G.M.5: 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.M.5
Largest movements
- Stocks and contracts -€1.1m
no longer reported in 2025 (was €1.1m)
- Receivables within one year +€1.1m
up €1.1m (+9,129%), from €11,810 to €1.1m
of which Trade receivables: +€1.1m
- Tangible fixed assets -€115,509
down €115,509 (-99.2%), from €116,385 to €877
of which Land and buildings: -€77,056
- Short-term financial debts -€412,035
no longer reported in 2025 (was €412,035)
- Other debts +€157,399
up €157,399 (+35.1%), from €447,867 to €605,265
- Reserves +€96,423
up €96,423 (+31.1%), from €309,718 to €406,141
- Current portion of long-term debt -€16,571
no longer reported in 2025 (was €16,571)
- Debts after one year -€12,863
no longer reported in 2025 (was €12,863)
- Gross operating margin +€190,552
up €190,552, from -€20,903 to €169,648
- Taxes +€34,074
up €34,074, from -€239 to €33,834
- Depreciation -€18,122
down €18,122 (-93.3%), from €19,415 to €1,293
- Financial charges +€15,935
up €15,935 (+502%), from €3,173 to €19,108
- Other operating charges +€9,585
up €9,585 (+1,054%), from €910 to €10,495
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,257,999 | €1,091,040 | -€166,959 | -13.3% |
| Fixed assets | 21/28 | €116,385 | €877 | -€115,509 | -99.2% |
| Tangible fixed assets | 22/27 | €116,385 | €877 | -€115,509 | -99.2% |
| Land and buildings | 22 | €77,056 | - | -€77,056 | |
| Plant, machinery and equipment | 23 | €972 | - | -€972 | |
| Furniture and vehicles | 24 | €38,357 | €877 | -€37,481 | -97.7% |
| Current assets | 29/58 | €1,141,614 | €1,090,164 | -€51,450 | -4.5% |
| Stocks and contracts in progress | 3 | €1,119,986 | - | -€1.1m | |
| Stocks | 30/36 | €1,119,986 | - | -€1.1m | |
| Amounts receivable within one year | 40/41 | €11,810 | €1,089,937 | +€1.1m | +9,129% |
| Trade receivables | 40 | - | €1,072,963 | +€1.1m | |
| Other amounts receivable | 41 | €11,810 | €16,974 | +€5,164 | +43.7% |
| Current investments | 50/53 | €108 | - | -€108 | |
| Cash at bank and in hand | 54/58 | €8,047 | €227 | -€7,820 | -97.2% |
| Deferred charges and accrued income | 490/1 | €1,664 | - | -€1,664 | |
| Total equity and liabilities | 10/49 | €1,257,999 | €1,091,040 | -€166,959 | -13.3% |
| Equity | 10/15 | €363,727 | €468,114 | +€104,387 | +28.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €309,718 | €406,141 | +€96,423 | +31.1% |
| Distributable reserves | 133 | €309,718 | €406,141 | +€96,423 | +31.1% |
| Profit (loss) carried forward | 14 | -€7,964 | - | +€7,964 | |
| Amounts payable | 17/49 | €894,272 | €622,926 | -€271,346 | -30.3% |
| Amounts payable after more than one year | 17 | €12,863 | - | -€12,863 | |
| Financial debts | 170/4 | €12,863 | - | -€12,863 | |
| Amounts payable within one year | 42/48 | €881,408 | €622,926 | -€258,482 | -29.3% |
| Current portion of amounts payable after more than one year | 42 | €16,571 | - | -€16,571 | |
| Financial debts | 43 | €412,035 | - | -€412,035 | |
| Credit institutions | 430/8 | €412,035 | - | -€412,035 | |
| Trade debts | 44 | €4,935 | €7,303 | +€2,368 | +48.0% |
| Suppliers | 440/4 | €4,935 | €7,303 | +€2,368 | +48.0% |
| Taxes, remuneration and social security | 45 | - | €10,358 | +€10,358 | |
| Taxes | 450/3 | - | €10,358 | +€10,358 | |
| Other amounts payable | 47/48 | €447,867 | €605,265 | +€157,399 | +35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,415 | €1,293 | -€18,122 | -93.3% |
| Other operating charges | 640/8 | €910 | €10,495 | +€9,585 | +1,054% |
| Non-recurring operating charges | 66A | - | €532 | +€532 | |
| Gross operating margin | 9900 | -€20,903 | €169,648 | +€190,552 | |
| Operating profit (loss) | 9901 | -€41,228 | €157,329 | +€198,557 | |
| Financial income | 75/76B | €1 | €1 | +€0 | +57.7% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +57.7% |
| Financial charges | 65/66B | €3,173 | €19,108 | +€15,935 | +502% |
| Recurring financial charges | 65 | €3,173 | €19,108 | +€15,935 | +502% |
| Profit (loss) for the period before taxes | 9903 | -€44,401 | €138,221 | +€182,622 | |
| Income taxes | 67/77 | -€239 | €33,834 | +€34,074 | |
| Profit (loss) for the period | 9904 | -€44,162 | €104,387 | +€148,548 | |
| Profit (loss) for the period to be appropriated | 9905 | -€44,162 | €104,387 | +€148,548 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.