GAM SERVICES: 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 SERVICES
Largest movements
- Cash +€28,571
up €28,571 (+55.0%), from €51,920 to €80,491
mainly Net result for the year (+€12,494) and Tax, wage and social debts (+€10,531)
- Receivables within one year -€9,409
down €9,409 (-64.7%), from €14,533 to €5,124
of which Trade receivables: -€10,000
- Tangible fixed assets +€2,621
up €2,621 (+48.8%), from €5,369 to €7,990
- Deferred charges and accrued income +€1,608
up €1,608 (+53.6%), from €3,000 to €4,608
- Reserves +€12,494
up €12,494 (+33.6%), from €37,197 to €49,691
of which Distributable reserves: +€12,494
- Tax, wage and social debts +€10,531
up €10,531 (+100.9%), from €10,440 to €20,970
of which Remuneration and social security: +€15,055
- Other debts +€2,961
up €2,961 (+16.5%), from €17,896 to €20,857
- Trade debts -€2,595
down €2,595 (-84.0%), from €3,089 to €494
- Gross operating margin -€19,043
down €19,043 (-46.8%), from €40,667 to €21,624
- Taxes -€4,538
down €4,538 (-54.2%), from €8,372 to €3,834
- Depreciation +€2,296
up €2,296 (+185.8%), from €1,236 to €3,531
- Other operating charges +€426
up €426 (+110.8%), from €384 to €810
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 | €74,821 | €98,212 | +€23,391 | +31.3% |
| Fixed assets | 21/28 | €5,369 | €7,990 | +€2,621 | +48.8% |
| Tangible fixed assets | 22/27 | €5,369 | €7,990 | +€2,621 | +48.8% |
| Furniture and vehicles | 24 | €5,369 | €7,990 | +€2,621 | +48.8% |
| Current assets | 29/58 | €69,453 | €90,223 | +€20,770 | +29.9% |
| Amounts receivable within one year | 40/41 | €14,533 | €5,124 | -€9,409 | -64.7% |
| Trade receivables | 40 | €10,000 | €0 | -€10,000 | -100.0% |
| Other amounts receivable | 41 | €4,533 | €5,124 | +€591 | +13.0% |
| Cash at bank and in hand | 54/58 | €51,920 | €80,491 | +€28,571 | +55.0% |
| Deferred charges and accrued income | 490/1 | €3,000 | €4,608 | +€1,608 | +53.6% |
| Total equity and liabilities | 10/49 | €74,821 | €98,212 | +€23,391 | +31.3% |
| Equity | 10/15 | €43,397 | €55,891 | +€12,494 | +28.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €37,197 | €49,691 | +€12,494 | +33.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €35,337 | €47,831 | +€12,494 | +35.4% |
| Amounts payable | 17/49 | €31,424 | €42,321 | +€10,897 | +34.7% |
| Amounts payable within one year | 42/48 | €31,424 | €42,321 | +€10,897 | +34.7% |
| Trade debts | 44 | €3,089 | €494 | -€2,595 | -84.0% |
| Suppliers | 440/4 | €3,089 | €494 | -€2,595 | -84.0% |
| Taxes, remuneration and social security | 45 | €10,440 | €20,970 | +€10,531 | +100.9% |
| Taxes | 450/3 | €8,816 | €4,291 | -€4,524 | -51.3% |
| Remuneration and social security | 454/9 | €1,624 | €16,679 | +€15,055 | +927.0% |
| Other amounts payable | 47/48 | €17,896 | €20,857 | +€2,961 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,236 | €3,531 | +€2,296 | +185.8% |
| Other operating charges | 640/8 | €384 | €810 | +€426 | +110.8% |
| Gross operating margin | 9900 | €40,667 | €21,624 | -€19,043 | -46.8% |
| Operating profit (loss) | 9901 | €39,047 | €17,283 | -€21,765 | -55.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €791 | €954 | +€163 | +20.7% |
| Recurring financial charges | 65 | €791 | €954 | +€163 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €38,256 | €16,328 | -€21,928 | -57.3% |
| Income taxes | 67/77 | €8,372 | €3,834 | -€4,538 | -54.2% |
| Profit (loss) for the period | 9904 | €29,884 | €12,494 | -€17,390 | -58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,884 | €12,494 | -€17,390 | -58.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.