GIEFFE: 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.
GIEFFE
Largest movements
- Receivables within one year -€243,469
down €243,469 (-87.5%), from €278,349 to €34,880
of which Other amounts receivable: -€207,532
- Financial fixed assets -€79,913
down €79,913 (-6.4%), from €1.3m to €1.2m
- Cash +€48,434
up €48,434 (+209%), from €23,156 to €71,590
mainly Receivables within one year (+€243,469) and Investment in fixed assets (net) (+€79,913)
- Tangible fixed assets -€26,019
down €26,019 (-15.9%), from €163,843 to €137,824
of which Other tangible fixed assets: -€14,750
- Debts after one year -€176,414
down €176,414 (-8.6%), from €2.0m to €1.9m
- Other debts -€66,168
no longer reported in 2025 (was €66,168)
- Profit (loss) carried forward -€61,522
down €61,522 (-139%), from -€44,264 to -€105,787
- Financial charges +€36,665
up €36,665 (+14,251%), from €257 to €36,923
of which Financial charges: +€26,755
- Gross operating margin -€26,403
down €26,403 (-98.3%), from €26,860 to €457
- Depreciation +€7,139
up €7,139 (+37.8%), from €18,880 to €26,019
- Financial income +€470
up €470 (+74.5%), from €631 to €1,101
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 | €2,289,132 | €1,988,165 | -€300,967 | -13.1% |
| Fixed assets | 21/28 | €1,415,628 | €1,309,696 | -€105,932 | -7.5% |
| Tangible fixed assets | 22/27 | €163,843 | €137,824 | -€26,019 | -15.9% |
| Furniture and vehicles | 24 | €27,405 | €16,136 | -€11,269 | -41.1% |
| Other tangible fixed assets | 26 | €136,438 | €121,688 | -€14,750 | -10.8% |
| Financial fixed assets | 28 | €1,251,785 | €1,171,872 | -€79,913 | -6.4% |
| Current assets | 29/58 | €873,505 | €678,469 | -€195,035 | -22.3% |
| Amounts receivable after more than one year | 29 | €572,000 | €572,000 | = | 0.0% |
| Trade receivables | 290 | €572,000 | €572,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €278,349 | €34,880 | -€243,469 | -87.5% |
| Trade receivables | 40 | €47,077 | €11,140 | -€35,937 | -76.3% |
| Other amounts receivable | 41 | €231,272 | €23,740 | -€207,532 | -89.7% |
| Cash at bank and in hand | 54/58 | €23,156 | €71,590 | +€48,434 | +209% |
| Total equity and liabilities | 10/49 | €2,289,132 | €1,988,165 | -€300,967 | -13.1% |
| Equity | 10/15 | €176,500 | €114,977 | -€61,522 | -34.9% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €764 | €764 | = | 0.0% |
| Non-distributable reserves | 130/1 | €764 | €764 | = | 0.0% |
| Reserves not available under the articles | 1311 | €764 | €764 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,264 | -€105,787 | -€61,522 | -139% |
| Amounts payable | 17/49 | €2,112,633 | €1,873,188 | -€239,445 | -11.3% |
| Amounts payable after more than one year | 17 | €2,043,125 | €1,866,711 | -€176,414 | -8.6% |
| Financial debts | 170/4 | €2,043,125 | €1,866,711 | -€176,414 | -8.6% |
| Amounts payable within one year | 42/48 | €69,508 | €6,476 | -€63,031 | -90.7% |
| Trade debts | 44 | €3,127 | €6,476 | +€3,350 | +107% |
| Suppliers | 440/4 | €3,127 | €6,476 | +€3,350 | +107% |
| Taxes, remuneration and social security | 45 | €213 | - | -€213 | |
| Taxes | 450/3 | €213 | - | -€213 | |
| Other amounts payable | 47/48 | €66,168 | - | -€66,168 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,880 | €26,019 | +€7,139 | +37.8% |
| Other operating charges | 640/8 | €64 | €139 | +€75 | +118% |
| Gross operating margin | 9900 | €26,860 | €457 | -€26,403 | -98.3% |
| Operating profit (loss) | 9901 | €7,916 | -€25,701 | -€33,617 | |
| Financial income | 75/76B | €631 | €1,101 | +€470 | +74.5% |
| Recurring financial income | 75 | €631 | €1,101 | +€470 | +74.5% |
| Financial charges | 65/66B | €257 | €36,923 | +€36,665 | +14,251% |
| Recurring financial charges | 65 | €257 | €27,013 | +€26,755 | +10,399% |
| Non-recurring financial charges | 66B | - | €9,910 | +€9,910 | |
| Profit (loss) for the period before taxes | 9903 | €8,290 | -€61,522 | -€69,812 | |
| Income taxes | 67/77 | €213 | - | -€213 | |
| Profit (loss) for the period | 9904 | €8,077 | -€61,522 | -€69,599 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,077 | -€61,522 | -€69,599 |
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 28 October 2026 via checked.be.