GBML: 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.
GBML
Largest movements
- Cash +€175,647
up €175,647 (+44.3%), from €396,834 to €572,480
mainly Net result for the year (+€174,012) and Current investments (+€149,532)
- Current investments -€149,532
down €149,532 (-42.7%), from €350,028 to €200,496
- Receivables within one year +€119,830
up €119,830 (+46.6%), from €256,892 to €376,722
of which Trade receivables: +€135,625
- Trade debts +€78,237
up €78,237 (+87.9%), from €89,053 to €167,290
- Reserves +€64,514
up €64,514 (+7.6%), from €853,026 to €917,540
of which Distributable reserves: +€64,514
- Gross operating margin +€61,857
up €61,857 (+36.9%), from €167,675 to €229,532
- Taxes +€18,554
up €18,554 (+48.6%), from €38,167 to €56,721
- Financial income +€6,075
up €6,075 (+378.1%), from €1,607 to €7,682
- Depreciation +€2,906
up €2,906 (+134.8%), from €2,156 to €5,062
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 | €1,017,494 | €1,163,273 | +€145,779 | +14.3% |
| Fixed assets | 21/28 | €8,078 | €10,198 | +€2,119 | +26.2% |
| Tangible fixed assets | 22/27 | €7,543 | €9,663 | +€2,119 | +28.1% |
| Plant, machinery and equipment | 23 | €2,804 | €1,831 | -€973 | -34.7% |
| Furniture and vehicles | 24 | €2,204 | €5,733 | +€3,529 | +160.1% |
| Other tangible fixed assets | 26 | €2,536 | €2,098 | -€437 | -17.2% |
| Financial fixed assets | 28 | €535 | €535 | = | 0.0% |
| Current assets | 29/58 | €1,009,415 | €1,153,075 | +€143,660 | +14.2% |
| Amounts receivable within one year | 40/41 | €256,892 | €376,722 | +€119,830 | +46.6% |
| Trade receivables | 40 | €220,046 | €355,671 | +€135,625 | +61.6% |
| Other amounts receivable | 41 | €36,845 | €21,050 | -€15,795 | -42.9% |
| Current investments | 50/53 | €350,028 | €200,496 | -€149,532 | -42.7% |
| Cash at bank and in hand | 54/58 | €396,834 | €572,480 | +€175,647 | +44.3% |
| Deferred charges and accrued income | 490/1 | €5,662 | €3,377 | -€2,285 | -40.4% |
| Total equity and liabilities | 10/49 | €1,017,494 | €1,163,273 | +€145,779 | +14.3% |
| Equity | 10/15 | €859,226 | €923,740 | +€64,514 | +7.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €853,026 | €917,540 | +€64,514 | +7.6% |
| 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 | €851,166 | €915,680 | +€64,514 | +7.6% |
| Amounts payable | 17/49 | €158,268 | €239,533 | +€81,265 | +51.3% |
| Amounts payable within one year | 42/48 | €157,942 | €239,533 | +€81,592 | +51.7% |
| Trade debts | 44 | €89,053 | €167,290 | +€78,237 | +87.9% |
| Suppliers | 440/4 | €89,053 | €167,290 | +€78,237 | +87.9% |
| Taxes, remuneration and social security | 45 | €23,476 | €28,318 | +€4,842 | +20.6% |
| Taxes | 450/3 | €23,476 | €28,318 | +€4,842 | +20.6% |
| Other amounts payable | 47/48 | €45,413 | €43,925 | -€1,488 | -3.3% |
| Accrued charges and deferred income | 492/3 | €326 | - | -€326 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,156 | €5,062 | +€2,906 | +134.8% |
| Other operating charges | 640/8 | €708 | €1,269 | +€560 | +79.1% |
| Gross operating margin | 9900 | €167,675 | €229,532 | +€61,857 | +36.9% |
| Operating profit (loss) | 9901 | €164,811 | €223,201 | +€58,390 | +35.4% |
| Financial income | 75/76B | €1,607 | €7,682 | +€6,075 | +378.1% |
| Recurring financial income | 75 | €1,607 | €7,682 | +€6,075 | +378.1% |
| Financial charges | 65/66B | €120 | €151 | +€31 | +25.5% |
| Recurring financial charges | 65 | €120 | €151 | +€31 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | €166,298 | €230,733 | +€64,435 | +38.7% |
| Income taxes | 67/77 | €38,167 | €56,721 | +€18,554 | +48.6% |
| Profit (loss) for the period | 9904 | €128,131 | €174,012 | +€45,881 | +35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €128,131 | €174,012 | +€45,881 | +35.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.