GMCV: 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.
GMCV
Largest movements
- Receivables within one year +€20,000
up €20,000 (+71.9%), from €27,830 to €47,830
of which Other amounts receivable: +€20,000
- Cash +€10,508
up €10,508 (+15.5%), from €67,593 to €78,101
mainly Net result for the year (+€37,801) and Depreciation (+€413)
- Deferred charges and accrued income +€5,922
up €5,922 (+357.0%), from €1,659 to €7,580
- Profit (loss) carried forward +€37,801
up €37,801 (+177.1%), from €21,339 to €59,140
- Tax, wage and social debts -€1,414
down €1,414 (-6.7%), from €21,178 to €19,764
- Gross operating margin -€9,367
down €9,367 (-15.4%), from €60,804 to €51,436
- Taxes -€1,386
down €1,386 (-10.1%), from €13,700 to €12,314
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 | €97,759 | €133,776 | +€36,017 | +36.8% |
| Fixed assets | 21/28 | €677 | €265 | -€413 | -60.9% |
| Tangible fixed assets | 22/27 | €677 | €265 | -€413 | -60.9% |
| Furniture and vehicles | 24 | €677 | €265 | -€413 | -60.9% |
| Current assets | 29/58 | €97,082 | €133,511 | +€36,430 | +37.5% |
| Amounts receivable within one year | 40/41 | €27,830 | €47,830 | +€20,000 | +71.9% |
| Trade receivables | 40 | €27,830 | €27,830 | = | 0.0% |
| Other amounts receivable | 41 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €67,593 | €78,101 | +€10,508 | +15.5% |
| Deferred charges and accrued income | 490/1 | €1,659 | €7,580 | +€5,922 | +357.0% |
| Total equity and liabilities | 10/49 | €97,759 | €133,776 | +€36,017 | +36.8% |
| Equity | 10/15 | €71,579 | €109,380 | +€37,801 | +52.8% |
| Contributions | 10/11 | €240 | €240 | = | 0.0% |
| Reserves | 13 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,339 | €59,140 | +€37,801 | +177.1% |
| Amounts payable | 17/49 | €26,179 | €24,395 | -€1,784 | -6.8% |
| Amounts payable within one year | 42/48 | €26,179 | €24,395 | -€1,784 | -6.8% |
| Trade debts | 44 | €3,323 | €3,008 | -€315 | -9.5% |
| Suppliers | 440/4 | €3,323 | €3,008 | -€315 | -9.5% |
| Taxes, remuneration and social security | 45 | €21,178 | €19,764 | -€1,414 | -6.7% |
| Taxes | 450/3 | €21,178 | €19,764 | -€1,414 | -6.7% |
| Other amounts payable | 47/48 | €1,679 | €1,623 | -€56 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €413 | €413 | = | 0.0% |
| Other operating charges | 640/8 | €513 | €828 | +€314 | +61.2% |
| Gross operating margin | 9900 | €60,804 | €51,436 | -€9,367 | -15.4% |
| Operating profit (loss) | 9901 | €59,878 | €50,196 | -€9,681 | -16.2% |
| Financial charges | 65/66B | €54 | €82 | +€27 | +50.4% |
| Recurring financial charges | 65 | €54 | €82 | +€27 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €59,823 | €50,114 | -€9,709 | -16.2% |
| Income taxes | 67/77 | €13,700 | €12,314 | -€1,386 | -10.1% |
| Profit (loss) for the period | 9904 | €46,123 | €37,801 | -€8,322 | -18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,123 | €37,801 | -€8,322 | -18.0% |
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 9 October 2026 via checked.be.