G.D.MAT: 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.D.MAT
Largest movements
- Receivables within one year -€152,905
down €152,905 (-17.7%), from €865,206 to €712,300
of which Trade receivables: -€164,073
- Cash +€44,615
up €44,615 (+11.9%), from €376,102 to €420,717
mainly Receivables within one year (+€152,905) and Net result for the year (+€71,722)
- Tangible fixed assets +€26,783
up €26,783 (+13.4%), from €199,334 to €226,117
of which Land and buildings: +€19,683
- Trade debts -€95,042
down €95,042 (-25.2%), from €377,306 to €282,265
- Profit (loss) carried forward +€71,722
up €71,722 (+10.2%), from €699,865 to €771,587
- Accrued charges and deferred income -€20,000
no longer reported in 2025 (was €20,000)
- Tax, wage and social debts -€15,762
down €15,762 (-32.8%), from €47,994 to €32,232
of which Taxes: -€17,639
- Gross operating margin -€131,013
down €131,013 (-28.1%), from €465,907 to €334,893
- Taxes -€41,552
down €41,552 (-69.4%), from €59,874 to €18,322
- Staff costs +€34,570
up €34,570 (+27.8%), from €124,528 to €159,097
- Write-downs -€22,813
down €22,813 (-60.7%), from €37,591 to €14,778
- Depreciation +€17,148
up €17,148 (+36.8%), from €46,633 to €63,781
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 | €1,560,285 | €1,491,539 | -€68,746 | -4.4% |
| Fixed assets | 21/28 | €201,075 | €227,858 | +€26,783 | +13.3% |
| Tangible fixed assets | 22/27 | €199,334 | €226,117 | +€26,783 | +13.4% |
| Land and buildings | 22 | €112,892 | €132,574 | +€19,683 | +17.4% |
| Plant, machinery and equipment | 23 | €58,554 | €54,574 | -€3,981 | -6.8% |
| Furniture and vehicles | 24 | €27,888 | €38,970 | +€11,082 | +39.7% |
| Financial fixed assets | 28 | €1,741 | €1,741 | = | 0.0% |
| Current assets | 29/58 | €1,359,210 | €1,263,681 | -€95,530 | -7.0% |
| Stocks and contracts in progress | 3 | €116,590 | €126,108 | +€9,518 | +8.2% |
| Stocks | 30/36 | €116,590 | €126,108 | +€9,518 | +8.2% |
| Amounts receivable within one year | 40/41 | €865,206 | €712,300 | -€152,905 | -17.7% |
| Trade receivables | 40 | €598,739 | €434,666 | -€164,073 | -27.4% |
| Other amounts receivable | 41 | €266,467 | €277,635 | +€11,168 | +4.2% |
| Cash at bank and in hand | 54/58 | €376,102 | €420,717 | +€44,615 | +11.9% |
| Deferred charges and accrued income | 490/1 | €1,313 | €4,555 | +€3,243 | +247% |
| Total equity and liabilities | 10/49 | €1,560,285 | €1,491,539 | -€68,746 | -4.4% |
| Equity | 10/15 | €907,767 | €978,970 | +€71,203 | +7.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €200,143 | €200,143 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,155 | €5,155 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €3,295 | €3,295 | = | 0.0% |
| Distributable reserves | 133 | €194,988 | €194,988 | = | 0.0% |
| Profit (loss) carried forward | 14 | €699,865 | €771,587 | +€71,722 | +10.2% |
| Investment grants | 15 | €1,559 | €1,039 | -€520 | -33.3% |
| Amounts payable | 17/49 | €652,518 | €512,569 | -€139,949 | -21.4% |
| Amounts payable after more than one year | 17 | €178,627 | €171,475 | -€7,152 | -4.0% |
| Financial debts | 170/4 | €178,627 | €171,475 | -€7,152 | -4.0% |
| Amounts payable within one year | 42/48 | €453,891 | €341,094 | -€112,797 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €25,412 | €23,985 | -€1,427 | -5.6% |
| Trade debts | 44 | €377,306 | €282,265 | -€95,042 | -25.2% |
| Suppliers | 440/4 | €377,306 | €282,265 | -€95,042 | -25.2% |
| Taxes, remuneration and social security | 45 | €47,994 | €32,232 | -€15,762 | -32.8% |
| Taxes | 450/3 | €41,486 | €23,847 | -€17,639 | -42.5% |
| Remuneration and social security | 454/9 | €6,507 | €8,385 | +€1,877 | +28.9% |
| Other amounts payable | 47/48 | €3,179 | €2,612 | -€567 | -17.8% |
| Accrued charges and deferred income | 492/3 | €20,000 | - | -€20,000 | |
| Remuneration, social security and pensions | 62 | €124,528 | €159,097 | +€34,570 | +27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,633 | €63,781 | +€17,148 | +36.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €37,591 | €14,778 | -€22,813 | -60.7% |
| Other operating charges | 640/8 | €12,901 | €8,721 | -€4,180 | -32.4% |
| Gross operating margin | 9900 | €465,907 | €334,893 | -€131,013 | -28.1% |
| Operating profit (loss) | 9901 | €244,253 | €88,516 | -€155,738 | -63.8% |
| Financial income | 75/76B | €520 | €15,007 | +€14,488 | +2,788% |
| Recurring financial income | 75 | €520 | €15,007 | +€14,488 | +2,788% |
| Financial charges | 65/66B | €15,262 | €13,479 | -€1,783 | -11.7% |
| Recurring financial charges | 65 | €15,262 | €13,479 | -€1,783 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €229,511 | €90,044 | -€139,467 | -60.8% |
| Income taxes | 67/77 | €59,874 | €18,322 | -€41,552 | -69.4% |
| Profit (loss) for the period | 9904 | €169,637 | €71,722 | -€97,915 | -57.7% |
| Profit (loss) for the period to be appropriated | 9905 | €169,637 | €71,722 | -€97,915 | -57.7% |
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 16 October 2026 via checked.be.