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 +€58,162
up €58,162 (+144.5%), from €40,243 to €98,404
of which Other amounts receivable: +€57,360
- Tangible fixed assets +€32,976
up €32,976 (+9178.5%), from €359 to €33,336
of which Other tangible fixed assets: +€32,157
- Cash -€31,580
down €31,580 (-15.9%), from €199,040 to €167,460
mainly Contributions, distributions and other (-€71,500) and Receivables within one year (-€58,162)
- Other debts +€63,500
up €63,500 (+793.8%), from €8,000 to €71,500
- Reserves -€21,500
down €21,500 (-15.4%), from €139,783 to €118,283
- Trade debts +€6,719
up €6,719 (+47.1%), from €14,262 to €20,981
- Tax, wage and social debts +€6,409
up €6,409 (+43.9%), from €14,592 to €21,001
- Profit (loss) carried forward +€4,534
up €4,534 (+7.8%), from €58,451 to €62,985
- Gross operating margin -€4,900
down €4,900 (-5.8%), from €84,948 to €80,048
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 | €241,288 | €300,949 | +€59,661 | +24.7% |
| Fixed assets | 21/28 | €359 | €33,336 | +€32,976 | +9178.5% |
| Tangible fixed assets | 22/27 | €359 | €33,336 | +€32,976 | +9178.5% |
| Furniture and vehicles | 24 | €359 | €1,179 | +€819 | +228.0% |
| Other tangible fixed assets | 26 | - | €32,157 | +€32,157 | |
| Current assets | 29/58 | €240,928 | €267,613 | +€26,685 | +11.1% |
| Amounts receivable within one year | 40/41 | €40,243 | €98,404 | +€58,162 | +144.5% |
| Trade receivables | 40 | €32,461 | €33,263 | +€802 | +2.5% |
| Other amounts receivable | 41 | €7,782 | €65,141 | +€57,360 | +737.1% |
| Cash at bank and in hand | 54/58 | €199,040 | €167,460 | -€31,580 | -15.9% |
| Deferred charges and accrued income | 490/1 | €1,646 | €1,749 | +€103 | +6.3% |
| Total equity and liabilities | 10/49 | €241,288 | €300,949 | +€59,661 | +24.7% |
| Equity | 10/15 | €204,434 | €187,467 | -€16,966 | -8.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €139,783 | €118,283 | -€21,500 | -15.4% |
| Distributable reserves | 133 | €139,783 | €118,283 | -€21,500 | -15.4% |
| Profit (loss) carried forward | 14 | €58,451 | €62,985 | +€4,534 | +7.8% |
| Amounts payable | 17/49 | €36,854 | €113,482 | +€76,628 | +207.9% |
| Amounts payable within one year | 42/48 | €36,854 | €113,482 | +€76,628 | +207.9% |
| Trade debts | 44 | €14,262 | €20,981 | +€6,719 | +47.1% |
| Suppliers | 440/4 | €14,262 | €20,981 | +€6,719 | +47.1% |
| Taxes, remuneration and social security | 45 | €14,592 | €21,001 | +€6,409 | +43.9% |
| Taxes | 450/3 | €14,592 | €21,001 | +€6,409 | +43.9% |
| Other amounts payable | 47/48 | €8,000 | €71,500 | +€63,500 | +793.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193 | €594 | +€401 | +208.3% |
| Other operating charges | 640/8 | €597 | €612 | +€15 | +2.5% |
| Gross operating margin | 9900 | €84,948 | €80,048 | -€4,900 | -5.8% |
| Operating profit (loss) | 9901 | €84,158 | €78,842 | -€5,316 | -6.3% |
| Financial income | 75/76B | €36 | €747 | +€711 | +1971.9% |
| Recurring financial income | 75 | €36 | €747 | +€711 | +1971.9% |
| Financial charges | 65/66B | €423 | €464 | +€41 | +9.7% |
| Recurring financial charges | 65 | €226 | €464 | +€238 | +105.2% |
| Non-recurring financial charges | 66B | €197 | - | -€197 | |
| Profit (loss) for the period before taxes | 9903 | €83,772 | €79,125 | -€4,646 | -5.5% |
| Income taxes | 67/77 | €24,528 | €24,592 | +€64 | +0.3% |
| Profit (loss) for the period | 9904 | €59,244 | €54,534 | -€4,710 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €59,244 | €54,534 | -€4,710 | -8.0% |
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 6 October 2026 via checked.be.