GMAD: 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.
GMAD
Largest movements
- Receivables within one year +€41,959
up €41,959 (+198.3%), from €21,162 to €63,121
of which Other amounts receivable: +€22,324
- Cash +€29,813
up €29,813 (+90.0%), from €33,115 to €62,928
mainly Net result for the year (+€32,871) and Trade debts (+€19,486)
- Tangible fixed assets +€2,716
new in 2025: €2,716
of which Plant, machinery and equipment: +€1,458
- Reserves +€32,871
up €32,871 (+108.0%), from €30,439 to €63,310
- Trade debts +€19,486
up €19,486 (+838.4%), from €2,324 to €21,810
- Tax, wage and social debts +€18,833
up €18,833 (+83.9%), from €22,434 to €41,267
of which Taxes: +€18,292
- Accrued charges and deferred income +€3,791
up €3,791 (+1319.0%), from €287 to €4,079
- Gross operating margin +€7,478
up €7,478 (+16.6%), from €45,123 to €52,601
- Taxes +€4,764
up €4,764 (+36.2%), from €13,142 to €17,905
- Depreciation +€722
new in 2025: €722
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 | €56,485 | €131,466 | +€74,981 | +132.7% |
| Fixed assets | 21/28 | - | €2,716 | +€2,716 | |
| Tangible fixed assets | 22/27 | - | €2,716 | +€2,716 | |
| Plant, machinery and equipment | 23 | - | €1,458 | +€1,458 | |
| Furniture and vehicles | 24 | - | €1,258 | +€1,258 | |
| Current assets | 29/58 | €56,485 | €128,750 | +€72,265 | +127.9% |
| Amounts receivable within one year | 40/41 | €21,162 | €63,121 | +€41,959 | +198.3% |
| Trade receivables | 40 | €9,831 | €29,466 | +€19,635 | +199.7% |
| Other amounts receivable | 41 | €11,330 | €33,654 | +€22,324 | +197.0% |
| Cash at bank and in hand | 54/58 | €33,115 | €62,928 | +€29,813 | +90.0% |
| Deferred charges and accrued income | 490/1 | €2,209 | €2,702 | +€493 | +22.3% |
| Total equity and liabilities | 10/49 | €56,485 | €131,466 | +€74,981 | +132.7% |
| Equity | 10/15 | €31,439 | €64,310 | +€32,871 | +104.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €30,439 | €63,310 | +€32,871 | +108.0% |
| Distributable reserves | 133 | €30,439 | €63,310 | +€32,871 | +108.0% |
| Amounts payable | 17/49 | €25,046 | €67,156 | +€42,110 | +168.1% |
| Amounts payable within one year | 42/48 | €24,758 | €63,077 | +€38,319 | +154.8% |
| Trade debts | 44 | €2,324 | €21,810 | +€19,486 | +838.4% |
| Suppliers | 440/4 | €2,324 | €21,810 | +€19,486 | +838.4% |
| Taxes, remuneration and social security | 45 | €22,434 | €41,267 | +€18,833 | +83.9% |
| Taxes | 450/3 | €20,101 | €38,393 | +€18,292 | +91.0% |
| Remuneration and social security | 454/9 | €2,333 | €2,874 | +€541 | +23.2% |
| Accrued charges and deferred income | 492/3 | €287 | €4,079 | +€3,791 | +1319.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €722 | +€722 | |
| Other operating charges | 640/8 | - | €254 | +€254 | |
| Gross operating margin | 9900 | €45,123 | €52,601 | +€7,478 | +16.6% |
| Operating profit (loss) | 9901 | €45,123 | €51,624 | +€6,502 | +14.4% |
| Financial income | 75/76B | €169 | €509 | +€340 | +200.6% |
| Recurring financial income | 75 | €169 | €509 | +€340 | +200.6% |
| Financial charges | 65/66B | €1,711 | €1,358 | -€354 | -20.7% |
| Recurring financial charges | 65 | €1,711 | €1,358 | -€354 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €43,581 | €50,776 | +€7,195 | +16.5% |
| Income taxes | 67/77 | €13,142 | €17,905 | +€4,764 | +36.2% |
| Profit (loss) for the period | 9904 | €30,439 | €32,871 | +€2,432 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,439 | €32,871 | +€2,432 | +8.0% |
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.