GM DEVELOPMENTS: 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 DEVELOPMENTS
Largest movements
- Receivables within one year +€449,395
up €449,395 (+46833.0%), from €960 to €450,355
- Stocks and contracts +€127,623
up €127,623 (+14.8%), from €862,518 to €990,141
- Short-term financial debts +€385,305
up €385,305 (+56.9%), from €677,500 to €1.1m
- Reserves +€232,992
up €232,992 (+3930.1%), from €5,928 to €238,921
- Other debts -€126,100
down €126,100 (-100.0%), from €126,100 to €0
- Tax, wage and social debts +€88,291
up €88,291, from €0 to €88,291
- Gross operating margin +€323,624
up €323,624, from -€4,661 to €318,963
- Taxes +€85,102
up €85,102, from €0 to €85,102
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 | €863,603 | €1,440,559 | +€576,955 | +66.8% |
| Current assets | 29/58 | €863,603 | €1,440,559 | +€576,955 | +66.8% |
| Stocks and contracts in progress | 3 | €862,518 | €990,141 | +€127,623 | +14.8% |
| Stocks | 30/36 | €862,518 | €990,141 | +€127,623 | +14.8% |
| Amounts receivable within one year | 40/41 | €960 | €450,355 | +€449,395 | +46833.0% |
| Other amounts receivable | 41 | €960 | €450,355 | +€449,395 | +46833.0% |
| Cash at bank and in hand | 54/58 | €126 | €63 | -€63 | -50.0% |
| Total equity and liabilities | 10/49 | €863,603 | €1,440,559 | +€576,955 | +66.8% |
| Equity | 10/15 | €55,928 | €288,921 | +€232,992 | +416.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,928 | €238,921 | +€232,992 | +3930.1% |
| Distributable reserves | 133 | €5,928 | €238,921 | +€232,992 | +3930.1% |
| Amounts payable | 17/49 | €807,675 | €1,151,638 | +€343,963 | +42.6% |
| Amounts payable within one year | 42/48 | €807,675 | €1,151,638 | +€343,963 | +42.6% |
| Financial debts | 43 | €677,500 | €1,062,805 | +€385,305 | +56.9% |
| Credit institutions | 430/8 | €677,500 | €1,062,805 | +€385,305 | +56.9% |
| Trade debts | 44 | €4,075 | €542 | -€3,533 | -86.7% |
| Suppliers | 440/4 | €4,075 | €542 | -€3,533 | -86.7% |
| Taxes, remuneration and social security | 45 | €0 | €88,291 | +€88,291 | |
| Taxes | 450/3 | €0 | €88,291 | +€88,291 | |
| Other amounts payable | 47/48 | €126,100 | €0 | -€126,100 | -100.0% |
| Other operating charges | 640/8 | €446 | €449 | +€3 | +0.6% |
| Gross operating margin | 9900 | -€4,661 | €318,963 | +€323,624 | |
| Operating profit (loss) | 9901 | -€5,108 | €318,514 | +€323,621 | |
| Financial charges | 65/66B | €687 | €420 | -€267 | -38.8% |
| Recurring financial charges | 65 | €687 | €420 | -€267 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,794 | €318,094 | +€323,888 | |
| Income taxes | 67/77 | €0 | €85,102 | +€85,102 | |
| Profit (loss) for the period | 9904 | -€5,794 | €232,992 | +€238,787 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,794 | €232,992 | +€238,787 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.