GLFA: 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.
GLFA
Largest movements
- Current investments -€15,000
down €15,000 (-15.0%), from €100,000 to €85,000
- Cash +€9,644
up €9,644 (+8.0%), from €120,103 to €129,748
mainly Net result for the year (+€53,236) and Current investments (+€15,000)
- Other debts -€6,963
down €6,963 (-12.3%), from €56,544 to €49,581
- Financial income -€1,108
down €1,108 (-25.7%), from €4,310 to €3,202
- Gross operating margin +€838
up €838 (+1.2%), from €70,615 to €71,452
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 | €236,517 | €229,084 | -€7,433 | -3.1% |
| Fixed assets | 21/28 | €2,684 | €1,929 | -€755 | -28.1% |
| Tangible fixed assets | 22/27 | €2,684 | €1,929 | -€755 | -28.1% |
| Furniture and vehicles | 24 | €1,013 | €671 | -€341 | -33.7% |
| Other tangible fixed assets | 26 | €1,671 | €1,257 | -€414 | -24.8% |
| Current assets | 29/58 | €233,833 | €227,156 | -€6,678 | -2.9% |
| Amounts receivable within one year | 40/41 | €10,820 | €10,540 | -€280 | -2.6% |
| Trade receivables | 40 | €8,287 | €9,233 | +€946 | +11.4% |
| Other amounts receivable | 41 | €2,533 | €1,308 | -€1,226 | -48.4% |
| Current investments | 50/53 | €100,000 | €85,000 | -€15,000 | -15.0% |
| Cash at bank and in hand | 54/58 | €120,103 | €129,748 | +€9,644 | +8.0% |
| Deferred charges and accrued income | 490/1 | €2,910 | €1,868 | -€1,042 | -35.8% |
| Total equity and liabilities | 10/49 | €236,517 | €229,084 | -€7,433 | -3.1% |
| Equity | 10/15 | €171,753 | €171,669 | -€84 | 0.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €170,753 | €170,669 | -€84 | 0.0% |
| Distributable reserves | 133 | €170,753 | €170,669 | -€84 | 0.0% |
| Amounts payable | 17/49 | €64,764 | €57,415 | -€7,349 | -11.3% |
| Amounts payable within one year | 42/48 | €63,993 | €57,144 | -€6,849 | -10.7% |
| Trade debts | 44 | €359 | €150 | -€209 | -58.1% |
| Suppliers | 440/4 | €359 | €150 | -€209 | -58.1% |
| Taxes, remuneration and social security | 45 | €7,090 | €7,413 | +€323 | +4.6% |
| Taxes | 450/3 | €7,090 | €7,413 | +€323 | +4.6% |
| Other amounts payable | 47/48 | €56,544 | €49,581 | -€6,963 | -12.3% |
| Accrued charges and deferred income | 492/3 | €771 | €271 | -€500 | -64.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €623 | €755 | +€132 | +21.3% |
| Other operating charges | 640/8 | €786 | €934 | +€148 | +18.8% |
| Gross operating margin | 9900 | €70,615 | €71,452 | +€838 | +1.2% |
| Operating profit (loss) | 9901 | €69,206 | €69,763 | +€557 | +0.8% |
| Financial income | 75/76B | €4,310 | €3,202 | -€1,108 | -25.7% |
| Recurring financial income | 75 | €4,310 | €3,202 | -€1,108 | -25.7% |
| Financial charges | 65/66B | €42 | €76 | +€34 | +81.4% |
| Recurring financial charges | 65 | €42 | €76 | +€34 | +81.4% |
| Profit (loss) for the period before taxes | 9903 | €73,474 | €72,889 | -€585 | -0.8% |
| Income taxes | 67/77 | €19,785 | €19,653 | -€132 | -0.7% |
| Profit (loss) for the period | 9904 | €53,688 | €53,236 | -€452 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,688 | €53,236 | -€452 | -0.8% |
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 9 October 2026 via checked.be.