GM²G: 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.
GM²G
Largest movements
- Tangible fixed assets +€21,008
up €21,008 (+138%), from €15,233 to €36,241
- Cash +€17,491
up €17,491 (+59.1%), from €29,578 to €47,069
mainly Net result for the year (+€23,725) and Debts after one year (+€14,977)
- Receivables within one year +€1,744
up €1,744 (+40.3%), from €4,326 to €6,070
of which Other amounts receivable: +€1,162
- Reserves +€40,000
new in 2025: €40,000
- Profit (loss) carried forward -€16,275
down €16,275 (-87.1%), from €18,685 to €2,409
- Debts after one year +€14,977
up €14,977 (+176%), from €8,522 to €23,499
- Current portion of long-term debt +€2,005
up €2,005 (+37.2%), from €5,393 to €7,398
- Tax, wage and social debts -€1,300
down €1,300 (-9.8%), from €13,213 to €11,913
of which Remuneration and social security: -€2,600
- Gross operating margin +€6,253
up €6,253 (+19.8%), from €31,550 to €37,802
- Depreciation -€4,308
down €4,308 (-72.2%), from €5,967 to €1,659
- Other operating charges +€3,902
up €3,902 (+623%), from €627 to €4,529
- Taxes +€1,300
up €1,300 (+23.2%), from €5,613 to €6,913
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 | €49,754 | €89,795 | +€40,041 | +80.5% |
| Formation expenses | 20 | €400 | - | -€400 | |
| Fixed assets | 21/28 | €15,233 | €36,241 | +€21,008 | +138% |
| Tangible fixed assets | 22/27 | €15,233 | €36,241 | +€21,008 | +138% |
| Furniture and vehicles | 24 | €15,233 | €36,241 | +€21,008 | +138% |
| Current assets | 29/58 | €34,121 | €53,554 | +€19,433 | +57.0% |
| Amounts receivable within one year | 40/41 | €4,326 | €6,070 | +€1,744 | +40.3% |
| Trade receivables | 40 | - | €582 | +€582 | |
| Other amounts receivable | 41 | €4,326 | €5,488 | +€1,162 | +26.9% |
| Cash at bank and in hand | 54/58 | €29,578 | €47,069 | +€17,491 | +59.1% |
| Deferred charges and accrued income | 490/1 | €217 | €415 | +€198 | +91.5% |
| Total equity and liabilities | 10/49 | €49,754 | €89,795 | +€40,041 | +80.5% |
| Equity | 10/15 | €21,185 | €44,909 | +€23,725 | +112% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €40,000 | +€40,000 | |
| Distributable reserves | 133 | - | €40,000 | +€40,000 | |
| Profit (loss) carried forward | 14 | €18,685 | €2,409 | -€16,275 | -87.1% |
| Amounts payable | 17/49 | €28,570 | €44,886 | +€16,316 | +57.1% |
| Amounts payable after more than one year | 17 | €8,522 | €23,499 | +€14,977 | +176% |
| Financial debts | 170/4 | €8,522 | €23,499 | +€14,977 | +176% |
| Amounts payable within one year | 42/48 | €19,697 | €20,409 | +€712 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €5,393 | €7,398 | +€2,005 | +37.2% |
| Trade debts | 44 | €11 | - | -€11 | |
| Suppliers | 440/4 | €11 | - | -€11 | |
| Taxes, remuneration and social security | 45 | €13,213 | €11,913 | -€1,300 | -9.8% |
| Taxes | 450/3 | €10,613 | €11,913 | +€1,300 | +12.3% |
| Remuneration and social security | 454/9 | €2,600 | - | -€2,600 | |
| Other amounts payable | 47/48 | €1,081 | €1,098 | +€17 | +1.6% |
| Accrued charges and deferred income | 492/3 | €350 | €977 | +€627 | +179% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,967 | €1,659 | -€4,308 | -72.2% |
| Other operating charges | 640/8 | €627 | €4,529 | +€3,902 | +623% |
| Gross operating margin | 9900 | €31,550 | €37,802 | +€6,253 | +19.8% |
| Operating profit (loss) | 9901 | €24,956 | €31,614 | +€6,658 | +26.7% |
| Financial charges | 65/66B | €659 | €977 | +€318 | +48.2% |
| Recurring financial charges | 65 | €659 | €977 | +€318 | +48.2% |
| Profit (loss) for the period before taxes | 9903 | €24,297 | €30,638 | +€6,340 | +26.1% |
| Income taxes | 67/77 | €5,613 | €6,913 | +€1,300 | +23.2% |
| Profit (loss) for the period | 9904 | €18,685 | €23,725 | +€5,040 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,685 | €23,725 | +€5,040 | +27.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.