G.M.T.: 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.T.
Largest movements
- Receivables within one year +€108,368
up €108,368 (+79.8%), from €135,759 to €244,127
of which Trade receivables: +€61,102
- Receivables after one year -€94,484
down €94,484 (-17.2%), from €547,997 to €453,513
- Cash +€11,679
up €11,679 (+66.4%), from €17,599 to €29,277
mainly Net result for the year (+€136,023) and Receivables after one year (+€94,484)
- Reserves +€81,000
up €81,000 (+31.8%), from €254,759 to €335,759
of which Distributable reserves: +€81,000
- Accrued charges and deferred income -€56,250
down €56,250 (-100%), from €56,250 to €0
- Tax, wage and social debts +€46,624
up €46,624 (+345%), from €13,507 to €60,131
of which Taxes: +€44,443
- Other debts -€40,000
down €40,000 (-40.0%), from €100,000 to €60,000
- Current portion of long-term debt -€12,059
down €12,059 (-28.8%), from €41,886 to €29,827
- Gross operating margin +€140,384
up €140,384 (+54.8%), from €256,192 to €396,576
- Taxes +€41,031
up €41,031 (+182%), from €22,512 to €63,543
- Staff costs +€30,012
up €30,012 (+17.8%), from €168,456 to €198,468
- Financial income +€28,685
up €28,685 (+7,297%), from €393 to €29,078
- Write-downs +€7,949
new in 2025: €7,949
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 | €729,686 | €748,425 | +€18,740 | +2.6% |
| Fixed assets | 21/28 | €19,217 | €18,237 | -€980 | -5.1% |
| Tangible fixed assets | 22/27 | €9,024 | €8,044 | -€980 | -10.9% |
| Land and buildings | 22 | €3,350 | €2,552 | -€798 | -23.8% |
| Plant, machinery and equipment | 23 | €497 | €275 | -€222 | -44.6% |
| Furniture and vehicles | 24 | €5,177 | €5,216 | +€39 | +0.8% |
| Financial fixed assets | 28 | €10,193 | €10,193 | = | 0.0% |
| Current assets | 29/58 | €710,468 | €730,188 | +€19,720 | +2.8% |
| Amounts receivable after more than one year | 29 | €547,997 | €453,513 | -€94,484 | -17.2% |
| Other amounts receivable | 291 | €547,997 | €453,513 | -€94,484 | -17.2% |
| Amounts receivable within one year | 40/41 | €135,759 | €244,127 | +€108,368 | +79.8% |
| Trade receivables | 40 | €92,906 | €154,009 | +€61,102 | +65.8% |
| Other amounts receivable | 41 | €42,853 | €90,118 | +€47,265 | +110% |
| Cash at bank and in hand | 54/58 | €17,599 | €29,277 | +€11,679 | +66.4% |
| Deferred charges and accrued income | 490/1 | €9,113 | €3,271 | -€5,842 | -64.1% |
| Total equity and liabilities | 10/49 | €729,686 | €748,425 | +€18,740 | +2.6% |
| Equity | 10/15 | €263,608 | €344,630 | +€81,023 | +30.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €254,759 | €335,759 | +€81,000 | +31.8% |
| 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 | €252,900 | €333,900 | +€81,000 | +32.0% |
| Profit (loss) carried forward | 14 | €2,649 | €2,671 | +€23 | +0.9% |
| Amounts payable | 17/49 | €466,078 | €403,795 | -€62,283 | -13.4% |
| Amounts payable after more than one year | 17 | €7,105 | €0 | -€7,105 | -100% |
| Financial debts | 170/4 | €7,105 | €0 | -€7,105 | -100% |
| Amounts payable within one year | 42/48 | €402,723 | €403,795 | +€1,072 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €41,886 | €29,827 | -€12,059 | -28.8% |
| Financial debts | 43 | €149,081 | €149,081 | = | 0.0% |
| Credit institutions | 430/8 | €149,081 | €149,081 | = | 0.0% |
| Trade debts | 44 | €98,248 | €104,756 | +€6,507 | +6.6% |
| Suppliers | 440/4 | €98,248 | €104,756 | +€6,507 | +6.6% |
| Taxes, remuneration and social security | 45 | €13,507 | €60,131 | +€46,624 | +345% |
| Taxes | 450/3 | €56 | €44,498 | +€44,443 | +79,504% |
| Remuneration and social security | 454/9 | €13,451 | €15,633 | +€2,181 | +16.2% |
| Other amounts payable | 47/48 | €100,000 | €60,000 | -€40,000 | -40.0% |
| Accrued charges and deferred income | 492/3 | €56,250 | €0 | -€56,250 | -100% |
| Remuneration, social security and pensions | 62 | €168,456 | €198,468 | +€30,012 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,795 | €4,459 | +€664 | +17.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,949 | +€7,949 | |
| Other operating charges | 640/8 | €3,357 | €3,956 | +€600 | +17.9% |
| Gross operating margin | 9900 | €256,192 | €396,576 | +€140,384 | +54.8% |
| Operating profit (loss) | 9901 | €80,584 | €181,744 | +€101,159 | +126% |
| Financial income | 75/76B | €393 | €29,078 | +€28,685 | +7,297% |
| Recurring financial income | 75 | €393 | €29,078 | +€28,685 | +7,297% |
| Financial charges | 65/66B | €13,036 | €11,256 | -€1,780 | -13.7% |
| Recurring financial charges | 65 | €13,036 | €11,256 | -€1,780 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €67,942 | €199,566 | +€131,624 | +194% |
| Income taxes | 67/77 | €22,512 | €63,543 | +€41,031 | +182% |
| Profit (loss) for the period | 9904 | €45,430 | €136,023 | +€90,593 | +199% |
| Profit (loss) for the period to be appropriated | 9905 | €45,430 | €136,023 | +€90,593 | +199% |
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 1 November 2026 via checked.be.