GM REAL CONSTRUCT: 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 REAL CONSTRUCT
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-82.5%), from €1.3m to €233,848
- Cash +€39,567
up €39,567 (+25.1%), from €157,860 to €197,427
mainly Stocks and contracts (+€1.1m) and Other debts (+€67,500)
- Financial fixed assets -€29,300
down €29,300 (-100%), from €29,300 to €0
- Advances received -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Other debts +€67,500
up €67,500 (+22.4%), from €301,534 to €369,034
- Profit (loss) carried forward -€59,582
down €59,582 (-10.8%), from €549,222 to €489,640
- Trade debts -€29,349
down €29,349 (-75.3%), from €38,982 to €9,633
- Financial charges -€7,853
down €7,853 (-77.7%), from €10,103 to €2,250
- Financial income +€4,946
up €4,946 (+153%), from €3,224 to €8,170
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 | €2,222,130 | €1,137,319 | -€1.1m | -48.8% |
| Fixed assets | 21/28 | €29,300 | €0 | -€29,300 | -100% |
| Financial fixed assets | 28 | €29,300 | €0 | -€29,300 | -100% |
| Current assets | 29/58 | €2,192,830 | €1,137,319 | -€1.1m | -48.1% |
| Stocks and contracts in progress | 3 | €1,340,050 | €233,848 | -€1.1m | -82.5% |
| Stocks | 30/36 | €1,340,050 | €233,848 | -€1.1m | -82.5% |
| Amounts receivable within one year | 40/41 | €685,651 | €690,200 | +€4,549 | +0.7% |
| Trade receivables | 40 | €95,627 | €101,637 | +€6,010 | +6.3% |
| Other amounts receivable | 41 | €590,024 | €588,563 | -€1,461 | -0.2% |
| Cash at bank and in hand | 54/58 | €157,860 | €197,427 | +€39,567 | +25.1% |
| Deferred charges and accrued income | 490/1 | €9,269 | €15,844 | +€6,575 | +70.9% |
| Total equity and liabilities | 10/49 | €2,222,130 | €1,137,319 | -€1.1m | -48.8% |
| Equity | 10/15 | €805,818 | €758,636 | -€47,182 | -5.9% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €250,396 | €250,396 | = | 0.0% |
| Distributable reserves | 133 | €250,396 | €250,396 | = | 0.0% |
| Profit (loss) carried forward | 14 | €549,222 | €489,640 | -€59,582 | -10.8% |
| Amounts payable | 17/49 | €1,416,312 | €378,683 | -€1.0m | -73.3% |
| Amounts payable within one year | 42/48 | €1,416,296 | €378,667 | -€1.0m | -73.3% |
| Trade debts | 44 | €38,982 | €9,633 | -€29,349 | -75.3% |
| Suppliers | 440/4 | €38,982 | €9,633 | -€29,349 | -75.3% |
| Advances received on contracts in progress | 46 | €1,075,780 | €0 | -€1.1m | -100% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €301,534 | €369,034 | +€67,500 | +22.4% |
| Accrued charges and deferred income | 492/3 | €16 | €16 | = | 0.0% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | -€66,125 | -€65,501 | +€623 | +0.9% |
| Operating profit (loss) | 9901 | -€66,125 | -€65,501 | +€623 | +0.9% |
| Financial income | 75/76B | €3,224 | €8,170 | +€4,946 | +153% |
| Recurring financial income | 75 | €3,224 | €8,170 | +€4,946 | +153% |
| Financial charges | 65/66B | €10,103 | €2,250 | -€7,853 | -77.7% |
| Recurring financial charges | 65 | €10,103 | €2,250 | -€7,853 | -77.7% |
| Profit (loss) for the period before taxes | 9903 | -€73,004 | -€59,582 | +€13,422 | +18.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€73,004 | -€59,582 | +€13,422 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€73,004 | -€59,582 | +€13,422 | +18.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.