GAM STUDIOS: 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 STUDIOS
Largest movements
- Tangible fixed assets -€9,773
down €9,773 (-12.0%), from €81,105 to €71,332
of which Land and buildings: -€8,214
- Cash -€3,850
down €3,850 (-11.0%), from €34,914 to €31,064
mainly Investment in fixed assets (net) (-€7,689) and Net result for the year (-€6,763)
- Trade debts -€5,413
down €5,413 (-32.7%), from €16,553 to €11,140
- Reserves -€5,226
down €5,226 (-29.1%), from €17,956 to €12,729
of which Distributable reserves: -€5,226
- Gross operating margin +€15,183
up €15,183 (+645%), from €2,353 to €17,535
- Other operating charges +€2,842
up €2,842 (+125%), from €2,281 to €5,123
- Write-downs +€2,539
new in 2025: €2,539
- Depreciation +€1,134
up €1,134 (+7.5%), from €15,108 to €16,242
- Financial charges -€559
down €559 (-58.3%), from €958 to €399
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 | €195,500 | €185,034 | -€10,466 | -5.4% |
| Fixed assets | 21/28 | €81,105 | €72,552 | -€8,553 | -10.5% |
| Intangible fixed assets | 21 | - | €1,220 | +€1,220 | |
| Tangible fixed assets | 22/27 | €81,105 | €71,332 | -€9,773 | -12.0% |
| Land and buildings | 22 | €63,756 | €55,542 | -€8,214 | -12.9% |
| Plant, machinery and equipment | 23 | €5,658 | €2,429 | -€3,229 | -57.1% |
| Furniture and vehicles | 24 | €11,691 | €13,361 | +€1,670 | +14.3% |
| Current assets | 29/58 | €114,395 | €112,482 | -€1,913 | -1.7% |
| Amounts receivable within one year | 40/41 | €79,282 | €80,002 | +€720 | +0.9% |
| Trade receivables | 40 | €13,929 | €12,020 | -€1,909 | -13.7% |
| Other amounts receivable | 41 | €65,353 | €67,982 | +€2,629 | +4.0% |
| Cash at bank and in hand | 54/58 | €34,914 | €31,064 | -€3,850 | -11.0% |
| Deferred charges and accrued income | 490/1 | €198 | €1,416 | +€1,217 | +614% |
| Total equity and liabilities | 10/49 | €195,500 | €185,034 | -€10,466 | -5.4% |
| Equity | 10/15 | €169,956 | €163,193 | -€6,763 | -4.0% |
| Contributions | 10/11 | €152,000 | €152,000 | = | 0.0% |
| Reserves | 13 | €17,956 | €12,729 | -€5,226 | -29.1% |
| Non-distributable reserves | 130/1 | €1,360 | €1,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,360 | €1,360 | = | 0.0% |
| Distributable reserves | 133 | €16,596 | €11,369 | -€5,226 | -31.5% |
| Profit (loss) carried forward | 14 | - | -€1,536 | -€1,536 | |
| Amounts payable | 17/49 | €25,544 | €21,841 | -€3,703 | -14.5% |
| Amounts payable within one year | 42/48 | €23,851 | €20,892 | -€2,960 | -12.4% |
| Financial debts | 43 | - | €14 | +€14 | |
| Other loans | 439 | - | €14 | +€14 | |
| Trade debts | 44 | €16,553 | €11,140 | -€5,413 | -32.7% |
| Suppliers | 440/4 | €16,553 | €11,140 | -€5,413 | -32.7% |
| Taxes, remuneration and social security | 45 | €2,410 | €4,107 | +€1,697 | +70.4% |
| Taxes | 450/3 | €2,410 | €4,107 | +€1,697 | +70.4% |
| Other amounts payable | 47/48 | €4,889 | €5,632 | +€743 | +15.2% |
| Accrued charges and deferred income | 492/3 | €1,693 | €949 | -€744 | -43.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,108 | €16,242 | +€1,134 | +7.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,539 | +€2,539 | |
| Other operating charges | 640/8 | €2,281 | €5,123 | +€2,842 | +125% |
| Non-recurring operating charges | 66A | €8,000 | - | -€8,000 | |
| Gross operating margin | 9900 | €2,353 | €17,535 | +€15,183 | +645% |
| Operating profit (loss) | 9901 | -€23,036 | -€6,368 | +€16,668 | +72.4% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €958 | €399 | -€559 | -58.3% |
| Recurring financial charges | 65 | €958 | €399 | -€559 | -58.3% |
| Profit (loss) for the period before taxes | 9903 | -€23,995 | -€6,763 | +€17,232 | +71.8% |
| Profit (loss) for the period | 9904 | -€23,995 | -€6,763 | +€17,232 | +71.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,995 | -€6,763 | +€17,232 | +71.8% |
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 21 October 2026 via checked.be.