GM&A: 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.
GM&A
Largest movements
- Receivables within one year +€84,444
up €84,444 (+39.5%), from €214,034 to €298,478
of which Other amounts receivable: +€107,126
- Tangible fixed assets +€18,237
up €18,237 (+142.2%), from €12,828 to €31,065
of which Furniture and vehicles: +€16,295
- Cash +€7,470
up €7,470 (+64.8%), from €11,535 to €19,006
mainly Other debts (+€324,001) and Net result for the year (+€108,649)
- Other debts +€324,001
new in 2025: €324,001
- Reserves -€215,353
no longer reported in 2025 (was €215,353)
- Tax, wage and social debts +€3,861
up €3,861 (+18.7%), from €20,652 to €24,513
- Gross operating margin -€5,320
down €5,320 (-3.6%), from €146,305 to €140,985
- Financial income +€5,214
up €5,214 (+80.5%), from €6,480 to €11,694
- Depreciation +€3,983
up €3,983 (+109.3%), from €3,643 to €7,625
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 | €241,407 | €351,826 | +€110,418 | +45.7% |
| Fixed assets | 21/28 | €12,828 | €31,065 | +€18,237 | +142.2% |
| Tangible fixed assets | 22/27 | €12,828 | €31,065 | +€18,237 | +142.2% |
| Land and buildings | 22 | - | €3,242 | +€3,242 | |
| Plant, machinery and equipment | 23 | €4,189 | €2,889 | -€1,300 | -31.0% |
| Furniture and vehicles | 24 | €8,639 | €24,934 | +€16,295 | +188.6% |
| Current assets | 29/58 | €228,580 | €320,761 | +€92,181 | +40.3% |
| Amounts receivable within one year | 40/41 | €214,034 | €298,478 | +€84,444 | +39.5% |
| Trade receivables | 40 | €49,088 | €26,406 | -€22,682 | -46.2% |
| Other amounts receivable | 41 | €164,946 | €272,072 | +€107,126 | +64.9% |
| Cash at bank and in hand | 54/58 | €11,535 | €19,006 | +€7,470 | +64.8% |
| Deferred charges and accrued income | 490/1 | €3,010 | €3,277 | +€267 | +8.9% |
| Total equity and liabilities | 10/49 | €241,407 | €351,826 | +€110,418 | +45.7% |
| Equity | 10/15 | €215,353 | - | -€215,353 | |
| Reserves | 13 | €215,353 | - | -€215,353 | |
| Distributable reserves | 133 | €215,353 | - | -€215,353 | |
| Amounts payable | 17/49 | €26,055 | €351,826 | +€325,771 | +1250.3% |
| Amounts payable within one year | 42/48 | €26,055 | €351,826 | +€325,771 | +1250.3% |
| Trade debts | 44 | €5,403 | €3,312 | -€2,091 | -38.7% |
| Suppliers | 440/4 | €5,403 | €3,312 | -€2,091 | -38.7% |
| Taxes, remuneration and social security | 45 | €20,652 | €24,513 | +€3,861 | +18.7% |
| Taxes | 450/3 | €20,652 | €24,513 | +€3,861 | +18.7% |
| Other amounts payable | 47/48 | - | €324,001 | +€324,001 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,643 | €7,625 | +€3,983 | +109.3% |
| Other operating charges | 640/8 | €1,242 | €1,636 | +€394 | +31.7% |
| Gross operating margin | 9900 | €146,305 | €140,985 | -€5,320 | -3.6% |
| Operating profit (loss) | 9901 | €141,421 | €131,724 | -€9,697 | -6.9% |
| Financial income | 75/76B | €6,480 | €11,694 | +€5,214 | +80.5% |
| Recurring financial income | 75 | €6,480 | €11,694 | +€5,214 | +80.5% |
| Financial charges | 65/66B | €1,373 | €576 | -€796 | -58.0% |
| Recurring financial charges | 65 | €1,373 | €576 | -€796 | -58.0% |
| Profit (loss) for the period before taxes | 9903 | €146,529 | €142,842 | -€3,687 | -2.5% |
| Income taxes | 67/77 | €34,522 | €34,193 | -€328 | -1.0% |
| Profit (loss) for the period | 9904 | €112,007 | €108,649 | -€3,358 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €112,007 | €108,649 | -€3,358 | -3.0% |
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 4 October 2026 via checked.be.