GMC: 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.
GMC
Largest movements
- Receivables within one year +€8,505
up €8,505 (+49.2%), from €17,273 to €25,779
of which Trade receivables: +€20,118
- Tangible fixed assets -€2,811
down €2,811 (-38.5%), from €7,291 to €4,481
- Cash +€2,650
up €2,650 (+25.0%), from €10,604 to €13,253
mainly Trade debts (+€10,595) and Net result for the year (+€5,765)
- Trade debts +€10,595
up €10,595 (+393.9%), from €2,690 to €13,285
- Other debts -€9,685
no longer reported in 2025 (was €9,685)
- Profit (loss) carried forward +€5,765
up €5,765 (+43.1%), from €13,383 to €19,148
- Tax, wage and social debts +€1,670
up €1,670 (+83.1%), from €2,010 to €3,680
- Gross operating margin -€3,043
down €3,043 (-22.9%), from €13,258 to €10,215
- Taxes -€509
down €509 (-25.3%), from €2,011 to €1,502
- Other operating charges -€387
no longer reported in 2025 (was €387)
- Depreciation +€168
up €168 (+6.4%), from €2,642 to €2,811
- Financial charges -€163
down €163 (-54.3%), from €301 to €137
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 | €35,168 | €43,513 | +€8,345 | +23.7% |
| Fixed assets | 21/28 | €7,291 | €4,481 | -€2,811 | -38.5% |
| Tangible fixed assets | 22/27 | €7,291 | €4,481 | -€2,811 | -38.5% |
| Furniture and vehicles | 24 | €7,291 | €4,481 | -€2,811 | -38.5% |
| Current assets | 29/58 | €27,877 | €39,032 | +€11,155 | +40.0% |
| Amounts receivable within one year | 40/41 | €17,273 | €25,779 | +€8,505 | +49.2% |
| Trade receivables | 40 | €5,368 | €25,487 | +€20,118 | +374.8% |
| Other amounts receivable | 41 | €11,905 | €292 | -€11,613 | -97.5% |
| Cash at bank and in hand | 54/58 | €10,604 | €13,253 | +€2,650 | +25.0% |
| Total equity and liabilities | 10/49 | €35,168 | €43,513 | +€8,345 | +23.7% |
| Equity | 10/15 | €20,783 | €26,548 | +€5,765 | +27.7% |
| Contributions | 10/11 | €7,400 | €7,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,383 | €19,148 | +€5,765 | +43.1% |
| Amounts payable | 17/49 | €14,385 | €16,965 | +€2,579 | +17.9% |
| Amounts payable within one year | 42/48 | €14,385 | €16,965 | +€2,579 | +17.9% |
| Trade debts | 44 | €2,690 | €13,285 | +€10,595 | +393.9% |
| Suppliers | 440/4 | €2,690 | €13,285 | +€10,595 | +393.9% |
| Taxes, remuneration and social security | 45 | €2,010 | €3,680 | +€1,670 | +83.1% |
| Taxes | 450/3 | €2,010 | €3,680 | +€1,670 | +83.1% |
| Other amounts payable | 47/48 | €9,685 | - | -€9,685 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,642 | €2,811 | +€168 | +6.4% |
| Other operating charges | 640/8 | €387 | - | -€387 | |
| Gross operating margin | 9900 | €13,258 | €10,215 | -€3,043 | -22.9% |
| Operating profit (loss) | 9901 | €10,228 | €7,404 | -€2,823 | -27.6% |
| Financial charges | 65/66B | €301 | €137 | -€163 | -54.3% |
| Recurring financial charges | 65 | €301 | €137 | -€163 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €9,927 | €7,267 | -€2,660 | -26.8% |
| Income taxes | 67/77 | €2,011 | €1,502 | -€509 | -25.3% |
| Profit (loss) for the period | 9904 | €7,916 | €5,765 | -€2,151 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,916 | €5,765 | -€2,151 | -27.2% |
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 7 October 2026 via checked.be.