GM Vleurgat: what changed
GM Vleurgat
Largest movements
- Cash -€10,406
down €10,406 (-41.8%), from €24,911 to €14,506
mainly Receivables within one year (-€4,977) and Tax, wage and social debts (-€4,587)
- Receivables within one year +€4,977
up €4,977 (+27.3%), from €18,235 to €23,212
of which Other amounts receivable: +€5,270
- Stocks and contracts +€2,800
new in 2025: €2,800
- Intangible fixed assets -€1,400
down €1,400 (-20.4%), from €6,873 to €5,473
- Tax, wage and social debts -€4,587
down €4,587 (-28.3%), from €16,217 to €11,630
of which Taxes: -€3,391
- Profit (loss) carried forward +€4,134
up €4,134 (+128%), from €3,230 to €7,364
- Trade debts -€3,343
down €3,343 (-16.8%), from €19,958 to €16,615
- Gross operating margin +€124,915
up €124,915 (+457%), from €27,317 to €152,231
- Staff costs +€122,193
up €122,193 (+536%), from €22,777 to €144,970
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €50,405 | €46,609 | -€3,796 | -7.5% |
| Fixed assets | 21/28 | €7,259 | €5,859 | -€1,400 | -19.3% |
| Intangible fixed assets | 21 | €6,873 | €5,473 | -€1,400 | -20.4% |
| Financial fixed assets | 28 | €385 | €385 | = | 0.0% |
| Current assets | 29/58 | €43,146 | €40,750 | -€2,396 | -5.6% |
| Stocks and contracts in progress | 3 | - | €2,800 | +€2,800 | |
| Stocks | 30/36 | - | €2,800 | +€2,800 | |
| Amounts receivable within one year | 40/41 | €18,235 | €23,212 | +€4,977 | +27.3% |
| Trade receivables | 40 | €18,124 | €17,831 | -€293 | -1.6% |
| Other amounts receivable | 41 | €111 | €5,381 | +€5,270 | +4,767% |
| Cash at bank and in hand | 54/58 | €24,911 | €14,506 | -€10,406 | -41.8% |
| Deferred charges and accrued income | 490/1 | - | €233 | +€233 | |
| Total equity and liabilities | 10/49 | €50,405 | €46,609 | -€3,796 | -7.5% |
| Equity | 10/15 | €5,230 | €9,364 | +€4,134 | +79.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,230 | €7,364 | +€4,134 | +128% |
| Amounts payable | 17/49 | €45,175 | €37,245 | -€7,930 | -17.6% |
| Amounts payable within one year | 42/48 | €45,175 | €37,245 | -€7,930 | -17.6% |
| Trade debts | 44 | €19,958 | €16,615 | -€3,343 | -16.8% |
| Suppliers | 440/4 | €19,958 | €16,615 | -€3,343 | -16.8% |
| Taxes, remuneration and social security | 45 | €16,217 | €11,630 | -€4,587 | -28.3% |
| Taxes | 450/3 | €5,244 | €1,853 | -€3,391 | -64.7% |
| Remuneration and social security | 454/9 | €10,972 | €9,776 | -€1,196 | -10.9% |
| Other amounts payable | 47/48 | €9,000 | €9,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €22,777 | €144,970 | +€122,193 | +536% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127 | €1,400 | +€1,273 | +1,006% |
| Other operating charges | 640/8 | €358 | €740 | +€382 | +107% |
| Gross operating margin | 9900 | €27,317 | €152,231 | +€124,915 | +457% |
| Operating profit (loss) | 9901 | €4,055 | €5,121 | +€1,066 | +26.3% |
| Financial income | 75/76B | - | €47 | +€47 | |
| Recurring financial income | 75 | - | €47 | +€47 | |
| Financial charges | 65/66B | €18 | €0 | -€18 | -100% |
| Recurring financial charges | 65 | €18 | €0 | -€18 | -100% |
| Profit (loss) for the period before taxes | 9903 | €4,037 | €5,168 | +€1,131 | +28.0% |
| Income taxes | 67/77 | €807 | €1,034 | +€226 | +28.0% |
| Profit (loss) for the period | 9904 | €3,230 | €4,134 | +€905 | +28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,230 | €4,134 | +€905 | +28.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.