GMFC: 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.
GMFC
Largest movements
- Receivables within one year +€55,732
up €55,732 (+394.1%), from €14,141 to €69,872
of which Trade receivables: +€57,470
- Cash +€31,634
up €31,634 (+40.8%), from €77,612 to €109,247
mainly Net result for the year (+€55,928) and Tax, wage and social debts (+€16,868)
- Tangible fixed assets +€4,040
up €4,040 (+21.8%), from €18,533 to €22,573
- Profit (loss) carried forward +€55,928
up €55,928 (+118.6%), from €47,161 to €103,089
- Tax, wage and social debts +€16,868
up €16,868 (+57.4%), from €29,370 to €46,238
- Trade debts +€16,518
up €16,518 (+101.7%), from €16,244 to €32,762
- Current portion of long-term debt +€8,018
new in 2025: €8,018
- Debts after one year -€4,603
down €4,603 (-27.8%), from €16,563 to €11,960
- Gross operating margin +€53,572
up €53,572 (+416.1%), from €12,873 to €66,445
- Depreciation +€3,009
up €3,009 (+40.1%), from €7,507 to €10,517
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 | €110,379 | €202,068 | +€91,689 | +83.1% |
| Fixed assets | 21/28 | €18,533 | €22,573 | +€4,040 | +21.8% |
| Tangible fixed assets | 22/27 | €18,533 | €22,573 | +€4,040 | +21.8% |
| Plant, machinery and equipment | 23 | €18,533 | €22,573 | +€4,040 | +21.8% |
| Current assets | 29/58 | €91,846 | €179,495 | +€87,650 | +95.4% |
| Amounts receivable after more than one year | 29 | €93 | €376 | +€284 | +306.3% |
| Other amounts receivable | 291 | €93 | €376 | +€284 | +306.3% |
| Amounts receivable within one year | 40/41 | €14,141 | €69,872 | +€55,732 | +394.1% |
| Trade receivables | 40 | €12,402 | €69,872 | +€57,470 | +463.4% |
| Other amounts receivable | 41 | €1,738 | - | -€1,738 | |
| Cash at bank and in hand | 54/58 | €77,612 | €109,247 | +€31,634 | +40.8% |
| Total equity and liabilities | 10/49 | €110,379 | €202,068 | +€91,689 | +83.1% |
| Equity | 10/15 | €47,161 | €103,089 | +€55,928 | +118.6% |
| Profit (loss) carried forward | 14 | €47,161 | €103,089 | +€55,928 | +118.6% |
| Amounts payable | 17/49 | €63,217 | €98,979 | +€35,761 | +56.6% |
| Amounts payable after more than one year | 17 | €16,563 | €11,960 | -€4,603 | -27.8% |
| Financial debts | 170/4 | €16,563 | €11,960 | -€4,603 | -27.8% |
| Amounts payable within one year | 42/48 | €46,655 | €87,019 | +€40,364 | +86.5% |
| Current portion of amounts payable after more than one year | 42 | - | €8,018 | +€8,018 | |
| Trade debts | 44 | €16,244 | €32,762 | +€16,518 | +101.7% |
| Suppliers | 440/4 | €16,244 | €32,762 | +€16,518 | +101.7% |
| Taxes, remuneration and social security | 45 | €29,370 | €46,238 | +€16,868 | +57.4% |
| Taxes | 450/3 | €29,370 | €46,238 | +€16,868 | +57.4% |
| Other amounts payable | 47/48 | €1,040 | - | -€1,040 | |
| Non-recurring operating income | 76A | - | €16,116 | +€16,116 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,507 | €10,517 | +€3,009 | +40.1% |
| Gross operating margin | 9900 | €12,873 | €66,445 | +€53,572 | +416.1% |
| Operating profit (loss) | 9901 | €5,366 | €55,928 | +€50,562 | +942.3% |
| Profit (loss) for the period before taxes | 9903 | €5,366 | €55,928 | +€50,562 | +942.3% |
| Profit (loss) for the period | 9904 | €5,366 | €55,928 | +€50,562 | +942.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,366 | €55,928 | +€50,562 | +942.3% |
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 7 October 2026 via checked.be.