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 +€88,410
up €88,410 (+64.7%), from €136,715 to €225,125
of which Trade receivables: +€89,398
- Cash -€33,837
down €33,837 (-95.9%), from €35,273 to €1,436
mainly Receivables within one year (-€88,410) and Net result for the year (-€46,048)
- Tangible fixed assets -€3,773
down €3,773 (-73.9%), from €5,108 to €1,335
of which Furniture and vehicles: -€2,139
- Trade debts +€104,194
up €104,194 (+2,336%), from €4,459 to €108,653
of which Bills of exchange payable: +€88,405
- Profit (loss) carried forward -€46,048
down €46,048 (-29.8%), from €154,720 to €108,672
- Other debts -€7,800
no longer reported in 2025 (was €7,800)
- Gross operating margin -€75,824
down €75,824, from €38,260 to -€37,564
- Financial income -€7,093
down €7,093 (-74.4%), from €9,532 to €2,438
of which Non-recurring financial income: -€9,393
- Other operating charges +€4,693
up €4,693 (+446%), from €1,052 to €5,745
- Depreciation -€4,605
down €4,605 (-55.0%), from €8,378 to €3,773
- Taxes -€2,534
no longer reported in 2025 (was €2,534)
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 | €187,706 | €237,776 | +€50,069 | +26.7% |
| Fixed assets | 21/28 | €11,597 | €7,824 | -€3,773 | -32.5% |
| Tangible fixed assets | 22/27 | €5,108 | €1,335 | -€3,773 | -73.9% |
| Plant, machinery and equipment | 23 | €2,970 | €1,335 | -€1,634 | -55.0% |
| Furniture and vehicles | 24 | €2,139 | - | -€2,139 | |
| Financial fixed assets | 28 | €6,488 | €6,488 | = | 0.0% |
| Current assets | 29/58 | €176,110 | €229,952 | +€53,843 | +30.6% |
| Amounts receivable within one year | 40/41 | €136,715 | €225,125 | +€88,410 | +64.7% |
| Trade receivables | 40 | €111,816 | €201,214 | +€89,398 | +80.0% |
| Other amounts receivable | 41 | €24,899 | €23,911 | -€988 | -4.0% |
| Cash at bank and in hand | 54/58 | €35,273 | €1,436 | -€33,837 | -95.9% |
| Deferred charges and accrued income | 490/1 | €4,122 | €3,391 | -€731 | -17.7% |
| Total equity and liabilities | 10/49 | €187,706 | €237,776 | +€50,069 | +26.7% |
| Equity | 10/15 | €175,171 | €129,123 | -€46,048 | -26.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €154,720 | €108,672 | -€46,048 | -29.8% |
| Amounts payable | 17/49 | €12,535 | €108,653 | +€96,118 | +767% |
| Amounts payable within one year | 42/48 | €12,535 | €108,653 | +€96,118 | +767% |
| Trade debts | 44 | €4,459 | €108,653 | +€104,194 | +2,336% |
| Suppliers | 440/4 | €4,459 | €20,248 | +€15,789 | +354% |
| Bills of exchange payable | 441 | - | €88,405 | +€88,405 | |
| Taxes, remuneration and social security | 45 | €275 | - | -€275 | |
| Remuneration and social security | 454/9 | €275 | - | -€275 | |
| Other amounts payable | 47/48 | €7,800 | - | -€7,800 | |
| Non-recurring operating income | 76A | - | €620 | +€620 | |
| Remuneration, social security and pensions | 62 | €322 | €202 | -€120 | -37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,378 | €3,773 | -€4,605 | -55.0% |
| Other operating charges | 640/8 | €1,052 | €5,745 | +€4,693 | +446% |
| Gross operating margin | 9900 | €38,260 | -€37,564 | -€75,824 | |
| Operating profit (loss) | 9901 | €28,507 | -€47,284 | -€75,792 | |
| Financial income | 75/76B | €9,532 | €2,438 | -€7,093 | -74.4% |
| Recurring financial income | 75 | €139 | €2,438 | +€2,299 | +1,654% |
| Non-recurring financial income | 76B | €9,393 | - | -€9,393 | |
| Financial charges | 65/66B | €1,205 | €1,202 | -€3 | -0.3% |
| Recurring financial charges | 65 | €1,205 | €1,202 | -€3 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €36,834 | -€46,048 | -€82,882 | |
| Income taxes | 67/77 | €2,534 | - | -€2,534 | |
| Profit (loss) for the period | 9904 | €34,300 | -€46,048 | -€80,348 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,300 | -€46,048 | -€80,348 |
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 15 October 2026 via checked.be.