G M S: 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 S
Largest movements
- Cash -€141,907
down €141,907 (-12.8%), from €1.1m to €966,542
mainly Other debts (-€284,309) and Investment in fixed assets (net) (-€39,848)
- Tangible fixed assets +€26,161
up €26,161 (+16.2%), from €161,723 to €187,884
of which Furniture and vehicles: +€29,080
- Other debts -€284,309
down €284,309 (-100%), from €284,309 to €0
- Reserves +€208,232
up €208,232 (+24.0%), from €868,295 to €1.1m
- Trade debts -€25,425
down €25,425 (-42.1%), from €60,415 to €34,990
- Tax, wage and social debts -€13,494
down €13,494 (-19.2%), from €70,266 to €56,773
of which Taxes: -€15,394
- Gross operating margin +€96,734
up €96,734 (+18.4%), from €526,833 to €623,567
- Staff costs +€24,026
up €24,026 (+9.0%), from €267,983 to €292,009
- Taxes +€20,779
up €20,779 (+28.9%), from €71,867 to €92,646
- Other operating charges +€6,559
up €6,559 (+61.4%), from €10,684 to €17,243
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 | €1,303,624 | €1,188,629 | -€114,995 | -8.8% |
| Fixed assets | 21/28 | €161,723 | €187,884 | +€26,161 | +16.2% |
| Tangible fixed assets | 22/27 | €161,723 | €187,884 | +€26,161 | +16.2% |
| Land and buildings | 22 | €108,007 | €108,007 | = | 0.0% |
| Plant, machinery and equipment | 23 | €6,022 | €3,104 | -€2,918 | -48.5% |
| Furniture and vehicles | 24 | €47,693 | €76,773 | +€29,080 | +61.0% |
| Current assets | 29/58 | €1,141,902 | €1,000,745 | -€141,157 | -12.4% |
| Stocks and contracts in progress | 3 | €5,000 | €5,200 | +€200 | +4.0% |
| Stocks | 30/36 | €5,000 | €5,200 | +€200 | +4.0% |
| Amounts receivable within one year | 40/41 | €23,467 | €24,275 | +€807 | +3.4% |
| Trade receivables | 40 | €23,467 | €18,604 | -€4,863 | -20.7% |
| Other amounts receivable | 41 | €0 | €5,670 | +€5,670 | |
| Cash at bank and in hand | 54/58 | €1,108,449 | €966,542 | -€141,907 | -12.8% |
| Deferred charges and accrued income | 490/1 | €4,985 | €4,728 | -€257 | -5.2% |
| Total equity and liabilities | 10/49 | €1,303,624 | €1,188,629 | -€114,995 | -8.8% |
| Equity | 10/15 | €888,634 | €1,096,866 | +€208,233 | +23.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €868,295 | €1,076,527 | +€208,232 | +24.0% |
| Distributable reserves | 133 | €868,295 | €1,076,527 | +€208,232 | +24.0% |
| Profit (loss) carried forward | 14 | €339 | €339 | +€1 | +0.2% |
| Amounts payable | 17/49 | €414,991 | €91,763 | -€323,228 | -77.9% |
| Amounts payable within one year | 42/48 | €414,991 | €91,763 | -€323,228 | -77.9% |
| Trade debts | 44 | €60,415 | €34,990 | -€25,425 | -42.1% |
| Suppliers | 440/4 | €60,415 | €34,990 | -€25,425 | -42.1% |
| Taxes, remuneration and social security | 45 | €70,266 | €56,773 | -€13,494 | -19.2% |
| Taxes | 450/3 | €47,387 | €31,993 | -€15,394 | -32.5% |
| Remuneration and social security | 454/9 | €22,879 | €24,780 | +€1,900 | +8.3% |
| Other amounts payable | 47/48 | €284,309 | €0 | -€284,309 | -100% |
| Remuneration, social security and pensions | 62 | €267,983 | €292,009 | +€24,026 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,621 | €13,687 | +€3,066 | +28.9% |
| Other operating charges | 640/8 | €10,684 | €17,243 | +€6,559 | +61.4% |
| Gross operating margin | 9900 | €526,833 | €623,567 | +€96,734 | +18.4% |
| Operating profit (loss) | 9901 | €237,545 | €300,629 | +€63,083 | +26.6% |
| Financial income | 75/76B | €38 | €601 | +€563 | +1,486% |
| Recurring financial income | 75 | €38 | €601 | +€563 | +1,486% |
| Financial charges | 65/66B | €286 | €350 | +€64 | +22.5% |
| Recurring financial charges | 65 | €286 | €350 | +€64 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €237,297 | €300,879 | +€63,582 | +26.8% |
| Income taxes | 67/77 | €71,867 | €92,646 | +€20,779 | +28.9% |
| Profit (loss) for the period | 9904 | €165,430 | €208,233 | +€42,802 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €165,430 | €208,233 | +€42,802 | +25.9% |
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 19 October 2026 via checked.be.