Gifar: 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.
What changed
Gifar
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€261,388
2024 · €1.3m-€1.0m
Equity
€4.2m
2024 · €3.9m+€261,388
Cash
€181,361
2024 · €1.3m-€1.1m
Balance sheet total
€15.6m
2024 · €15.8m-€214,251
Largest movements
Assets
- Cash -€1.1m
down €1.1m (-86.2%), from €1.3m to €181,361
mainly Debts after one year (-€793,143) and Receivables within one year (-€709,594)
- Receivables within one year +€709,594
up €709,594 (+9.4%), from €7.5m to €8.2m
of which Other amounts receivable: +€669,554
- Tangible fixed assets +€206,932
up €206,932 (+3.0%), from €6.8m to €7.0m
of which Land and buildings: +€410,932
Equity and liabilities
- Debts after one year -€793,143
down €793,143 (-8.1%), from €9.8m to €9.0m
- Reserves +€261,388
up €261,388 (+7.3%), from €3.6m to €3.8m
of which Distributable reserves: +€369,110
- Trade debts +€176,694
up €176,694 (+253.7%), from €69,645 to €246,339
Income statement
- Gross operating margin -€1.3m
down €1.3m (-53.7%), from €2.4m to €1.1m
- Other operating charges +€93,610
up €93,610 (+38.8%), from €241,503 to €335,113
- Taxes -€60,805
down €60,805 (-31.2%), from €195,152 to €134,347
- Depreciation +€35,324
up €35,324 (+12.3%), from €287,476 to €322,801
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.
Result 2024
€1.3m
Gross operating margin
-€1.3m
Depreciation
-€35,324
Write-downs
-€8,881
Other operating charges
-€93,610
Financial income
+€23,051
Financial charges
+€18,069
Taxes
+€60,805
Deferred taxes and other
+€298,624
Result 2025
€261,388
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.
From operations
+€174,174
Investment
-€532,233
Financing
-€774,825
Cash 2024
€1.3m
From operations (derived)
+€174,174
Net result for the year
+€261,388
Depreciation
+€322,801
Smaller working-capital items
+€393
Receivables within one year
-€709,594
Provisions
-€35,908
Trade debts
+€176,694
Tax, wage and social debts
+€134,156
Accrued charges and deferred income
+€24,243
Investment (derived)
-€532,233
Investment in fixed assets (net)
-€532,233
Financing
-€774,825
Debts after one year
-€793,143
Current portion of long-term debt
+€18,317
Cash 2025
€181,361
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,770,031 | €15,555,780 | -€214,251 | -1.4% |
| Fixed assets | 21/28 | €6,839,285 | €7,048,717 | +€209,432 | +3.1% |
| Tangible fixed assets | 22/27 | €6,839,285 | €7,046,217 | +€206,932 | +3.0% |
| Land and buildings | 22 | €1,112,030 | €1,522,962 | +€410,932 | +37.0% |
| Leasing and similar rights | 25 | €4,827,255 | €4,623,255 | -€204,000 | -4.2% |
| Other tangible fixed assets | 26 | €900,000 | €900,000 | = | 0.0% |
| Financial fixed assets | 28 | - | €2,500 | +€2,500 | |
| Current assets | 29/58 | €8,930,746 | €8,507,063 | -€423,684 | -4.7% |
| Amounts receivable after more than one year | 29 | €3,520 | €2,920 | -€600 | -17.0% |
| Other amounts receivable | 291 | €3,520 | €2,920 | -€600 | -17.0% |
| Amounts receivable within one year | 40/41 | €7,525,286 | €8,234,879 | +€709,594 | +9.4% |
| Trade receivables | 40 | €106,708 | €146,748 | +€40,040 | +37.5% |
| Other amounts receivable | 41 | €7,418,578 | €8,088,131 | +€669,554 | +9.0% |
| Cash at bank and in hand | 54/58 | €1,314,245 | €181,361 | -€1.1m | -86.2% |
| Deferred charges and accrued income | 490/1 | €87,696 | €87,903 | +€207 | +0.2% |
| Total equity and liabilities | 10/49 | €15,770,031 | €15,555,780 | -€214,251 | -1.4% |
| Equity | 10/15 | €3,936,743 | €4,198,131 | +€261,388 | +6.6% |
| Contributions | 10/11 | €352,660 | €352,660 | = | 0.0% |
| Capital | 10 | €352,660 | €352,660 | = | 0.0% |
| Issued capital | 100 | €352,660 | €352,660 | = | 0.0% |
| Reserves | 13 | €3,584,083 | €3,845,471 | +€261,388 | +7.3% |
| Non-distributable reserves | 130/1 | €339,309 | €339,309 | = | 0.0% |
| Legal reserve | 130 | €35,266 | €35,266 | = | 0.0% |
| Reserves not available under the articles | 1311 | €304,043 | €304,043 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,501,831 | €2,394,108 | -€107,723 | -4.3% |
| Distributable reserves | 133 | €742,944 | €1,112,054 | +€369,110 | +49.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €807,668 | €771,761 | -€35,908 | -4.4% |
| Deferred taxes | 168 | €807,668 | €771,761 | -€35,908 | -4.4% |
| Amounts payable | 17/49 | €11,025,620 | €10,585,888 | -€439,732 | -4.0% |
| Amounts payable after more than one year | 17 | €9,794,461 | €9,001,318 | -€793,143 | -8.1% |
| Financial debts | 170/4 | €9,794,461 | €9,001,318 | -€793,143 | -8.1% |
| Amounts payable within one year | 42/48 | €1,039,868 | €1,369,035 | +€329,168 | +31.7% |
| Current portion of amounts payable after more than one year | 42 | €774,825 | €793,143 | +€18,317 | +2.4% |
| Trade debts | 44 | €69,645 | €246,339 | +€176,694 | +253.7% |
| Suppliers | 440/4 | €69,645 | €246,339 | +€176,694 | +253.7% |
| Taxes, remuneration and social security | 45 | €195,152 | €329,309 | +€134,156 | +68.7% |
| Taxes | 450/3 | €195,152 | €329,309 | +€134,156 | +68.7% |
| Other amounts payable | 47/48 | €245 | €245 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €191,291 | €215,534 | +€24,243 | +12.7% |
| Non-recurring operating income | 76A | €1,219,816 | €0 | -€1.2m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €287,476 | €322,801 | +€35,324 | +12.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,881 | €0 | +€8,881 | |
| Other operating charges | 640/8 | €241,503 | €335,113 | +€93,610 | +38.8% |
| Gross operating margin | 9900 | €2,378,964 | €1,102,406 | -€1.3m | -53.7% |
| Operating profit (loss) | 9901 | €1,858,865 | €444,493 | -€1.4m | -76.1% |
| Financial income | 75/76B | €167,564 | €190,615 | +€23,051 | +13.8% |
| Recurring financial income | 75 | €167,564 | €190,292 | +€22,729 | +13.6% |
| Non-recurring financial income | 76B | - | €322 | +€322 | |
| Financial charges | 65/66B | €293,348 | €275,279 | -€18,069 | -6.2% |
| Recurring financial charges | 65 | €293,348 | €275,279 | -€18,069 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €1,733,080 | €359,828 | -€1.4m | -79.2% |
| Transfer from deferred taxes | 780 | €39,988 | €35,908 | -€4,080 | -10.2% |
| Transfer to deferred taxes | 680 | €302,704 | €0 | -€302,704 | -100.0% |
| Income taxes | 67/77 | €195,152 | €134,347 | -€60,805 | -31.2% |
| Profit (loss) for the period | 9904 | €1,275,212 | €261,388 | -€1.0m | -79.5% |
| Transfer from tax-exempt reserves | 789 | €455,211 | €107,723 | -€347,488 | -76.3% |
| Transfer to tax-exempt reserves | 689 | €908,112 | €0 | -€908,112 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €822,311 | €369,110 | -€453,200 | -55.1% |
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 9 October 2026 via checked.be.