GMACS: 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.
GMACS
Largest movements
- Cash +€76,396
up €76,396 (+36.6%), from €208,766 to €285,161
mainly Net result for the year (+€217,618) and Depreciation (+€16,020)
- Current investments +€48,932
up €48,932 (+8.0%), from €613,494 to €662,425
- Receivables within one year -€12,678
down €12,678 (-29.0%), from €43,699 to €31,022
of which Other amounts receivable: -€13,564
- Reserves +€95,751
up €95,751 (+10.9%), from €879,182 to €974,933
of which Distributable reserves: +€95,751
- Tax, wage and social debts +€13,461
up €13,461 (+97.7%), from €13,779 to €27,240
- Gross operating margin +€51,769
up €51,769 (+21.2%), from €243,862 to €295,631
- Taxes +€23,935
up €23,935 (+35.5%), from €67,482 to €91,417
- Financial income +€12,469
up €12,469 (+68.0%), from €18,349 to €30,818
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 | €900,721 | €1,008,390 | +€107,669 | +12.0% |
| Fixed assets | 21/28 | €32,926 | €28,185 | -€4,741 | -14.4% |
| Tangible fixed assets | 22/27 | €32,926 | €28,185 | -€4,741 | -14.4% |
| Plant, machinery and equipment | 23 | €1,226 | €804 | -€421 | -34.4% |
| Furniture and vehicles | 24 | €24,320 | €16,081 | -€8,239 | -33.9% |
| Other tangible fixed assets | 26 | €7,380 | €11,300 | +€3,919 | +53.1% |
| Current assets | 29/58 | €867,795 | €980,205 | +€112,410 | +13.0% |
| Amounts receivable within one year | 40/41 | €43,699 | €31,022 | -€12,678 | -29.0% |
| Trade receivables | 40 | €26,041 | €26,926 | +€886 | +3.4% |
| Other amounts receivable | 41 | €17,659 | €4,095 | -€13,564 | -76.8% |
| Current investments | 50/53 | €613,494 | €662,425 | +€48,932 | +8.0% |
| Cash at bank and in hand | 54/58 | €208,766 | €285,161 | +€76,396 | +36.6% |
| Deferred charges and accrued income | 490/1 | €1,837 | €1,597 | -€240 | -13.1% |
| Total equity and liabilities | 10/49 | €900,721 | €1,008,390 | +€107,669 | +12.0% |
| Equity | 10/15 | €885,382 | €981,133 | +€95,751 | +10.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €879,182 | €974,933 | +€95,751 | +10.9% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €794,982 | €890,733 | +€95,751 | +12.0% |
| Amounts payable | 17/49 | €15,339 | €27,257 | +€11,917 | +77.7% |
| Amounts payable within one year | 42/48 | €15,339 | €27,257 | +€11,917 | +77.7% |
| Trade debts | 44 | €1,561 | €17 | -€1,544 | -98.9% |
| Suppliers | 440/4 | €1,561 | €17 | -€1,544 | -98.9% |
| Taxes, remuneration and social security | 45 | €13,779 | €27,240 | +€13,461 | +97.7% |
| Taxes | 450/3 | €13,779 | €27,240 | +€13,461 | +97.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,842 | €16,020 | +€1,178 | +7.9% |
| Other operating charges | 640/8 | €1,340 | €1,314 | -€26 | -1.9% |
| Gross operating margin | 9900 | €243,862 | €295,631 | +€51,769 | +21.2% |
| Operating profit (loss) | 9901 | €227,680 | €278,298 | +€50,617 | +22.2% |
| Financial income | 75/76B | €18,349 | €30,818 | +€12,469 | +68.0% |
| Recurring financial income | 75 | €18,349 | €30,818 | +€12,469 | +68.0% |
| Financial charges | 65/66B | €101 | €81 | -€20 | -19.7% |
| Recurring financial charges | 65 | €101 | €81 | -€20 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €245,929 | €309,035 | +€63,106 | +25.7% |
| Income taxes | 67/77 | €67,482 | €91,417 | +€23,935 | +35.5% |
| Profit (loss) for the period | 9904 | €178,447 | €217,618 | +€39,171 | +22.0% |
| Transfer to tax-exempt reserves | 689 | €84,200 | - | -€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,247 | €217,618 | +€123,371 | +130.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.