G. en 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. en M.
Largest movements
- Receivables after one year +€270,917
new in 2025: €270,917
- Tangible fixed assets -€32,391
down €32,391 (-11.8%), from €274,613 to €242,222
of which Land and buildings: -€32,337
- Cash +€16,905
up €16,905 (+60.2%), from €28,066 to €44,971
mainly Net result for the year (+€242,101) and Investment in fixed assets (net) (+€29,882)
- Profit (loss) carried forward +€198,301
up €198,301, from -€198,294 to €8
- Reserves +€43,800
new in 2025: €43,800
- Tax, wage and social debts +€14,371
up €14,371 (+958%), from €1,500 to €15,871
of which Taxes: +€14,371
- Gross operating margin +€262,685
up €262,685 (+3,801%), from €6,911 to €269,597
- Taxes +€14,371
new in 2025: €14,371
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 | €302,909 | €558,324 | +€255,415 | +84.3% |
| Fixed assets | 21/28 | €274,613 | €242,222 | -€32,391 | -11.8% |
| Tangible fixed assets | 22/27 | €274,613 | €242,222 | -€32,391 | -11.8% |
| Land and buildings | 22 | €274,559 | €242,222 | -€32,337 | -11.8% |
| Plant, machinery and equipment | 23 | €54 | €0 | -€54 | -100% |
| Current assets | 29/58 | €28,296 | €316,102 | +€287,806 | +1,017% |
| Amounts receivable after more than one year | 29 | - | €270,917 | +€270,917 | |
| Other amounts receivable | 291 | - | €270,917 | +€270,917 | |
| Cash at bank and in hand | 54/58 | €28,066 | €44,971 | +€16,905 | +60.2% |
| Deferred charges and accrued income | 490/1 | €230 | €214 | -€16 | -7.0% |
| Total equity and liabilities | 10/49 | €302,909 | €558,324 | +€255,415 | +84.3% |
| Equity | 10/15 | €297,493 | €539,595 | +€242,101 | +81.4% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Capital | 10 | €495,787 | €495,787 | = | 0.0% |
| Issued capital | 100 | €495,787 | €495,787 | = | 0.0% |
| Reserves | 13 | - | €43,800 | +€43,800 | |
| Distributable reserves | 133 | - | €43,800 | +€43,800 | |
| Profit (loss) carried forward | 14 | -€198,294 | €8 | +€198,301 | |
| Amounts payable | 17/49 | €5,416 | €18,729 | +€13,313 | +246% |
| Amounts payable within one year | 42/48 | €5,416 | €18,729 | +€13,313 | +246% |
| Trade debts | 44 | €1,057 | - | -€1,057 | |
| Suppliers | 440/4 | €1,057 | - | -€1,057 | |
| Taxes, remuneration and social security | 45 | €1,500 | €15,871 | +€14,371 | +958% |
| Taxes | 450/3 | - | €14,371 | +€14,371 | |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €2,858 | €2,858 | = | 0.0% |
| Non-recurring operating income | 76A | - | €285,118 | +€285,118 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,004 | €2,509 | -€495 | -16.5% |
| Other operating charges | 640/8 | €8,581 | €11,213 | +€2,632 | +30.7% |
| Gross operating margin | 9900 | €6,911 | €269,597 | +€262,685 | +3,801% |
| Operating profit (loss) | 9901 | -€4,674 | €255,875 | +€260,549 | |
| Financial income | 75/76B | - | €917 | +€917 | |
| Recurring financial income | 75 | - | €917 | +€917 | |
| Financial charges | 65/66B | €279 | €320 | +€41 | +14.6% |
| Recurring financial charges | 65 | €279 | €320 | +€41 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,953 | €256,472 | +€261,425 | |
| Income taxes | 67/77 | - | €14,371 | +€14,371 | |
| Profit (loss) for the period | 9904 | -€4,953 | €242,101 | +€247,055 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,953 | €242,101 | +€247,055 |
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 18 October 2026 via checked.be.