GDMA: 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.
GDMA
Largest movements
- Receivables after one year +€1.4m
new in 2025: €1.4m
- Current investments +€895,467
up €895,467 (+72.8%), from €1.2m to €2.1m
- Cash -€439,516
down €439,516 (-87.8%), from €500,456 to €60,940
mainly Receivables after one year (-€1.4m) and Current investments (-€895,467)
- Other debts +€1.2m
new in 2025: €1.2m
- Contributions +€500,000
up €500,000 (+28.7%), from €1.7m to €2.2m
- Reserves +€62,313
new in 2025: €62,313
of which Distributable reserves: +€59,197
- Financial income +€124,647
up €124,647 (+64264.3%), from €194 to €124,841
- Taxes +€40,572
new in 2025: €40,572
- Gross operating margin -€8,664
down €8,664 (-649.8%), from -€1,333 to -€9,998
- Other operating charges +€264
up €264 (+29.4%), from €897 to €1,160
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 | €1,733,379 | €3,577,394 | +€1.8m | +106.4% |
| Current assets | 29/58 | €1,733,379 | €3,577,394 | +€1.8m | +106.4% |
| Amounts receivable after more than one year | 29 | - | €1,391,386 | +€1.4m | |
| Other amounts receivable | 291 | - | €1,391,386 | +€1.4m | |
| Amounts receivable within one year | 40/41 | €3,128 | - | -€3,128 | |
| Other amounts receivable | 41 | €3,128 | - | -€3,128 | |
| Current investments | 50/53 | €1,229,601 | €2,125,068 | +€895,467 | +72.8% |
| Cash at bank and in hand | 54/58 | €500,456 | €60,940 | -€439,516 | -87.8% |
| Deferred charges and accrued income | 490/1 | €194 | - | -€194 | |
| Total equity and liabilities | 10/49 | €1,733,379 | €3,577,394 | +€1.8m | +106.4% |
| Equity | 10/15 | €1,733,379 | €2,306,270 | +€572,890 | +33.1% |
| Contributions | 10/11 | €1,743,957 | €2,243,957 | +€500,000 | +28.7% |
| Capital | 10 | €1,743,957 | €2,243,957 | +€500,000 | +28.7% |
| Issued capital | 100 | €4,000,000 | €4,000,000 | = | 0.0% |
| Uncalled capital | 101 | €2,256,043 | €1,756,043 | -€500,000 | -22.2% |
| Reserves | 13 | - | €62,313 | +€62,313 | |
| Non-distributable reserves | 130/1 | - | €3,116 | +€3,116 | |
| Legal reserve | 130 | - | €3,116 | +€3,116 | |
| Distributable reserves | 133 | - | €59,197 | +€59,197 | |
| Profit (loss) carried forward | 14 | -€10,578 | - | +€10,578 | |
| Amounts payable | 17/49 | - | €1,271,124 | +€1.3m | |
| Amounts payable within one year | 42/48 | - | €1,271,124 | +€1.3m | |
| Trade debts | 44 | - | €771 | +€771 | |
| Suppliers | 440/4 | - | €771 | +€771 | |
| Taxes, remuneration and social security | 45 | - | €27,604 | +€27,604 | |
| Taxes | 450/3 | - | €27,604 | +€27,604 | |
| Other amounts payable | 47/48 | - | €1,242,749 | +€1.2m | |
| Other operating charges | 640/8 | €897 | €1,160 | +€264 | +29.4% |
| Gross operating margin | 9900 | -€1,333 | -€9,998 | -€8,664 | -649.8% |
| Operating profit (loss) | 9901 | -€2,230 | -€11,158 | -€8,928 | -400.3% |
| Financial income | 75/76B | €194 | €124,841 | +€124,647 | +64264.3% |
| Recurring financial income | 75 | €194 | €124,841 | +€124,647 | +64264.3% |
| Financial charges | 65/66B | €149 | €220 | +€71 | +47.7% |
| Recurring financial charges | 65 | €149 | €220 | +€71 | +47.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,185 | €113,463 | +€115,648 | |
| Income taxes | 67/77 | - | €40,572 | +€40,572 | |
| Profit (loss) for the period | 9904 | -€2,185 | €72,890 | +€75,076 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,185 | €72,890 | +€75,076 |
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 8 October 2026 via checked.be.