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
- Cash -€53,331
down €53,331 (-9.8%), from €541,757 to €488,426
mainly Trade debts (-€51,426) and Contributions, distributions and other (-€50,000)
- Tangible fixed assets -€16,493
down €16,493 (-25.6%), from €64,501 to €48,009
of which Furniture and vehicles: -€14,758
- Stocks and contracts +€9,668
up €9,668 (+7.4%), from €130,233 to €139,900
- Trade debts -€51,426
down €51,426 (-34.1%), from €150,683 to €99,258
- Other debts -€20,000
down €20,000 (-27.6%), from €72,558 to €52,558
- Tax, wage and social debts +€12,000
up €12,000 (+46.3%), from €25,900 to €37,900
of which Remuneration and social security: +€9,558
- Debts after one year -€8,549
down €8,549 (-74.5%), from €11,475 to €2,925
- Profit (loss) carried forward +€8,094
up €8,094 (+3.5%), from €231,208 to €239,302
- Gross operating margin -€30,963
down €30,963 (-12.4%), from €250,186 to €219,223
- Taxes -€6,582
down €6,582 (-29.1%), from €22,611 to €16,030
- Staff costs +€5,604
up €5,604 (+4.6%), from €120,787 to €126,392
- Other operating charges -€2,846
down €2,846 (-74.0%), from €3,847 to €1,000
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 | €748,101 | €688,549 | -€59,552 | -8.0% |
| Fixed assets | 21/28 | €64,501 | €48,009 | -€16,493 | -25.6% |
| Tangible fixed assets | 22/27 | €64,501 | €48,009 | -€16,493 | -25.6% |
| Plant, machinery and equipment | 23 | €4,585 | €2,858 | -€1,727 | -37.7% |
| Furniture and vehicles | 24 | €53,270 | €38,512 | -€14,758 | -27.7% |
| Other tangible fixed assets | 26 | €6,646 | €6,638 | -€8 | -0.1% |
| Current assets | 29/58 | €683,600 | €640,540 | -€43,060 | -6.3% |
| Stocks and contracts in progress | 3 | €130,233 | €139,900 | +€9,668 | +7.4% |
| Stocks | 30/36 | €130,233 | €139,900 | +€9,668 | +7.4% |
| Amounts receivable within one year | 40/41 | €5,811 | €6,095 | +€284 | +4.9% |
| Trade receivables | 40 | €1,765 | €693 | -€1,072 | -60.7% |
| Other amounts receivable | 41 | €4,046 | €5,401 | +€1,356 | +33.5% |
| Cash at bank and in hand | 54/58 | €541,757 | €488,426 | -€53,331 | -9.8% |
| Deferred charges and accrued income | 490/1 | €5,800 | €6,119 | +€319 | +5.5% |
| Total equity and liabilities | 10/49 | €748,101 | €688,549 | -€59,552 | -8.0% |
| Equity | 10/15 | €479,265 | €487,359 | +€8,094 | +1.7% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Contributions outside capital | 11 | €6,197 | €6,197 | = | 0.0% |
| Other | 1109/19 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €241,859 | €241,859 | = | 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% |
| Distributable reserves | 133 | €240,000 | €240,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €231,208 | €239,302 | +€8,094 | +3.5% |
| Amounts payable | 17/49 | €268,837 | €201,190 | -€67,646 | -25.2% |
| Amounts payable after more than one year | 17 | €11,475 | €2,925 | -€8,549 | -74.5% |
| Financial debts | 170/4 | €11,475 | €2,925 | -€8,549 | -74.5% |
| Amounts payable within one year | 42/48 | €257,362 | €198,265 | -€59,097 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €8,221 | €8,549 | +€328 | +4.0% |
| Trade debts | 44 | €150,683 | €99,258 | -€51,426 | -34.1% |
| Suppliers | 440/4 | €150,683 | €99,258 | -€51,426 | -34.1% |
| Taxes, remuneration and social security | 45 | €25,900 | €37,900 | +€12,000 | +46.3% |
| Taxes | 450/3 | €10,462 | €12,905 | +€2,442 | +23.3% |
| Remuneration and social security | 454/9 | €15,438 | €24,995 | +€9,558 | +61.9% |
| Other amounts payable | 47/48 | €72,558 | €52,558 | -€20,000 | -27.6% |
| Non-recurring operating income | 76A | €16,113 | €250 | -€15,863 | -98.5% |
| Remuneration, social security and pensions | 62 | €120,787 | €126,392 | +€5,604 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,513 | €18,402 | +€1,889 | +11.4% |
| Other operating charges | 640/8 | €3,847 | €1,000 | -€2,846 | -74.0% |
| Gross operating margin | 9900 | €250,186 | €219,223 | -€30,963 | -12.4% |
| Operating profit (loss) | 9901 | €109,040 | €73,430 | -€35,610 | -32.7% |
| Financial income | 75/76B | €1,317 | €2,669 | +€1,352 | +103% |
| Recurring financial income | 75 | €1,317 | €2,669 | +€1,352 | +103% |
| Financial charges | 65/66B | €2,029 | €1,975 | -€54 | -2.7% |
| Recurring financial charges | 65 | €2,029 | €1,975 | -€54 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €108,328 | €74,124 | -€34,204 | -31.6% |
| Income taxes | 67/77 | €22,611 | €16,030 | -€6,582 | -29.1% |
| Profit (loss) for the period | 9904 | €85,717 | €58,094 | -€27,623 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,717 | €58,094 | -€27,623 | -32.2% |
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 21 October 2026 via checked.be.