GM²: 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.
GM²
Largest movements
- Stocks and contracts -€208,770
down €208,770 (-42.0%), from €497,492 to €288,722
- Tangible fixed assets -€146,854
down €146,854 (-34.8%), from €422,144 to €275,290
of which Land and buildings: -€104,473
- Cash +€99,405
up €99,405 (+743.1%), from €13,376 to €112,781
mainly Stocks and contracts (+€208,770) and Net result for the year (+€181,513)
- Current investments +€51,000
new in 2025: €51,000
- Financial fixed assets +€45,000
new in 2025: €45,000
- Other debts -€191,315
down €191,315 (-75.9%), from €252,096 to €60,781
- Profit (loss) carried forward +€181,513
up €181,513, from -€173,365 to €8,147
- Contributions -€100,000
down €100,000 (-84.3%), from €118,600 to €18,600
- Debts after one year -€35,666
down €35,666 (-5.1%), from €695,930 to €660,264
of which Financial debts: -€34,701
- Gross operating margin +€204,734
up €204,734 (+1040.2%), from €19,682 to €224,416
- Depreciation +€10,206
up €10,206 (+88.5%), from €11,538 to €21,744
- Financial charges -€5,427
down €5,427 (-26.9%), from €20,209 to €14,782
- Taxes +€3,315
up €3,315 (+715.6%), from €463 to €3,778
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 | €934,634 | €787,564 | -€147,070 | -15.7% |
| Fixed assets | 21/28 | €422,144 | €320,290 | -€101,854 | -24.1% |
| Tangible fixed assets | 22/27 | €422,144 | €275,290 | -€146,854 | -34.8% |
| Land and buildings | 22 | €345,276 | €240,803 | -€104,473 | -30.3% |
| Plant, machinery and equipment | 23 | €826 | €526 | -€300 | -36.3% |
| Furniture and vehicles | 24 | - | €21,269 | +€21,269 | |
| Other tangible fixed assets | 26 | €3,067 | €2,647 | -€421 | -13.7% |
| Assets under construction and advance payments | 27 | €72,975 | €10,045 | -€62,929 | -86.2% |
| Financial fixed assets | 28 | - | €45,000 | +€45,000 | |
| Current assets | 29/58 | €512,490 | €467,274 | -€45,216 | -8.8% |
| Stocks and contracts in progress | 3 | €497,492 | €288,722 | -€208,770 | -42.0% |
| Stocks | 30/36 | €497,492 | €288,722 | -€208,770 | -42.0% |
| Amounts receivable within one year | 40/41 | - | €12,458 | +€12,458 | |
| Trade receivables | 40 | - | €3,900 | +€3,900 | |
| Other amounts receivable | 41 | - | €8,558 | +€8,558 | |
| Current investments | 50/53 | - | €51,000 | +€51,000 | |
| Cash at bank and in hand | 54/58 | €13,376 | €112,781 | +€99,405 | +743.1% |
| Deferred charges and accrued income | 490/1 | €1,622 | €2,313 | +€692 | +42.6% |
| Total equity and liabilities | 10/49 | €934,634 | €787,564 | -€147,070 | -15.7% |
| Equity | 10/15 | -€54,765 | €26,747 | +€81,513 | |
| Contributions | 10/11 | €118,600 | €18,600 | -€100,000 | -84.3% |
| Profit (loss) carried forward | 14 | -€173,365 | €8,147 | +€181,513 | |
| Amounts payable | 17/49 | €989,399 | €760,817 | -€228,582 | -23.1% |
| Amounts payable after more than one year | 17 | €695,930 | €660,264 | -€35,666 | -5.1% |
| Financial debts | 170/4 | €686,680 | €651,979 | -€34,701 | -5.1% |
| Other amounts payable | 178/9 | €9,250 | €8,285 | -€965 | -10.4% |
| Amounts payable within one year | 42/48 | €293,470 | €100,553 | -€192,917 | -65.7% |
| Current portion of amounts payable after more than one year | 42 | €33,990 | €34,701 | +€710 | +2.1% |
| Trade debts | 44 | €5,705 | €3,856 | -€1,849 | -32.4% |
| Suppliers | 440/4 | €5,705 | €3,856 | -€1,849 | -32.4% |
| Taxes, remuneration and social security | 45 | €1,678 | €1,215 | -€463 | -27.6% |
| Taxes | 450/3 | €1,678 | €1,215 | -€463 | -27.6% |
| Other amounts payable | 47/48 | €252,096 | €60,781 | -€191,315 | -75.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,538 | €21,744 | +€10,206 | +88.5% |
| Other operating charges | 640/8 | €5,444 | €4,176 | -€1,268 | -23.3% |
| Gross operating margin | 9900 | €19,682 | €224,416 | +€204,734 | +1040.2% |
| Operating profit (loss) | 9901 | €2,701 | €198,497 | +€195,796 | +7250.2% |
| Financial income | 75/76B | €37 | €1,576 | +€1,539 | +4132.5% |
| Recurring financial income | 75 | €37 | €1,576 | +€1,539 | +4132.5% |
| Financial charges | 65/66B | €20,209 | €14,782 | -€5,427 | -26.9% |
| Recurring financial charges | 65 | €20,209 | €14,782 | -€5,427 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | -€17,471 | €185,291 | +€202,762 | |
| Income taxes | 67/77 | €463 | €3,778 | +€3,315 | +715.6% |
| Profit (loss) for the period | 9904 | -€17,934 | €181,513 | +€199,447 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,934 | €181,513 | +€199,447 |
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 2 October 2026 via checked.be.