GTF INVEST: 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.
GTF INVEST
Largest movements
- Receivables within one year -€106,712
down €106,712 (-97.4%), from €109,558 to €2,846
of which Other amounts receivable: -€108,298
- Debts after one year -€1.2m
down €1.2m (-16.7%), from €7.0m to €5.9m
- Other debts +€787,030
up €787,030 (+108%), from €731,824 to €1.5m
- Profit (loss) carried forward +€280,030
up €280,030 (+34.0%), from -€824,681 to -€544,651
- Gross operating margin +€1.2m
up €1.2m, from -€523,106 to €686,876
- Financial charges +€105,373
up €105,373 (+35.0%), from €300,865 to €406,238
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 | €10,000,318 | €9,871,492 | -€128,826 | -1.3% |
| Fixed assets | 21/28 | €9,660,000 | €9,660,000 | = | 0.0% |
| Financial fixed assets | 28 | €9,660,000 | €9,660,000 | = | 0.0% |
| Current assets | 29/58 | €340,318 | €211,492 | -€128,826 | -37.9% |
| Amounts receivable within one year | 40/41 | €109,558 | €2,846 | -€106,712 | -97.4% |
| Trade receivables | 40 | - | €1,586 | +€1,586 | |
| Other amounts receivable | 41 | €109,558 | €1,260 | -€108,298 | -98.8% |
| Cash at bank and in hand | 54/58 | €230,760 | €207,568 | -€23,192 | -10.1% |
| Deferred charges and accrued income | 490/1 | - | €1,079 | +€1,079 | |
| Total equity and liabilities | 10/49 | €10,000,318 | €9,871,492 | -€128,826 | -1.3% |
| Equity | 10/15 | €1,245,319 | €1,525,349 | +€280,030 | +22.5% |
| Contributions | 10/11 | €2,070,000 | €2,070,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€824,681 | -€544,651 | +€280,030 | +34.0% |
| Amounts payable | 17/49 | €8,754,999 | €8,346,143 | -€408,856 | -4.7% |
| Amounts payable after more than one year | 17 | €7,035,555 | €5,858,889 | -€1.2m | -16.7% |
| Financial debts | 170/4 | €7,035,555 | €5,858,889 | -€1.2m | -16.7% |
| Amounts payable within one year | 42/48 | €1,547,243 | €2,334,054 | +€786,811 | +50.9% |
| Current portion of amounts payable after more than one year | 42 | €776,667 | €776,667 | = | 0.0% |
| Trade debts | 44 | €38,753 | €33,336 | -€5,417 | -14.0% |
| Suppliers | 440/4 | €38,753 | €33,336 | -€5,417 | -14.0% |
| Taxes, remuneration and social security | 45 | - | €5,197 | +€5,197 | |
| Taxes | 450/3 | - | €5,197 | +€5,197 | |
| Other amounts payable | 47/48 | €731,824 | €1,518,854 | +€787,030 | +108% |
| Accrued charges and deferred income | 492/3 | €172,200 | €153,200 | -€19,000 | -11.0% |
| Other operating charges | 640/8 | €709 | €607 | -€102 | -14.4% |
| Gross operating margin | 9900 | -€523,106 | €686,876 | +€1.2m | |
| Operating profit (loss) | 9901 | -€523,815 | €686,268 | +€1.2m | |
| Financial charges | 65/66B | €300,865 | €406,238 | +€105,373 | +35.0% |
| Recurring financial charges | 65 | €300,865 | €406,238 | +€105,373 | +35.0% |
| Profit (loss) for the period before taxes | 9903 | -€824,681 | €280,030 | +€1.1m | |
| Profit (loss) for the period | 9904 | -€824,681 | €280,030 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€824,681 | €280,030 | +€1.1m |
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 27 October 2026 via checked.be.