G.T.M.: 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.T.M.
Largest movements
- Receivables within one year +€45,483
up €45,483 (+90.2%), from €50,445 to €95,927
of which Trade receivables: +€45,483
- Tangible fixed assets -€8,173
down €8,173 (-33.6%), from €24,296 to €16,123
- Cash -€4,986
down €4,986 (-97.2%), from €5,132 to €145
mainly Receivables within one year (-€45,483) and Other debts (-€34,187)
- Profit (loss) carried forward +€67,816
up €67,816 (+6.4%), from -€1.1m to -€986,800
- Other debts -€34,187
down €34,187 (-42.2%), from €81,039 to €46,852
- Debts after one year -€13,450
down €13,450 (-36.1%), from €37,215 to €23,764
- Short-term financial debts +€8,075
new in 2025: €8,075
- Tax, wage and social debts +€3,248
up €3,248 (+98.8%), from €3,287 to €6,535
- Taxes +€19,655
up €19,655 (+11,454%), from €172 to €19,827
- Gross operating margin +€14,974
up €14,974 (+17.9%), from €83,879 to €98,853
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 | €79,872 | €112,991 | +€33,118 | +41.5% |
| Fixed assets | 21/28 | €24,296 | €16,123 | -€8,173 | -33.6% |
| Tangible fixed assets | 22/27 | €24,296 | €16,123 | -€8,173 | -33.6% |
| Furniture and vehicles | 24 | €24,296 | €16,123 | -€8,173 | -33.6% |
| Current assets | 29/58 | €55,576 | €96,868 | +€41,292 | +74.3% |
| Amounts receivable within one year | 40/41 | €50,445 | €95,927 | +€45,483 | +90.2% |
| Trade receivables | 40 | €48,274 | €93,757 | +€45,483 | +94.2% |
| Other amounts receivable | 41 | €2,170 | €2,170 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,132 | €145 | -€4,986 | -97.2% |
| Deferred charges and accrued income | 490/1 | - | €795 | +€795 | |
| Total equity and liabilities | 10/49 | €79,872 | €112,991 | +€33,118 | +41.5% |
| Equity | 10/15 | -€54,616 | €13,200 | +€67,816 | |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,054,616 | -€986,800 | +€67,816 | +6.4% |
| Amounts payable | 17/49 | €134,488 | €99,790 | -€34,698 | -25.8% |
| Amounts payable after more than one year | 17 | €37,215 | €23,764 | -€13,450 | -36.1% |
| Financial debts | 170/4 | €37,215 | €23,764 | -€13,450 | -36.1% |
| Amounts payable within one year | 42/48 | €97,274 | €76,026 | -€21,248 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €12,948 | €13,450 | +€502 | +3.9% |
| Financial debts | 43 | - | €8,075 | +€8,075 | |
| Credit institutions | 430/8 | - | €8,075 | +€8,075 | |
| Trade debts | 44 | - | €1,114 | +€1,114 | |
| Suppliers | 440/4 | - | €1,114 | +€1,114 | |
| Taxes, remuneration and social security | 45 | €3,287 | €6,535 | +€3,248 | +98.8% |
| Taxes | 450/3 | €3,287 | €6,535 | +€3,248 | +98.8% |
| Other amounts payable | 47/48 | €81,039 | €46,852 | -€34,187 | -42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,173 | €8,173 | = | 0.0% |
| Other operating charges | 640/8 | €749 | €941 | +€192 | +25.7% |
| Gross operating margin | 9900 | €83,879 | €98,853 | +€14,974 | +17.9% |
| Operating profit (loss) | 9901 | €74,957 | €89,739 | +€14,782 | +19.7% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,699 | €2,096 | +€396 | +23.3% |
| Recurring financial charges | 65 | €1,699 | €2,096 | +€396 | +23.3% |
| Profit (loss) for the period before taxes | 9903 | €73,258 | €87,643 | +€14,385 | +19.6% |
| Income taxes | 67/77 | €172 | €19,827 | +€19,655 | +11,454% |
| Profit (loss) for the period | 9904 | €73,087 | €67,816 | -€5,270 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €73,087 | €67,816 | -€5,270 | -7.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.