G.C.M.: 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.
G.C.M.
Largest movements
- Receivables within one year -€508,667
down €508,667 (-83.3%), from €610,373 to €101,706
of which Other amounts receivable: -€544,464
- Cash +€109,113
up €109,113 (+3,746%), from €2,913 to €112,026
mainly Receivables within one year (+€508,667) and Depreciation (+€1,331)
- Other debts -€397,715
down €397,715 (-83.1%), from €478,639 to €80,924
- Gross operating margin -€91,802
down €91,802, from €69,554 to -€22,248
- Financial income +€7,017
up €7,017 (+29.7%), from €23,586 to €30,603
- Other operating charges -€975
no longer reported in 2025 (was €975)
- Financial charges +€869
up €869 (+18.7%), from €4,642 to €5,511
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 | €619,473 | €219,592 | -€399,881 | -64.6% |
| Fixed assets | 21/28 | €6,188 | €4,858 | -€1,331 | -21.5% |
| Tangible fixed assets | 22/27 | €6,038 | €4,708 | -€1,331 | -22.0% |
| Furniture and vehicles | 24 | €1,972 | €1,213 | -€759 | -38.5% |
| Other tangible fixed assets | 26 | €4,066 | €3,495 | -€572 | -14.1% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €613,285 | €214,735 | -€398,551 | -65.0% |
| Amounts receivable within one year | 40/41 | €610,373 | €101,706 | -€508,667 | -83.3% |
| Trade receivables | 40 | €64,854 | €100,651 | +€35,797 | +55.2% |
| Other amounts receivable | 41 | €545,518 | €1,055 | -€544,464 | -99.8% |
| Cash at bank and in hand | 54/58 | €2,913 | €112,026 | +€109,113 | +3,746% |
| Deferred charges and accrued income | 490/1 | - | €1,003 | +€1,003 | |
| Total equity and liabilities | 10/49 | €619,473 | €219,592 | -€399,881 | -64.6% |
| Equity | 10/15 | €46,947 | €48,215 | +€1,268 | +2.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €49,756 | €49,756 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,756 | €49,756 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,309 | -€63,041 | +€1,268 | +2.0% |
| Provisions and deferred taxes | 16 | €16,585 | €16,585 | = | 0.0% |
| Deferred taxes | 168 | €16,585 | €16,585 | = | 0.0% |
| Amounts payable | 17/49 | €555,941 | €154,792 | -€401,150 | -72.2% |
| Amounts payable within one year | 42/48 | €555,741 | €154,792 | -€400,950 | -72.1% |
| Trade debts | 44 | €73,385 | €70,946 | -€2,440 | -3.3% |
| Suppliers | 440/4 | €73,385 | €70,946 | -€2,440 | -3.3% |
| Taxes, remuneration and social security | 45 | €3,717 | €2,922 | -€795 | -21.4% |
| Taxes | 450/3 | €3,717 | €2,922 | -€795 | -21.4% |
| Other amounts payable | 47/48 | €478,639 | €80,924 | -€397,715 | -83.1% |
| Accrued charges and deferred income | 492/3 | €200 | - | -€200 | |
| Non-recurring operating income | 76A | €66,341 | - | -€66,341 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,084 | €1,331 | +€247 | +22.8% |
| Other operating charges | 640/8 | €975 | - | -€975 | |
| Gross operating margin | 9900 | €69,554 | -€22,248 | -€91,802 | |
| Operating profit (loss) | 9901 | €67,495 | -€23,578 | -€91,073 | |
| Financial income | 75/76B | €23,586 | €30,603 | +€7,017 | +29.7% |
| Recurring financial income | 75 | €23,586 | €30,603 | +€7,017 | +29.7% |
| Financial charges | 65/66B | €4,642 | €5,511 | +€869 | +18.7% |
| Recurring financial charges | 65 | €4,642 | €5,511 | +€869 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €86,439 | €1,513 | -€84,926 | -98.2% |
| Transfer to deferred taxes | 680 | €16,585 | - | -€16,585 | |
| Income taxes | 67/77 | €120 | €245 | +€125 | +104% |
| Profit (loss) for the period | 9904 | €69,734 | €1,268 | -€68,465 | -98.2% |
| Transfer to tax-exempt reserves | 689 | €49,756 | - | -€49,756 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,978 | €1,268 | -€18,710 | -93.7% |
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 13 October 2026 via checked.be.