G.M.K.G.: what changed
G.M.K.G.
Largest movements
- Deferred charges and accrued income +€8,184
up €8,184 (+269%), from €3,037 to €11,221
- Tangible fixed assets -€6,050
down €6,050 (-36.1%), from €16,742 to €10,693
of which Plant, machinery and equipment: -€4,883
- Cash +€4,378
up €4,378 (+3.4%), from €128,221 to €132,599
mainly Trade debts (+€52,699) and Debts after one year (+€4,806)
- Receivables within one year -€2,776
down €2,776 (-5.3%), from €52,230 to €49,454
of which Other amounts receivable: -€2,529
- Trade debts +€52,699
up €52,699 (+90.3%), from €58,391 to €111,091
- Reserves -€31,001
down €31,001 (-82.4%), from €37,605 to €6,603
- Tax, wage and social debts -€12,813
down €12,813 (-54.5%), from €23,505 to €10,693
of which Taxes: -€9,241
- Current portion of long-term debt -€9,746
down €9,746 (-61.9%), from €15,737 to €5,991
- Debts after one year +€4,806
up €4,806 (+9.3%), from €51,802 to €56,608
- Gross operating margin -€72,015
down €72,015 (-24.8%), from €290,954 to €218,939
- Staff costs -€29,866
down €29,866 (-11.1%), from €269,086 to €239,220
- Financial charges -€4,874
down €4,874 (-46.4%), from €10,512 to €5,639
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €205,641 | €209,586 | +€3,945 | +1.9% |
| Fixed assets | 21/28 | €17,696 | €11,646 | -€6,050 | -34.2% |
| Tangible fixed assets | 22/27 | €16,742 | €10,693 | -€6,050 | -36.1% |
| Plant, machinery and equipment | 23 | €13,660 | €8,777 | -€4,883 | -35.7% |
| Furniture and vehicles | 24 | €3,082 | €1,916 | -€1,167 | -37.8% |
| Financial fixed assets | 28 | €954 | €954 | = | 0.0% |
| Current assets | 29/58 | €187,945 | €197,940 | +€9,995 | +5.3% |
| Stocks and contracts in progress | 3 | €4,457 | €4,666 | +€209 | +4.7% |
| Stocks | 30/36 | €4,457 | €4,666 | +€209 | +4.7% |
| Amounts receivable within one year | 40/41 | €52,230 | €49,454 | -€2,776 | -5.3% |
| Trade receivables | 40 | €247 | - | -€247 | |
| Other amounts receivable | 41 | €51,983 | €49,454 | -€2,529 | -4.9% |
| Cash at bank and in hand | 54/58 | €128,221 | €132,599 | +€4,378 | +3.4% |
| Deferred charges and accrued income | 490/1 | €3,037 | €11,221 | +€8,184 | +269% |
| Total equity and liabilities | 10/49 | €205,641 | €209,586 | +€3,945 | +1.9% |
| Equity | 10/15 | €56,205 | €25,203 | -€31,001 | -55.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37,605 | €6,603 | -€31,001 | -82.4% |
| Distributable reserves | 133 | €37,605 | €6,603 | -€31,001 | -82.4% |
| Amounts payable | 17/49 | €149,436 | €184,382 | +€34,946 | +23.4% |
| Amounts payable after more than one year | 17 | €51,802 | €56,608 | +€4,806 | +9.3% |
| Other amounts payable | 178/9 | €51,802 | €56,608 | +€4,806 | +9.3% |
| Amounts payable within one year | 42/48 | €97,634 | €127,774 | +€30,140 | +30.9% |
| Current portion of amounts payable after more than one year | 42 | €15,737 | €5,991 | -€9,746 | -61.9% |
| Trade debts | 44 | €58,391 | €111,091 | +€52,699 | +90.3% |
| Suppliers | 440/4 | €58,391 | €111,091 | +€52,699 | +90.3% |
| Taxes, remuneration and social security | 45 | €23,505 | €10,693 | -€12,813 | -54.5% |
| Taxes | 450/3 | €12,273 | €3,032 | -€9,241 | -75.3% |
| Remuneration and social security | 454/9 | €11,232 | €7,660 | -€3,571 | -31.8% |
| Non-recurring operating income | 76A | €770 | €1,313 | +€543 | +70.5% |
| Remuneration, social security and pensions | 62 | €269,086 | €239,220 | -€29,866 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,367 | €2,863 | +€495 | +20.9% |
| Other operating charges | 640/8 | €2,200 | €1,878 | -€323 | -14.7% |
| Non-recurring operating charges | 66A | €933 | €341 | -€592 | -63.4% |
| Gross operating margin | 9900 | €290,954 | €218,939 | -€72,015 | -24.8% |
| Operating profit (loss) | 9901 | €16,368 | -€25,363 | -€41,730 | |
| Financial charges | 65/66B | €10,512 | €5,639 | -€4,874 | -46.4% |
| Recurring financial charges | 65 | €10,512 | €5,639 | -€4,874 | -46.4% |
| Profit (loss) for the period before taxes | 9903 | €5,856 | -€31,001 | -€36,857 | |
| Income taxes | 67/77 | -€472 | - | +€472 | |
| Profit (loss) for the period | 9904 | €6,328 | -€31,001 | -€37,329 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,328 | -€31,001 | -€37,329 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.