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
- Current investments +€262,904
up €262,904 (+216.0%), from €121,724 to €384,627
- Receivables within one year -€60,210
down €60,210 (-50.6%), from €118,921 to €58,711
of which Other amounts receivable: -€63,241
- Tangible fixed assets -€37,285
down €37,285 (-6.1%), from €606,594 to €569,309
of which Land and buildings: -€44,025
- Cash -€18,019
down €18,019 (-62.8%), from €28,683 to €10,663
- Reserves +€269,957
up €269,957 (+73.5%), from €367,293 to €637,250
of which Distributable reserves: +€271,812
- Accrued charges and deferred income -€102,828
down €102,828 (-97.4%), from €105,562 to €2,734
- Debts after one year -€96,643
down €96,643 (-43.9%), from €220,305 to €123,662
of which Financial debts: -€96,643
- Short-term financial debts +€70,447
new in 2025: €70,447
- Trade debts -€23,680
down €23,680 (-58.0%), from €40,843 to €17,163
- Gross operating margin +€469,762
up €469,762 (+392.0%), from €119,839 to €589,602
- Taxes +€134,625
up €134,625 (+457.1%), from €29,451 to €164,077
- Other operating charges +€82,929
up €82,929 (+3480.1%), from €2,383 to €85,312
- Financial income +€26,123
up €26,123 (+311.9%), from €8,375 to €34,498
- Financial charges +€19,214
up €19,214 (+183.2%), from €10,485 to €29,700
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €880,080 | €1,026,463 | +€146,383 | +16.6% |
| Fixed assets | 21/28 | €606,594 | €569,309 | -€37,285 | -6.1% |
| Tangible fixed assets | 22/27 | €606,594 | €569,309 | -€37,285 | -6.1% |
| Land and buildings | 22 | €504,948 | €460,923 | -€44,025 | -8.7% |
| Plant, machinery and equipment | 23 | €4,540 | €3,405 | -€1,136 | -25.0% |
| Furniture and vehicles | 24 | €97,106 | €104,982 | +€7,876 | +8.1% |
| Current assets | 29/58 | €273,486 | €457,154 | +€183,668 | +67.2% |
| Amounts receivable within one year | 40/41 | €118,921 | €58,711 | -€60,210 | -50.6% |
| Trade receivables | 40 | €55,680 | €58,711 | +€3,031 | +5.4% |
| Other amounts receivable | 41 | €63,241 | - | -€63,241 | |
| Current investments | 50/53 | €121,724 | €384,627 | +€262,904 | +216.0% |
| Cash at bank and in hand | 54/58 | €28,683 | €10,663 | -€18,019 | -62.8% |
| Deferred charges and accrued income | 490/1 | €4,158 | €3,152 | -€1,006 | -24.2% |
| Total equity and liabilities | 10/49 | €880,080 | €1,026,463 | +€146,383 | +16.6% |
| Equity | 10/15 | €373,493 | €643,450 | +€269,957 | +72.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €367,293 | €637,250 | +€269,957 | +73.5% |
| Non-distributable reserves | 130/1 | €1,855 | - | -€1,855 | |
| Other | 1319 | €1,855 | - | -€1,855 | |
| Distributable reserves | 133 | €365,438 | €637,250 | +€271,812 | +74.4% |
| Amounts payable | 17/49 | €506,587 | €383,013 | -€123,574 | -24.4% |
| Amounts payable after more than one year | 17 | €220,305 | €123,662 | -€96,643 | -43.9% |
| Financial debts | 170/4 | €214,755 | €118,112 | -€96,643 | -45.0% |
| Other amounts payable | 178/9 | €5,550 | €5,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €180,720 | €256,617 | +€75,897 | +42.0% |
| Current portion of amounts payable after more than one year | 42 | €53,328 | €55,192 | +€1,864 | +3.5% |
| Financial debts | 43 | - | €70,447 | +€70,447 | |
| Credit institutions | 430/8 | - | €70,447 | +€70,447 | |
| Trade debts | 44 | €40,843 | €17,163 | -€23,680 | -58.0% |
| Suppliers | 440/4 | €40,843 | €17,163 | -€23,680 | -58.0% |
| Advances received on contracts in progress | 46 | - | €21,054 | +€21,054 | |
| Taxes, remuneration and social security | 45 | €44,064 | €36,224 | -€7,840 | -17.8% |
| Taxes | 450/3 | €44,064 | €36,224 | -€7,840 | -17.8% |
| Other amounts payable | 47/48 | €42,485 | €56,538 | +€14,052 | +33.1% |
| Accrued charges and deferred income | 492/3 | €105,562 | €2,734 | -€102,828 | -97.4% |
| Non-recurring operating income | 76A | €18,580 | - | -€18,580 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,247 | €73,137 | +€10,891 | +17.5% |
| Other operating charges | 640/8 | €2,383 | €85,312 | +€82,929 | +3480.1% |
| Non-recurring operating charges | 66A | €1,886 | €1,918 | +€32 | +1.7% |
| Gross operating margin | 9900 | €119,839 | €589,602 | +€469,762 | +392.0% |
| Operating profit (loss) | 9901 | €53,323 | €429,235 | +€375,911 | +705.0% |
| Financial income | 75/76B | €8,375 | €34,498 | +€26,123 | +311.9% |
| Recurring financial income | 75 | €8,375 | €34,498 | +€26,123 | +311.9% |
| Financial charges | 65/66B | €10,485 | €29,700 | +€19,214 | +183.2% |
| Recurring financial charges | 65 | €10,485 | €29,700 | +€19,214 | +183.2% |
| Profit (loss) for the period before taxes | 9903 | €51,214 | €434,033 | +€382,820 | +747.5% |
| Income taxes | 67/77 | €29,451 | €164,077 | +€134,625 | +457.1% |
| Profit (loss) for the period | 9904 | €21,762 | €269,957 | +€248,195 | +1140.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,762 | €269,957 | +€248,195 | +1140.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2023 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.