GM MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year -€12,881
down €12,881 (-93.8%), from €13,725 to €845
of which Trade receivables: -€13,428
- Tangible fixed assets -€10,816
down €10,816 (-25.1%), from €43,151 to €32,335
of which Leasing and similar rights: -€9,762
- Cash +€1,845
up €1,845 (+7.3%), from €25,268 to €27,114
mainly Receivables within one year (+€12,881) and Depreciation (+€10,816)
- Deferred charges and accrued income -€1,404
no longer reported in 2025 (was €1,404)
- Debts after one year -€9,735
down €9,735 (-31.6%), from €30,827 to €21,092
- Trade debts -€6,475
down €6,475 (-87.9%), from €7,365 to €890
- Reserves -€3,374
down €3,374 (-14.9%), from €22,576 to €19,202
- Tax, wage and social debts -€3,342
down €3,342 (-34.4%), from €9,716 to €6,374
- Gross operating margin -€34,507
down €34,507 (-75.7%), from €45,591 to €11,085
- Taxes -€5,623
down €5,623 (-95.7%), from €5,876 to €253
- Depreciation -€1,664
down €1,664 (-13.3%), from €12,480 to €10,816
- Financial charges -€673
down €673 (-24.9%), from €2,704 to €2,031
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 | €83,548 | €60,293 | -€23,255 | -27.8% |
| Fixed assets | 21/28 | €43,151 | €32,335 | -€10,816 | -25.1% |
| Tangible fixed assets | 22/27 | €43,151 | €32,335 | -€10,816 | -25.1% |
| Plant, machinery and equipment | 23 | €3,647 | €2,594 | -€1,054 | -28.9% |
| Leasing and similar rights | 25 | €39,503 | €29,741 | -€9,762 | -24.7% |
| Current assets | 29/58 | €40,398 | €27,959 | -€12,439 | -30.8% |
| Amounts receivable within one year | 40/41 | €13,725 | €845 | -€12,881 | -93.8% |
| Trade receivables | 40 | €13,428 | - | -€13,428 | |
| Other amounts receivable | 41 | €298 | €845 | +€547 | +184% |
| Cash at bank and in hand | 54/58 | €25,268 | €27,114 | +€1,845 | +7.3% |
| Deferred charges and accrued income | 490/1 | €1,404 | - | -€1,404 | |
| Total equity and liabilities | 10/49 | €83,548 | €60,293 | -€23,255 | -27.8% |
| Equity | 10/15 | €25,576 | €22,202 | -€3,374 | -13.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €22,576 | €19,202 | -€3,374 | -14.9% |
| Distributable reserves | 133 | €22,576 | €19,202 | -€3,374 | -14.9% |
| Amounts payable | 17/49 | €57,972 | €38,091 | -€19,881 | -34.3% |
| Amounts payable after more than one year | 17 | €30,827 | €21,092 | -€9,735 | -31.6% |
| Financial debts | 170/4 | €30,827 | €21,092 | -€9,735 | -31.6% |
| Amounts payable within one year | 42/48 | €27,145 | €16,999 | -€10,146 | -37.4% |
| Current portion of amounts payable after more than one year | 42 | €9,231 | €9,735 | +€504 | +5.5% |
| Trade debts | 44 | €7,365 | €890 | -€6,475 | -87.9% |
| Suppliers | 440/4 | €7,365 | €890 | -€6,475 | -87.9% |
| Taxes, remuneration and social security | 45 | €9,716 | €6,374 | -€3,342 | -34.4% |
| Taxes | 450/3 | €9,716 | €6,374 | -€3,342 | -34.4% |
| Other amounts payable | 47/48 | €833 | - | -€833 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,480 | €10,816 | -€1,664 | -13.3% |
| Other operating charges | 640/8 | €1,131 | €1,390 | +€259 | +22.9% |
| Gross operating margin | 9900 | €45,591 | €11,085 | -€34,507 | -75.7% |
| Operating profit (loss) | 9901 | €31,980 | -€1,122 | -€33,101 | |
| Financial income | 75/76B | €10 | €32 | +€22 | +232% |
| Recurring financial income | 75 | €10 | €32 | +€22 | +232% |
| Financial charges | 65/66B | €2,704 | €2,031 | -€673 | -24.9% |
| Recurring financial charges | 65 | €2,704 | €2,031 | -€673 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €29,285 | -€3,121 | -€32,406 | |
| Income taxes | 67/77 | €5,876 | €253 | -€5,623 | -95.7% |
| Profit (loss) for the period | 9904 | €23,409 | -€3,374 | -€26,783 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,409 | -€3,374 | -€26,783 |
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 22 October 2026 via checked.be.