G et M-D: 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 et M-D
Largest movements
- Cash -€18,982
down €18,982 (-50.0%), from €38,001 to €19,019
mainly Debts after one year (-€52,900) and Current portion of long-term debt (-€35,776)
- Receivables within one year +€9,313
up €9,313 (+10.6%), from €87,807 to €97,120
- Tangible fixed assets -€7,672
down €7,672 (-2.8%), from €276,112 to €268,440
of which Land and buildings: -€12,778
- Reserves +€75,000
up €75,000 (+73.6%), from €101,860 to €176,860
of which Distributable reserves: +€75,000
- Debts after one year -€52,900
down €52,900 (-34.8%), from €151,900 to €99,000
of which Financial debts: -€27,400
- Current portion of long-term debt -€35,776
down €35,776 (-82.9%), from €43,137 to €7,361
- Other debts -€21,942
down €21,942 (-92.7%), from €23,681 to €1,739
- Tax, wage and social debts +€11,269
up €11,269 (+26.4%), from €42,709 to €53,978
of which Taxes: +€8,920
- Gross operating margin +€28,516
up €28,516 (+12.7%), from €224,008 to €252,523
- Staff costs -€16,420
down €16,420 (-13.2%), from €124,570 to €108,150
- Taxes +€13,182
up €13,182 (+55.0%), from €23,947 to €37,129
- Other operating charges +€6,098
up €6,098 (+241%), from €2,532 to €8,630
- Financial charges -€4,710
down €4,710 (-41.2%), from €11,437 to €6,727
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 | €412,881 | €398,894 | -€13,987 | -3.4% |
| Fixed assets | 21/28 | €277,401 | €269,130 | -€8,272 | -3.0% |
| Intangible fixed assets | 21 | €1,290 | €690 | -€600 | -46.5% |
| Tangible fixed assets | 22/27 | €276,112 | €268,440 | -€7,672 | -2.8% |
| Land and buildings | 22 | €230,656 | €217,878 | -€12,778 | -5.5% |
| Plant, machinery and equipment | 23 | €5,351 | €3,228 | -€2,123 | -39.7% |
| Furniture and vehicles | 24 | €4,105 | €11,333 | +€7,228 | +176% |
| Other tangible fixed assets | 26 | €36,000 | €36,000 | = | 0.0% |
| Current assets | 29/58 | €135,480 | €129,764 | -€5,715 | -4.2% |
| Amounts receivable within one year | 40/41 | €87,807 | €97,120 | +€9,313 | +10.6% |
| Trade receivables | 40 | €87,807 | €97,120 | +€9,313 | +10.6% |
| Cash at bank and in hand | 54/58 | €38,001 | €19,019 | -€18,982 | -50.0% |
| Deferred charges and accrued income | 490/1 | €9,671 | €13,625 | +€3,954 | +40.9% |
| Total equity and liabilities | 10/49 | €412,881 | €398,894 | -€13,987 | -3.4% |
| Equity | 10/15 | €121,191 | €197,346 | +€76,156 | +62.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,860 | €176,860 | +€75,000 | +73.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €175,000 | +€75,000 | +75.0% |
| Profit (loss) carried forward | 14 | €731 | €1,886 | +€1,156 | +158% |
| Amounts payable | 17/49 | €291,690 | €201,548 | -€90,143 | -30.9% |
| Amounts payable after more than one year | 17 | €151,900 | €99,000 | -€52,900 | -34.8% |
| Financial debts | 170/4 | €46,400 | €19,000 | -€27,400 | -59.1% |
| Other amounts payable | 178/9 | €105,500 | €80,000 | -€25,500 | -24.2% |
| Amounts payable within one year | 42/48 | €139,791 | €102,548 | -€37,243 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | €43,137 | €7,361 | -€35,776 | -82.9% |
| Trade debts | 44 | €30,264 | €39,470 | +€9,206 | +30.4% |
| Suppliers | 440/4 | €30,264 | €39,470 | +€9,206 | +30.4% |
| Taxes, remuneration and social security | 45 | €42,709 | €53,978 | +€11,269 | +26.4% |
| Taxes | 450/3 | €31,686 | €40,607 | +€8,920 | +28.2% |
| Remuneration and social security | 454/9 | €11,023 | €13,371 | +€2,349 | +21.3% |
| Other amounts payable | 47/48 | €23,681 | €1,739 | -€21,942 | -92.7% |
| Remuneration, social security and pensions | 62 | €124,570 | €108,150 | -€16,420 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,350 | €17,078 | -€272 | -1.6% |
| Other operating charges | 640/8 | €2,532 | €8,630 | +€6,098 | +241% |
| Gross operating margin | 9900 | €224,008 | €252,523 | +€28,516 | +12.7% |
| Operating profit (loss) | 9901 | €79,556 | €118,665 | +€39,109 | +49.2% |
| Financial income | 75/76B | €80 | €1,346 | +€1,267 | +1,592% |
| Recurring financial income | 75 | €80 | €6 | -€74 | -92.5% |
| Non-recurring financial income | 76B | - | €1,340 | +€1,340 | |
| Financial charges | 65/66B | €11,437 | €6,727 | -€4,710 | -41.2% |
| Recurring financial charges | 65 | €11,437 | €6,727 | -€4,710 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | €68,198 | €113,285 | +€45,086 | +66.1% |
| Income taxes | 67/77 | €23,947 | €37,129 | +€13,182 | +55.0% |
| Profit (loss) for the period | 9904 | €44,252 | €76,156 | +€31,904 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €44,252 | €76,156 | +€31,904 | +72.1% |
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.