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.
What changed
G.M.G.
NACE 01.471, Crop and animal production, hunting and related service activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€28,199
2024 · €17,544+€10,654
Equity
€145,724
2024 · €117,845+€27,879
Cash
€21,732
2024 · €17,905+€3,826
Balance sheet total
€719,839
2024 · €623,130+€96,709
Largest movements
Assets
- Receivables within one year +€51,039
up €51,039 (+40.8%), from €125,210 to €176,249
of which Other amounts receivable: +€40,315
- Stocks and contracts +€23,679
up €23,679 (+81.9%), from €28,920 to €52,599
- Tangible fixed assets +€15,308
up €15,308 (+3.5%), from €439,300 to €454,608
of which Furniture and vehicles: +€29,761
Equity and liabilities
- Trade debts +€74,488
up €74,488 (+76.3%), from €97,632 to €172,120
- Profit (loss) carried forward +€28,199
up €28,199, from -€11,701 to €16,497
- Short-term financial debts -€24,956
down €24,956 (-55.9%), from €44,621 to €19,665
- Debts after one year +€15,630
up €15,630 (+6.1%), from €256,908 to €272,538
Income statement
- Gross operating margin +€13,034
up €13,034 (+12.1%), from €108,056 to €121,089
- Other operating charges +€2,255
up €2,255 (+42.2%), from €5,340 to €7,595
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.
Result 2024
€17,544
Gross operating margin
+€13,034
Depreciation
-€198
Other operating charges
-€2,255
Other operating items
-€100
Financial income
-€28
Financial charges
+€202
Result 2025
€28,199
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€101,726
Investment
-€84,847
Financing
-€13,053
Cash 2024
€17,905
From operations (derived)
+€101,726
Net result for the year
+€28,199
Depreciation
+€69,539
Stocks and contracts
-€23,679
Receivables within one year
-€51,039
Deferred charges and accrued income
-€2,857
Trade debts
+€74,488
Tax, wage and social debts
+€1,978
Other debts
+€2,925
Accrued charges and deferred income
+€2,172
Investment (derived)
-€84,847
Investment in fixed assets (net)
-€84,847
Financing
-€13,053
Debts after one year
+€15,630
Current portion of long-term debt
-€3,408
Short-term financial debts
-€24,956
Contributions, distributions and other
-€320
Cash 2025
€21,732
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €623,130 | €719,839 | +€96,709 | +15.5% |
| Fixed assets | 21/28 | €446,532 | €461,840 | +€15,308 | +3.4% |
| Tangible fixed assets | 22/27 | €439,300 | €454,608 | +€15,308 | +3.5% |
| Land and buildings | 22 | €131,833 | €157,102 | +€25,269 | +19.2% |
| Plant, machinery and equipment | 23 | €230,194 | €190,472 | -€39,722 | -17.3% |
| Furniture and vehicles | 24 | €77,273 | €107,034 | +€29,761 | +38.5% |
| Financial fixed assets | 28 | €7,232 | €7,232 | = | 0.0% |
| Current assets | 29/58 | €176,598 | €257,999 | +€81,401 | +46.1% |
| Stocks and contracts in progress | 3 | €28,920 | €52,599 | +€23,679 | +81.9% |
| Stocks | 30/36 | €28,920 | €52,599 | +€23,679 | +81.9% |
| Amounts receivable within one year | 40/41 | €125,210 | €176,249 | +€51,039 | +40.8% |
| Trade receivables | 40 | €122,384 | €133,108 | +€10,724 | +8.8% |
| Other amounts receivable | 41 | €2,826 | €43,141 | +€40,315 | +1,426% |
| Cash at bank and in hand | 54/58 | €17,905 | €21,732 | +€3,826 | +21.4% |
| Deferred charges and accrued income | 490/1 | €4,563 | €7,420 | +€2,857 | +62.6% |
| Total equity and liabilities | 10/49 | €623,130 | €719,839 | +€96,709 | +15.5% |
| Equity | 10/15 | €117,845 | €145,724 | +€27,879 | +23.7% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €1,066 | €1,066 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,066 | €1,066 | = | 0.0% |
| Legal reserve | 130 | €1,066 | €1,066 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,701 | €16,497 | +€28,199 | |
| Investment grants | 15 | €4,480 | €4,160 | -€320 | -7.1% |
| Amounts payable | 17/49 | €505,285 | €574,115 | +€68,830 | +13.6% |
| Amounts payable after more than one year | 17 | €256,908 | €272,538 | +€15,630 | +6.1% |
| Financial debts | 170/4 | €256,908 | €272,538 | +€15,630 | +6.1% |
| Amounts payable within one year | 42/48 | €245,549 | €296,577 | +€51,028 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €67,736 | €64,328 | -€3,408 | -5.0% |
| Financial debts | 43 | €44,621 | €19,665 | -€24,956 | -55.9% |
| Credit institutions | 430/8 | €44,621 | €19,665 | -€24,956 | -55.9% |
| Trade debts | 44 | €97,632 | €172,120 | +€74,488 | +76.3% |
| Suppliers | 440/4 | €97,632 | €172,120 | +€74,488 | +76.3% |
| Taxes, remuneration and social security | 45 | €546 | €2,524 | +€1,978 | +363% |
| Taxes | 450/3 | €546 | €2,524 | +€1,978 | +363% |
| Other amounts payable | 47/48 | €35,014 | €37,939 | +€2,925 | +8.4% |
| Accrued charges and deferred income | 492/3 | €2,828 | €5,000 | +€2,172 | +76.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,342 | €69,539 | +€198 | +0.3% |
| Other operating charges | 640/8 | €5,340 | €7,595 | +€2,255 | +42.2% |
| Non-recurring operating charges | 66A | - | €100 | +€100 | |
| Gross operating margin | 9900 | €108,056 | €121,089 | +€13,034 | +12.1% |
| Operating profit (loss) | 9901 | €33,374 | €43,856 | +€10,481 | +31.4% |
| Financial income | 75/76B | €101 | €72 | -€28 | -28.2% |
| Recurring financial income | 75 | €101 | €72 | -€28 | -28.2% |
| Financial charges | 65/66B | €15,931 | €15,729 | -€202 | -1.3% |
| Recurring financial charges | 65 | €15,931 | €15,729 | -€202 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €17,544 | €28,199 | +€10,654 | +60.7% |
| Profit (loss) for the period | 9904 | €17,544 | €28,199 | +€10,654 | +60.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,544 | €28,199 | +€10,654 | +60.7% |
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 18 October 2026 via checked.be.