G.M.A. CONSTRUCT: 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.A. CONSTRUCT
Largest movements
- Cash +€49,807
up €49,807 (+73.7%), from €67,586 to €117,393
mainly Net result for the year (+€25,524) and Tax, wage and social debts (+€20,259)
- Receivables within one year +€8,667
up €8,667 (+27.9%), from €31,106 to €39,773
of which Other amounts receivable: +€6,702
- Stocks and contracts -€8,000
down €8,000 (-80.0%), from €10,000 to €2,000
- Tangible fixed assets -€4,671
down €4,671 (-39.4%), from €11,854 to €7,182
of which Furniture and vehicles: -€3,434
- Reserves +€25,524
up €25,524 (+27.6%), from €92,321 to €117,846
of which Distributable reserves: +€25,524
- Tax, wage and social debts +€20,259
up €20,259 (+247.0%), from €8,203 to €28,462
- Current portion of long-term debt +€6,442
new in 2025: €6,442
- Other debts -€2,962
no longer reported in 2025 (was €2,962)
- Depreciation -€4,867
down €4,867 (-49.8%), from €9,782 to €4,915
- Gross operating margin +€4,756
up €4,756 (+11.9%), from €40,016 to €44,772
- Taxes +€4,692
up €4,692 (+81.6%), from €5,750 to €10,442
- Other operating charges +€1,625
up €1,625 (+230.5%), from €705 to €2,331
- Financial charges +€1,199
up €1,199 (+79.7%), from €1,504 to €2,703
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 | €123,477 | €170,378 | +€46,901 | +38.0% |
| Fixed assets | 21/28 | €12,004 | €7,332 | -€4,671 | -38.9% |
| Tangible fixed assets | 22/27 | €11,854 | €7,182 | -€4,671 | -39.4% |
| Plant, machinery and equipment | 23 | €4,277 | €3,769 | -€508 | -11.9% |
| Furniture and vehicles | 24 | €5,928 | €2,494 | -€3,434 | -57.9% |
| Other tangible fixed assets | 26 | €1,649 | €919 | -€729 | -44.2% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €111,474 | €163,046 | +€51,572 | +46.3% |
| Stocks and contracts in progress | 3 | €10,000 | €2,000 | -€8,000 | -80.0% |
| Stocks | 30/36 | €10,000 | €2,000 | -€8,000 | -80.0% |
| Amounts receivable within one year | 40/41 | €31,106 | €39,773 | +€8,667 | +27.9% |
| Trade receivables | 40 | €1,998 | €3,964 | +€1,966 | +98.4% |
| Other amounts receivable | 41 | €29,108 | €35,809 | +€6,702 | +23.0% |
| Cash at bank and in hand | 54/58 | €67,586 | €117,393 | +€49,807 | +73.7% |
| Deferred charges and accrued income | 490/1 | €2,782 | €3,880 | +€1,098 | +39.5% |
| Total equity and liabilities | 10/49 | €123,477 | €170,378 | +€46,901 | +38.0% |
| Equity | 10/15 | €100,381 | €125,906 | +€25,524 | +25.4% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €92,321 | €117,846 | +€25,524 | +27.6% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €84,321 | €109,846 | +€25,524 | +30.3% |
| Amounts payable | 17/49 | €23,096 | €44,473 | +€21,377 | +92.6% |
| Amounts payable after more than one year | 17 | - | €550 | +€550 | |
| Financial debts | 170/4 | - | €550 | +€550 | |
| Amounts payable within one year | 42/48 | €21,831 | €43,923 | +€22,092 | +101.2% |
| Current portion of amounts payable after more than one year | 42 | - | €6,442 | +€6,442 | |
| Trade debts | 44 | €10,667 | €9,019 | -€1,648 | -15.4% |
| Suppliers | 440/4 | €10,667 | €9,019 | -€1,648 | -15.4% |
| Taxes, remuneration and social security | 45 | €8,203 | €28,462 | +€20,259 | +247.0% |
| Taxes | 450/3 | €8,203 | €28,462 | +€20,259 | +247.0% |
| Other amounts payable | 47/48 | €2,962 | - | -€2,962 | |
| Accrued charges and deferred income | 492/3 | €1,265 | - | -€1,265 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,782 | €4,915 | -€4,867 | -49.8% |
| Other operating charges | 640/8 | €705 | €2,331 | +€1,625 | +230.5% |
| Gross operating margin | 9900 | €40,016 | €44,772 | +€4,756 | +11.9% |
| Operating profit (loss) | 9901 | €29,529 | €37,526 | +€7,997 | +27.1% |
| Financial income | 75/76B | €104 | €1,143 | +€1,039 | +995.5% |
| Recurring financial income | 75 | €104 | €1,143 | +€1,039 | +995.5% |
| Financial charges | 65/66B | €1,504 | €2,703 | +€1,199 | +79.7% |
| Recurring financial charges | 65 | €1,504 | €2,703 | +€1,199 | +79.7% |
| Profit (loss) for the period before taxes | 9903 | €28,130 | €35,967 | +€7,837 | +27.9% |
| Income taxes | 67/77 | €5,750 | €10,442 | +€4,692 | +81.6% |
| Profit (loss) for the period | 9904 | €22,379 | €25,524 | +€3,145 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,379 | €25,524 | +€3,145 | +14.1% |
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 12 October 2026 via checked.be.