GBM: 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.
GBM
Largest movements
- Tangible fixed assets -€162,103
down €162,103 (-4.4%), from €3.7m to €3.5m
of which Land and buildings: -€161,740
- Receivables within one year +€49,202
up €49,202 (+4473.4%), from €1,100 to €50,302
of which Trade receivables: +€49,565
- Debts after one year -€168,219
down €168,219 (-5.2%), from €3.2m to €3.1m
of which Financial debts: -€463,219
- Profit (loss) carried forward +€88,403
up €88,403 (+29.9%), from €296,067 to €384,471
- Gross operating margin +€63,103
up €63,103 (+15.1%), from €417,456 to €480,559
- Taxes +€17,220
up €17,220 (+139.1%), from €12,383 to €29,603
- Financial charges -€7,833
down €7,833 (-4.8%), from €163,341 to €155,508
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 | €3,796,031 | €3,720,993 | -€75,038 | -2.0% |
| Fixed assets | 21/28 | €3,683,764 | €3,521,661 | -€162,103 | -4.4% |
| Tangible fixed assets | 22/27 | €3,683,764 | €3,521,661 | -€162,103 | -4.4% |
| Land and buildings | 22 | €3,682,490 | €3,520,750 | -€161,740 | -4.4% |
| Plant, machinery and equipment | 23 | €1,274 | €910 | -€364 | -28.5% |
| Current assets | 29/58 | €112,267 | €199,332 | +€87,065 | +77.6% |
| Amounts receivable within one year | 40/41 | €1,100 | €50,302 | +€49,202 | +4473.4% |
| Trade receivables | 40 | €0 | €49,565 | +€49,565 | |
| Other amounts receivable | 41 | €1,100 | €737 | -€363 | -33.0% |
| Cash at bank and in hand | 54/58 | €111,167 | €147,889 | +€36,722 | +33.0% |
| Deferred charges and accrued income | 490/1 | - | €1,142 | +€1,142 | |
| Total equity and liabilities | 10/49 | €3,796,031 | €3,720,993 | -€75,038 | -2.0% |
| Equity | 10/15 | €546,067 | €634,471 | +€88,403 | +16.2% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €296,067 | €384,471 | +€88,403 | +29.9% |
| Amounts payable | 17/49 | €3,249,963 | €3,086,522 | -€163,441 | -5.0% |
| Amounts payable after more than one year | 17 | €3,226,437 | €3,058,218 | -€168,219 | -5.2% |
| Financial debts | 170/4 | €2,976,437 | €2,513,218 | -€463,219 | -15.6% |
| Other amounts payable | 178/9 | €250,000 | €545,000 | +€295,000 | +118.0% |
| Amounts payable within one year | 42/48 | €11,026 | €5,378 | -€5,648 | -51.2% |
| Trade debts | 44 | €11,026 | €2,775 | -€8,251 | -74.8% |
| Suppliers | 440/4 | €11,026 | €2,775 | -€8,251 | -74.8% |
| Taxes, remuneration and social security | 45 | €0 | €2,603 | +€2,603 | |
| Taxes | 450/3 | €0 | €2,603 | +€2,603 | |
| Accrued charges and deferred income | 492/3 | €12,500 | €22,926 | +€10,426 | +83.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,217 | €174,693 | +€1,476 | +0.9% |
| Other operating charges | 640/8 | €31,368 | €32,353 | +€985 | +3.1% |
| Gross operating margin | 9900 | €417,456 | €480,559 | +€63,103 | +15.1% |
| Operating profit (loss) | 9901 | €212,872 | €273,514 | +€60,642 | +28.5% |
| Financial charges | 65/66B | €163,341 | €155,508 | -€7,833 | -4.8% |
| Recurring financial charges | 65 | €163,341 | €155,508 | -€7,833 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €49,531 | €118,006 | +€68,475 | +138.2% |
| Income taxes | 67/77 | €12,383 | €29,603 | +€17,220 | +139.1% |
| Profit (loss) for the period | 9904 | €37,148 | €88,403 | +€51,255 | +138.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,148 | €88,403 | +€51,255 | +138.0% |
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 7 October 2026 via checked.be.