assets | 22/27 | €4,784,781 | €3,181,450 | -€1.6m | -33.5% |
| Land and buildings | 22 | €455,615 | €7,261 | -€448,354 | -98.4% |
| Plant, machinery and equipment | 23 | €4,260,111 | €3,174,190 | -€1.1m | -25.5% |
| Furniture and vehicles | 24 | €69,056 | - | -€69,056 | |
| Financial fixed assets | 28 | €1,827 | - | -€1,827 | |
| Current assets | 29/58 | €2,682,544 | €2,118,954 | -€563,590 | -21.0% |
| Amounts receivable after more than one year | 29 | €333,000 | - | -€333,000 | |
| Other amounts receivable | 291 | €333,000 | - | -€333,000 | |
| Amounts receivable within one year | 40/41 | €499,700 | €697,163 | +€197,464 | +39.5% |
| Trade receivables | 40 | €325,999 | €214,578 | -€111,421 | -34.2% |
| Other amounts receivable | 41 | €173,701 | €482,586 | +€308,885 | +177.8% |
| Current investments | 50/53 | €1,600,000 | €1,200,000 | -€400,000 | -25.0% |
| Cash at bank and in hand | 54/58 | €191,157 | €169,319 | -€21,839 | -11.4% |
| Deferred charges and accrued income | 490/1 | €58,687 | €52,472 | -€6,215 | -10.6% |
| Total equity and liabilities | 10/49 | €7,496,230 | €5,300,405 | -€2.2m | -29.3% |
| Equity | 10/15 | €5,759,206 | €4,230,020 | -€1.5m | -26.6% |
| Contributions | 10/11 | €1,150,000 | €840,007 | -€309,993 | -27.0% |
| Capital | 10 | €1,150,000 | €840,007 | -€309,993 | -27.0% |
| Issued capital | 100 | €1,150,000 | €840,007 | -€309,993 | -27.0% |
| Reserves | 13 | €4,609,206 | €3,390,013 | -€1.2m | -26.5% |
| Non-distributable reserves | 130/1 | €115,000 | €84,001 | -€30,999 | -27.0% |
| Legal reserve | 130 | €115,000 | €84,001 | -€30,999 | -27.0% |
| Distributable reserves | 133 | €4,494,206 | €3,306,012 | -€1.2m | -26.4% |
| Amounts payable | 17/49 | €1,737,024 | €1,070,385 | -€666,639 | -38.4% |
| Amounts payable after more than one year | 17 | €5,631 | - | -€5,631 | |
| Financial debts | 170/4 | €5,631 | - | -€5,631 | |
| Amounts payable within one year | 42/48 | €1,728,305 | €1,062,295 | -€666,010 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €266,995 | - | -€266,995 | |
| Trade debts | 44 | €229,664 | €94,980 | -€134,685 | -58.6% |
| Suppliers | 440/4 | €229,664 | €94,980 | -€134,685 | -58.6% |
| Taxes, remuneration and social security | 45 | €231,645 | €67,316 | -€164,330 | -70.9% |
| Taxes | 450/3 | €186,740 | €67,316 | -€119,425 | -64.0% |
| Remuneration and social security | 454/9 | €44,905 | - | -€44,905 | |
| Other amounts payable | 47/48 | €1,000,000 | €900,000 | -€100,000 | -10.0% |
| Accrued charges and deferred income | 492/3 | €3,088 | €8,089 | +€5,002 | +162.0% |
| Non-recurring operating income | 76A | €9,040 | - | -€9,040 | |
| Remuneration, social security and pensions | 62 | €325,319 | €91 | -€325,227 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €709,303 | €420,342 | -€288,961 | -40.7% |
| Other operating charges | 640/8 | €119,369 | €31,034 | -€88,336 | -74.0% |
| Non-recurring operating charges | 66A | €15,300 | - | -€15,300 | |
| Gross operating margin | 9900 | €2,585,647 | €1,726,053 | -€859,593 | -33.2% |
| Operating profit (loss) | 9901 | €1,416,356 | €1,274,586 | -€141,769 | -10.0% |
| Financial income | 75/76B | €51,349 | €30,128 | -€21,221 | -41.3% |
| Recurring financial income | 75 | €51,349 | €30,128 | -€21,221 | -41.3% |
| Financial charges | 65/66B | €91,726 | €76,281 | -€15,445 | -16.8% |
| Recurring financial charges | 65 | €91,726 | €76,281 | -€15,445 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €1,375,979 | €1,228,433 | -€147,545 | -10.7% |
| Income taxes | 67/77 | €340,579 | €305,174 | -€35,405 | -10.4% |
| Profit (loss) for the period | 9904 | €1,035,399 | €923,259 | -€112,140 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,035,399 | €923,259 | -€112,140 | -10.8% |
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 10 October 2026 via checked.be.