G.T.M.: what changed
What changed
G.T.M.
NACE 25.110, Manufacture of metal structures and parts of structures
filed annual accounts (NBB)
Net result for the year
€806,085
2024 · €155,071+€651,015
Equity
€1.3m
2024 · €1.1m+€234,532
Cash
€1.3m
2024 · €467,097+€835,356
Balance sheet total
€4.2m
2024 · €4.3m-€94,777
Largest movements
Assets
- Cash +€835,356
up €835,356 (+179%), from €467,097 to €1.3m
mainly Net result for the year (+€806,085) and Receivables within one year (+€675,397)
- Receivables within one year -€675,397
down €675,397 (-29.2%), from €2.3m to €1.6m
of which Trade receivables: -€561,977
- Stocks and contracts -€318,753
down €318,753 (-43.3%), from €736,113 to €417,360
of which Contracts in progress: -€318,753
- Tangible fixed assets +€93,190
up €93,190 (+13.6%), from €687,514 to €780,704
of which Land and buildings: +€133,954
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
Equity and liabilities
- Profit (loss) carried forward +€706,085
up €706,085 (+578%), from €122,077 to €828,162
- Advances received -€596,426
down €596,426 (-63.7%), from €936,983 to €340,557
- Reserves -€468,340
down €468,340 (-49.1%), from €954,330 to €485,990
- Other debts +€439,714
up €439,714 (+440%), from €100,000 to €539,714
- Trade debts -€426,455
down €426,455 (-33.7%), from €1.3m to €839,997
Income statement
- Gross operating margin +€1.4m
up €1.4m (+44.5%), from €3.1m to €4.5m
- Staff costs +€499,305
up €499,305 (+18.2%), from €2.7m to €3.2m
- Taxes +€224,861
up €224,861 (+473%), from €47,578 to €272,439
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€155,071
Gross operating margin
+€1.4m
Staff costs
-€499,305
Depreciation
-€39,542
Write-downs
+€2,856
Other operating charges
+€20,114
Financial income
+€2,625
Financial charges
-€8,183
Taxes
-€224,861
Result 2025
€806,085
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.5m
Investment
-€218,022
Financing
-€450,329
Cash 2024
€467,097
From operations (derived)
+€1.5m
Net result for the year
+€806,085
Depreciation
+€176,769
Stocks and contracts
+€318,753
Receivables within one year
+€675,397
Deferred charges and accrued income
-€22,765
Trade debts
-€426,455
Tax, wage and social debts
+€132,618
Advances received
-€596,426
Other debts
+€439,714
Accrued charges and deferred income
+€17
Investment (derived)
-€218,022
Investment in fixed assets (net)
-€268,022
Current investments
+€50,000
Financing
-€450,329
Debts after one year
-€8,295
Current portion of long-term debt
+€25,225
Short-term financial debts
+€104,295
Contributions, distributions and other
-€571,554
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,312,282 | €4,217,505 | -€94,777 | -2.2% |
| Fixed assets | 21/28 | €724,300 | €815,552 | +€91,253 | +12.6% |
| Intangible fixed assets | 21 | €36,545 | €34,608 | -€1,937 | -5.3% |
| Tangible fixed assets | 22/27 | €687,514 | €780,704 | +€93,190 | +13.6% |
| Land and buildings | 22 | €231,776 | €365,730 | +€133,954 | +57.8% |
| Plant, machinery and equipment | 23 | €31,315 | €50,270 | +€18,955 | +60.5% |
| Furniture and vehicles | 24 | €88,021 | €61,695 | -€26,326 | -29.9% |
| Leasing and similar rights | 25 | €290,179 | €261,886 | -€28,293 | -9.8% |
| Other tangible fixed assets | 26 | €46,223 | €41,124 | -€5,099 | -11.0% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €3,587,983 | €3,401,953 | -€186,029 | -5.2% |
| Stocks and contracts in progress | 3 | €736,113 | €417,360 | -€318,753 | -43.3% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Contracts in progress | 37 | €731,113 | €412,360 | -€318,753 | -43.6% |
| Amounts receivable within one year | 40/41 | €2,310,631 | €1,635,234 | -€675,397 | -29.2% |
| Trade receivables | 40 | €2,034,012 | €1,472,034 | -€561,977 | -27.6% |
| Other amounts receivable | 41 | €276,619 | €163,200 | -€113,419 | -41.0% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €467,097 | €1,302,452 | +€835,356 | +179% |
| Deferred charges and accrued income | 490/1 | €24,142 | €46,906 | +€22,765 | +94.3% |
| Total equity and liabilities | 10/49 | €4,312,282 | €4,217,505 | -€94,777 | -2.2% |
| Equity | 10/15 | €1,112,103 | €1,346,634 | +€234,532 | +21.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €954,330 | €485,990 | -€468,340 | -49.1% |
| Distributable reserves | 133 | €954,330 | €485,990 | -€468,340 | -49.1% |
| Profit (loss) carried forward | 14 | €122,077 | €828,162 | +€706,085 | +578% |
| Investment grants | 15 | €23,296 | €20,082 | -€3,214 | -13.8% |
| Amounts payable | 17/49 | €3,200,179 | €2,870,871 | -€329,308 | -10.3% |
| Amounts payable after more than one year | 17 | €306,266 | €297,971 | -€8,295 | -2.7% |
| Financial debts | 170/4 | €306,266 | €297,971 | -€8,295 | -2.7% |
| Amounts payable within one year | 42/48 | €2,891,624 | €2,570,593 | -€321,030 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €97,345 | €122,570 | +€25,225 | +25.9% |
| Financial debts | 43 | €203,596 | €307,891 | +€104,295 | +51.2% |
| Credit institutions | 430/8 | €203,596 | €307,891 | +€104,295 | +51.2% |
| Trade debts | 44 | €1,266,453 | €839,997 | -€426,455 | -33.7% |
| Suppliers | 440/4 | €1,266,453 | €839,997 | -€426,455 | -33.7% |
| Advances received on contracts in progress | 46 | €936,983 | €340,557 | -€596,426 | -63.7% |
| Taxes, remuneration and social security | 45 | €287,247 | €419,864 | +€132,618 | +46.2% |
| Taxes | 450/3 | €3,070 | €59,954 | +€56,884 | +1,853% |
| Remuneration and social security | 454/9 | €284,177 | €359,910 | +€75,733 | +26.6% |
| Other amounts payable | 47/48 | €100,000 | €539,714 | +€439,714 | +440% |
| Accrued charges and deferred income | 492/3 | €2,290 | €2,307 | +€17 | +0.7% |
| Remuneration, social security and pensions | 62 | €2,744,344 | €3,243,649 | +€499,305 | +18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,227 | €176,769 | +€39,542 | +28.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,428 | -€1,428 | -€2,856 | |
| Other operating charges | 640/8 | €39,642 | €19,528 | -€20,114 | -50.7% |
| Gross operating margin | 9900 | €3,138,722 | €4,536,034 | +€1.4m | +44.5% |
| Operating profit (loss) | 9901 | €216,081 | €1,097,515 | +€881,434 | +408% |
| Financial income | 75/76B | €9,670 | €12,295 | +€2,625 | +27.1% |
| Recurring financial income | 75 | €9,670 | €12,295 | +€2,625 | +27.1% |
| Financial charges | 65/66B | €23,103 | €31,286 | +€8,183 | +35.4% |
| Recurring financial charges | 65 | €23,103 | €31,286 | +€8,183 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | €202,648 | €1,078,524 | +€875,875 | +432% |
| Income taxes | 67/77 | €47,578 | €272,439 | +€224,861 | +473% |
| Profit (loss) for the period | 9904 | €155,071 | €806,085 | +€651,015 | +420% |
| Profit (loss) for the period to be appropriated | 9905 | €155,071 | €806,085 | +€651,015 | +420% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.