GMC Management: 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 Management
Largest movements
- Intangible fixed assets -€27,515
down €27,515 (-24.0%), from €114,571 to €87,056
- Tangible fixed assets +€13,762
up €13,762 (+79.3%), from €17,350 to €31,113
of which Plant, machinery and equipment: +€14,853
- Cash -€12,346
down €12,346 (-4.9%), from €250,363 to €238,017
mainly Investment in fixed assets (net) (-€19,522) and Contributions, distributions and other (-€14,315)
- Deferred charges and accrued income +€9,827
up €9,827 (+1,043%), from €942 to €10,769
- Receivables within one year -€5,142
down €5,142 (-18.6%), from €27,600 to €22,458
of which Other amounts receivable: -€5,754
- Debts after one year -€11,088
no longer reported in 2025 (was €11,088)
- Reserves -€10,568
down €10,568 (-2.8%), from €373,499 to €362,931
of which Distributable reserves: -€10,568
- Gross operating margin +€29,491
up €29,491 (+119%), from €24,824 to €54,314
- Taxes +€6,836
up €6,836 (+98.2%), from €6,958 to €13,794
- Depreciation +€6,770
up €6,770 (+25.5%), from €26,504 to €33,275
- Other operating charges -€4,217
down €4,217 (-84.3%), from €5,002 to €786
- Financial charges +€2,083
up €2,083 (+98.9%), from €2,107 to €4,191
of which Non-recurring financial charges: +€2,200
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 | €460,825 | €439,412 | -€21,414 | -4.6% |
| Fixed assets | 21/28 | €181,921 | €168,168 | -€13,753 | -7.6% |
| Intangible fixed assets | 21 | €114,571 | €87,056 | -€27,515 | -24.0% |
| Tangible fixed assets | 22/27 | €17,350 | €31,113 | +€13,762 | +79.3% |
| Plant, machinery and equipment | 23 | €8,938 | €23,791 | +€14,853 | +166% |
| Furniture and vehicles | 24 | €1,790 | €1,705 | -€85 | -4.7% |
| Other tangible fixed assets | 26 | €6,623 | €5,617 | -€1,006 | -15.2% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €278,905 | €271,244 | -€7,661 | -2.7% |
| Amounts receivable within one year | 40/41 | €27,600 | €22,458 | -€5,142 | -18.6% |
| Trade receivables | 40 | €14,996 | €15,608 | +€612 | +4.1% |
| Other amounts receivable | 41 | €12,604 | €6,849 | -€5,754 | -45.7% |
| Cash at bank and in hand | 54/58 | €250,363 | €238,017 | -€12,346 | -4.9% |
| Deferred charges and accrued income | 490/1 | €942 | €10,769 | +€9,827 | +1,043% |
| Total equity and liabilities | 10/49 | €460,825 | €439,412 | -€21,414 | -4.6% |
| Equity | 10/15 | €410,699 | €400,131 | -€10,568 | -2.6% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €373,499 | €362,931 | -€10,568 | -2.8% |
| Non-distributable reserves | 130/1 | €3,720 | €3,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,720 | €3,720 | = | 0.0% |
| Distributable reserves | 133 | €369,779 | €359,211 | -€10,568 | -2.9% |
| Amounts payable | 17/49 | €50,127 | €39,281 | -€10,846 | -21.6% |
| Amounts payable after more than one year | 17 | €11,088 | - | -€11,088 | |
| Financial debts | 170/4 | €11,088 | - | -€11,088 | |
| Amounts payable within one year | 42/48 | €39,039 | €38,881 | -€157 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €14,642 | €11,088 | -€3,554 | -24.3% |
| Financial debts | 43 | €4,649 | €4,922 | +€274 | +5.9% |
| Credit institutions | 430/8 | €4,649 | €4,922 | +€274 | +5.9% |
| Trade debts | 44 | €4,345 | €3,174 | -€1,171 | -27.0% |
| Suppliers | 440/4 | €4,345 | €3,174 | -€1,171 | -27.0% |
| Taxes, remuneration and social security | 45 | €4,867 | €6,228 | +€1,360 | +27.9% |
| Taxes | 450/3 | €4,867 | €6,228 | +€1,360 | +27.9% |
| Other amounts payable | 47/48 | €10,536 | €13,469 | +€2,933 | +27.8% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Non-recurring operating income | 76A | - | €6,891 | +€6,891 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,504 | €33,275 | +€6,770 | +25.5% |
| Other operating charges | 640/8 | €5,002 | €786 | -€4,217 | -84.3% |
| Non-recurring operating charges | 66A | €306 | - | -€306 | |
| Gross operating margin | 9900 | €24,824 | €54,314 | +€29,491 | +119% |
| Operating profit (loss) | 9901 | -€6,989 | €20,254 | +€27,243 | |
| Financial income | 75/76B | €2,091 | €1,478 | -€613 | -29.3% |
| Recurring financial income | 75 | €2,091 | €1,478 | -€613 | -29.3% |
| Financial charges | 65/66B | €2,107 | €4,191 | +€2,083 | +98.9% |
| Recurring financial charges | 65 | €2,107 | €1,991 | -€117 | -5.5% |
| Non-recurring financial charges | 66B | - | €2,200 | +€2,200 | |
| Profit (loss) for the period before taxes | 9903 | -€7,006 | €17,541 | +€24,547 | |
| Income taxes | 67/77 | €6,958 | €13,794 | +€6,836 | +98.2% |
| Profit (loss) for the period | 9904 | -€13,964 | €3,747 | +€17,711 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,964 | €3,747 | +€17,711 |
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 27 October 2026 via checked.be.