GM PROJECTEN: 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 PROJECTEN
Largest movements
- Receivables within one year +€32,942
up €32,942 (+39.1%), from €84,285 to €117,227
of which Trade receivables: +€21,344
- Tangible fixed assets -€11,886
down €11,886 (-21.4%), from €55,589 to €43,703
- Deferred charges and accrued income -€3,360
no longer reported in 2025 (was €3,360)
- Reserves +€14,247
up €14,247 (+32.2%), from €44,237 to €58,484
- Debts after one year -€13,773
down €13,773 (-20.9%), from €66,017 to €52,243
- Current portion of long-term debt +€9,324
up €9,324 (+69.3%), from €13,449 to €22,773
- Tax, wage and social debts +€5,825
up €5,825 (+60.0%), from €9,714 to €15,539
of which Remuneration and social security: +€5,291
- Trade debts +€3,100
up €3,100 (+41.4%), from €7,484 to €10,584
- Depreciation +€9,033
up €9,033 (+317%), from €2,853 to €11,886
- Financial income +€7,630
new in 2025: €7,630
- Taxes +€2,265
up €2,265 (+32.7%), from €6,931 to €9,196
- Other operating charges -€2,113
down €2,113 (-60.3%), from €3,504 to €1,391
- Staff costs -€1,224
down €1,224 (-2.3%), from €54,243 to €53,019
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 | €143,900 | €162,623 | +€18,724 | +13.0% |
| Fixed assets | 21/28 | €56,089 | €44,203 | -€11,886 | -21.2% |
| Tangible fixed assets | 22/27 | €55,589 | €43,703 | -€11,886 | -21.4% |
| Furniture and vehicles | 24 | €55,589 | €43,703 | -€11,886 | -21.4% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €87,811 | €118,421 | +€30,610 | +34.9% |
| Amounts receivable within one year | 40/41 | €84,285 | €117,227 | +€32,942 | +39.1% |
| Trade receivables | 40 | €9,123 | €30,468 | +€21,344 | +234% |
| Other amounts receivable | 41 | €75,162 | €86,759 | +€11,598 | +15.4% |
| Cash at bank and in hand | 54/58 | €166 | €1,194 | +€1,028 | +619% |
| Deferred charges and accrued income | 490/1 | €3,360 | - | -€3,360 | |
| Total equity and liabilities | 10/49 | €143,900 | €162,623 | +€18,724 | +13.0% |
| Equity | 10/15 | €47,237 | €61,484 | +€14,247 | +30.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €44,237 | €58,484 | +€14,247 | +32.2% |
| Distributable reserves | 133 | €44,237 | €58,484 | +€14,247 | +32.2% |
| Amounts payable | 17/49 | €96,663 | €101,139 | +€4,477 | +4.6% |
| Amounts payable after more than one year | 17 | €66,017 | €52,243 | -€13,773 | -20.9% |
| Financial debts | 170/4 | €66,017 | €52,243 | -€13,773 | -20.9% |
| Amounts payable within one year | 42/48 | €30,646 | €48,896 | +€18,250 | +59.5% |
| Current portion of amounts payable after more than one year | 42 | €13,449 | €22,773 | +€9,324 | +69.3% |
| Trade debts | 44 | €7,484 | €10,584 | +€3,100 | +41.4% |
| Suppliers | 440/4 | €7,484 | €10,584 | +€3,100 | +41.4% |
| Taxes, remuneration and social security | 45 | €9,714 | €15,539 | +€5,825 | +60.0% |
| Taxes | 450/3 | €8,672 | €9,206 | +€534 | +6.2% |
| Remuneration and social security | 454/9 | €1,042 | €6,333 | +€5,291 | +508% |
| Remuneration, social security and pensions | 62 | €54,243 | €53,019 | -€1,224 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,853 | €11,886 | +€9,033 | +317% |
| Other operating charges | 640/8 | €3,504 | €1,391 | -€2,113 | -60.3% |
| Gross operating margin | 9900 | €91,736 | €91,784 | +€48 | +0.1% |
| Operating profit (loss) | 9901 | €31,136 | €25,488 | -€5,648 | -18.1% |
| Financial income | 75/76B | - | €7,630 | +€7,630 | |
| Recurring financial income | 75 | - | €7,630 | +€7,630 | |
| Financial charges | 65/66B | €9,239 | €9,675 | +€435 | +4.7% |
| Recurring financial charges | 65 | €9,239 | €9,675 | +€435 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €21,897 | €23,444 | +€1,547 | +7.1% |
| Income taxes | 67/77 | €6,931 | €9,196 | +€2,265 | +32.7% |
| Profit (loss) for the period | 9904 | €14,966 | €14,247 | -€719 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,966 | €14,247 | -€719 | -4.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.