GM-Projects: 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-Projects
Largest movements
- Receivables within one year +€340,604
up €340,604 (+34.6%), from €984,150 to €1.3m
of which Trade receivables: +€336,153
- Cash -€67,091
down €67,091 (-46.0%), from €145,902 to €78,811
mainly Receivables within one year (-€340,604) and Advances received (-€88,642)
- Stocks and contracts +€61,454
up €61,454 (+45.6%), from €134,856 to €196,311
- Tangible fixed assets -€20,646
down €20,646 (-14.4%), from €142,979 to €122,333
of which Furniture and vehicles: -€20,404
- Trade debts +€323,211
up €323,211 (+75.7%), from €427,144 to €750,355
- Advances received -€88,642
down €88,642 (-56.3%), from €157,451 to €68,810
- Reserves +€69,840
up €69,840 (+15.0%), from €465,433 to €535,273
of which Distributable reserves: +€69,840
- Debts after one year -€35,670
down €35,670 (-36.9%), from €96,664 to €60,994
- Short-term financial debts +€20,000
up €20,000 (+25.0%), from €80,000 to €100,000
- Taxes +€28,780
up €28,780 (+40.0%), from €72,036 to €100,817
- Gross operating margin -€28,472
down €28,472 (-5.6%), from €505,163 to €476,691
- Staff costs +€26,482
up €26,482 (+17.4%), from €152,548 to €179,030
- Other operating charges +€22,227
up €22,227 (+166.7%), from €13,336 to €35,563
- Financial charges +€8,513
up €8,513 (+28.3%), from €30,073 to €38,586
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 | €1,416,495 | €1,723,209 | +€306,714 | +21.7% |
| Fixed assets | 21/28 | €142,979 | €122,333 | -€20,646 | -14.4% |
| Tangible fixed assets | 22/27 | €142,979 | €122,333 | -€20,646 | -14.4% |
| Land and buildings | 22 | €1,152 | €3,618 | +€2,467 | +214.2% |
| Plant, machinery and equipment | 23 | €75,979 | €73,326 | -€2,653 | -3.5% |
| Furniture and vehicles | 24 | €65,793 | €45,389 | -€20,404 | -31.0% |
| Other tangible fixed assets | 26 | €56 | - | -€56 | |
| Current assets | 29/58 | €1,273,516 | €1,600,876 | +€327,360 | +25.7% |
| Stocks and contracts in progress | 3 | €134,856 | €196,311 | +€61,454 | +45.6% |
| Stocks | 30/36 | €134,856 | €196,311 | +€61,454 | +45.6% |
| Amounts receivable within one year | 40/41 | €984,150 | €1,324,754 | +€340,604 | +34.6% |
| Trade receivables | 40 | €877,865 | €1,214,018 | +€336,153 | +38.3% |
| Other amounts receivable | 41 | €106,285 | €110,736 | +€4,451 | +4.2% |
| Current investments | 50/53 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €145,902 | €78,811 | -€67,091 | -46.0% |
| Deferred charges and accrued income | 490/1 | €7,609 | - | -€7,609 | |
| Total equity and liabilities | 10/49 | €1,416,495 | €1,723,209 | +€306,714 | +21.7% |
| Equity | 10/15 | €471,634 | €541,474 | +€69,840 | +14.8% |
| Contributions | 10/11 | €6,201 | €6,201 | = | 0.0% |
| Outside capital | 11 | €6,201 | €6,201 | = | 0.0% |
| Other | 1109/19 | €6,201 | €6,201 | = | 0.0% |
| Reserves | 13 | €465,433 | €535,273 | +€69,840 | +15.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,206 | €8,206 | = | 0.0% |
| Distributable reserves | 133 | €455,367 | €525,207 | +€69,840 | +15.3% |
| Amounts payable | 17/49 | €944,861 | €1,181,735 | +€236,874 | +25.1% |
| Amounts payable after more than one year | 17 | €96,664 | €60,994 | -€35,670 | -36.9% |
| Financial debts | 170/4 | €96,664 | €60,994 | -€35,670 | -36.9% |
| Amounts payable within one year | 42/48 | €848,197 | €1,120,741 | +€272,544 | +32.1% |
| Current portion of amounts payable after more than one year | 42 | €41,724 | €49,160 | +€7,437 | +17.8% |
| Financial debts | 43 | €80,000 | €100,000 | +€20,000 | +25.0% |
| Credit institutions | 430/8 | €80,000 | €100,000 | +€20,000 | +25.0% |
| Trade debts | 44 | €427,144 | €750,355 | +€323,211 | +75.7% |
| Suppliers | 440/4 | €427,144 | €750,355 | +€323,211 | +75.7% |
| Advances received on contracts in progress | 46 | €157,451 | €68,810 | -€88,642 | -56.3% |
| Taxes, remuneration and social security | 45 | €141,879 | €152,416 | +€10,538 | +7.4% |
| Taxes | 450/3 | €125,919 | €128,507 | +€2,588 | +2.1% |
| Remuneration and social security | 454/9 | €15,959 | €23,909 | +€7,950 | +49.8% |
| Remuneration, social security and pensions | 62 | €152,548 | €179,030 | +€26,482 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,096 | €58,062 | +€3,965 | +7.3% |
| Other operating charges | 640/8 | €13,336 | €35,563 | +€22,227 | +166.7% |
| Gross operating margin | 9900 | €505,163 | €476,691 | -€28,472 | -5.6% |
| Operating profit (loss) | 9901 | €285,182 | €204,036 | -€81,146 | -28.5% |
| Financial income | 75/76B | - | €5,206 | +€5,206 | |
| Recurring financial income | 75 | - | €5,206 | +€5,206 | |
| Financial charges | 65/66B | €30,073 | €38,586 | +€8,513 | +28.3% |
| Recurring financial charges | 65 | €30,073 | €38,586 | +€8,513 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €255,109 | €170,657 | -€84,452 | -33.1% |
| Income taxes | 67/77 | €72,036 | €100,817 | +€28,780 | +40.0% |
| Profit (loss) for the period | 9904 | €183,072 | €69,840 | -€113,232 | -61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €183,072 | €69,840 | -€113,232 | -61.9% |
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 3 October 2026 via checked.be.