GM: what changed
Two financial 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.
GM
Largest movements
- Receivables within one year +€53,166
up €53,166 (+211.7%), from €25,115 to €78,282
of which Trade receivables: +€43,925
- Cash -€10,695
down €10,695 (-66.5%), from €16,072 to €5,378
mainly Receivables within one year (-€53,166) and Contributions, distributions and other (-€34,118)
- Tangible fixed assets -€4,292
down €4,292 (-41.1%), from €10,438 to €6,146
of which Furniture and vehicles: -€2,703
- Stocks and contracts +€2,315
up €2,315 (+48.5%), from €4,770 to €7,085
- Other debts +€34,118
new in 2025: €34,118
- Profit (loss) carried forward +€4,000
up €4,000 (+9.5%), from €42,109 to €46,109
- Tax, wage and social debts +€2,451
up €2,451 (+21.4%), from €11,442 to €13,892
of which Taxes: +€4,083
- Gross operating margin +€43,896
up €43,896 (+361.4%), from €12,145 to €56,041
- Taxes +€9,103
up €9,103 (+356.7%), from €2,552 to €11,656
- Other operating charges +€1,166
up €1,166 (+108.7%), from €1,073 to €2,239
- Depreciation -€1,059
down €1,059 (-19.8%), from €5,350 to €4,292
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 | €58,093 | €99,371 | +€41,278 | +71.1% |
| Fixed assets | 21/28 | €11,738 | €7,446 | -€4,292 | -36.6% |
| Tangible fixed assets | 22/27 | €10,438 | €6,146 | -€4,292 | -41.1% |
| Plant, machinery and equipment | 23 | €1,340 | €673 | -€667 | -49.8% |
| Furniture and vehicles | 24 | €6,613 | €3,910 | -€2,703 | -40.9% |
| Other tangible fixed assets | 26 | €2,485 | €1,563 | -€921 | -37.1% |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €46,355 | €91,925 | +€45,569 | +98.3% |
| Stocks and contracts in progress | 3 | €4,770 | €7,085 | +€2,315 | +48.5% |
| Stocks | 30/36 | €4,770 | €7,085 | +€2,315 | +48.5% |
| Amounts receivable within one year | 40/41 | €25,115 | €78,282 | +€53,166 | +211.7% |
| Trade receivables | 40 | €12,060 | €55,985 | +€43,925 | +364.2% |
| Other amounts receivable | 41 | €13,056 | €22,297 | +€9,241 | +70.8% |
| Cash at bank and in hand | 54/58 | €16,072 | €5,378 | -€10,695 | -66.5% |
| Deferred charges and accrued income | 490/1 | €398 | €1,181 | +€783 | +196.7% |
| Total equity and liabilities | 10/49 | €58,093 | €99,371 | +€41,278 | +71.1% |
| Equity | 10/15 | €46,109 | €50,109 | +€4,000 | +8.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,109 | €46,109 | +€4,000 | +9.5% |
| Amounts payable | 17/49 | €11,984 | €49,262 | +€37,278 | +311.1% |
| Amounts payable within one year | 42/48 | €11,984 | €49,262 | +€37,278 | +311.1% |
| Trade debts | 44 | €543 | €1,252 | +€709 | +130.7% |
| Suppliers | 440/4 | €543 | €1,252 | +€709 | +130.7% |
| Taxes, remuneration and social security | 45 | €11,442 | €13,892 | +€2,451 | +21.4% |
| Taxes | 450/3 | €9,810 | €13,892 | +€4,083 | +41.6% |
| Remuneration and social security | 454/9 | €1,632 | - | -€1,632 | |
| Other amounts payable | 47/48 | - | €34,118 | +€34,118 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,350 | €4,292 | -€1,059 | -19.8% |
| Other operating charges | 640/8 | €1,073 | €2,239 | +€1,166 | +108.7% |
| Gross operating margin | 9900 | €12,145 | €56,041 | +€43,896 | +361.4% |
| Operating profit (loss) | 9901 | €5,722 | €49,510 | +€43,788 | +765.3% |
| Financial income | 75/76B | €619 | €847 | +€228 | +36.8% |
| Recurring financial income | 75 | €619 | €847 | +€228 | +36.8% |
| Financial charges | 65/66B | €477 | €584 | +€107 | +22.5% |
| Recurring financial charges | 65 | €477 | €584 | +€107 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €5,864 | €49,773 | +€43,909 | +748.8% |
| Income taxes | 67/77 | €2,552 | €11,656 | +€9,103 | +356.7% |
| Profit (loss) for the period | 9904 | €3,312 | €38,117 | +€34,806 | +1051.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,312 | €38,117 | +€34,806 | +1051.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.