G.M.G.: 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.G.
Largest movements
- Intangible fixed assets +€124,819
new in 2025: €124,819
- Tangible fixed assets -€21,182
down €21,182 (-17.5%), from €121,200 to €100,018
of which Land and buildings: -€14,522
- Financial fixed assets +€15,500
new in 2025: €15,500
- Cash -€13,468
down €13,468 (-20.3%), from €66,493 to €53,024
mainly Investment in fixed assets (net) (-€165,043) and Contributions, distributions and other (-€50,000)
- Receivables within one year +€10,310
up €10,310 (+48.8%), from €21,117 to €31,427
of which Trade receivables: +€10,310
- Trade debts +€97,385
up €97,385 (+492%), from €19,798 to €117,183
- Other debts +€26,847
up €26,847 (+99.6%), from €26,946 to €53,792
- Debts after one year -€10,563
down €10,563 (-45.3%), from €23,316 to €12,754
of which Financial debts: -€10,563
- Gross operating margin +€39,809
up €39,809 (+26.7%), from €149,361 to €189,169
- Depreciation +€20,865
up €20,865 (+83.3%), from €25,040 to €45,905
- Staff costs -€11,622
down €11,622 (-16.7%), from €69,627 to €58,004
- Taxes +€9,439
up €9,439 (+64.9%), from €14,553 to €23,993
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 | €212,720 | €332,683 | +€119,963 | +56.4% |
| Formation expenses | 20 | €146 | €146 | = | 0.0% |
| Fixed assets | 21/28 | €121,200 | €240,337 | +€119,138 | +98.3% |
| Intangible fixed assets | 21 | - | €124,819 | +€124,819 | |
| Tangible fixed assets | 22/27 | €121,200 | €100,018 | -€21,182 | -17.5% |
| Land and buildings | 22 | €100,150 | €85,628 | -€14,522 | -14.5% |
| Plant, machinery and equipment | 23 | €14,988 | €9,829 | -€5,159 | -34.4% |
| Furniture and vehicles | 24 | €3,451 | €2,638 | -€813 | -23.6% |
| Other tangible fixed assets | 26 | €2,610 | €1,923 | -€687 | -26.3% |
| Financial fixed assets | 28 | - | €15,500 | +€15,500 | |
| Current assets | 29/58 | €91,374 | €92,199 | +€825 | +0.9% |
| Amounts receivable within one year | 40/41 | €21,117 | €31,427 | +€10,310 | +48.8% |
| Trade receivables | 40 | €21,001 | €31,311 | +€10,310 | +49.1% |
| Other amounts receivable | 41 | €116 | €116 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €66,493 | €53,024 | -€13,468 | -20.3% |
| Deferred charges and accrued income | 490/1 | €3,763 | €7,747 | +€3,984 | +106% |
| Total equity and liabilities | 10/49 | €212,720 | €332,683 | +€119,963 | +56.4% |
| Equity | 10/15 | €104,210 | €107,215 | +€3,005 | +2.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,759 | €86,764 | +€3,005 | +3.6% |
| Amounts payable | 17/49 | €108,509 | €225,468 | +€116,958 | +108% |
| Amounts payable after more than one year | 17 | €23,316 | €12,754 | -€10,563 | -45.3% |
| Financial debts | 170/4 | €18,616 | €8,054 | -€10,563 | -56.7% |
| Other amounts payable | 178/9 | €4,700 | €4,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €85,193 | €212,714 | +€127,521 | +150% |
| Current portion of amounts payable after more than one year | 42 | €22,819 | €23,063 | +€243 | +1.1% |
| Trade debts | 44 | €19,798 | €117,183 | +€97,385 | +492% |
| Suppliers | 440/4 | €19,798 | €117,183 | +€97,385 | +492% |
| Taxes, remuneration and social security | 45 | €15,629 | €18,676 | +€3,046 | +19.5% |
| Taxes | 450/3 | €2,053 | €11,680 | +€9,627 | +469% |
| Remuneration and social security | 454/9 | €13,576 | €6,996 | -€6,580 | -48.5% |
| Other amounts payable | 47/48 | €26,946 | €53,792 | +€26,847 | +99.6% |
| Remuneration, social security and pensions | 62 | €69,627 | €58,004 | -€11,622 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,040 | €45,905 | +€20,865 | +83.3% |
| Other operating charges | 640/8 | €4,653 | €3,803 | -€849 | -18.3% |
| Gross operating margin | 9900 | €149,361 | €189,169 | +€39,809 | +26.7% |
| Operating profit (loss) | 9901 | €50,041 | €81,457 | +€31,415 | +62.8% |
| Financial income | 75/76B | €133 | €1,976 | +€1,843 | +1,386% |
| Recurring financial income | 75 | €133 | €1,976 | +€1,843 | +1,386% |
| Financial charges | 65/66B | €7,145 | €6,435 | -€710 | -9.9% |
| Recurring financial charges | 65 | €7,145 | €6,435 | -€710 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €43,029 | €76,997 | +€33,968 | +78.9% |
| Income taxes | 67/77 | €14,553 | €23,993 | +€9,439 | +64.9% |
| Profit (loss) for the period | 9904 | €28,476 | €53,005 | +€24,529 | +86.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,476 | €53,005 | +€24,529 | +86.1% |
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 28 October 2026 via checked.be.