GM Works: 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 Works
Largest movements
- Cash -€23,947
down €23,947 (-28.6%), from €83,716 to €59,769
mainly Debts after one year (-€42,613) and Tax, wage and social debts (-€23,317)
- Reserves +€58,464
up €58,464 (+41.9%), from €139,671 to €198,136
- Debts after one year -€42,613
down €42,613 (-18.5%), from €230,924 to €188,311
- Tax, wage and social debts -€23,317
down €23,317 (-41.5%), from €56,160 to €32,843
- Other debts -€16,766
down €16,766 (-74.8%), from €22,419 to €5,652
- Gross operating margin -€1,814
down €1,814 (-1.9%), from €95,009 to €93,194
- Financial charges +€1,202
up €1,202 (+10.4%), from €11,583 to €12,785
- Depreciation -€1,077
down €1,077 (-55.1%), from €1,954 to €877
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 | €496,318 | €473,027 | -€23,291 | -4.7% |
| Fixed assets | 21/28 | €401,712 | €400,835 | -€877 | -0.2% |
| Tangible fixed assets | 22/27 | €1,712 | €835 | -€877 | -51.2% |
| Plant, machinery and equipment | 23 | €951 | €675 | -€276 | -29.0% |
| Furniture and vehicles | 24 | €761 | €160 | -€601 | -79.0% |
| Financial fixed assets | 28 | €400,000 | €400,000 | = | 0.0% |
| Current assets | 29/58 | €94,606 | €72,192 | -€22,414 | -23.7% |
| Amounts receivable within one year | 40/41 | €10,890 | €11,893 | +€1,003 | +9.2% |
| Trade receivables | 40 | €10,890 | €11,893 | +€1,003 | +9.2% |
| Cash at bank and in hand | 54/58 | €83,716 | €59,769 | -€23,947 | -28.6% |
| Deferred charges and accrued income | 490/1 | €0 | €529 | +€529 | |
| Total equity and liabilities | 10/49 | €496,318 | €473,027 | -€23,291 | -4.7% |
| Equity | 10/15 | €159,671 | €218,136 | +€58,464 | +36.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €139,671 | €198,136 | +€58,464 | +41.9% |
| Distributable reserves | 133 | €139,671 | €198,136 | +€58,464 | +41.9% |
| Amounts payable | 17/49 | €336,646 | €254,891 | -€81,755 | -24.3% |
| Amounts payable after more than one year | 17 | €230,924 | €188,311 | -€42,613 | -18.5% |
| Financial debts | 170/4 | €230,924 | €188,311 | -€42,613 | -18.5% |
| Amounts payable within one year | 42/48 | €100,619 | €61,960 | -€38,659 | -38.4% |
| Current portion of amounts payable after more than one year | 42 | €21,669 | €22,613 | +€944 | +4.4% |
| Trade debts | 44 | €371 | €852 | +€481 | +130% |
| Suppliers | 440/4 | €371 | €852 | +€481 | +130% |
| Taxes, remuneration and social security | 45 | €56,160 | €32,843 | -€23,317 | -41.5% |
| Taxes | 450/3 | €56,160 | €32,843 | -€23,317 | -41.5% |
| Other amounts payable | 47/48 | €22,419 | €5,652 | -€16,766 | -74.8% |
| Accrued charges and deferred income | 492/3 | €5,103 | €4,620 | -€484 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,954 | €877 | -€1,077 | -55.1% |
| Other operating charges | 640/8 | €141 | €710 | +€569 | +403% |
| Gross operating margin | 9900 | €95,009 | €93,194 | -€1,814 | -1.9% |
| Operating profit (loss) | 9901 | €92,914 | €91,607 | -€1,307 | -1.4% |
| Financial income | 75/76B | €251 | €479 | +€228 | +90.8% |
| Recurring financial income | 75 | €251 | €479 | +€228 | +90.8% |
| Financial charges | 65/66B | €11,583 | €12,785 | +€1,202 | +10.4% |
| Recurring financial charges | 65 | €11,583 | €12,785 | +€1,202 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €81,582 | €79,301 | -€2,281 | -2.8% |
| Income taxes | 67/77 | €21,297 | €20,837 | -€460 | -2.2% |
| Profit (loss) for the period | 9904 | €60,285 | €58,464 | -€1,821 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,285 | €58,464 | -€1,821 | -3.0% |
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 20 October 2026 via checked.be.