GIFA: 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.
GIFA
Largest movements
- Tangible fixed assets -€12,758
down €12,758 (-4.9%), from €262,423 to €249,665
of which Land and buildings: -€9,014
- Cash +€8,673
up €8,673 (+14.9%), from €58,402 to €67,076
mainly Depreciation (+€12,758) and Accrued charges and deferred income (+€1,888)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€10,379
up €10,379 (+152%), from €6,833 to €17,212
- Other operating charges +€350
up €350 (+6.7%), from €5,247 to €5,597
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 | €320,825 | €318,737 | -€2,088 | -0.7% |
| Fixed assets | 21/28 | €262,423 | €249,665 | -€12,758 | -4.9% |
| Tangible fixed assets | 22/27 | €262,423 | €249,665 | -€12,758 | -4.9% |
| Land and buildings | 22 | €235,752 | €226,738 | -€9,014 | -3.8% |
| Plant, machinery and equipment | 23 | €26,671 | €22,928 | -€3,744 | -14.0% |
| Current assets | 29/58 | €58,402 | €69,072 | +€10,669 | +18.3% |
| Cash at bank and in hand | 54/58 | €58,402 | €67,076 | +€8,673 | +14.9% |
| Deferred charges and accrued income | 490/1 | - | €1,996 | +€1,996 | |
| Total equity and liabilities | 10/49 | €320,825 | €318,737 | -€2,088 | -0.7% |
| Equity | 10/15 | €307,063 | €305,327 | -€1,736 | -0.6% |
| Contributions | 10/11 | €299,803 | €299,803 | = | 0.0% |
| Capital | 10 | €299,693 | €299,693 | = | 0.0% |
| Issued capital | 100 | €299,693 | €299,693 | = | 0.0% |
| Contributions outside capital | 11 | €110 | €110 | = | 0.0% |
| Share premium | 1100/10 | €110 | €110 | = | 0.0% |
| Reserves | 13 | €41,440 | €41,440 | = | 0.0% |
| Non-distributable reserves | 130/1 | €29,714 | €29,714 | = | 0.0% |
| Legal reserve | 130 | €29,714 | €29,714 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,364 | €9,364 | = | 0.0% |
| Distributable reserves | 133 | €2,362 | €2,362 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,180 | -€35,916 | -€1,736 | -5.1% |
| Amounts payable | 17/49 | €13,763 | €13,410 | -€353 | -2.6% |
| Amounts payable within one year | 42/48 | €2,302 | €61 | -€2,240 | -97.3% |
| Trade debts | 44 | €2,302 | €61 | -€2,240 | -97.3% |
| Suppliers | 440/4 | €2,302 | €61 | -€2,240 | -97.3% |
| Accrued charges and deferred income | 492/3 | €11,461 | €13,348 | +€1,888 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,758 | €12,758 | = | 0.0% |
| Other operating charges | 640/8 | €5,247 | €5,597 | +€350 | +6.7% |
| Gross operating margin | 9900 | €6,833 | €17,212 | +€10,379 | +152% |
| Operating profit (loss) | 9901 | -€11,172 | -€1,142 | +€10,030 | +89.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €595 | €593 | -€2 | -0.3% |
| Recurring financial charges | 65 | €595 | €593 | -€2 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,767 | -€1,736 | +€10,032 | +85.3% |
| Profit (loss) for the period | 9904 | -€11,767 | -€1,736 | +€10,032 | +85.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,767 | -€1,736 | +€10,032 | +85.3% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.