GADMEG: 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.
GADMEG
Largest movements
- Cash -€704,803
down €704,803 (-89.6%), from €786,645 to €81,843
mainly Contributions, distributions and other (-€1.8m) and Net result for the year (-€253,202)
- Receivables within one year -€360,126
down €360,126 (-39.3%), from €916,459 to €556,333
of which Other amounts receivable: -€307,386
- Tangible fixed assets -€78,954
down €78,954 (-3.5%), from €2.2m to €2.2m
of which Land and buildings: -€92,089
- Profit (loss) carried forward -€1.3m
down €1.3m, from €1.1m to -€190,626
- Current portion of long-term debt +€1.1m
up €1.1m (+723%), from €146,668 to €1.2m
- Contributions -€500,000
down €500,000 (-33.3%), from €1.5m to €1.0m
- Reserves -€320,900
down €320,900 (-85.1%), from €377,175 to €56,275
of which Distributable reserves: -€320,900
- Debts after one year -€146,668
down €146,668 (-16.0%), from €916,655 to €769,987
- Gross operating margin -€121,603
down €121,603, from €77,899 to -€43,704
- Write-downs +€52,740
new in 2025: €52,740
- Depreciation -€11,593
down €11,593 (-10.2%), from €113,148 to €101,554
- Financial income +€9,521
up €9,521 (+27.4%), from €34,714 to €44,235
- Other operating charges +€6,386
up €6,386 (+15.8%), from €40,384 to €46,771
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 | €4,029,391 | €2,858,138 | -€1.2m | -29.1% |
| Fixed assets | 21/28 | €2,229,016 | €2,150,062 | -€78,954 | -3.5% |
| Tangible fixed assets | 22/27 | €2,229,016 | €2,150,062 | -€78,954 | -3.5% |
| Land and buildings | 22 | €2,176,928 | €2,084,839 | -€92,089 | -4.2% |
| Plant, machinery and equipment | 23 | €52,088 | €65,223 | +€13,135 | +25.2% |
| Current assets | 29/58 | €1,800,375 | €708,076 | -€1.1m | -60.7% |
| Amounts receivable within one year | 40/41 | €916,459 | €556,333 | -€360,126 | -39.3% |
| Trade receivables | 40 | €52,740 | - | -€52,740 | |
| Other amounts receivable | 41 | €863,719 | €556,333 | -€307,386 | -35.6% |
| Cash at bank and in hand | 54/58 | €786,645 | €81,843 | -€704,803 | -89.6% |
| Deferred charges and accrued income | 490/1 | €97,271 | €69,901 | -€27,370 | -28.1% |
| Total equity and liabilities | 10/49 | €4,029,391 | €2,858,138 | -€1.2m | -29.1% |
| Equity | 10/15 | €2,957,960 | €865,649 | -€2.1m | -70.7% |
| Contributions | 10/11 | €1,500,000 | €1,000,000 | -€500,000 | -33.3% |
| Capital | 10 | €1,500,000 | €1,000,000 | -€500,000 | -33.3% |
| Issued capital | 100 | €1,500,000 | €1,000,000 | -€500,000 | -33.3% |
| Reserves | 13 | €377,175 | €56,275 | -€320,900 | -85.1% |
| Non-distributable reserves | 130/1 | €56,275 | €56,275 | = | 0.0% |
| Legal reserve | 130 | €56,275 | €56,275 | = | 0.0% |
| Distributable reserves | 133 | €320,900 | - | -€320,900 | |
| Profit (loss) carried forward | 14 | €1,080,785 | -€190,626 | -€1.3m | |
| Amounts payable | 17/49 | €1,071,431 | €1,992,490 | +€921,059 | +86.0% |
| Amounts payable after more than one year | 17 | €916,655 | €769,987 | -€146,668 | -16.0% |
| Financial debts | 170/4 | €916,655 | €769,987 | -€146,668 | -16.0% |
| Amounts payable within one year | 42/48 | €154,106 | €1,219,344 | +€1.1m | +691% |
| Current portion of amounts payable after more than one year | 42 | €146,668 | €1,206,668 | +€1.1m | +723% |
| Trade debts | 44 | €7,438 | €4,464 | -€2,974 | -40.0% |
| Suppliers | 440/4 | €7,438 | €4,464 | -€2,974 | -40.0% |
| Taxes, remuneration and social security | 45 | - | €8,211 | +€8,211 | |
| Taxes | 450/3 | - | €8,211 | +€8,211 | |
| Accrued charges and deferred income | 492/3 | €670 | €3,159 | +€2,489 | +371% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,148 | €101,554 | -€11,593 | -10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €52,740 | +€52,740 | |
| Other operating charges | 640/8 | €40,384 | €46,771 | +€6,386 | +15.8% |
| Gross operating margin | 9900 | €77,899 | -€43,704 | -€121,603 | |
| Operating profit (loss) | 9901 | -€75,633 | -€244,769 | -€169,136 | -224% |
| Financial income | 75/76B | €34,714 | €44,235 | +€9,521 | +27.4% |
| Recurring financial income | 75 | €34,714 | €44,235 | +€9,521 | +27.4% |
| Financial charges | 65/66B | €55,180 | €52,668 | -€2,512 | -4.6% |
| Recurring financial charges | 65 | €55,180 | €52,668 | -€2,512 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | -€96,099 | -€253,202 | -€157,102 | -163% |
| Profit (loss) for the period | 9904 | -€96,099 | -€253,202 | -€157,102 | -163% |
| Profit (loss) for the period to be appropriated | 9905 | -€96,099 | -€253,202 | -€157,102 | -163% |
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 13 October 2026 via checked.be.