GAM HIFI: 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.
GAM HIFI
Largest movements
- Cash +€29,743
up €29,743 (+59.0%), from €50,423 to €80,166
mainly Net result for the year (+€20,743) and Receivables within one year (+€7,518)
- Receivables within one year -€7,518
down €7,518 (-39.8%), from €18,894 to €11,376
of which Trade receivables: -€6,935
- Tangible fixed assets -€3,955
down €3,955 (-60.0%), from €6,591 to €2,636
- Stocks and contracts +€1,338
new in 2025: €1,338
- Reserves +€19,884
up €19,884 (+48.4%), from €41,106 to €60,990
- Trade debts -€1,562
down €1,562 (-46.9%), from €3,329 to €1,767
- Tax, wage and social debts +€1,210
up €1,210 (+10.0%), from €12,048 to €13,258
- Gross operating margin -€1,729
down €1,729 (-4.9%), from €35,041 to €33,312
- Financial income +€436
up €436 (+440%), from €99 to €535
- Taxes -€402
down €402 (-4.6%), from €8,811 to €8,409
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 | €75,908 | €95,516 | +€19,608 | +25.8% |
| Fixed assets | 21/28 | €6,591 | €2,636 | -€3,955 | -60.0% |
| Tangible fixed assets | 22/27 | €6,591 | €2,636 | -€3,955 | -60.0% |
| Furniture and vehicles | 24 | €6,591 | €2,636 | -€3,955 | -60.0% |
| Current assets | 29/58 | €69,317 | €92,880 | +€23,563 | +34.0% |
| Stocks and contracts in progress | 3 | - | €1,338 | +€1,338 | |
| Stocks | 30/36 | - | €1,338 | +€1,338 | |
| Amounts receivable within one year | 40/41 | €18,894 | €11,376 | -€7,518 | -39.8% |
| Trade receivables | 40 | €17,085 | €10,150 | -€6,935 | -40.6% |
| Other amounts receivable | 41 | €1,809 | €1,226 | -€583 | -32.2% |
| Cash at bank and in hand | 54/58 | €50,423 | €80,166 | +€29,743 | +59.0% |
| Total equity and liabilities | 10/49 | €75,908 | €95,516 | +€19,608 | +25.8% |
| Equity | 10/15 | €59,698 | €79,582 | +€19,884 | +33.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €41,106 | €60,990 | +€19,884 | +48.4% |
| Distributable reserves | 133 | €41,106 | €60,990 | +€19,884 | +48.4% |
| Amounts payable | 17/49 | €16,210 | €15,934 | -€276 | -1.7% |
| Amounts payable within one year | 42/48 | €16,210 | €15,934 | -€276 | -1.7% |
| Trade debts | 44 | €3,329 | €1,767 | -€1,562 | -46.9% |
| Suppliers | 440/4 | €3,329 | €1,767 | -€1,562 | -46.9% |
| Taxes, remuneration and social security | 45 | €12,048 | €13,258 | +€1,210 | +10.0% |
| Taxes | 450/3 | €12,048 | €13,258 | +€1,210 | +10.0% |
| Other amounts payable | 47/48 | €833 | €909 | +€76 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,954 | €3,955 | +€1 | 0.0% |
| Other operating charges | 640/8 | €548 | €695 | +€147 | +26.8% |
| Gross operating margin | 9900 | €35,041 | €33,312 | -€1,729 | -4.9% |
| Operating profit (loss) | 9901 | €30,539 | €28,662 | -€1,877 | -6.1% |
| Financial income | 75/76B | €99 | €535 | +€436 | +440% |
| Recurring financial income | 75 | €99 | €535 | +€436 | +440% |
| Financial charges | 65/66B | €25 | €45 | +€20 | +80.0% |
| Recurring financial charges | 65 | €25 | €45 | +€20 | +80.0% |
| Profit (loss) for the period before taxes | 9903 | €30,613 | €29,152 | -€1,461 | -4.8% |
| Income taxes | 67/77 | €8,811 | €8,409 | -€402 | -4.6% |
| Profit (loss) for the period | 9904 | €21,802 | €20,743 | -€1,059 | -4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,802 | €20,743 | -€1,059 | -4.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.