GM.C: 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.C
Largest movements
- Receivables within one year -€294,372
down €294,372 (-96.7%), from €304,396 to €10,024
of which Other amounts receivable: -€272,612
- Receivables after one year +€286,506
new in 2025: €286,506
- Cash +€8,344
up €8,344 (+303.1%), from €2,753 to €11,097
mainly Receivables within one year (+€294,372) and Net result for the year (+€27,907)
- Tax, wage and social debts -€30,261
down €30,261 (-67.9%), from €44,544 to €14,283
- Reserves +€27,907
up €27,907 (+59.0%), from €47,289 to €75,196
- Gross operating margin -€32,701
down €32,701 (-39.5%), from €82,715 to €50,014
- Taxes -€12,578
down €12,578 (-57.9%), from €21,733 to €9,155
- Depreciation -€3,470
down €3,470 (-63.9%), from €5,426 to €1,956
- Other operating charges +€2,879
up €2,879 (+36.7%), from €7,835 to €10,714
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 | €347,036 | €345,533 | -€1,503 | -0.4% |
| Fixed assets | 21/28 | €39,862 | €37,906 | -€1,956 | -4.9% |
| Tangible fixed assets | 22/27 | €4,457 | €2,501 | -€1,956 | -43.9% |
| Furniture and vehicles | 24 | €4,457 | €2,501 | -€1,956 | -43.9% |
| Financial fixed assets | 28 | €35,405 | €35,405 | = | 0.0% |
| Current assets | 29/58 | €307,174 | €307,627 | +€453 | +0.1% |
| Amounts receivable after more than one year | 29 | - | €286,506 | +€286,506 | |
| Trade receivables | 290 | - | €286,506 | +€286,506 | |
| Amounts receivable within one year | 40/41 | €304,396 | €10,024 | -€294,372 | -96.7% |
| Trade receivables | 40 | €31,784 | €10,024 | -€21,760 | -68.5% |
| Other amounts receivable | 41 | €272,612 | - | -€272,612 | |
| Cash at bank and in hand | 54/58 | €2,753 | €11,097 | +€8,344 | +303.1% |
| Deferred charges and accrued income | 490/1 | €25 | - | -€25 | |
| Total equity and liabilities | 10/49 | €347,036 | €345,533 | -€1,503 | -0.4% |
| Equity | 10/15 | €302,491 | €330,398 | +€27,907 | +9.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €47,289 | €75,196 | +€27,907 | +59.0% |
| Distributable reserves | 133 | €47,289 | €75,196 | +€27,907 | +59.0% |
| Profit (loss) carried forward | 14 | €254,203 | €254,203 | = | 0.0% |
| Amounts payable | 17/49 | €44,544 | €15,134 | -€29,410 | -66.0% |
| Amounts payable within one year | 42/48 | €44,544 | €15,134 | -€29,410 | -66.0% |
| Trade debts | 44 | - | €851 | +€851 | |
| Suppliers | 440/4 | - | €851 | +€851 | |
| Taxes, remuneration and social security | 45 | €44,544 | €14,283 | -€30,261 | -67.9% |
| Taxes | 450/3 | €44,544 | €14,283 | -€30,261 | -67.9% |
| Remuneration, social security and pensions | 62 | €24 | - | -€24 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,426 | €1,956 | -€3,470 | -63.9% |
| Other operating charges | 640/8 | €7,835 | €10,714 | +€2,879 | +36.7% |
| Gross operating margin | 9900 | €82,715 | €50,014 | -€32,701 | -39.5% |
| Operating profit (loss) | 9901 | €69,430 | €37,344 | -€32,086 | -46.2% |
| Financial charges | 65/66B | €409 | €282 | -€126 | -30.9% |
| Recurring financial charges | 65 | €409 | €282 | -€126 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €69,022 | €37,062 | -€31,960 | -46.3% |
| Income taxes | 67/77 | €21,733 | €9,155 | -€12,578 | -57.9% |
| Profit (loss) for the period | 9904 | €47,289 | €27,907 | -€19,382 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,289 | €27,907 | -€19,382 | -41.0% |
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 9 October 2026 via checked.be.