GM Construction: 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 Construction
Largest movements
- Tangible fixed assets -€7,857
down €7,857 (-21.7%), from €36,283 to €28,427
of which Leasing and similar rights: -€3,944
- Receivables within one year +€6,364
up €6,364 (+109.5%), from €5,814 to €12,178
of which Trade receivables: +€6,739
- Intangible fixed assets -€4,000
down €4,000 (-50.0%), from €8,000 to €4,000
- Cash -€2,601
down €2,601 (-90.0%), from €2,892 to €291
mainly Debts after one year (-€6,953) and Receivables within one year (-€6,364)
- Deferred charges and accrued income -€2,390
down €2,390 (-34.2%), from €6,997 to €4,607
- Debts after one year -€6,953
down €6,953 (-74.6%), from €9,315 to €2,362
- Other debts -€4,288
down €4,288 (-17.4%), from €24,591 to €20,304
- Current portion of long-term debt +€3,042
up €3,042 (+45.1%), from €6,747 to €9,790
- Trade debts -€2,306
down €2,306 (-74.1%), from €3,114 to €808
- Gross operating margin +€33,070
up €33,070 (+69.2%), from €47,769 to €80,839
- Staff costs +€16,170
up €16,170 (+35.3%), from €45,804 to €61,973
- Write-downs +€3,200
new in 2025: €3,200
- Depreciation -€1,559
down €1,559 (-11.4%), from €13,651 to €12,092
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 | €59,987 | €49,503 | -€10,484 | -17.5% |
| Fixed assets | 21/28 | €44,283 | €32,427 | -€11,857 | -26.8% |
| Intangible fixed assets | 21 | €8,000 | €4,000 | -€4,000 | -50.0% |
| Tangible fixed assets | 22/27 | €36,283 | €28,427 | -€7,857 | -21.7% |
| Plant, machinery and equipment | 23 | €2,412 | €1,204 | -€1,208 | -50.1% |
| Furniture and vehicles | 24 | €5,410 | €2,705 | -€2,705 | -50.0% |
| Leasing and similar rights | 25 | €28,462 | €24,518 | -€3,944 | -13.9% |
| Current assets | 29/58 | €15,704 | €17,076 | +€1,373 | +8.7% |
| Amounts receivable within one year | 40/41 | €5,814 | €12,178 | +€6,364 | +109.5% |
| Trade receivables | 40 | €4,678 | €11,417 | +€6,739 | +144.0% |
| Other amounts receivable | 41 | €1,136 | €761 | -€375 | -33.0% |
| Cash at bank and in hand | 54/58 | €2,892 | €291 | -€2,601 | -90.0% |
| Deferred charges and accrued income | 490/1 | €6,997 | €4,607 | -€2,390 | -34.2% |
| Total equity and liabilities | 10/49 | €59,987 | €49,503 | -€10,484 | -17.5% |
| Equity | 10/15 | €6,474 | €6,993 | +€520 | +8.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,526 | -€3,007 | +€520 | +14.7% |
| Amounts payable | 17/49 | €53,514 | €42,510 | -€11,004 | -20.6% |
| Amounts payable after more than one year | 17 | €9,315 | €2,362 | -€6,953 | -74.6% |
| Financial debts | 170/4 | €9,315 | €2,362 | -€6,953 | -74.6% |
| Amounts payable within one year | 42/48 | €44,199 | €40,147 | -€4,051 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €6,747 | €9,790 | +€3,042 | +45.1% |
| Trade debts | 44 | €3,114 | €808 | -€2,306 | -74.1% |
| Suppliers | 440/4 | €3,114 | €808 | -€2,306 | -74.1% |
| Taxes, remuneration and social security | 45 | €9,747 | €9,247 | -€500 | -5.1% |
| Taxes | 450/3 | €2,572 | €2,225 | -€347 | -13.5% |
| Remuneration and social security | 454/9 | €7,174 | €7,022 | -€153 | -2.1% |
| Other amounts payable | 47/48 | €24,591 | €20,304 | -€4,288 | -17.4% |
| Remuneration, social security and pensions | 62 | €45,804 | €61,973 | +€16,170 | +35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,651 | €12,092 | -€1,559 | -11.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,200 | +€3,200 | |
| Other operating charges | 640/8 | €1,141 | €1,167 | +€26 | +2.3% |
| Gross operating margin | 9900 | €47,769 | €80,839 | +€33,070 | +69.2% |
| Operating profit (loss) | 9901 | -€12,826 | €2,407 | +€15,234 | |
| Financial charges | 65/66B | €782 | €1,240 | +€457 | +58.4% |
| Recurring financial charges | 65 | €782 | €1,240 | +€457 | +58.4% |
| Profit (loss) for the period before taxes | 9903 | -€13,609 | €1,167 | +€14,776 | |
| Income taxes | 67/77 | €621 | €648 | +€27 | +4.3% |
| Profit (loss) for the period | 9904 | -€14,230 | €520 | +€14,750 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,230 | €520 | +€14,750 |
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.