G.M. CONSTRUCT: what changed
What changed
G.M. CONSTRUCT
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€2,877
2024 · €3,461-€584
Equity
€58,965
2024 · €56,089+€2,877
Cash
€39,627
2024 · €58,174-€18,547
Balance sheet total
€473,898
2024 · €438,936+€34,962
Largest movements
Assets
- Stocks and contracts +€270,595
up €270,595 (+273%), from €99,177 to €369,771
- Receivables within one year -€218,858
down €218,858 (-91.9%), from €238,099 to €19,242
- Cash -€18,547
down €18,547 (-31.9%), from €58,174 to €39,627
mainly Stocks and contracts (-€270,595) and Investment in fixed assets (net) (-€11,925)
Equity and liabilities
- Other debts +€45,995
up €45,995 (+2,406%), from €1,912 to €47,907
- Tax, wage and social debts -€5,511
down €5,511 (-58.6%), from €9,397 to €3,887
of which Taxes: -€3,535
- Debts after one year -€5,153
down €5,153 (-23.2%), from €22,230 to €17,076
Income statement
- Gross operating margin +€7,301
up €7,301 (+26.3%), from €27,809 to €35,109
- Depreciation +€4,964
up €4,964 (+121%), from €4,113 to €9,078
- Financial charges +€2,113
up €2,113 (+13.3%), from €15,883 to €17,996
- Staff costs +€2,088
new in 2025: €2,088
- Other operating charges -€825
down €825 (-33.9%), from €2,434 to €1,609
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€3,461
Gross operating margin
+€7,301
Staff costs
-€2,088
Depreciation
-€4,964
Other operating charges
+€825
Other operating items
+€5
Financial income
+€54
Financial charges
-€2,113
Taxes
+€396
Result 2025
€2,877
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€1,950
Investment
-€11,925
Financing
-€4,672
Cash 2024
€58,174
From operations (derived)
-€1,950
Net result for the year
+€2,877
Depreciation
+€9,078
Stocks and contracts
-€270,595
Receivables within one year
+€218,858
Deferred charges and accrued income
+€1,075
Trade debts
-€3,727
Tax, wage and social debts
-€5,511
Other debts
+€45,995
Investment (derived)
-€11,925
Investment in fixed assets (net)
-€11,925
Financing
-€4,672
Debts after one year
-€5,153
Current portion of long-term debt
+€481
Cash 2025
€39,627
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €438,936 | €473,898 | +€34,962 | +8.0% |
| Fixed assets | 21/28 | €29,837 | €32,685 | +€2,848 | +9.5% |
| Tangible fixed assets | 22/27 | €29,587 | €32,224 | +€2,638 | +8.9% |
| Plant, machinery and equipment | 23 | €29,303 | €32,224 | +€2,921 | +10.0% |
| Furniture and vehicles | 24 | €284 | - | -€284 | |
| Financial fixed assets | 28 | €250 | €460 | +€210 | +83.9% |
| Current assets | 29/58 | €409,099 | €441,213 | +€32,114 | +7.9% |
| Stocks and contracts in progress | 3 | €99,177 | €369,771 | +€270,595 | +273% |
| Contracts in progress | 37 | €99,177 | €369,771 | +€270,595 | +273% |
| Amounts receivable within one year | 40/41 | €238,099 | €19,242 | -€218,858 | -91.9% |
| Other amounts receivable | 41 | €238,099 | €19,242 | -€218,858 | -91.9% |
| Cash at bank and in hand | 54/58 | €58,174 | €39,627 | -€18,547 | -31.9% |
| Deferred charges and accrued income | 490/1 | €13,649 | €12,574 | -€1,075 | -7.9% |
| Total equity and liabilities | 10/49 | €438,936 | €473,898 | +€34,962 | +8.0% |
| Equity | 10/15 | €56,089 | €58,965 | +€2,877 | +5.1% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €388 | €388 | = | 0.0% |
| Distributable reserves | 133 | €388 | €388 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,869 | €38,746 | +€2,877 | +8.0% |
| Amounts payable | 17/49 | €382,848 | €414,933 | +€32,085 | +8.4% |
| Amounts payable after more than one year | 17 | €22,230 | €17,076 | -€5,153 | -23.2% |
| Financial debts | 170/4 | €22,230 | €17,076 | -€5,153 | -23.2% |
| Amounts payable within one year | 42/48 | €360,618 | €397,857 | +€37,239 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €333,672 | €334,153 | +€481 | +0.1% |
| Trade debts | 44 | €15,637 | €11,909 | -€3,727 | -23.8% |
| Suppliers | 440/4 | €15,637 | €11,909 | -€3,727 | -23.8% |
| Taxes, remuneration and social security | 45 | €9,397 | €3,887 | -€5,511 | -58.6% |
| Taxes | 450/3 | €5,446 | €1,912 | -€3,535 | -64.9% |
| Remuneration and social security | 454/9 | €3,951 | €1,975 | -€1,976 | -50.0% |
| Other amounts payable | 47/48 | €1,912 | €47,907 | +€45,995 | +2,406% |
| Remuneration, social security and pensions | 62 | - | €2,088 | +€2,088 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,113 | €9,078 | +€4,964 | +121% |
| Other operating charges | 640/8 | €2,434 | €1,609 | -€825 | -33.9% |
| Non-recurring operating charges | 66A | €5 | - | -€5 | |
| Gross operating margin | 9900 | €27,809 | €35,109 | +€7,301 | +26.3% |
| Operating profit (loss) | 9901 | €21,256 | €22,335 | +€1,078 | +5.1% |
| Financial income | 75/76B | €8 | €61 | +€54 | +714% |
| Recurring financial income | 75 | €7 | €61 | +€54 | +771% |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €15,883 | €17,996 | +€2,113 | +13.3% |
| Recurring financial charges | 65 | €15,883 | €17,996 | +€2,113 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €5,380 | €4,399 | -€981 | -18.2% |
| Income taxes | 67/77 | €1,919 | €1,523 | -€396 | -20.7% |
| Profit (loss) for the period | 9904 | €3,461 | €2,877 | -€584 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,461 | €2,877 | -€584 | -16.9% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.