GM2: what changed
Two fiscal 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.
GM2
Largest movements
- Tangible fixed assets +€60,044
up €60,044 (+191.9%), from €31,291 to €91,335
of which Leasing and similar rights: +€65,708
- Receivables within one year -€18,049
down €18,049 (-54.1%), from €33,390 to €15,341
of which Trade receivables: -€16,121
- Intangible fixed assets -€3,200
down €3,200 (-22.3%), from €14,361 to €11,161
- Cash +€2,168
up €2,168 (+356.6%), from €608 to €2,776
mainly Debts after one year (+€39,596) and Receivables within one year (+€18,049)
- Deferred charges and accrued income +€1,945
up €1,945 (+333.9%), from €583 to €2,528
- Debts after one year +€39,596
up €39,596 (+243.6%), from €16,258 to €55,854
- Current portion of long-term debt +€11,032
up €11,032 (+148.1%), from €7,448 to €18,480
- Other debts -€8,900
down €8,900 (-34.5%), from €25,781 to €16,881
- Depreciation +€9,883
up €9,883 (+137.2%), from €7,204 to €17,088
- Gross operating margin -€7,124
down €7,124 (-24.2%), from €29,480 to €22,356
- Taxes -€3,803
no longer reported in 2025 (was €3,803)
- Financial charges +€1,265
up €1,265 (+83.3%), from €1,518 to €2,783
- Other operating charges +€804
up €804 (+54.2%), from €1,482 to €2,286
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 | €81,131 | €123,788 | +€42,657 | +52.6% |
| Fixed assets | 21/28 | €46,101 | €102,945 | +€56,844 | +123.3% |
| Intangible fixed assets | 21 | €14,361 | €11,161 | -€3,200 | -22.3% |
| Tangible fixed assets | 22/27 | €31,291 | €91,335 | +€60,044 | +191.9% |
| Plant, machinery and equipment | 23 | €23,342 | €20,895 | -€2,447 | -10.5% |
| Furniture and vehicles | 24 | €7,949 | €4,732 | -€3,217 | -40.5% |
| Leasing and similar rights | 25 | - | €65,708 | +€65,708 | |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €35,029 | €20,843 | -€14,187 | -40.5% |
| Stocks and contracts in progress | 3 | €449 | €197 | -€252 | -56.1% |
| Stocks | 30/36 | €449 | €197 | -€252 | -56.1% |
| Amounts receivable within one year | 40/41 | €33,390 | €15,341 | -€18,049 | -54.1% |
| Trade receivables | 40 | €30,241 | €14,120 | -€16,121 | -53.3% |
| Other amounts receivable | 41 | €3,149 | €1,221 | -€1,928 | -61.2% |
| Cash at bank and in hand | 54/58 | €608 | €2,776 | +€2,168 | +356.6% |
| Deferred charges and accrued income | 490/1 | €583 | €2,528 | +€1,945 | +333.9% |
| Total equity and liabilities | 10/49 | €81,131 | €123,788 | +€42,657 | +52.6% |
| Equity | 10/15 | €20,215 | €20,414 | +€199 | +1.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,215 | €16,414 | +€199 | +1.2% |
| Amounts payable | 17/49 | €60,916 | €103,374 | +€42,458 | +69.7% |
| Amounts payable after more than one year | 17 | €16,258 | €55,854 | +€39,596 | +243.6% |
| Financial debts | 170/4 | €16,258 | €55,854 | +€39,596 | +243.6% |
| Amounts payable within one year | 42/48 | €44,658 | €47,520 | +€2,862 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €7,448 | €18,480 | +€11,032 | +148.1% |
| Trade debts | 44 | €5,313 | €6,459 | +€1,145 | +21.6% |
| Suppliers | 440/4 | €4,438 | €6,459 | +€2,020 | +45.5% |
| Bills of exchange payable | 441 | €875 | - | -€875 | |
| Taxes, remuneration and social security | 45 | €6,115 | €5,700 | -€415 | -6.8% |
| Taxes | 450/3 | €6,115 | €5,700 | -€415 | -6.8% |
| Other amounts payable | 47/48 | €25,781 | €16,881 | -€8,900 | -34.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,204 | €17,088 | +€9,883 | +137.2% |
| Other operating charges | 640/8 | €1,482 | €2,286 | +€804 | +54.2% |
| Gross operating margin | 9900 | €29,480 | €22,356 | -€7,124 | -24.2% |
| Operating profit (loss) | 9901 | €20,794 | €2,982 | -€17,811 | -85.7% |
| Financial income | 75/76B | €45 | - | -€45 | |
| Recurring financial income | 75 | €45 | - | -€45 | |
| Financial charges | 65/66B | €1,518 | €2,783 | +€1,265 | +83.3% |
| Recurring financial charges | 65 | €1,518 | €2,783 | +€1,265 | +83.3% |
| Profit (loss) for the period before taxes | 9903 | €19,320 | €199 | -€19,121 | -99.0% |
| Income taxes | 67/77 | €3,803 | - | -€3,803 | |
| Profit (loss) for the period | 9904 | €15,518 | €199 | -€15,319 | -98.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,518 | €199 | -€15,319 | -98.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.