G.M.F.: 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.F.
Largest movements
- Tangible fixed assets +€164,304
up €164,304 (+1,389%), from €11,828 to €176,132
of which Land and buildings: +€137,977
- Receivables within one year -€30,750
down €30,750 (-28.3%), from €108,679 to €77,929
of which Other amounts receivable: -€30,750
- Debts after one year +€172,950
up €172,950, from €0 to €172,950
- Other debts -€50,000
down €50,000 (-100%), from €50,000 to €0
- Reserves +€4,824
up €4,824 (+57.8%), from €8,348 to €13,172
- Tax, wage and social debts +€4,248
up €4,248 (+39.8%), from €10,685 to €14,933
of which Remuneration and social security: +€3,000
- Current portion of long-term debt +€3,096
up €3,096 (+306%), from €1,013 to €4,109
- Gross operating margin -€46,617
down €46,617 (-57.5%), from €81,040 to €34,423
- Taxes -€15,450
down €15,450 (-88.3%), from €17,498 to €2,049
- Depreciation +€11,650
up €11,650 (+133%), from €8,741 to €20,391
- Financial charges +€2,676
up €2,676 (+281%), from €951 to €3,627
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 | €133,186 | €268,042 | +€134,856 | +101% |
| Fixed assets | 21/28 | €11,828 | €176,132 | +€164,304 | +1,389% |
| Tangible fixed assets | 22/27 | €11,828 | €176,132 | +€164,304 | +1,389% |
| Land and buildings | 22 | €5,735 | €143,712 | +€137,977 | +2,406% |
| Plant, machinery and equipment | 23 | €6,093 | €29,924 | +€23,831 | +391% |
| Furniture and vehicles | 24 | - | €2,496 | +€2,496 | |
| Current assets | 29/58 | €121,358 | €91,911 | -€29,448 | -24.3% |
| Stocks and contracts in progress | 3 | €1,563 | €820 | -€743 | -47.5% |
| Stocks | 30/36 | €1,563 | €820 | -€743 | -47.5% |
| Amounts receivable within one year | 40/41 | €108,679 | €77,929 | -€30,750 | -28.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €108,679 | €77,929 | -€30,750 | -28.3% |
| Cash at bank and in hand | 54/58 | €10,774 | €13,162 | +€2,388 | +22.2% |
| Deferred charges and accrued income | 490/1 | €342 | €0 | -€342 | -100% |
| Total equity and liabilities | 10/49 | €133,186 | €268,042 | +€134,856 | +101% |
| Equity | 10/15 | €62,314 | €67,138 | +€4,824 | +7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,348 | €13,172 | +€4,824 | +57.8% |
| Distributable reserves | 133 | €8,348 | €13,172 | +€4,824 | +57.8% |
| Profit (loss) carried forward | 14 | €35,366 | €35,366 | = | 0.0% |
| Amounts payable | 17/49 | €70,872 | €200,904 | +€130,032 | +183% |
| Amounts payable after more than one year | 17 | €0 | €172,950 | +€172,950 | |
| Financial debts | 170/4 | €0 | €172,950 | +€172,950 | |
| Amounts payable within one year | 42/48 | €70,872 | €25,033 | -€45,839 | -64.7% |
| Current portion of amounts payable after more than one year | 42 | €1,013 | €4,109 | +€3,096 | +306% |
| Financial debts | 43 | €4,000 | €2,000 | -€2,000 | -50.0% |
| Credit institutions | 430/8 | €4,000 | €2,000 | -€2,000 | -50.0% |
| Trade debts | 44 | €5,174 | €3,991 | -€1,183 | -22.9% |
| Suppliers | 440/4 | €5,174 | €3,991 | -€1,183 | -22.9% |
| Taxes, remuneration and social security | 45 | €10,685 | €14,933 | +€4,248 | +39.8% |
| Taxes | 450/3 | €10,685 | €11,933 | +€1,248 | +11.7% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €50,000 | €0 | -€50,000 | -100% |
| Accrued charges and deferred income | 492/3 | - | €2,921 | +€2,921 | |
| Remuneration, social security and pensions | 62 | - | €525 | +€525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,741 | €20,391 | +€11,650 | +133% |
| Other operating charges | 640/8 | €2,664 | €3,007 | +€343 | +12.9% |
| Gross operating margin | 9900 | €81,040 | €34,423 | -€46,617 | -57.5% |
| Operating profit (loss) | 9901 | €69,635 | €10,500 | -€59,135 | -84.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €951 | €3,627 | +€2,676 | +281% |
| Recurring financial charges | 65 | €951 | €3,627 | +€2,676 | +281% |
| Profit (loss) for the period before taxes | 9903 | €68,684 | €6,873 | -€61,811 | -90.0% |
| Income taxes | 67/77 | €17,498 | €2,049 | -€15,450 | -88.3% |
| Profit (loss) for the period | 9904 | €51,185 | €4,824 | -€46,361 | -90.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,185 | €4,824 | -€46,361 | -90.6% |
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 30 October 2026 via checked.be.