GM's Management: 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.
What changed
GM's Management
NACE 70.200, Business and other management consultancy
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€108,046
2025 · €109,175-€1,129
Equity
€1.2m
2025 · €1.3m-€81,174
Cash
€124,479
2025 · €290,529-€166,051
Balance sheet total
€1.3m
2025 · €1.3m-€46,077
Largest movements
Assets
- Cash -€166,051
down €166,051 (-57.2%), from €290,529 to €124,479
mainly Contributions, distributions and other (-€189,220) and Receivables within one year (-€104,650)
- Receivables within one year +€104,650
up €104,650 (+27.4%), from €381,582 to €486,232
of which Trade receivables: +€102,988
- Tangible fixed assets +€15,791
up €15,791 (+2,961%), from €533 to €16,324
of which Furniture and vehicles: +€16,313
Equity and liabilities
- Reserves -€81,174
down €81,174 (-7.2%), from €1.1m to €1.0m
- Tax, wage and social debts +€40,029
up €40,029 (+139%), from €28,857 to €68,885
of which Taxes: +€40,029
Income statement
- Services and other goods -€7,889
down €7,889 (-2.3%), from €346,163 to €338,274
From the 2025 result to the 2026 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.
Result 2025
€109,175
Turnover
-€490
Services and other goods
+€7,889
Depreciation
-€404
Other operating charges
+€161
Financial income
-€4,836
Financial charges
-€423
Taxes
-€3,025
Result 2026
€108,046
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€40,154
Investment
-€16,985
Financing
-€189,220
Cash 2025
€290,529
From operations (derived)
+€40,154
Net result for the year
+€108,046
Depreciation
+€1,194
Receivables within one year
-€104,650
Deferred charges and accrued income
+€467
Trade debts
-€1,569
Tax, wage and social debts
+€40,029
Other debts
-€3,363
Investment (derived)
-€16,985
Investment in fixed assets (net)
-€16,985
Financing
-€189,220
Contributions, distributions and other
-€189,220
Cash 2026
€124,479
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,310,437 | €1,264,360 | -€46,077 | -3.5% |
| Fixed assets | 21/28 | €635,525 | €651,316 | +€15,791 | +2.5% |
| Tangible fixed assets | 22/27 | €533 | €16,324 | +€15,791 | +2,961% |
| Plant, machinery and equipment | 23 | €533 | €11 | -€522 | -97.9% |
| Furniture and vehicles | 24 | €0 | €16,313 | +€16,313 | |
| Financial fixed assets | 28 | €634,992 | €634,992 | = | 0.0% |
| Affiliated companies | 280/1 | €634,992 | €634,992 | = | 0.0% |
| Participating interests | 280 | €634,992 | €634,992 | = | 0.0% |
| Current assets | 29/58 | €674,912 | €613,044 | -€61,868 | -9.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €381,582 | €486,232 | +€104,650 | +27.4% |
| Trade receivables | 40 | €250,857 | €353,845 | +€102,988 | +41.1% |
| Other amounts receivable | 41 | €130,725 | €132,388 | +€1,663 | +1.3% |
| Cash at bank and in hand | 54/58 | €290,529 | €124,479 | -€166,051 | -57.2% |
| Deferred charges and accrued income | 490/1 | €2,801 | €2,333 | -€467 | -16.7% |
| Total equity and liabilities | 10/49 | €1,310,437 | €1,264,360 | -€46,077 | -3.5% |
| Equity | 10/15 | €1,256,576 | €1,175,402 | -€81,174 | -6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,129,852 | €1,048,678 | -€81,174 | -7.2% |
| Distributable reserves | 133 | €1,129,852 | €1,048,678 | -€81,174 | -7.2% |
| Profit (loss) carried forward | 14 | €108,124 | €108,124 | = | 0.0% |
| Amounts payable | 17/49 | €53,861 | €88,958 | +€35,097 | +65.2% |
| Amounts payable within one year | 42/48 | €53,861 | €88,958 | +€35,097 | +65.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €2,610 | €1,040 | -€1,569 | -60.1% |
| Suppliers | 440/4 | €2,610 | €1,040 | -€1,569 | -60.1% |
| Advances received on contracts in progress | 46 | €15,000 | €15,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €28,857 | €68,885 | +€40,029 | +139% |
| Taxes | 450/3 | €28,857 | €68,885 | +€40,029 | +139% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €7,395 | €4,032 | -€3,363 | -45.5% |
| Operating income | 70/76A | €499,986 | €499,496 | -€490 | -0.1% |
| Turnover | 70 | €493,443 | €492,953 | -€490 | -0.1% |
| Other operating income | 74 | €6,543 | €6,543 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €349,007 | €341,361 | -€7,646 | -2.2% |
| Services and other goods | 61 | €346,163 | €338,274 | -€7,889 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €791 | €1,194 | +€404 | +51.1% |
| Other operating charges | 640/8 | €2,053 | €1,893 | -€161 | -7.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €150,979 | €158,134 | +€7,156 | +4.7% |
| Financial income | 75/76B | €10,503 | €5,667 | -€4,836 | -46.0% |
| Recurring financial income | 75 | €10,503 | €5,667 | -€4,836 | -46.0% |
| Income from financial fixed assets | 750 | €3,443 | €0 | -€3,443 | -100% |
| Income from current assets | 751 | €0 | €1,583 | +€1,583 | |
| Other financial income | 752/9 | €7,060 | €4,083 | -€2,977 | -42.2% |
| Financial charges | 65/66B | €2,652 | €3,075 | +€423 | +16.0% |
| Recurring financial charges | 65 | €2,652 | €3,075 | +€423 | +16.0% |
| Debt charges | 650 | €773 | €307 | -€466 | -60.3% |
| Other financial charges | 652/9 | €1,879 | €2,768 | +€889 | +47.3% |
| Profit (loss) for the period before taxes | 9903 | €158,830 | €160,726 | +€1,896 | +1.2% |
| Income taxes | 67/77 | €49,655 | €52,680 | +€3,025 | +6.1% |
| Taxes | 670/3 | €49,655 | €52,680 | +€3,025 | +6.1% |
| Profit (loss) for the period | 9904 | €109,175 | €108,046 | -€1,129 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €109,175 | €108,046 | -€1,129 | -1.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.