GM Team: 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 Team
Largest movements
- Cash -€51,237
down €51,237 (-93.5%), from €54,826 to €3,589
mainly Net result for the year (-€98,231) and Receivables within one year (-€31,989)
- Receivables within one year +€31,989
up €31,989 (+688.0%), from €4,650 to €36,639
of which Trade receivables: +€31,490
- Tangible fixed assets -€1,168
down €1,168 (-11.5%), from €10,132 to €8,964
of which Other tangible fixed assets: -€2,367
- Profit (loss) carried forward -€98,231
down €98,231, from €42,698 to -€55,533
- Other debts +€80,312
up €80,312 (+818.0%), from €9,817 to €90,129
- Tax, wage and social debts -€11,127
down €11,127 (-92.0%), from €12,093 to €966
- Trade debts +€8,630
new in 2025: €8,630
- Gross operating margin -€159,108
down €159,108, from €67,605 to -€91,503
- Taxes -€11,167
down €11,167 (-98.4%), from €11,343 to €176
- Other operating charges -€9,998
down €9,998 (-97.6%), from €10,246 to €248
- Depreciation +€2,539
up €2,539 (+143.3%), from €1,772 to €4,312
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 | €69,608 | €49,192 | -€20,416 | -29.3% |
| Fixed assets | 21/28 | €10,132 | €8,964 | -€1,168 | -11.5% |
| Tangible fixed assets | 22/27 | €10,132 | €8,964 | -€1,168 | -11.5% |
| Furniture and vehicles | 24 | €2,841 | €4,040 | +€1,199 | +42.2% |
| Other tangible fixed assets | 26 | €7,291 | €4,924 | -€2,367 | -32.5% |
| Current assets | 29/58 | €59,476 | €40,228 | -€19,248 | -32.4% |
| Amounts receivable within one year | 40/41 | €4,650 | €36,639 | +€31,989 | +688.0% |
| Trade receivables | 40 | €1,785 | €33,275 | +€31,490 | +1763.8% |
| Other amounts receivable | 41 | €2,865 | €3,364 | +€500 | +17.4% |
| Cash at bank and in hand | 54/58 | €54,826 | €3,589 | -€51,237 | -93.5% |
| Total equity and liabilities | 10/49 | €69,608 | €49,192 | -€20,416 | -29.3% |
| Equity | 10/15 | €47,698 | -€50,533 | -€98,231 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,698 | -€55,533 | -€98,231 | |
| Amounts payable | 17/49 | €21,910 | €99,725 | +€77,814 | +355.1% |
| Amounts payable within one year | 42/48 | €21,910 | €99,725 | +€77,814 | +355.1% |
| Trade debts | 44 | - | €8,630 | +€8,630 | |
| Suppliers | 440/4 | - | €8,630 | +€8,630 | |
| Taxes, remuneration and social security | 45 | €12,093 | €966 | -€11,127 | -92.0% |
| Taxes | 450/3 | €12,093 | €966 | -€11,127 | -92.0% |
| Other amounts payable | 47/48 | €9,817 | €90,129 | +€80,312 | +818.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,772 | €4,312 | +€2,539 | +143.3% |
| Other operating charges | 640/8 | €10,246 | €248 | -€9,998 | -97.6% |
| Gross operating margin | 9900 | €67,605 | -€91,503 | -€159,108 | |
| Operating profit (loss) | 9901 | €55,587 | -€96,062 | -€151,649 | |
| Financial income | 75/76B | €297 | €35 | -€262 | -88.2% |
| Recurring financial income | 75 | €297 | €35 | -€262 | -88.2% |
| Financial charges | 65/66B | €1,844 | €2,027 | +€184 | +10.0% |
| Recurring financial charges | 65 | €1,844 | €2,027 | +€184 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €54,041 | -€98,055 | -€152,095 | |
| Income taxes | 67/77 | €11,343 | €176 | -€11,167 | -98.4% |
| Profit (loss) for the period | 9904 | €42,698 | -€98,231 | -€140,929 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,698 | -€98,231 | -€140,929 |
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 10 October 2026 via checked.be.