GDM: 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.
GDM
Largest movements
- Tangible fixed assets -€38,922
down €38,922 (-6.8%), from €574,749 to €535,827
of which Land and buildings: -€35,616
- Other debts +€48,733
up €48,733 (+11.7%), from €417,916 to €466,649
- Tax, wage and social debts -€46,485
down €46,485 (-93.0%), from €49,982 to €3,497
- Debts after one year -€31,016
down €31,016 (-11.2%), from €275,875 to €244,859
- Other operating charges -€85,098
down €85,098 (-91.8%), from €92,668 to €7,570
- Taxes -€45,909
no longer reported in 2025 (was €45,909)
- Gross operating margin +€45,347
up €45,347 (+386.7%), from €11,725 to €57,072
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 | €982,131 | €946,001 | -€36,130 | -3.7% |
| Fixed assets | 21/28 | €574,749 | €535,827 | -€38,922 | -6.8% |
| Tangible fixed assets | 22/27 | €574,749 | €535,827 | -€38,922 | -6.8% |
| Land and buildings | 22 | €571,443 | €535,827 | -€35,616 | -6.2% |
| Furniture and vehicles | 24 | €3,306 | - | -€3,306 | |
| Current assets | 29/58 | €407,382 | €410,174 | +€2,792 | +0.7% |
| Stocks and contracts in progress | 3 | €10,000 | €10,000 | = | 0.0% |
| Stocks | 30/36 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €366,134 | €373,606 | +€7,473 | +2.0% |
| Trade receivables | 40 | €62,965 | €76,138 | +€13,173 | +20.9% |
| Other amounts receivable | 41 | €303,168 | €297,468 | -€5,700 | -1.9% |
| Cash at bank and in hand | 54/58 | €30,356 | €26,330 | -€4,026 | -13.3% |
| Deferred charges and accrued income | 490/1 | €893 | €239 | -€654 | -73.3% |
| Total equity and liabilities | 10/49 | €982,131 | €946,001 | -€36,130 | -3.7% |
| Equity | 10/15 | €189,920 | €187,112 | -€2,807 | -1.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €183,720 | €180,912 | -€2,807 | -1.5% |
| Distributable reserves | 133 | €183,720 | €180,912 | -€2,807 | -1.5% |
| Amounts payable | 17/49 | €792,211 | €758,889 | -€33,323 | -4.2% |
| Amounts payable after more than one year | 17 | €275,875 | €244,859 | -€31,016 | -11.2% |
| Financial debts | 170/4 | €275,875 | €244,859 | -€31,016 | -11.2% |
| Amounts payable within one year | 42/48 | €516,336 | €514,030 | -€2,306 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €30,386 | €31,016 | +€630 | +2.1% |
| Trade debts | 44 | €18,051 | €12,867 | -€5,184 | -28.7% |
| Suppliers | 440/4 | €18,051 | €12,867 | -€5,184 | -28.7% |
| Taxes, remuneration and social security | 45 | €49,982 | €3,497 | -€46,485 | -93.0% |
| Taxes | 450/3 | €49,982 | €3,497 | -€46,485 | -93.0% |
| Other amounts payable | 47/48 | €417,916 | €466,649 | +€48,733 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,225 | €38,922 | -€303 | -0.8% |
| Other operating charges | 640/8 | €92,668 | €7,570 | -€85,098 | -91.8% |
| Gross operating margin | 9900 | €11,725 | €57,072 | +€45,347 | +386.7% |
| Operating profit (loss) | 9901 | -€120,168 | €10,581 | +€130,748 | |
| Financial charges | 65/66B | €13,405 | €13,388 | -€17 | -0.1% |
| Recurring financial charges | 65 | €13,405 | €13,388 | -€17 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | -€133,573 | -€2,807 | +€130,766 | +97.9% |
| Transfer from deferred taxes | 780 | €71,258 | - | -€71,258 | |
| Income taxes | 67/77 | €45,909 | - | -€45,909 | |
| Profit (loss) for the period | 9904 | -€108,224 | -€2,807 | +€105,417 | +97.4% |
| Transfer from tax-exempt reserves | 789 | €207,577 | - | -€207,577 | |
| Profit (loss) for the period to be appropriated | 9905 | €99,353 | -€2,807 | -€102,161 |
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 29 September 2026 via checked.be.