GM PROPERTIES: 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 PROPERTIES
Largest movements
- Receivables within one year -€737,945
down €737,945 (-23.0%), from €3.2m to €2.5m
of which Other amounts receivable: -€737,430
- Stocks and contracts -€350,662
down €350,662 (-54.8%), from €640,200 to €289,539
- Tax, wage and social debts -€603,438
down €603,438 (-53.6%), from €1.1m to €521,820
- Advances received -€296,836
down €296,836 (-74.2%), from €400,181 to €103,345
- Short-term financial debts -€218,165
down €218,165 (-9.3%), from €2.4m to €2.1m
of which Other loans: -€218,165
- Gross operating margin +€126,926
up €126,926, from -€85,186 to €41,740
- Other operating charges +€16,514
up €16,514 (+1,604%), from €1,030 to €17,543
- Financial income -€3,874
down €3,874 (-90.4%), from €4,284 to €410
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 | €3,858,203 | €2,765,903 | -€1.1m | -28.3% |
| Current assets | 29/58 | €3,858,203 | €2,765,903 | -€1.1m | -28.3% |
| Stocks and contracts in progress | 3 | €640,200 | €289,539 | -€350,662 | -54.8% |
| Stocks | 30/36 | €640,200 | €289,539 | -€350,662 | -54.8% |
| Amounts receivable within one year | 40/41 | €3,213,740 | €2,475,795 | -€737,945 | -23.0% |
| Trade receivables | 40 | €515 | €0 | -€515 | -100% |
| Other amounts receivable | 41 | €3,213,224 | €2,475,795 | -€737,430 | -22.9% |
| Cash at bank and in hand | 54/58 | €4,263 | €570 | -€3,693 | -86.6% |
| Total equity and liabilities | 10/49 | €3,858,203 | €2,765,903 | -€1.1m | -28.3% |
| Equity | 10/15 | -€28,307 | -€4,135 | +€24,172 | +85.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€78,307 | -€54,135 | +€24,172 | +30.9% |
| Amounts payable | 17/49 | €3,886,510 | €2,770,039 | -€1.1m | -28.7% |
| Amounts payable within one year | 42/48 | €3,886,510 | €2,770,039 | -€1.1m | -28.7% |
| Financial debts | 43 | €2,358,165 | €2,140,000 | -€218,165 | -9.3% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €2,358,165 | €2,140,000 | -€218,165 | -9.3% |
| Trade debts | 44 | €2,906 | €4,873 | +€1,967 | +67.7% |
| Suppliers | 440/4 | €2,906 | €4,873 | +€1,967 | +67.7% |
| Advances received on contracts in progress | 46 | €400,181 | €103,345 | -€296,836 | -74.2% |
| Taxes, remuneration and social security | 45 | €1,125,258 | €521,820 | -€603,438 | -53.6% |
| Taxes | 450/3 | €1,125,258 | €521,820 | -€603,438 | -53.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Other operating charges | 640/8 | €1,030 | €17,543 | +€16,514 | +1,604% |
| Gross operating margin | 9900 | -€85,186 | €41,740 | +€126,926 | |
| Operating profit (loss) | 9901 | -€86,215 | €24,197 | +€110,412 | |
| Financial income | 75/76B | €4,284 | €410 | -€3,874 | -90.4% |
| Recurring financial income | 75 | €4,284 | €410 | -€3,874 | -90.4% |
| Financial charges | 65/66B | €660 | €435 | -€226 | -34.2% |
| Recurring financial charges | 65 | €660 | €435 | -€226 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | -€82,592 | €24,172 | +€106,764 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€82,592 | €24,172 | +€106,764 | |
| Profit (loss) for the period to be appropriated | 9905 | -€82,592 | €24,172 | +€106,764 |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.