GAM: 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.
GAM
Largest movements
- Tangible fixed assets -€23,602
down €23,602 (-3.4%), from €691,968 to €668,366
of which Land and buildings: -€19,655
- Other debts +€35,718
up €35,718 (+9.1%), from €392,177 to €427,896
- Reserves -€23,773
down €23,773 (-7.8%), from €304,366 to €280,592
of which Tax-exempt reserves: -€23,773
- Profit (loss) carried forward -€22,560
down €22,560 (-8.2%), from -€273,506 to -€296,066
- Provisions -€7,924
down €7,924 (-7.8%), from €101,055 to €93,131
- Gross operating margin -€25,493
down €25,493, from €15,999 to -€9,494
- Taxes -€4,339
no longer reported in 2025 (was €4,339)
- Financial charges -€1,616
down €1,616 (-78.3%), from €2,064 to €448
- Depreciation +€1,398
up €1,398 (+3.3%), from €42,304 to €43,702
- Other operating charges -€326
down €326 (-34.7%), from €941 to €614
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 | €691,998 | €670,239 | -€21,759 | -3.1% |
| Fixed assets | 21/28 | €691,968 | €668,366 | -€23,602 | -3.4% |
| Tangible fixed assets | 22/27 | €691,968 | €668,366 | -€23,602 | -3.4% |
| Land and buildings | 22 | €674,382 | €654,727 | -€19,655 | -2.9% |
| Plant, machinery and equipment | 23 | €17,586 | €13,639 | -€3,947 | -22.4% |
| Current assets | 29/58 | €29 | €1,873 | +€1,843 | +6270.1% |
| Cash at bank and in hand | 54/58 | €29 | €1,873 | +€1,843 | +6270.1% |
| Total equity and liabilities | 10/49 | €691,998 | €670,239 | -€21,759 | -3.1% |
| Equity | 10/15 | €178,860 | €132,526 | -€46,334 | -25.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €86,000 | €86,000 | = | 0.0% |
| Reserves | 13 | €304,366 | €280,592 | -€23,773 | -7.8% |
| Non-distributable reserves | 130/1 | €1,200 | €1,200 | = | 0.0% |
| Legal reserve | 130 | €1,200 | €1,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €303,166 | €279,392 | -€23,773 | -7.8% |
| Profit (loss) carried forward | 14 | -€273,506 | -€296,066 | -€22,560 | -8.2% |
| Provisions and deferred taxes | 16 | €101,055 | €93,131 | -€7,924 | -7.8% |
| Deferred taxes | 168 | €101,055 | €93,131 | -€7,924 | -7.8% |
| Amounts payable | 17/49 | €412,083 | €444,582 | +€32,499 | +7.9% |
| Amounts payable within one year | 42/48 | €412,083 | €444,582 | +€32,499 | +7.9% |
| Trade debts | 44 | €12,617 | €12,348 | -€269 | -2.1% |
| Suppliers | 440/4 | €12,617 | €12,348 | -€269 | -2.1% |
| Taxes, remuneration and social security | 45 | €7,289 | €4,339 | -€2,950 | -40.5% |
| Taxes | 450/3 | €7,289 | €4,339 | -€2,950 | -40.5% |
| Other amounts payable | 47/48 | €392,177 | €427,896 | +€35,718 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,304 | €43,702 | +€1,398 | +3.3% |
| Other operating charges | 640/8 | €941 | €614 | -€326 | -34.7% |
| Gross operating margin | 9900 | €15,999 | -€9,494 | -€25,493 | |
| Operating profit (loss) | 9901 | -€27,245 | -€53,810 | -€26,565 | -97.5% |
| Financial charges | 65/66B | €2,064 | €448 | -€1,616 | -78.3% |
| Recurring financial charges | 65 | €2,064 | €448 | -€1,616 | -78.3% |
| Profit (loss) for the period before taxes | 9903 | -€29,309 | -€54,258 | -€24,949 | -85.1% |
| Transfer from deferred taxes | 780 | €6,581 | €7,924 | +€1,344 | +20.4% |
| Income taxes | 67/77 | €4,339 | - | -€4,339 | |
| Profit (loss) for the period | 9904 | -€27,067 | -€46,334 | -€19,267 | -71.2% |
| Transfer from tax-exempt reserves | 789 | €19,743 | €23,773 | +€4,031 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,324 | -€22,560 | -€15,236 | -208.0% |
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 3 October 2026 via checked.be.