GMC Hg: 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.
What changed
GMC Hg
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€204,426
2024 · €23,354+€181,072
Equity
€3.4m
2024 · €2.8m+€617,574
Cash
€67,198
2024 · €6,851+€60,347
Balance sheet total
€9.1m
2024 · €9.1m+€10,229
Largest movements
Assets
- Tangible fixed assets -€548,273
down €548,273 (-11.7%), from €4.7m to €4.1m
of which Land and buildings: -€425,097
- Receivables within one year +€495,326
up €495,326 (+444%), from €111,476 to €606,802
of which Other amounts receivable: +€449,904
Equity and liabilities
- Debts after one year -€617,093
down €617,093 (-11.8%), from €5.2m to €4.6m
- Investment grants +€413,148
new in 2025: €413,148
- Reserves +€234,292
up €234,292 (+451%), from €51,975 to €286,267
of which Tax-exempt reserves: +€234,292
Income statement
- Other operating income +€353,918
up €353,918 (+591%), from €59,906 to €413,824
- Financial charges +€77,678
up €77,678 (+60.1%), from €129,320 to €206,998
- Financial income +€49,003
up €49,003 (+835%), from €5,869 to €54,872
- Turnover -€45,236
down €45,236 (-10.2%), from €443,156 to €397,920
- Write-downs -€40,522
down €40,522 (-100%), from €40,522 to €0
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.
Result 2024
€23,354
Turnover
-€45,236
Other operating income
+€353,918
Services and other goods
-€37,997
Depreciation
-€10,306
Write-downs
+€40,522
Other operating charges
-€20,842
Financial income
+€49,003
Financial charges
-€77,678
Taxes
+€7,785
Deferred taxes and other
-€78,097
Result 2025
€204,426
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€16,230
Investment
+€303,949
Financing
-€259,831
Cash 2024
€6,851
From operations (derived)
+€16,230
Net result for the year
+€204,426
Depreciation
+€244,325
Receivables within one year
-€495,326
Deferred charges and accrued income
-€2,829
Provisions
+€78,097
Trade debts
-€11,383
Other debts
-€3,447
Accrued charges and deferred income
+€2,367
Investment (derived)
+€303,949
Investment in fixed assets (net)
+€303,949
Financing
-€259,831
Debts after one year
-€617,093
Current portion of long-term debt
+€13,743
Short-term financial debts
-€69,630
Contributions, distributions and other
+€413,148
Cash 2025
€67,198
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,054,900 | €9,065,128 | +€10,229 | +0.1% |
| Fixed assets | 21/28 | €8,928,114 | €8,379,841 | -€548,273 | -6.1% |
| Tangible fixed assets | 22/27 | €4,686,934 | €4,138,661 | -€548,273 | -11.7% |
| Land and buildings | 22 | €2,821,685 | €2,396,588 | -€425,097 | -15.1% |
| Plant, machinery and equipment | 23 | €1,865,249 | €1,742,073 | -€123,176 | -6.6% |
| Financial fixed assets | 28 | €4,241,180 | €4,241,180 | = | 0.0% |
| Affiliated companies | 280/1 | €4,241,180 | €4,241,180 | = | 0.0% |
| Participating interests | 280 | €4,241,180 | €4,241,180 | = | 0.0% |
| Current assets | 29/58 | €126,786 | €685,288 | +€558,502 | +441% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €111,476 | €606,802 | +€495,326 | +444% |
| Trade receivables | 40 | €89,236 | €134,658 | +€45,422 | +50.9% |
| Other amounts receivable | 41 | €22,240 | €472,144 | +€449,904 | +2,023% |
| Cash at bank and in hand | 54/58 | €6,851 | €67,198 | +€60,347 | +881% |
| Deferred charges and accrued income | 490/1 | €8,459 | €11,288 | +€2,829 | +33.4% |
| Total equity and liabilities | 10/49 | €9,054,900 | €9,065,128 | +€10,229 | +0.1% |
| Equity | 10/15 | €2,777,632 | €3,395,206 | +€617,574 | +22.2% |
| Contributions | 10/11 | €519,750 | €519,750 | = | 0.0% |
| Reserves | 13 | €51,975 | €286,267 | +€234,292 | +451% |
| Tax-exempt reserves | 132 | - | €234,292 | +€234,292 | |
| Distributable reserves | 133 | €51,975 | €51,975 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,205,907 | €2,176,041 | -€29,866 | -1.4% |
| Investment grants | 15 | - | €413,148 | +€413,148 | |
| Provisions and deferred taxes | 16 | - | €78,097 | +€78,097 | |
| Deferred taxes | 168 | - | €78,097 | +€78,097 | |
| Amounts payable | 17/49 | €6,277,268 | €5,591,825 | -€685,443 | -10.9% |
| Amounts payable after more than one year | 17 | €5,218,569 | €4,601,477 | -€617,093 | -11.8% |
| Financial debts | 170/4 | €5,218,569 | €4,601,477 | -€617,093 | -11.8% |
| Credit institutions | 173 | €5,218,569 | €4,601,477 | -€617,093 | -11.8% |
| Amounts payable within one year | 42/48 | €1,054,254 | €983,537 | -€70,717 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €618,974 | €632,718 | +€13,743 | +2.2% |
| Financial debts | 43 | €419,630 | €350,000 | -€69,630 | -16.6% |
| Credit institutions | 430/8 | €419,630 | €350,000 | -€69,630 | -16.6% |
| Trade debts | 44 | €12,203 | €820 | -€11,383 | -93.3% |
| Suppliers | 440/4 | €12,203 | €820 | -€11,383 | -93.3% |
| Other amounts payable | 47/48 | €3,447 | €0 | -€3,447 | -100% |
| Accrued charges and deferred income | 492/3 | €4,444 | €6,811 | +€2,367 | +53.3% |
| Operating income | 70/76A | €503,062 | €811,744 | +€308,682 | +61.4% |
| Turnover | 70 | €443,156 | €397,920 | -€45,236 | -10.2% |
| Other operating income | 74 | €59,906 | €413,824 | +€353,918 | +591% |
| Operating charges | 60/66A | €348,472 | €377,095 | +€28,623 | +8.2% |
| Services and other goods | 61 | €29,109 | €67,106 | +€37,997 | +131% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €234,019 | €244,325 | +€10,306 | +4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €40,522 | €0 | -€40,522 | -100% |
| Other operating charges | 640/8 | €44,822 | €65,664 | +€20,842 | +46.5% |
| Operating profit (loss) | 9901 | €154,590 | €434,649 | +€280,059 | +181% |
| Financial income | 75/76B | €5,869 | €54,872 | +€49,003 | +835% |
| Recurring financial income | 75 | €5,869 | €54,872 | +€49,003 | +835% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €5,869 | €975 | -€4,894 | -83.4% |
| Other financial income | 752/9 | - | €53,897 | +€53,897 | |
| Financial charges | 65/66B | €129,320 | €206,998 | +€77,678 | +60.1% |
| Recurring financial charges | 65 | €129,320 | €206,998 | +€77,678 | +60.1% |
| Debt charges | 650 | €123,675 | €146,990 | +€23,314 | +18.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €53,908 | +€53,908 | |
| Other financial charges | 652/9 | €5,645 | €6,100 | +€456 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €31,139 | €282,524 | +€251,385 | +807% |
| Transfer from deferred taxes | 780 | - | €8,415 | +€8,415 | |
| Transfer to deferred taxes | 680 | - | €86,513 | +€86,513 | |
| Income taxes | 67/77 | €7,785 | €0 | -€7,785 | -100% |
| Taxes | 670/3 | €7,785 | €0 | -€7,785 | -100% |
| Profit (loss) for the period | 9904 | €23,354 | €204,426 | +€181,072 | +775% |
| Transfer from tax-exempt reserves | 789 | - | €25,246 | +€25,246 | |
| Transfer to tax-exempt reserves | 689 | - | €259,539 | +€259,539 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,354 | -€29,866 | -€53,220 |
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 13 October 2026 via checked.be.