GM PROJECT: 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 PROJECT
Largest movements
- Stocks and contracts +€1.0m
up €1.0m (+87.9%), from €1.2m to €2.2m
- Receivables within one year +€449,754
up €449,754 (+21748.4%), from €2,068 to €451,822
of which Trade receivables: +€446,822
- Cash -€91,541
down €91,541 (-54.8%), from €167,179 to €75,638
mainly Stocks and contracts (-€1.0m) and Receivables within one year (-€449,754)
- Advances received +€1.1m
up €1.1m (+125.2%), from €854,832 to €1.9m
- Short-term financial debts +€365,602
new in 2025: €365,602
- Profit (loss) carried forward -€85,028
down €85,028 (-135.7%), from -€62,647 to -€147,675
- Tax, wage and social debts +€75,188
new in 2025: €75,188
- Other debts -€36,778
down €36,778 (-5.4%), from €685,942 to €649,164
- Financial charges +€33,860
up €33,860 (+207.6%), from €16,311 to €50,171
- Gross operating margin +€4,120
up €4,120 (+10.6%), from -€38,979 to -€34,859
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 | €1,547,715 | €2,942,321 | +€1.4m | +90.1% |
| Fixed assets | 21/28 | €200,000 | €200,000 | = | 0.0% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €1,347,715 | €2,742,321 | +€1.4m | +103.5% |
| Stocks and contracts in progress | 3 | €1,178,469 | €2,214,861 | +€1.0m | +87.9% |
| Stocks | 30/36 | €1,178,469 | €2,214,861 | +€1.0m | +87.9% |
| Amounts receivable within one year | 40/41 | €2,068 | €451,822 | +€449,754 | +21748.4% |
| Trade receivables | 40 | €0 | €446,822 | +€446,822 | |
| Other amounts receivable | 41 | €2,068 | €5,000 | +€2,932 | +141.8% |
| Cash at bank and in hand | 54/58 | €167,179 | €75,638 | -€91,541 | -54.8% |
| Total equity and liabilities | 10/49 | €1,547,715 | €2,942,321 | +€1.4m | +90.1% |
| Equity | 10/15 | -€42,647 | -€127,675 | -€85,028 | -199.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,647 | -€147,675 | -€85,028 | -135.7% |
| Amounts payable | 17/49 | €1,590,362 | €3,069,996 | +€1.5m | +93.0% |
| Amounts payable within one year | 42/48 | €1,587,586 | €3,048,677 | +€1.5m | +92.0% |
| Financial debts | 43 | - | €365,602 | +€365,602 | |
| Credit institutions | 430/8 | - | €365,602 | +€365,602 | |
| Trade debts | 44 | €46,812 | €33,704 | -€13,109 | -28.0% |
| Suppliers | 440/4 | €46,812 | €33,704 | -€13,109 | -28.0% |
| Advances received on contracts in progress | 46 | €854,832 | €1,925,019 | +€1.1m | +125.2% |
| Taxes, remuneration and social security | 45 | - | €75,188 | +€75,188 | |
| Taxes | 450/3 | - | €75,188 | +€75,188 | |
| Other amounts payable | 47/48 | €685,942 | €649,164 | -€36,778 | -5.4% |
| Accrued charges and deferred income | 492/3 | €2,776 | €21,319 | +€18,543 | +668.0% |
| Other operating charges | 640/8 | €227 | €0 | -€227 | -100.0% |
| Gross operating margin | 9900 | -€38,979 | -€34,859 | +€4,120 | +10.6% |
| Operating profit (loss) | 9901 | -€39,206 | -€34,859 | +€4,347 | +11.1% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €16,311 | €50,171 | +€33,860 | +207.6% |
| Recurring financial charges | 65 | €16,311 | €50,171 | +€33,860 | +207.6% |
| Profit (loss) for the period before taxes | 9903 | -€55,516 | -€85,028 | -€29,512 | -53.2% |
| Profit (loss) for the period | 9904 | -€55,516 | -€85,028 | -€29,512 | -53.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,516 | -€85,028 | -€29,512 | -53.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.