GMC: 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.
GMC
Largest movements
- Cash -€301,280
down €301,280 (-27.2%), from €1.1m to €806,840
mainly Contributions, distributions and other (-€2.0m) and Receivables within one year (-€160,370)
- Receivables within one year +€160,370
up €160,370 (+247.6%), from €64,776 to €225,146
of which Trade receivables: +€155,665
- Stocks and contracts +€98,394
up €98,394 (+63.5%), from €154,989 to €253,383
- Tangible fixed assets +€69,475
up €69,475 (+78.8%), from €88,210 to €157,684
of which Other tangible fixed assets: +€49,467
- Other debts +€1.0m
up €1.0m (+6049.2%), from €17,063 to €1.0m
- Profit (loss) carried forward -€911,285
down €911,285 (-94.4%), from €964,926 to €53,641
- Reserves -€40,000
down €40,000 (-97.6%), from €41,000 to €1,000
- Tax, wage and social debts -€29,733
down €29,733 (-8.4%), from €353,401 to €323,668
of which Taxes: -€30,203
- Trade debts -€18,103
down €18,103 (-54.8%), from €33,054 to €14,950
- Gross operating margin +€894,739
up €894,739 (+118.7%), from €753,599 to €1.6m
- Taxes +€185,953
up €185,953 (+107.8%), from €172,546 to €358,499
- Financial charges +€118,397
up €118,397 (+415.7%), from €28,483 to €146,880
- Staff costs +€49,462
up €49,462 (+262.4%), from €18,849 to €68,311
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 | €1,419,795 | €1,453,636 | +€33,840 | +2.4% |
| Fixed assets | 21/28 | €88,411 | €157,886 | +€69,475 | +78.6% |
| Tangible fixed assets | 22/27 | €88,210 | €157,684 | +€69,475 | +78.8% |
| Furniture and vehicles | 24 | €43,723 | €63,730 | +€20,008 | +45.8% |
| Other tangible fixed assets | 26 | €44,487 | €93,954 | +€49,467 | +111.2% |
| Financial fixed assets | 28 | €201 | €201 | = | 0.0% |
| Current assets | 29/58 | €1,331,384 | €1,295,750 | -€35,634 | -2.7% |
| Stocks and contracts in progress | 3 | €154,989 | €253,383 | +€98,394 | +63.5% |
| Stocks | 30/36 | €154,989 | €253,383 | +€98,394 | +63.5% |
| Amounts receivable within one year | 40/41 | €64,776 | €225,146 | +€160,370 | +247.6% |
| Trade receivables | 40 | €24,099 | €179,764 | +€155,665 | +645.9% |
| Other amounts receivable | 41 | €40,677 | €45,382 | +€4,705 | +11.6% |
| Cash at bank and in hand | 54/58 | €1,108,119 | €806,840 | -€301,280 | -27.2% |
| Deferred charges and accrued income | 490/1 | €3,500 | €10,381 | +€6,882 | +196.7% |
| Total equity and liabilities | 10/49 | €1,419,795 | €1,453,636 | +€33,840 | +2.4% |
| Equity | 10/15 | €1,015,926 | €64,641 | -€951,285 | -93.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €41,000 | €1,000 | -€40,000 | -97.6% |
| Distributable reserves | 133 | €41,000 | €1,000 | -€40,000 | -97.6% |
| Profit (loss) carried forward | 14 | €964,926 | €53,641 | -€911,285 | -94.4% |
| Amounts payable | 17/49 | €403,870 | €1,388,995 | +€985,125 | +243.9% |
| Amounts payable within one year | 42/48 | €403,518 | €1,387,867 | +€984,350 | +243.9% |
| Trade debts | 44 | €33,054 | €14,950 | -€18,103 | -54.8% |
| Suppliers | 440/4 | €33,054 | €14,950 | -€18,103 | -54.8% |
| Taxes, remuneration and social security | 45 | €353,401 | €323,668 | -€29,733 | -8.4% |
| Taxes | 450/3 | €347,607 | €317,404 | -€30,203 | -8.7% |
| Remuneration and social security | 454/9 | €5,794 | €6,264 | +€470 | +8.1% |
| Other amounts payable | 47/48 | €17,063 | €1,049,249 | +€1.0m | +6049.2% |
| Accrued charges and deferred income | 492/3 | €352 | €1,127 | +€775 | +220.3% |
| Remuneration, social security and pensions | 62 | €18,849 | €68,311 | +€49,462 | +262.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,102 | €19,464 | +€13,362 | +219.0% |
| Other operating charges | 640/8 | €3,010 | €8,771 | +€5,761 | +191.4% |
| Gross operating margin | 9900 | €753,599 | €1,648,338 | +€894,739 | +118.7% |
| Operating profit (loss) | 9901 | €725,638 | €1,551,792 | +€826,154 | +113.9% |
| Financial income | 75/76B | €6,783 | €2,303 | -€4,481 | -66.1% |
| Recurring financial income | 75 | €6,783 | €2,303 | -€4,481 | -66.1% |
| Financial charges | 65/66B | €28,483 | €146,880 | +€118,397 | +415.7% |
| Recurring financial charges | 65 | €28,483 | €146,880 | +€118,397 | +415.7% |
| Profit (loss) for the period before taxes | 9903 | €703,938 | €1,407,214 | +€703,277 | +99.9% |
| Income taxes | 67/77 | €172,546 | €358,499 | +€185,953 | +107.8% |
| Profit (loss) for the period | 9904 | €531,392 | €1,048,715 | +€517,323 | +97.4% |
| Profit (loss) for the period to be appropriated | 9905 | €531,392 | €1,048,715 | +€517,323 | +97.4% |
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 10 October 2026 via checked.be.