GM-ART: 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-ART
Largest movements
- Intangible fixed assets +€21,286
up €21,286 (+175%), from €12,191 to €33,477
- Receivables within one year -€4,963
down €4,963 (-50.4%), from €9,846 to €4,884
of which Trade receivables: -€2,859
- Cash +€4,463
up €4,463 (+33.4%), from €13,344 to €17,807
mainly Contributions, distributions and other (+€11,676) and Other debts (+€9,362)
- Tangible fixed assets +€4,142
new in 2025: €4,142
- Investment grants +€11,676
up €11,676 (+236%), from €4,950 to €16,626
- Other debts +€9,362
up €9,362 (+50.0%), from €18,725 to €28,087
- Provisions +€3,954
up €3,954 (+320%), from €1,238 to €5,192
- Trade debts -€3,035
down €3,035 (-42.6%), from €7,123 to €4,087
- Profit (loss) carried forward +€2,241
up €2,241 (+182%), from €1,233 to €3,474
- Financial income +€3,596
up €3,596 (+799%), from €450 to €4,046
- Depreciation +€2,948
up €2,948 (+225%), from €1,309 to €4,258
- Gross operating margin -€1,345
down €1,345 (-45.5%), from €2,956 to €1,611
- Taxes -€416
down €416 (-92.4%), from €450 to €34
- Other operating charges -€67
down €67 (-14.4%), from €467 to €400
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.
Derived cash bridge
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 | €35,606 | €60,534 | +€24,928 | +70.0% |
| Fixed assets | 21/28 | €12,416 | €37,844 | +€25,428 | +205% |
| Intangible fixed assets | 21 | €12,191 | €33,477 | +€21,286 | +175% |
| Tangible fixed assets | 22/27 | - | €4,142 | +€4,142 | |
| Furniture and vehicles | 24 | - | €4,142 | +€4,142 | |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €23,190 | €22,690 | -€500 | -2.2% |
| Amounts receivable within one year | 40/41 | €9,846 | €4,884 | -€4,963 | -50.4% |
| Trade receivables | 40 | €7,742 | €4,884 | -€2,859 | -36.9% |
| Other amounts receivable | 41 | €2,104 | - | -€2,104 | |
| Cash at bank and in hand | 54/58 | €13,344 | €17,807 | +€4,463 | +33.4% |
| Total equity and liabilities | 10/49 | €35,606 | €60,534 | +€24,928 | +70.0% |
| Equity | 10/15 | €8,071 | €21,988 | +€13,917 | +172% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €388 | €388 | = | 0.0% |
| Distributable reserves | 133 | €388 | €388 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,233 | €3,474 | +€2,241 | +182% |
| Investment grants | 15 | €4,950 | €16,626 | +€11,676 | +236% |
| Provisions and deferred taxes | 16 | €1,238 | €5,192 | +€3,954 | +320% |
| Deferred taxes | 168 | €1,238 | €5,192 | +€3,954 | +320% |
| Amounts payable | 17/49 | €26,298 | €33,355 | +€7,057 | +26.8% |
| Amounts payable within one year | 42/48 | €26,298 | €33,355 | +€7,057 | +26.8% |
| Trade debts | 44 | €7,123 | €4,087 | -€3,035 | -42.6% |
| Suppliers | 440/4 | €7,123 | €4,087 | -€3,035 | -42.6% |
| Taxes, remuneration and social security | 45 | €450 | €1,181 | +€731 | +162% |
| Taxes | 450/3 | €450 | €1,181 | +€731 | +162% |
| Other amounts payable | 47/48 | €18,725 | €28,087 | +€9,362 | +50.0% |
| Non-recurring operating income | 76A | €227 | - | -€227 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,309 | €4,258 | +€2,948 | +225% |
| Other operating charges | 640/8 | €467 | €400 | -€67 | -14.4% |
| Gross operating margin | 9900 | €2,956 | €1,611 | -€1,345 | -45.5% |
| Operating profit (loss) | 9901 | €1,180 | -€3,047 | -€4,226 | |
| Financial income | 75/76B | €450 | €4,046 | +€3,596 | +799% |
| Recurring financial income | 75 | €450 | €4,046 | +€3,596 | +799% |
| Financial charges | 65/66B | €59 | €50 | -€9 | -14.9% |
| Recurring financial charges | 65 | €59 | €50 | -€9 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €1,571 | €949 | -€622 | -39.6% |
| Transfer from deferred taxes | 780 | €113 | €1,326 | +€1,214 | +1,079% |
| Income taxes | 67/77 | €450 | €34 | -€416 | -92.4% |
| Profit (loss) for the period | 9904 | €1,233 | €2,241 | +€1,008 | +81.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,233 | €2,241 | +€1,008 | +81.7% |
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 17 October 2026 via checked.be.