G.M. ELECTRONICS: 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. ELECTRONICS
Largest movements
- Receivables within one year +€32,182
up €32,182 (+77.1%), from €41,747 to €73,929
- Stocks and contracts +€24,748
up €24,748 (+28.4%), from €87,161 to €111,909
- Tangible fixed assets +€22,957
up €22,957 (+390%), from €5,889 to €28,846
of which Assets under construction and advance payments: +€21,454
- Intangible fixed assets -€14,663
down €14,663 (-11.4%), from €128,165 to €113,502
- Cash -€9,219
down €9,219 (-14.1%), from €65,515 to €56,296
mainly Investment in fixed assets (net) (-€37,430) and Receivables within one year (-€32,182)
- Reserves +€36,015
up €36,015 (+21.8%), from €165,012 to €201,027
of which Distributable reserves: +€36,015
- Trade debts +€21,805
up €21,805 (+124%), from €17,599 to €39,404
- Current portion of long-term debt -€13,413
down €13,413 (-92.7%), from €14,465 to €1,052
- Other debts +€13,078
up €13,078 (+883%), from €1,481 to €14,559
- Staff costs +€29,140
up €29,140 (+81.9%), from €35,595 to €64,735
- Gross operating margin -€22,221
down €22,221 (-12.9%), from €172,788 to €150,567
- Taxes -€18,448
down €18,448 (-48.9%), from €37,740 to €19,292
- Depreciation +€3,802
up €3,802 (+15.0%), from €25,334 to €29,136
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 | €331,534 | €390,227 | +€58,693 | +17.7% |
| Fixed assets | 21/28 | €135,854 | €144,148 | +€8,294 | +6.1% |
| Intangible fixed assets | 21 | €128,165 | €113,502 | -€14,663 | -11.4% |
| Tangible fixed assets | 22/27 | €5,889 | €28,846 | +€22,957 | +390% |
| Furniture and vehicles | 24 | €5,889 | €7,392 | +€1,503 | +25.5% |
| Assets under construction and advance payments | 27 | - | €21,454 | +€21,454 | |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €195,680 | €246,079 | +€50,399 | +25.8% |
| Stocks and contracts in progress | 3 | €87,161 | €111,909 | +€24,748 | +28.4% |
| Stocks | 30/36 | €87,161 | €111,909 | +€24,748 | +28.4% |
| Amounts receivable within one year | 40/41 | €41,747 | €73,929 | +€32,182 | +77.1% |
| Trade receivables | 40 | €41,747 | €73,929 | +€32,182 | +77.1% |
| Cash at bank and in hand | 54/58 | €65,515 | €56,296 | -€9,219 | -14.1% |
| Deferred charges and accrued income | 490/1 | €1,257 | €3,945 | +€2,688 | +214% |
| Total equity and liabilities | 10/49 | €331,534 | €390,227 | +€58,693 | +17.7% |
| Equity | 10/15 | €233,612 | €269,627 | +€36,015 | +15.4% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €165,012 | €201,027 | +€36,015 | +21.8% |
| Non-distributable reserves | 130/1 | €3,402 | €3,402 | = | 0.0% |
| Other | 1319 | €3,402 | €3,402 | = | 0.0% |
| Distributable reserves | 133 | €161,610 | €197,625 | +€36,015 | +22.3% |
| Amounts payable | 17/49 | €97,922 | €120,600 | +€22,678 | +23.2% |
| Amounts payable after more than one year | 17 | €1,052 | - | -€1,052 | |
| Financial debts | 170/4 | €1,052 | - | -€1,052 | |
| Amounts payable within one year | 42/48 | €96,870 | €120,600 | +€23,730 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €14,465 | €1,052 | -€13,413 | -92.7% |
| Trade debts | 44 | €17,599 | €39,404 | +€21,805 | +124% |
| Suppliers | 440/4 | €17,599 | €39,404 | +€21,805 | +124% |
| Taxes, remuneration and social security | 45 | €63,325 | €65,585 | +€2,260 | +3.6% |
| Taxes | 450/3 | €54,466 | €49,743 | -€4,723 | -8.7% |
| Remuneration and social security | 454/9 | €8,859 | €15,842 | +€6,983 | +78.8% |
| Other amounts payable | 47/48 | €1,481 | €14,559 | +€13,078 | +883% |
| Remuneration, social security and pensions | 62 | €35,595 | €64,735 | +€29,140 | +81.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,334 | €29,136 | +€3,802 | +15.0% |
| Other operating charges | 640/8 | €780 | €801 | +€21 | +2.7% |
| Gross operating margin | 9900 | €172,788 | €150,567 | -€22,221 | -12.9% |
| Operating profit (loss) | 9901 | €111,079 | €55,895 | -€55,184 | -49.7% |
| Financial income | 75/76B | €264 | €566 | +€302 | +114% |
| Recurring financial income | 75 | €264 | €566 | +€302 | +114% |
| Financial charges | 65/66B | €347 | €321 | -€26 | -7.5% |
| Recurring financial charges | 65 | €347 | €321 | -€26 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €110,996 | €56,140 | -€54,856 | -49.4% |
| Income taxes | 67/77 | €37,740 | €19,292 | -€18,448 | -48.9% |
| Profit (loss) for the period | 9904 | €73,256 | €36,848 | -€36,408 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €73,256 | €36,848 | -€36,408 | -49.7% |
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 14 October 2026 via checked.be.