GMC18: 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.
GMC18
Largest movements
- Tangible fixed assets -€17,988
down €17,988 (-25.0%), from €72,033 to €54,045
of which Furniture and vehicles: -€16,636
- Cash +€14,695
up €14,695 (+1877.0%), from €783 to €15,478
mainly Depreciation (+€17,988) and Receivables within one year (+€10,542)
- Receivables within one year -€10,542
down €10,542 (-50.8%), from €20,740 to €10,198
of which Trade receivables: -€5,953
- Debts after one year -€15,172
down €15,172 (-32.6%), from €46,550 to €31,378
- Short-term financial debts -€4,047
no longer reported in 2025 (was €4,047)
- Trade debts +€2,273
up €2,273 (+58.1%), from €3,909 to €6,182
- Reserves +€1,383
up €1,383 (+4.0%), from €34,938 to €36,322
- Taxes -€5,365
down €5,365, from €3,108 to -€2,257
- Depreciation +€4,962
up €4,962 (+38.1%), from €13,026 to €17,988
- Gross operating margin -€4,512
down €4,512 (-18.3%), from €24,678 to €20,166
- Financial charges +€388
up €388 (+17.2%), from €2,257 to €2,645
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 | €108,622 | €94,887 | -€13,735 | -12.6% |
| Fixed assets | 21/28 | €72,033 | €54,045 | -€17,988 | -25.0% |
| Tangible fixed assets | 22/27 | €72,033 | €54,045 | -€17,988 | -25.0% |
| Plant, machinery and equipment | 23 | €4,412 | €3,060 | -€1,352 | -30.6% |
| Furniture and vehicles | 24 | €67,621 | €50,985 | -€16,636 | -24.6% |
| Current assets | 29/58 | €36,589 | €40,842 | +€4,253 | +11.6% |
| Amounts receivable after more than one year | 29 | €14,000 | €14,000 | = | 0.0% |
| Other amounts receivable | 291 | €14,000 | €14,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,740 | €10,198 | -€10,542 | -50.8% |
| Trade receivables | 40 | €14,112 | €8,159 | -€5,953 | -42.2% |
| Other amounts receivable | 41 | €6,628 | €2,039 | -€4,588 | -69.2% |
| Cash at bank and in hand | 54/58 | €783 | €15,478 | +€14,695 | +1877.0% |
| Deferred charges and accrued income | 490/1 | €1,066 | €1,166 | +€99 | +9.3% |
| Total equity and liabilities | 10/49 | €108,622 | €94,887 | -€13,735 | -12.6% |
| Equity | 10/15 | €38,438 | €39,822 | +€1,383 | +3.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €34,938 | €36,322 | +€1,383 | +4.0% |
| Distributable reserves | 133 | €34,938 | €36,322 | +€1,383 | +4.0% |
| Amounts payable | 17/49 | €70,184 | €55,066 | -€15,118 | -21.5% |
| Amounts payable after more than one year | 17 | €46,550 | €31,378 | -€15,172 | -32.6% |
| Financial debts | 170/4 | €46,550 | €31,378 | -€15,172 | -32.6% |
| Amounts payable within one year | 42/48 | €23,634 | €23,688 | +€54 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €14,549 | €15,172 | +€623 | +4.3% |
| Financial debts | 43 | €4,047 | - | -€4,047 | |
| Credit institutions | 430/8 | €4,047 | - | -€4,047 | |
| Trade debts | 44 | €3,909 | €6,182 | +€2,273 | +58.1% |
| Suppliers | 440/4 | €3,909 | €6,182 | +€2,273 | +58.1% |
| Taxes, remuneration and social security | 45 | - | €611 | +€611 | |
| Taxes | 450/3 | - | €611 | +€611 | |
| Other amounts payable | 47/48 | €1,129 | €1,723 | +€594 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,026 | €17,988 | +€4,962 | +38.1% |
| Other operating charges | 640/8 | €941 | €1,013 | +€72 | +7.7% |
| Gross operating margin | 9900 | €24,678 | €20,166 | -€4,512 | -18.3% |
| Operating profit (loss) | 9901 | €10,711 | €1,165 | -€9,547 | -89.1% |
| Financial income | 75/76B | €515 | €606 | +€91 | +17.8% |
| Recurring financial income | 75 | €515 | €606 | +€91 | +17.8% |
| Financial charges | 65/66B | €2,257 | €2,645 | +€388 | +17.2% |
| Recurring financial charges | 65 | €2,257 | €2,645 | +€388 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | €8,970 | -€874 | -€9,843 | |
| Income taxes | 67/77 | €3,108 | -€2,257 | -€5,365 | |
| Profit (loss) for the period | 9904 | €5,862 | €1,383 | -€4,478 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,862 | €1,383 | -€4,478 | -76.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.