G-MAC: what changed
Two fiscal 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-MAC
Largest movements
- Receivables within one year +€24,890
up €24,890 (+654.3%), from €3,804 to €28,695
of which Trade receivables: +€19,851
- Current investments -€17,030
down €17,030 (-7.1%), from €238,221 to €221,191
- Cash +€5,422
up €5,422 (+45.3%), from €11,959 to €17,382
mainly Net result for the year (+€110,664) and Current investments (+€17,030)
- Tangible fixed assets +€5,280
up €5,280 (+11.7%), from €45,100 to €50,380
of which Other tangible fixed assets: +€6,400
- Reserves +€27,339
up €27,339 (+10.8%), from €254,091 to €281,429
of which Distributable reserves: +€27,339
- Other debts -€11,141
down €11,141 (-59.6%), from €18,698 to €7,557
- Gross operating margin +€60,099
up €60,099 (+56.8%), from €105,901 to €166,000
- Taxes +€23,802
up €23,802 (+84.5%), from €28,181 to €51,983
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.
Cash bridge derived
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 | €301,833 | €318,579 | +€16,746 | +5.5% |
| Fixed assets | 21/28 | €45,800 | €51,080 | +€5,280 | +11.5% |
| Tangible fixed assets | 22/27 | €45,100 | €50,380 | +€5,280 | +11.7% |
| Plant, machinery and equipment | 23 | €41,158 | €40,454 | -€705 | -1.7% |
| Furniture and vehicles | 24 | €3,942 | €3,526 | -€416 | -10.6% |
| Other tangible fixed assets | 26 | - | €6,400 | +€6,400 | |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €256,033 | €267,499 | +€11,467 | +4.5% |
| Amounts receivable within one year | 40/41 | €3,804 | €28,695 | +€24,890 | +654.3% |
| Trade receivables | 40 | - | €19,851 | +€19,851 | |
| Other amounts receivable | 41 | €3,804 | €8,844 | +€5,039 | +132.5% |
| Current investments | 50/53 | €238,221 | €221,191 | -€17,030 | -7.1% |
| Cash at bank and in hand | 54/58 | €11,959 | €17,382 | +€5,422 | +45.3% |
| Deferred charges and accrued income | 490/1 | €2,048 | €232 | -€1,816 | -88.7% |
| Total equity and liabilities | 10/49 | €301,833 | €318,579 | +€16,746 | +5.5% |
| Equity | 10/15 | €272,691 | €300,029 | +€27,339 | +10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €254,091 | €281,429 | +€27,339 | +10.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €252,231 | €279,569 | +€27,339 | +10.8% |
| Amounts payable | 17/49 | €29,142 | €18,550 | -€10,592 | -36.3% |
| Amounts payable within one year | 42/48 | €28,847 | €18,550 | -€10,297 | -35.7% |
| Trade debts | 44 | €804 | €1,068 | +€263 | +32.7% |
| Suppliers | 440/4 | €804 | €1,068 | +€263 | +32.7% |
| Taxes, remuneration and social security | 45 | €9,345 | €9,925 | +€580 | +6.2% |
| Taxes | 450/3 | €9,345 | €9,925 | +€580 | +6.2% |
| Other amounts payable | 47/48 | €18,698 | €7,557 | -€11,141 | -59.6% |
| Accrued charges and deferred income | 492/3 | €295 | - | -€295 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,723 | €7,300 | +€577 | +8.6% |
| Other operating charges | 640/8 | €828 | €544 | -€284 | -34.3% |
| Gross operating margin | 9900 | €105,901 | €166,000 | +€60,099 | +56.8% |
| Operating profit (loss) | 9901 | €98,350 | €158,156 | +€59,806 | +60.8% |
| Financial income | 75/76B | €4,039 | €4,657 | +€618 | +15.3% |
| Recurring financial income | 75 | €4,039 | €4,657 | +€618 | +15.3% |
| Financial charges | 65/66B | €434 | €166 | -€269 | -61.8% |
| Recurring financial charges | 65 | €434 | €166 | -€269 | -61.8% |
| Profit (loss) for the period before taxes | 9903 | €101,954 | €162,647 | +€60,693 | +59.5% |
| Income taxes | 67/77 | €28,181 | €51,983 | +€23,802 | +84.5% |
| Profit (loss) for the period | 9904 | €73,773 | €110,664 | +€36,891 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,773 | €110,664 | +€36,891 | +50.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.