GM ESTATE: 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 ESTATE
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€30,865
down €30,865 (-6.2%), from €497,544 to €466,680
of which Financial debts: -€30,865
- Other debts +€16,839
up €16,839 (+20.5%), from €82,162 to €99,000
- Profit (loss) carried forward +€10,680
up €10,680, from -€2,897 to €7,783
- Trade debts -€9,175
down €9,175 (-99.4%), from €9,234 to €59
- Gross operating margin +€37,175
up €37,175 (+158%), from €23,586 to €60,761
- Depreciation +€16,521
up €16,521 (+170%), from €9,740 to €26,261
- Financial charges +€7,171
up €7,171 (+55.9%), from €12,825 to €19,996
- Other operating charges -€835
down €835 (-21.3%), from €3,918 to €3,083
- Taxes +€742
new in 2025: €742
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 | €644,504 | €636,611 | -€7,894 | -1.2% |
| Formation expenses | 20 | €2,341 | €1,722 | -€619 | -26.4% |
| Fixed assets | 21/28 | €630,603 | €624,651 | -€5,952 | -0.9% |
| Tangible fixed assets | 22/27 | €626,583 | €623,646 | -€2,937 | -0.5% |
| Land and buildings | 22 | €626,583 | €623,646 | -€2,937 | -0.5% |
| Financial fixed assets | 28 | €4,020 | €1,005 | -€3,015 | -75.0% |
| Current assets | 29/58 | €11,560 | €10,238 | -€1,323 | -11.4% |
| Amounts receivable within one year | 40/41 | €31 | €537 | +€506 | +1,619% |
| Trade receivables | 40 | - | €20 | +€20 | |
| Other amounts receivable | 41 | €31 | €517 | +€486 | +1,555% |
| Cash at bank and in hand | 54/58 | €11,529 | €5,826 | -€5,703 | -49.5% |
| Deferred charges and accrued income | 490/1 | - | €3,875 | +€3,875 | |
| Total equity and liabilities | 10/49 | €644,504 | €636,611 | -€7,894 | -1.2% |
| Equity | 10/15 | €17,103 | €27,783 | +€10,680 | +62.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,897 | €7,783 | +€10,680 | |
| Amounts payable | 17/49 | €627,401 | €608,827 | -€18,574 | -3.0% |
| Amounts payable after more than one year | 17 | €497,544 | €466,680 | -€30,865 | -6.2% |
| Financial debts | 170/4 | €482,244 | €451,380 | -€30,865 | -6.4% |
| Other amounts payable | 178/9 | €15,300 | €15,300 | = | 0.0% |
| Amounts payable within one year | 42/48 | €124,757 | €130,665 | +€5,909 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €33,362 | €30,865 | -€2,497 | -7.5% |
| Trade debts | 44 | €9,234 | €59 | -€9,175 | -99.4% |
| Suppliers | 440/4 | €9,234 | €59 | -€9,175 | -99.4% |
| Taxes, remuneration and social security | 45 | - | €742 | +€742 | |
| Taxes | 450/3 | - | €742 | +€742 | |
| Other amounts payable | 47/48 | €82,162 | €99,000 | +€16,839 | +20.5% |
| Accrued charges and deferred income | 492/3 | €5,100 | €11,482 | +€6,382 | +125% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,740 | €26,261 | +€16,521 | +170% |
| Other operating charges | 640/8 | €3,918 | €3,083 | -€835 | -21.3% |
| Gross operating margin | 9900 | €23,586 | €60,761 | +€37,175 | +158% |
| Operating profit (loss) | 9901 | €9,928 | €31,418 | +€21,490 | +216% |
| Financial charges | 65/66B | €12,825 | €19,996 | +€7,171 | +55.9% |
| Recurring financial charges | 65 | €12,825 | €19,996 | +€7,171 | +55.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,897 | €11,422 | +€14,319 | |
| Income taxes | 67/77 | - | €742 | +€742 | |
| Profit (loss) for the period | 9904 | -€2,897 | €10,680 | +€13,577 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,897 | €10,680 | +€13,577 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.