GM DEVELOPMENT: 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 DEVELOPMENT
Largest movements
- Current investments +€75,000
new in 2025: €75,000
- Tangible fixed assets -€59,663
down €59,663 (-15.0%), from €398,463 to €338,800
of which Land and buildings: -€48,690
- Receivables within one year -€16,995
down €16,995 (-73.9%), from €22,985 to €5,990
of which Trade receivables: -€9,583
- Cash -€15,388
down €15,388 (-4.9%), from €313,272 to €297,883
mainly Current investments (-€75,000) and Debts after one year (-€45,000)
- Reserves +€51,600
up €51,600 (+40.1%), from €128,750 to €180,350
- Debts after one year -€45,000
down €45,000 (-12.3%), from €366,250 to €321,250
- Other debts -€18,034
down €18,034 (-49.5%), from €36,438 to €18,404
- Gross operating margin +€16,794
up €16,794 (+12.4%), from €135,017 to €151,811
- Taxes +€15,719
up €15,719 (+182.1%), from €8,630 to €24,349
- Financial charges -€4,895
down €4,895 (-38.9%), from €12,584 to €7,689
- Other operating charges -€2,593
down €2,593 (-77.2%), from €3,357 to €764
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 | €738,536 | €721,240 | -€17,296 | -2.3% |
| Fixed assets | 21/28 | €398,753 | €339,090 | -€59,663 | -15.0% |
| Tangible fixed assets | 22/27 | €398,463 | €338,800 | -€59,663 | -15.0% |
| Land and buildings | 22 | €318,729 | €270,039 | -€48,690 | -15.3% |
| Plant, machinery and equipment | 23 | €53,027 | €49,077 | -€3,950 | -7.4% |
| Furniture and vehicles | 24 | €18,411 | €13,030 | -€5,381 | -29.2% |
| Other tangible fixed assets | 26 | €8,296 | €6,653 | -€1,642 | -19.8% |
| Financial fixed assets | 28 | €290 | €290 | = | 0.0% |
| Current assets | 29/58 | €339,783 | €382,151 | +€42,368 | +12.5% |
| Stocks and contracts in progress | 3 | €1,650 | €2,200 | +€550 | +33.3% |
| Stocks | 30/36 | €1,650 | €2,200 | +€550 | +33.3% |
| Amounts receivable within one year | 40/41 | €22,985 | €5,990 | -€16,995 | -73.9% |
| Trade receivables | 40 | €15,573 | €5,990 | -€9,583 | -61.5% |
| Other amounts receivable | 41 | €7,412 | - | -€7,412 | |
| Current investments | 50/53 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €313,272 | €297,883 | -€15,388 | -4.9% |
| Deferred charges and accrued income | 490/1 | €1,876 | €1,077 | -€799 | -42.6% |
| Total equity and liabilities | 10/49 | €738,536 | €721,240 | -€17,296 | -2.3% |
| Equity | 10/15 | €271,356 | €322,978 | +€51,622 | +19.0% |
| Contributions | 10/11 | €142,400 | €142,400 | = | 0.0% |
| Reserves | 13 | €128,750 | €180,350 | +€51,600 | +40.1% |
| Distributable reserves | 133 | €128,750 | €180,350 | +€51,600 | +40.1% |
| Profit (loss) carried forward | 14 | €206 | €228 | +€22 | +10.9% |
| Amounts payable | 17/49 | €467,180 | €398,262 | -€68,918 | -14.8% |
| Amounts payable after more than one year | 17 | €366,250 | €321,250 | -€45,000 | -12.3% |
| Financial debts | 170/4 | €366,250 | €321,250 | -€45,000 | -12.3% |
| Amounts payable within one year | 42/48 | €97,159 | €77,012 | -€20,147 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €45,000 | €45,000 | = | 0.0% |
| Trade debts | 44 | €11,491 | €6,860 | -€4,632 | -40.3% |
| Suppliers | 440/4 | €11,491 | €6,860 | -€4,632 | -40.3% |
| Taxes, remuneration and social security | 45 | €4,230 | €6,749 | +€2,519 | +59.5% |
| Taxes | 450/3 | €4,230 | €6,749 | +€2,519 | +59.5% |
| Other amounts payable | 47/48 | €36,438 | €18,404 | -€18,034 | -49.5% |
| Accrued charges and deferred income | 492/3 | €3,771 | - | -€3,771 | |
| Non-recurring operating income | 76A | - | €826 | +€826 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,727 | €69,102 | +€375 | +0.5% |
| Other operating charges | 640/8 | €3,357 | €764 | -€2,593 | -77.2% |
| Gross operating margin | 9900 | €135,017 | €151,811 | +€16,794 | +12.4% |
| Operating profit (loss) | 9901 | €62,934 | €81,945 | +€19,011 | +30.2% |
| Financial income | 75/76B | €671 | €1,716 | +€1,044 | +155.5% |
| Recurring financial income | 75 | €671 | €1,716 | +€1,044 | +155.5% |
| Financial charges | 65/66B | €12,584 | €7,689 | -€4,895 | -38.9% |
| Recurring financial charges | 65 | €12,584 | €7,689 | -€4,895 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | €51,021 | €75,971 | +€24,950 | +48.9% |
| Income taxes | 67/77 | €8,630 | €24,349 | +€15,719 | +182.1% |
| Profit (loss) for the period | 9904 | €42,391 | €51,622 | +€9,232 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,391 | €51,622 | +€9,232 | +21.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.