GMAS 462: 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.
GMAS 462
Largest movements
- Tangible fixed assets -€40,458
down €40,458 (-32.8%), from €123,228 to €82,770
of which Plant, machinery and equipment: -€33,792
- Receivables within one year +€16,473
up €16,473 (+889%), from €1,852 to €18,325
- Stocks and contracts +€9,922
new in 2025: €9,922
- Cash -€5,475
down €5,475 (-100%), from €5,475 to €0
mainly Other debts (-€24,583) and Receivables within one year (-€16,473)
- Deferred charges and accrued income +€1,840
up €1,840 (+231%), from €798 to €2,638
- Other debts -€24,583
down €24,583 (-23.7%), from €103,616 to €79,033
- Debts after one year +€8,369
up €8,369 (+176%), from €4,758 to €13,127
- Profit (loss) carried forward -€7,038
down €7,038, from €2,571 to -€4,467
- Tax, wage and social debts +€6,895
up €6,895 (+147%), from €4,690 to €11,585
of which Taxes: +€5,395
- Trade debts -€6,307
down €6,307 (-65.4%), from €9,645 to €3,338
- Depreciation +€7,694
up €7,694 (+19.0%), from €40,594 to €48,288
- Gross operating margin -€3,109
down €3,109 (-6.7%), from €46,529 to €43,420
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 | €135,354 | €117,156 | -€18,198 | -13.4% |
| Fixed assets | 21/28 | €127,230 | €86,271 | -€40,958 | -32.2% |
| Intangible fixed assets | 21 | €4,001 | €3,501 | -€500 | -12.5% |
| Tangible fixed assets | 22/27 | €123,228 | €82,770 | -€40,458 | -32.8% |
| Plant, machinery and equipment | 23 | €116,546 | €82,754 | -€33,792 | -29.0% |
| Furniture and vehicles | 24 | €6,682 | €16 | -€6,667 | -99.8% |
| Current assets | 29/58 | €8,124 | €30,885 | +€22,761 | +280% |
| Stocks and contracts in progress | 3 | - | €9,922 | +€9,922 | |
| Stocks | 30/36 | - | €9,922 | +€9,922 | |
| Amounts receivable within one year | 40/41 | €1,852 | €18,325 | +€16,473 | +889% |
| Trade receivables | 40 | €1,852 | €18,325 | +€16,473 | +889% |
| Cash at bank and in hand | 54/58 | €5,475 | €0 | -€5,475 | -100% |
| Deferred charges and accrued income | 490/1 | €798 | €2,638 | +€1,840 | +231% |
| Total equity and liabilities | 10/49 | €135,354 | €117,156 | -€18,198 | -13.4% |
| Equity | 10/15 | €7,371 | €333 | -€7,038 | -95.5% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,571 | -€4,467 | -€7,038 | |
| Amounts payable | 17/49 | €127,983 | €116,824 | -€11,159 | -8.7% |
| Amounts payable after more than one year | 17 | €4,758 | €13,127 | +€8,369 | +176% |
| Financial debts | 170/4 | €4,758 | €13,127 | +€8,369 | +176% |
| Amounts payable within one year | 42/48 | €122,131 | €103,697 | -€18,434 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €4,179 | €9,672 | +€5,493 | +131% |
| Financial debts | 43 | €0 | €68 | +€68 | |
| Credit institutions | 430/8 | €0 | €68 | +€68 | |
| Trade debts | 44 | €9,645 | €3,338 | -€6,307 | -65.4% |
| Suppliers | 440/4 | €9,645 | €3,338 | -€6,307 | -65.4% |
| Taxes, remuneration and social security | 45 | €4,690 | €11,585 | +€6,895 | +147% |
| Taxes | 450/3 | €4,690 | €10,085 | +€5,395 | +115% |
| Remuneration and social security | 454/9 | €0 | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €103,616 | €79,033 | -€24,583 | -23.7% |
| Accrued charges and deferred income | 492/3 | €1,095 | €0 | -€1,095 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,594 | €48,288 | +€7,694 | +19.0% |
| Other operating charges | 640/8 | €615 | €797 | +€182 | +29.6% |
| Gross operating margin | 9900 | €46,529 | €43,420 | -€3,109 | -6.7% |
| Operating profit (loss) | 9901 | €5,320 | -€5,665 | -€10,985 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -50.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -50.0% |
| Financial charges | 65/66B | €1,081 | €1,374 | +€292 | +27.0% |
| Recurring financial charges | 65 | €1,081 | €1,374 | +€292 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €4,239 | -€7,038 | -€11,277 | |
| Income taxes | 67/77 | €30 | €0 | -€30 | -100% |
| Profit (loss) for the period | 9904 | €4,209 | -€7,038 | -€11,247 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,209 | -€7,038 | -€11,247 |
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 17 October 2026 via checked.be.