GMD: 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.
GMD
Largest movements
- Tangible fixed assets +€3.1m
up €3.1m (+59.7%), from €5.2m to €8.3m
- Debts after one year +€2.9m
up €2.9m (+54.2%), from €5.4m to €8.2m
- Profit (loss) carried forward +€233,357
up €233,357 (+21.8%), from -€1.1m to -€838,555
- Gross operating margin +€607,179
up €607,179 (+488.2%), from €124,376 to €731,555
- Depreciation +€191,991
up €191,991 (+89.4%), from €214,821 to €406,811
- Financial charges +€27,577
up €27,577 (+52.4%), from €52,661 to €80,238
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 | €5,352,808 | €8,457,830 | +€3.1m | +58.0% |
| Fixed assets | 21/28 | €5,263,428 | €8,326,220 | +€3.1m | +58.2% |
| Tangible fixed assets | 22/27 | €5,213,032 | €8,326,220 | +€3.1m | +59.7% |
| Land and buildings | 22 | €5,213,032 | €8,326,220 | +€3.1m | +59.7% |
| Financial fixed assets | 28 | €50,396 | - | -€50,396 | |
| Current assets | 29/58 | €89,381 | €131,611 | +€42,230 | +47.2% |
| Amounts receivable within one year | 40/41 | €79,203 | €87,813 | +€8,611 | +10.9% |
| Trade receivables | 40 | - | €8,596 | +€8,596 | |
| Other amounts receivable | 41 | €79,203 | €79,217 | +€14 | 0.0% |
| Cash at bank and in hand | 54/58 | €8,281 | €41,342 | +€33,061 | +399.2% |
| Deferred charges and accrued income | 490/1 | €1,897 | €2,455 | +€558 | +29.4% |
| Total equity and liabilities | 10/49 | €5,352,808 | €8,457,830 | +€3.1m | +58.0% |
| Equity | 10/15 | -€175,912 | €57,445 | +€233,357 | |
| Contributions | 10/11 | €896,000 | €896,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,071,912 | -€838,555 | +€233,357 | +21.8% |
| Amounts payable | 17/49 | €5,528,720 | €8,400,385 | +€2.9m | +51.9% |
| Amounts payable after more than one year | 17 | €5,350,000 | €8,248,000 | +€2.9m | +54.2% |
| Other amounts payable | 178/9 | €5,350,000 | €8,248,000 | +€2.9m | +54.2% |
| Amounts payable within one year | 42/48 | €178,720 | €152,385 | -€26,335 | -14.7% |
| Trade debts | 44 | €58,467 | €11,951 | -€46,516 | -79.6% |
| Suppliers | 440/4 | €58,467 | €11,951 | -€46,516 | -79.6% |
| Taxes, remuneration and social security | 45 | €6,262 | €583 | -€5,679 | -90.7% |
| Taxes | 450/3 | €6,262 | €583 | -€5,679 | -90.7% |
| Other amounts payable | 47/48 | €113,991 | €139,851 | +€25,860 | +22.7% |
| Non-recurring operating income | 76A | €72,081 | €37,557 | -€34,523 | -47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,821 | €406,811 | +€191,991 | +89.4% |
| Other operating charges | 640/8 | €10,747 | €11,946 | +€1,200 | +11.2% |
| Gross operating margin | 9900 | €124,376 | €731,555 | +€607,179 | +488.2% |
| Operating profit (loss) | 9901 | -€101,191 | €312,798 | +€413,989 | |
| Financial income | 75/76B | €3,623 | €797 | -€2,826 | -78.0% |
| Recurring financial income | 75 | €3,623 | €797 | -€2,826 | -78.0% |
| Financial charges | 65/66B | €52,661 | €80,238 | +€27,577 | +52.4% |
| Recurring financial charges | 65 | €52,661 | €80,238 | +€27,577 | +52.4% |
| Profit (loss) for the period before taxes | 9903 | -€150,229 | €233,357 | +€383,586 | |
| Profit (loss) for the period | 9904 | -€150,229 | €233,357 | +€383,586 | |
| Profit (loss) for the period to be appropriated | 9905 | -€150,229 | €233,357 | +€383,586 |
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 4 October 2026 via checked.be.