GAMAG: 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.
GAMAG
Largest movements
- Tangible fixed assets -€27,207
down €27,207 (-21.8%), from €125,032 to €97,825
of which Furniture and vehicles: -€25,745
- Cash -€18,794
down €18,794 (-17.3%), from €108,822 to €90,029
mainly Net result for the year (-€47,149) and Accrued charges and deferred income (-€3,779)
- Receivables within one year -€7,970
down €7,970 (-44.1%), from €18,062 to €10,092
of which Trade receivables: -€4,087
- Reserves -€47,149
down €47,149 (-21.5%), from €219,040 to €171,891
of which Distributable reserves: -€47,149
- Accrued charges and deferred income -€3,779
down €3,779 (-100.0%), from €3,779 to €0
- Gross operating margin -€29,977
down €29,977, from €11,617 to -€18,360
- Depreciation +€16,415
up €16,415 (+152.1%), from €10,792 to €27,207
- Other operating charges +€199
up €199 (+23.4%), from €851 to €1,050
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 | €252,167 | €198,244 | -€53,922 | -21.4% |
| Fixed assets | 21/28 | €125,282 | €98,075 | -€27,207 | -21.7% |
| Tangible fixed assets | 22/27 | €125,032 | €97,825 | -€27,207 | -21.8% |
| Plant, machinery and equipment | 23 | €5,848 | €4,385 | -€1,462 | -25.0% |
| Furniture and vehicles | 24 | €119,184 | €93,440 | -€25,745 | -21.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €126,884 | €100,169 | -€26,715 | -21.1% |
| Amounts receivable within one year | 40/41 | €18,062 | €10,092 | -€7,970 | -44.1% |
| Trade receivables | 40 | €10,554 | €6,466 | -€4,087 | -38.7% |
| Other amounts receivable | 41 | €7,508 | €3,626 | -€3,882 | -51.7% |
| Cash at bank and in hand | 54/58 | €108,822 | €90,029 | -€18,794 | -17.3% |
| Deferred charges and accrued income | 490/1 | €0 | €49 | +€49 | |
| Total equity and liabilities | 10/49 | €252,167 | €198,244 | -€53,922 | -21.4% |
| Equity | 10/15 | €237,640 | €190,491 | -€47,149 | -19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €219,040 | €171,891 | -€47,149 | -21.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €219,040 | €171,891 | -€47,149 | -21.5% |
| Amounts payable | 17/49 | €14,526 | €7,753 | -€6,773 | -46.6% |
| Amounts payable within one year | 42/48 | €10,747 | €7,753 | -€2,994 | -27.9% |
| Trade debts | 44 | €1,409 | €298 | -€1,111 | -78.8% |
| Suppliers | 440/4 | €1,409 | €298 | -€1,111 | -78.8% |
| Taxes, remuneration and social security | 45 | €1,667 | €1,553 | -€114 | -6.8% |
| Taxes | 450/3 | €1,667 | €1,553 | -€114 | -6.8% |
| Other amounts payable | 47/48 | €7,672 | €5,902 | -€1,770 | -23.1% |
| Accrued charges and deferred income | 492/3 | €3,779 | €0 | -€3,779 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,792 | €27,207 | +€16,415 | +152.1% |
| Other operating charges | 640/8 | €851 | €1,050 | +€199 | +23.4% |
| Non-recurring operating charges | 66A | €141 | €63 | -€78 | -55.1% |
| Gross operating margin | 9900 | €11,617 | -€18,360 | -€29,977 | |
| Operating profit (loss) | 9901 | -€167 | -€46,680 | -€46,513 | -27902.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -50.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -50.0% |
| Financial charges | 65/66B | €95 | €95 | -€0 | -0.4% |
| Recurring financial charges | 65 | €95 | €95 | -€0 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | -€262 | -€46,775 | -€46,513 | -17747.6% |
| Income taxes | 67/77 | €492 | €374 | -€118 | -23.9% |
| Profit (loss) for the period | 9904 | -€754 | -€47,149 | -€46,395 | -6155.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€754 | -€47,149 | -€46,395 | -6155.3% |
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 12 October 2026 via checked.be.