GMAC: 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.
GMAC
Largest movements
- Tangible fixed assets +€799,947
up €799,947 (+84.2%), from €949,729 to €1.7m
of which Land and buildings: +€836,287
- Receivables within one year -€175,112
down €175,112 (-28.9%), from €605,468 to €430,356
of which Other amounts receivable: -€154,108
- Reserves +€394,714
up €394,714 (+36.8%), from €1.1m to €1.5m
- Tax, wage and social debts +€125,521
up €125,521 (+153%), from €81,959 to €207,481
- Trade debts +€111,748
up €111,748 (+142%), from €78,724 to €190,472
- Other debts +€94,743
up €94,743 (+117%), from €80,750 to €175,493
- Current portion of long-term debt -€55,240
down €55,240 (-54.1%), from €102,032 to €46,791
- Gross operating margin +€494,780
up €494,780 (+133%), from €371,109 to €865,888
- Taxes +€152,382
up €152,382 (+150%), from €101,537 to €253,919
- Depreciation +€18,065
up €18,065 (+35.3%), from €51,209 to €69,274
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 | €2,082,902 | €2,707,483 | +€624,581 | +30.0% |
| Fixed assets | 21/28 | €1,381,729 | €2,181,675 | +€799,947 | +57.9% |
| Tangible fixed assets | 22/27 | €949,729 | €1,749,675 | +€799,947 | +84.2% |
| Land and buildings | 22 | €825,599 | €1,661,886 | +€836,287 | +101% |
| Plant, machinery and equipment | 23 | €48,422 | €43,277 | -€5,145 | -10.6% |
| Furniture and vehicles | 24 | €75,708 | €44,512 | -€31,195 | -41.2% |
| Financial fixed assets | 28 | €432,000 | €432,000 | = | 0.0% |
| Current assets | 29/58 | €701,173 | €525,807 | -€175,366 | -25.0% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Trade receivables | 290 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €605,468 | €430,356 | -€175,112 | -28.9% |
| Trade receivables | 40 | €41,314 | €20,310 | -€21,004 | -50.8% |
| Other amounts receivable | 41 | €564,154 | €410,046 | -€154,108 | -27.3% |
| Cash at bank and in hand | 54/58 | €31,740 | €30,964 | -€776 | -2.4% |
| Deferred charges and accrued income | 490/1 | €3,965 | €4,488 | +€523 | +13.2% |
| Total equity and liabilities | 10/49 | €2,082,902 | €2,707,483 | +€624,581 | +30.0% |
| Equity | 10/15 | €1,080,076 | €1,474,789 | +€394,714 | +36.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,073,876 | €1,468,589 | +€394,714 | +36.8% |
| Distributable reserves | 133 | €1,073,876 | €1,468,589 | +€394,714 | +36.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,002,826 | €1,232,693 | +€229,867 | +22.9% |
| Amounts payable after more than one year | 17 | €623,915 | €577,124 | -€46,791 | -7.5% |
| Financial debts | 170/4 | €623,915 | €577,124 | -€46,791 | -7.5% |
| Amounts payable within one year | 42/48 | €378,911 | €655,569 | +€276,658 | +73.0% |
| Current portion of amounts payable after more than one year | 42 | €102,032 | €46,791 | -€55,240 | -54.1% |
| Financial debts | 43 | €35,446 | €35,332 | -€114 | -0.3% |
| Credit institutions | 430/8 | €35,446 | €35,332 | -€114 | -0.3% |
| Trade debts | 44 | €78,724 | €190,472 | +€111,748 | +142% |
| Suppliers | 440/4 | €78,724 | €190,472 | +€111,748 | +142% |
| Taxes, remuneration and social security | 45 | €81,959 | €207,481 | +€125,521 | +153% |
| Taxes | 450/3 | €81,959 | €207,481 | +€125,521 | +153% |
| Other amounts payable | 47/48 | €80,750 | €175,493 | +€94,743 | +117% |
| Non-recurring operating income | 76A | €16,296 | €0 | -€16,296 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,209 | €69,274 | +€18,065 | +35.3% |
| Other operating charges | 640/8 | €2,685 | €3,027 | +€342 | +12.7% |
| Gross operating margin | 9900 | €371,109 | €865,888 | +€494,780 | +133% |
| Operating profit (loss) | 9901 | €317,215 | €793,587 | +€476,372 | +150% |
| Financial income | 75/76B | €17,455 | €13,179 | -€4,275 | -24.5% |
| Recurring financial income | 75 | €17,455 | €13,179 | -€4,275 | -24.5% |
| Financial charges | 65/66B | €11,296 | €14,133 | +€2,837 | +25.1% |
| Recurring financial charges | 65 | €11,296 | €14,133 | +€2,837 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | €323,373 | €792,633 | +€469,260 | +145% |
| Income taxes | 67/77 | €101,537 | €253,919 | +€152,382 | +150% |
| Profit (loss) for the period | 9904 | €221,836 | €538,714 | +€316,878 | +143% |
| Profit (loss) for the period to be appropriated | 9905 | €221,836 | €538,714 | +€316,878 | +143% |
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 23 October 2026 via checked.be.