G.D.M.: what changed
Two fiscal 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.D.M.
Largest movements
- Receivables within one year +€465,356
up €465,356 (+6.7%), from €6.9m to €7.4m
of which Other amounts receivable: +€487,404
- Stocks and contracts -€327,202
down €327,202 (-34.9%), from €937,051 to €609,849
- Deferred charges and accrued income -€228,939
down €228,939 (-47.4%), from €483,467 to €254,527
- Reserves +€541,174
up €541,174 (+6.1%), from €8.9m to €9.4m
- Contributions -€348,114
down €348,114 (-14.2%), from €2.4m to €2.1m
- Other debts -€235,256
down €235,256 (-25.5%), from €922,496 to €687,240
- Gross operating margin +€248,087
up €248,087, from -€43,782 to €204,305
- Financial income -€105,265
down €105,265 (-28.0%), from €375,665 to €270,400
- Taxes +€95,608
up €95,608 (+1099.7%), from €8,694 to €104,302
- Financial charges -€83,427
down €83,427 (-35.2%), from €236,732 to €153,306
of which Financial charges: -€83,427
- Depreciation +€15,971
up €15,971 (+299.7%), from €5,328 to €21,299
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 | €15,689,183 | €15,773,946 | +€84,762 | +0.5% |
| Fixed assets | 21/28 | €6,340,906 | €6,416,052 | +€75,146 | +1.2% |
| Tangible fixed assets | 22/27 | €6,452 | €81,598 | +€75,146 | +1164.7% |
| Furniture and vehicles | 24 | €6,452 | €81,598 | +€75,146 | +1164.7% |
| Financial fixed assets | 28 | €6,334,454 | €6,334,454 | = | 0.0% |
| Current assets | 29/58 | €9,348,277 | €9,357,894 | +€9,616 | +0.1% |
| Stocks and contracts in progress | 3 | €937,051 | €609,849 | -€327,202 | -34.9% |
| Stocks | 30/36 | €937,051 | €609,849 | -€327,202 | -34.9% |
| Amounts receivable within one year | 40/41 | €6,934,018 | €7,399,375 | +€465,356 | +6.7% |
| Trade receivables | 40 | €172,639 | €150,592 | -€22,047 | -12.8% |
| Other amounts receivable | 41 | €6,761,379 | €7,248,783 | +€487,404 | +7.2% |
| Current investments | 50/53 | €750,000 | €750,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €243,742 | €344,143 | +€100,401 | +41.2% |
| Deferred charges and accrued income | 490/1 | €483,467 | €254,527 | -€228,939 | -47.4% |
| Total equity and liabilities | 10/49 | €15,689,183 | €15,773,946 | +€84,762 | +0.5% |
| Equity | 10/15 | €11,348,077 | €11,541,137 | +€193,060 | +1.7% |
| Contributions | 10/11 | €2,448,114 | €2,100,000 | -€348,114 | -14.2% |
| Reserves | 13 | €8,899,962 | €9,441,137 | +€541,174 | +6.1% |
| Distributable reserves | 133 | €8,899,962 | €9,441,137 | +€541,174 | +6.1% |
| Amounts payable | 17/49 | €4,341,107 | €4,232,809 | -€108,297 | -2.5% |
| Amounts payable after more than one year | 17 | €3,060,885 | €3,060,885 | = | 0.0% |
| Financial debts | 170/4 | €3,060,885 | €3,060,885 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,044,983 | €783,951 | -€261,032 | -25.0% |
| Trade debts | 44 | €24,297 | €9,847 | -€14,450 | -59.5% |
| Suppliers | 440/4 | €24,297 | €9,847 | -€14,450 | -59.5% |
| Taxes, remuneration and social security | 45 | €98,191 | €86,864 | -€11,326 | -11.5% |
| Taxes | 450/3 | €98,191 | €86,864 | -€11,326 | -11.5% |
| Other amounts payable | 47/48 | €922,496 | €687,240 | -€235,256 | -25.5% |
| Accrued charges and deferred income | 492/3 | €235,238 | €387,973 | +€152,735 | +64.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,328 | €21,299 | +€15,971 | +299.7% |
| Other operating charges | 640/8 | €1,815 | €2,738 | +€923 | +50.9% |
| Gross operating margin | 9900 | -€43,782 | €204,305 | +€248,087 | |
| Operating profit (loss) | 9901 | -€50,925 | €180,268 | +€231,193 | |
| Financial income | 75/76B | €375,665 | €270,400 | -€105,265 | -28.0% |
| Recurring financial income | 75 | €375,665 | €270,400 | -€105,265 | -28.0% |
| Financial charges | 65/66B | €236,732 | €153,306 | -€83,427 | -35.2% |
| Recurring financial charges | 65 | €236,732 | €153,306 | -€83,427 | -35.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €88,007 | €297,362 | +€209,355 | +237.9% |
| Income taxes | 67/77 | €8,694 | €104,302 | +€95,608 | +1099.7% |
| Profit (loss) for the period | 9904 | €79,313 | €193,060 | +€113,747 | +143.4% |
| Profit (loss) for the period to be appropriated | 9905 | €79,313 | €193,060 | +€113,747 | +143.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.