GMCD: 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.
GMCD
Largest movements
- Cash -€4,997
down €4,997 (-78.9%), from €6,333 to €1,336
mainly Other debts (-€4,394) and Trade debts (-€967)
- Other debts -€4,394
down €4,394 (-28.9%), from €15,208 to €10,814
- Write-downs -€3,697
no longer reported in 2025 (was €3,697)
- Gross operating margin -€1,223
down €1,223 (-86.8%), from €1,409 to €186
- Purchases and services +€188
new in 2025: €188
- Financial charges +€64
up €64 (+45.4%), from €140 to €204
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 | €110,398 | €105,083 | -€5,315 | -4.8% |
| Fixed assets | 21/28 | €2,679 | €2,679 | = | 0.0% |
| Financial fixed assets | 28 | €2,679 | €2,679 | = | 0.0% |
| Current assets | 29/58 | €107,720 | €102,404 | -€5,315 | -4.9% |
| Amounts receivable within one year | 40/41 | €101,387 | €101,069 | -€318 | -0.3% |
| Other amounts receivable | 41 | €101,387 | €101,069 | -€318 | -0.3% |
| Cash at bank and in hand | 54/58 | €6,333 | €1,336 | -€4,997 | -78.9% |
| Total equity and liabilities | 10/49 | €110,398 | €105,083 | -€5,315 | -4.8% |
| Equity | 10/15 | €66,386 | €66,359 | -€28 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €29,401 | €29,401 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €27,541 | €27,541 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,385 | €18,357 | -€28 | -0.1% |
| Amounts payable | 17/49 | €44,012 | €38,724 | -€5,288 | -12.0% |
| Amounts payable within one year | 42/48 | €44,012 | €38,724 | -€5,288 | -12.0% |
| Financial debts | 43 | - | €73 | +€73 | |
| Credit institutions | 430/8 | - | €73 | +€73 | |
| Trade debts | 44 | €4,820 | €3,853 | -€967 | -20.1% |
| Suppliers | 440/4 | €4,820 | €3,853 | -€967 | -20.1% |
| Taxes, remuneration and social security | 45 | €23,984 | €23,984 | = | 0.0% |
| Taxes | 450/3 | €23,984 | €23,984 | = | 0.0% |
| Other amounts payable | 47/48 | €15,208 | €10,814 | -€4,394 | -28.9% |
| Non-recurring operating income | 76A | €6,682 | €374 | -€6,308 | -94.4% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €188 | +€188 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,697 | - | -€3,697 | |
| Other operating charges | 640/8 | - | €13 | +€13 | |
| Gross operating margin | 9900 | €1,409 | €186 | -€1,223 | -86.8% |
| Operating profit (loss) | 9901 | -€2,289 | €173 | +€2,462 | |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €140 | €204 | +€64 | +45.4% |
| Recurring financial charges | 65 | €140 | €204 | +€64 | +45.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,429 | -€28 | +€2,401 | +98.9% |
| Profit (loss) for the period | 9904 | -€2,429 | -€28 | +€2,401 | +98.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,429 | -€28 | +€2,401 | +98.9% |
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 1 October 2026 via checked.be.