GMCO: 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.
GMCO
Largest movements
- Cash +€83,968
up €83,968 (+30.7%), from €273,765 to €357,733
mainly Other debts (+€330,573) and Net result for the year (+€152,203)
- Receivables within one year +€40,623
up €40,623 (+1,033%), from €3,933 to €44,556
of which Trade receivables: +€35,211
- Tangible fixed assets +€9,330
up €9,330 (+27.7%), from €33,728 to €43,058
of which Other tangible fixed assets: +€18,366
- Other debts +€330,573
up €330,573 (+11,870%), from €2,785 to €333,358
- Reserves -€197,797
down €197,797 (-87.6%), from €225,801 to €28,004
- Accrued charges and deferred income +€19,194
up €19,194 (+1,361%), from €1,410 to €20,604
- Tax, wage and social debts -€11,798
down €11,798 (-17.2%), from €68,786 to €56,988
- Gross operating margin +€44,089
up €44,089 (+27.2%), from €162,222 to €206,310
- Taxes +€10,216
up €10,216 (+29.8%), from €34,257 to €44,473
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 | €312,646 | €449,438 | +€136,792 | +43.8% |
| Fixed assets | 21/28 | €33,728 | €43,058 | +€9,330 | +27.7% |
| Tangible fixed assets | 22/27 | €33,728 | €43,058 | +€9,330 | +27.7% |
| Plant, machinery and equipment | 23 | €753 | €573 | -€179 | -23.8% |
| Furniture and vehicles | 24 | €32,975 | €24,119 | -€8,856 | -26.9% |
| Other tangible fixed assets | 26 | - | €18,366 | +€18,366 | |
| Current assets | 29/58 | €278,918 | €406,380 | +€127,462 | +45.7% |
| Stocks and contracts in progress | 3 | - | €2,831 | +€2,831 | |
| Stocks | 30/36 | - | €2,831 | +€2,831 | |
| Amounts receivable within one year | 40/41 | €3,933 | €44,556 | +€40,623 | +1,033% |
| Trade receivables | 40 | €3,630 | €38,841 | +€35,211 | +970% |
| Other amounts receivable | 41 | €303 | €5,715 | +€5,412 | +1,786% |
| Cash at bank and in hand | 54/58 | €273,765 | €357,733 | +€83,968 | +30.7% |
| Deferred charges and accrued income | 490/1 | €1,220 | €1,260 | +€40 | +3.3% |
| Total equity and liabilities | 10/49 | €312,646 | €449,438 | +€136,792 | +43.8% |
| Equity | 10/15 | €233,801 | €36,004 | -€197,797 | -84.6% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €225,801 | €28,004 | -€197,797 | -87.6% |
| Distributable reserves | 133 | €225,801 | €28,004 | -€197,797 | -87.6% |
| Amounts payable | 17/49 | €78,845 | €413,434 | +€334,589 | +424% |
| Amounts payable within one year | 42/48 | €77,435 | €392,830 | +€315,395 | +407% |
| Trade debts | 44 | €5,864 | €2,484 | -€3,380 | -57.6% |
| Suppliers | 440/4 | €5,864 | €2,484 | -€3,380 | -57.6% |
| Taxes, remuneration and social security | 45 | €68,786 | €56,988 | -€11,798 | -17.2% |
| Taxes | 450/3 | €68,786 | €56,988 | -€11,798 | -17.2% |
| Other amounts payable | 47/48 | €2,785 | €333,358 | +€330,573 | +11,870% |
| Accrued charges and deferred income | 492/3 | €1,410 | €20,604 | +€19,194 | +1,361% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,001 | €9,388 | +€387 | +4.3% |
| Other operating charges | 640/8 | €62 | €452 | +€390 | +629% |
| Gross operating margin | 9900 | €162,222 | €206,310 | +€44,089 | +27.2% |
| Operating profit (loss) | 9901 | €153,159 | €196,471 | +€43,311 | +28.3% |
| Financial income | 75/76B | €116 | €1,685 | +€1,569 | +1,348% |
| Recurring financial income | 75 | €116 | €1,685 | +€1,569 | +1,348% |
| Financial charges | 65/66B | €325 | €1,480 | +€1,155 | +355% |
| Recurring financial charges | 65 | €325 | €1,480 | +€1,155 | +355% |
| Profit (loss) for the period before taxes | 9903 | €152,951 | €196,676 | +€43,725 | +28.6% |
| Income taxes | 67/77 | €34,257 | €44,473 | +€10,216 | +29.8% |
| Profit (loss) for the period | 9904 | €118,694 | €152,203 | +€33,509 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €118,694 | €152,203 | +€33,509 | +28.2% |
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.