GM ASSOCIATION: 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 ASSOCIATION
Largest movements
- Stocks and contracts +€6.0m
up €6.0m (+402%), from €1.5m to €7.4m
- Receivables within one year +€1.0m
up €1.0m (+90.0%), from €1.1m to €2.2m
of which Trade receivables: +€942,638
- Cash +€755,681
up €755,681 (+34.5%), from €2.2m to €2.9m
mainly Trade debts (+€2.7m) and Accrued charges and deferred income (+€1.9m)
- Tangible fixed assets -€260,123
down €260,123 (-25.5%), from €1.0m to €758,484
of which Other tangible fixed assets: -€230,899
- Trade debts +€2.7m
up €2.7m (+140%), from €1.9m to €4.6m
- Accrued charges and deferred income +€1.9m
up €1.9m (+1,844%), from €103,354 to €2.0m
- Short-term financial debts +€1.3m
new in 2025: €1.3m
- Reserves +€1.2m
up €1.2m (+94.1%), from €1.3m to €2.6m
of which Tax-exempt reserves: +€858,840
- Tax, wage and social debts +€502,989
up €502,989 (+30.1%), from €1.7m to €2.2m
of which Taxes: +€391,374
- Gross operating margin +€936,654
up €936,654 (+47.6%), from €2.0m to €2.9m
- Financial income +€573,005
up €573,005 (+4,999%), from €11,462 to €584,467
- Financial charges +€442,387
up €442,387 (+521%), from €84,890 to €527,277
- Staff costs +€290,239
up €290,239 (+35.0%), from €830,414 to €1.1m
- Taxes +€187,904
up €187,904 (+69.7%), from €269,452 to €457,356
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 | €5,882,792 | €13,500,150 | +€7.6m | +129% |
| Fixed assets | 21/28 | €1,056,524 | €831,492 | -€225,032 | -21.3% |
| Intangible fixed assets | 21 | €35,417 | €67,555 | +€32,138 | +90.7% |
| Tangible fixed assets | 22/27 | €1,018,607 | €758,484 | -€260,123 | -25.5% |
| Land and buildings | 22 | €533,811 | €518,541 | -€15,271 | -2.9% |
| Plant, machinery and equipment | 23 | €119,029 | €120,129 | +€1,099 | +0.9% |
| Furniture and vehicles | 24 | €69,495 | €50,906 | -€18,589 | -26.7% |
| Leasing and similar rights | 25 | - | €3,536 | +€3,536 | |
| Other tangible fixed assets | 26 | €296,271 | €65,372 | -€230,899 | -77.9% |
| Financial fixed assets | 28 | €2,500 | €5,453 | +€2,953 | +118% |
| Current assets | 29/58 | €4,826,269 | €12,668,658 | +€7.8m | +162% |
| Stocks and contracts in progress | 3 | €1,483,214 | €7,442,647 | +€6.0m | +402% |
| Stocks | 30/36 | €1,483,214 | €7,442,647 | +€6.0m | +402% |
| Amounts receivable within one year | 40/41 | €1,138,368 | €2,163,274 | +€1.0m | +90.0% |
| Trade receivables | 40 | €443,890 | €1,386,528 | +€942,638 | +212% |
| Other amounts receivable | 41 | €694,477 | €776,746 | +€82,268 | +11.8% |
| Cash at bank and in hand | 54/58 | €2,189,240 | €2,944,921 | +€755,681 | +34.5% |
| Deferred charges and accrued income | 490/1 | €15,447 | €117,815 | +€102,369 | +663% |
| Total equity and liabilities | 10/49 | €5,882,792 | €13,500,150 | +€7.6m | +129% |
| Equity | 10/15 | €1,327,478 | €2,564,615 | +€1.2m | +93.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,315,078 | €2,552,215 | +€1.2m | +94.1% |
| Tax-exempt reserves | 132 | - | €858,840 | +€858,840 | |
| Distributable reserves | 133 | €1,315,078 | €1,693,375 | +€378,297 | +28.8% |
| Amounts payable | 17/49 | €4,555,314 | €10,935,535 | +€6.4m | +140% |
| Amounts payable after more than one year | 17 | €397,759 | €345,436 | -€52,323 | -13.2% |
| Financial debts | 170/4 | €397,759 | €345,436 | -€52,323 | -13.2% |
| Amounts payable within one year | 42/48 | €4,054,201 | €8,580,971 | +€4.5m | +112% |
| Current portion of amounts payable after more than one year | 42 | €222,886 | - | -€222,886 | |
| Financial debts | 43 | - | €1,336,744 | +€1.3m | |
| Credit institutions | 430/8 | - | €1,336,744 | +€1.3m | |
| Trade debts | 44 | €1,906,312 | €4,574,694 | +€2.7m | +140% |
| Suppliers | 440/4 | €1,906,312 | €4,574,694 | +€2.7m | +140% |
| Taxes, remuneration and social security | 45 | €1,672,135 | €2,175,124 | +€502,989 | +30.1% |
| Taxes | 450/3 | €1,555,573 | €1,946,947 | +€391,374 | +25.2% |
| Remuneration and social security | 454/9 | €116,562 | €228,177 | +€111,615 | +95.8% |
| Other amounts payable | 47/48 | €252,868 | €494,410 | +€241,542 | +95.5% |
| Accrued charges and deferred income | 492/3 | €103,354 | €2,009,127 | +€1.9m | +1,844% |
| Remuneration, social security and pensions | 62 | €830,414 | €1,120,652 | +€290,239 | +35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,641 | €107,525 | +€26,884 | +33.3% |
| Other operating charges | 640/8 | €144,521 | €36,899 | -€107,621 | -74.5% |
| Gross operating margin | 9900 | €1,965,726 | €2,902,380 | +€936,654 | +47.6% |
| Operating profit (loss) | 9901 | €910,150 | €1,637,303 | +€727,153 | +79.9% |
| Financial income | 75/76B | €11,462 | €584,467 | +€573,005 | +4,999% |
| Recurring financial income | 75 | €11,462 | €584,467 | +€573,005 | +4,999% |
| Financial charges | 65/66B | €84,890 | €527,277 | +€442,387 | +521% |
| Recurring financial charges | 65 | €84,890 | €527,277 | +€442,387 | +521% |
| Profit (loss) for the period before taxes | 9903 | €836,722 | €1,694,493 | +€857,771 | +103% |
| Income taxes | 67/77 | €269,452 | €457,356 | +€187,904 | +69.7% |
| Profit (loss) for the period | 9904 | €567,270 | €1,237,137 | +€669,867 | +118% |
| Transfer to tax-exempt reserves | 689 | - | €858,840 | +€858,840 | |
| Profit (loss) for the period to be appropriated | 9905 | €567,270 | €378,297 | -€188,973 | -33.3% |
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.