GIFRAM: 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.
GIFRAM
Largest movements
- Current investments -€2.9m
down €2.9m (-59.0%), from €5.0m to €2.0m
- Cash +€330,474
up €330,474 (+221%), from €149,762 to €480,236
mainly Current investments (+€2.9m) and Receivables within one year (+€260,000)
- Receivables within one year -€260,000
down €260,000 (-20.3%), from €1.3m to €1.0m
- Deferred charges and accrued income -€94,408
down €94,408 (-70.0%), from €134,794 to €40,386
- Current portion of long-term debt -€3.0m
down €3.0m (-100%), from €3.0m to €0
- Financial income -€96,031
down €96,031 (-31.9%), from €301,194 to €205,163
- Financial charges -€24,933
down €24,933 (-14.5%), from €172,474 to €147,541
- Other operating charges -€7,632
down €7,632 (-76.6%), from €9,960 to €2,328
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 | €7,890,579 | €4,925,422 | -€3.0m | -37.6% |
| Fixed assets | 21/28 | €1,340,000 | €1,340,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €140,000 | €140,000 | = | 0.0% |
| Land and buildings | 22 | €140,000 | €140,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,200,000 | €1,200,000 | = | 0.0% |
| Current assets | 29/58 | €6,550,579 | €3,585,422 | -€3.0m | -45.3% |
| Amounts receivable within one year | 40/41 | €1,280,000 | €1,020,000 | -€260,000 | -20.3% |
| Other amounts receivable | 41 | €1,280,000 | €1,020,000 | -€260,000 | -20.3% |
| Current investments | 50/53 | €4,986,022 | €2,044,800 | -€2.9m | -59.0% |
| Cash at bank and in hand | 54/58 | €149,762 | €480,236 | +€330,474 | +221% |
| Deferred charges and accrued income | 490/1 | €134,794 | €40,386 | -€94,408 | -70.0% |
| Total equity and liabilities | 10/49 | €7,890,579 | €4,925,422 | -€3.0m | -37.6% |
| Equity | 10/15 | -€1,447,882 | -€1,400,761 | +€47,121 | +3.3% |
| Contributions | 10/11 | €22,500,000 | €22,500,000 | = | 0.0% |
| Capital | 10 | €22,500,000 | €22,500,000 | = | 0.0% |
| Issued capital | 100 | €22,500,000 | €22,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,947,882 | -€23,900,761 | +€47,121 | +0.2% |
| Amounts payable | 17/49 | €9,338,460 | €6,326,183 | -€3.0m | -32.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €9,336,321 | €6,326,176 | -€3.0m | -32.2% |
| Current portion of amounts payable after more than one year | 42 | €3,000,000 | €0 | -€3.0m | -100% |
| Trade debts | 44 | €25,601 | €15,369 | -€10,232 | -40.0% |
| Suppliers | 440/4 | €25,601 | €15,369 | -€10,232 | -40.0% |
| Other amounts payable | 47/48 | €6,310,720 | €6,310,808 | +€88 | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,139 | €7 | -€2,133 | -99.7% |
| Other operating charges | 640/8 | €9,960 | €2,328 | -€7,632 | -76.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€8,169 | -€8,174 | -€5 | -0.1% |
| Operating profit (loss) | 9901 | -€18,129 | -€10,502 | +€7,627 | +42.1% |
| Financial income | 75/76B | €301,194 | €205,163 | -€96,031 | -31.9% |
| Recurring financial income | 75 | €301,194 | €205,163 | -€96,031 | -31.9% |
| Financial charges | 65/66B | €172,474 | €147,541 | -€24,933 | -14.5% |
| Recurring financial charges | 65 | €172,474 | €147,541 | -€24,933 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €110,591 | €47,121 | -€63,471 | -57.4% |
| Profit (loss) for the period | 9904 | €110,591 | €47,121 | -€63,471 | -57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €110,591 | €47,121 | -€63,471 | -57.4% |
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 14 October 2026 via checked.be.