GMG: 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.
GMG
Largest movements
- Cash +€132,122
up €132,122 (+244%), from €54,087 to €186,209
mainly Net result for the year (+€112,793) and Tax, wage and social debts (+€14,217)
- Tangible fixed assets -€8,399
down €8,399 (-38.2%), from €21,982 to €13,583
of which Furniture and vehicles: -€8,022
- Reserves +€82,603
up €82,603 (+143%), from €57,800 to €140,403
- Tax, wage and social debts +€14,217
up €14,217 (+70.2%), from €20,258 to €34,475
- Contributions +€12,400
up €12,400 (+200%), from €6,200 to €18,600
- Trade debts +€10,209
up €10,209 (+677%), from €1,509 to €11,717
- Other debts +€4,000
new in 2025: €4,000
- Gross operating margin +€78,914
up €78,914 (+103%), from €76,649 to €155,563
- Taxes +€9,652
up €9,652 (+39.4%), from €24,469 to €34,121
- Depreciation +€4,456
up €4,456 (+103%), from €4,311 to €8,766
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 | €85,766 | €209,195 | +€123,429 | +144% |
| Fixed assets | 21/28 | €22,769 | €13,626 | -€9,143 | -40.2% |
| Intangible fixed assets | 21 | €744 | - | -€744 | |
| Tangible fixed assets | 22/27 | €21,982 | €13,583 | -€8,399 | -38.2% |
| Plant, machinery and equipment | 23 | €1,374 | €997 | -€377 | -27.4% |
| Furniture and vehicles | 24 | €20,608 | €12,586 | -€8,022 | -38.9% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €62,997 | €195,569 | +€132,572 | +210% |
| Amounts receivable within one year | 40/41 | €8,652 | €7,976 | -€676 | -7.8% |
| Trade receivables | 40 | €1,182 | €5,497 | +€4,315 | +365% |
| Other amounts receivable | 41 | €7,470 | €2,479 | -€4,991 | -66.8% |
| Cash at bank and in hand | 54/58 | €54,087 | €186,209 | +€132,122 | +244% |
| Deferred charges and accrued income | 490/1 | €259 | €1,385 | +€1,126 | +435% |
| Total equity and liabilities | 10/49 | €85,766 | €209,195 | +€123,429 | +144% |
| Equity | 10/15 | €64,000 | €159,003 | +€95,003 | +148% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €57,800 | €140,403 | +€82,603 | +143% |
| Distributable reserves | 133 | €57,800 | €140,403 | +€82,603 | +143% |
| Amounts payable | 17/49 | €21,766 | €50,192 | +€28,426 | +131% |
| Amounts payable within one year | 42/48 | €21,766 | €50,192 | +€28,426 | +131% |
| Trade debts | 44 | €1,509 | €11,717 | +€10,209 | +677% |
| Suppliers | 440/4 | €1,509 | €11,717 | +€10,209 | +677% |
| Taxes, remuneration and social security | 45 | €20,258 | €34,475 | +€14,217 | +70.2% |
| Taxes | 450/3 | €20,258 | €34,475 | +€14,217 | +70.2% |
| Other amounts payable | 47/48 | - | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,311 | €8,766 | +€4,456 | +103% |
| Non-recurring operating charges | 66A | - | €377 | +€377 | |
| Gross operating margin | 9900 | €76,649 | €155,563 | +€78,914 | +103% |
| Operating profit (loss) | 9901 | €72,338 | €146,420 | +€74,082 | +102% |
| Financial income | 75/76B | €292 | €763 | +€471 | +162% |
| Recurring financial income | 75 | €292 | €763 | +€471 | +162% |
| Financial charges | 65/66B | €480 | €269 | -€211 | -44.0% |
| Recurring financial charges | 65 | €469 | €269 | -€200 | -42.7% |
| Non-recurring financial charges | 66B | €11 | - | -€11 | |
| Profit (loss) for the period before taxes | 9903 | €72,150 | €146,915 | +€74,765 | +104% |
| Income taxes | 67/77 | €24,469 | €34,121 | +€9,652 | +39.4% |
| Profit (loss) for the period | 9904 | €47,681 | €112,793 | +€65,113 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €47,681 | €112,793 | +€65,113 | +137% |
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 15 October 2026 via checked.be.