G-MAT: 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-MAT
Largest movements
- Tangible fixed assets -€61,563
down €61,563 (-16.4%), from €375,007 to €313,445
- Cash +€4,759
up €4,759 (+28.3%), from €16,828 to €21,587
mainly Depreciation (+€61,563) and Net result for the year (+€7,491)
- Debts after one year -€55,813
down €55,813 (-17.4%), from €320,412 to €264,600
- Trade debts -€12,036
down €12,036 (-70.4%), from €17,099 to €5,063
- Profit (loss) carried forward +€7,491
up €7,491 (+31.6%), from -€23,717 to -€16,226
- Gross operating margin +€36,562
up €36,562 (+75.5%), from €48,409 to €84,971
- Depreciation +€5,631
up €5,631 (+10.1%), from €55,932 to €61,563
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 | €407,193 | €349,249 | -€57,943 | -14.2% |
| Fixed assets | 21/28 | €375,007 | €313,445 | -€61,563 | -16.4% |
| Tangible fixed assets | 22/27 | €375,007 | €313,445 | -€61,563 | -16.4% |
| Leasing and similar rights | 25 | €375,007 | €313,445 | -€61,563 | -16.4% |
| Current assets | 29/58 | €32,185 | €35,804 | +€3,619 | +11.2% |
| Amounts receivable within one year | 40/41 | €11,822 | €9,560 | -€2,262 | -19.1% |
| Trade receivables | 40 | €8,712 | €9,287 | +€575 | +6.6% |
| Other amounts receivable | 41 | €3,110 | €273 | -€2,837 | -91.2% |
| Cash at bank and in hand | 54/58 | €16,828 | €21,587 | +€4,759 | +28.3% |
| Deferred charges and accrued income | 490/1 | €3,534 | €4,657 | +€1,123 | +31.8% |
| Total equity and liabilities | 10/49 | €407,193 | €349,249 | -€57,943 | -14.2% |
| Equity | 10/15 | €16,283 | €23,774 | +€7,491 | +46.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,717 | -€16,226 | +€7,491 | +31.6% |
| Amounts payable | 17/49 | €390,909 | €325,475 | -€65,434 | -16.7% |
| Amounts payable after more than one year | 17 | €320,412 | €264,600 | -€55,813 | -17.4% |
| Financial debts | 170/4 | €320,412 | €264,600 | -€55,813 | -17.4% |
| Amounts payable within one year | 42/48 | €70,497 | €60,875 | -€9,622 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €53,399 | €55,813 | +€2,414 | +4.5% |
| Trade debts | 44 | €17,099 | €5,063 | -€12,036 | -70.4% |
| Suppliers | 440/4 | €17,099 | €5,063 | -€12,036 | -70.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,932 | €61,563 | +€5,631 | +10.1% |
| Other operating charges | 640/8 | €75 | €227 | +€152 | +202.2% |
| Gross operating margin | 9900 | €48,409 | €84,971 | +€36,562 | +75.5% |
| Operating profit (loss) | 9901 | -€7,598 | €23,182 | +€30,780 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €16,119 | €15,691 | -€428 | -2.7% |
| Recurring financial charges | 65 | €16,119 | €15,691 | -€428 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | -€23,717 | €7,491 | +€31,208 | |
| Profit (loss) for the period | 9904 | -€23,717 | €7,491 | +€31,208 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,717 | €7,491 | +€31,208 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.