GMG Advisory: 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 Advisory
Largest movements
- Receivables within one year +€31,571
up €31,571 (+101%), from €31,396 to €62,967
of which Trade receivables: +€25,859
- Cash +€23,324
up €23,324 (+114%), from €20,473 to €43,797
mainly Net result for the year (+€41,499) and Tax, wage and social debts (+€18,843)
- Tangible fixed assets +€6,756
up €6,756 (+145%), from €4,653 to €11,409
of which Furniture and vehicles: +€5,793
- Current investments +€5,764
new in 2025: €5,764
- Profit (loss) carried forward +€41,499
up €41,499 (+101%), from €41,279 to €82,778
- Tax, wage and social debts +€18,843
up €18,843 (+136%), from €13,814 to €32,657
of which Taxes: +€15,843
- Trade debts +€7,813
up €7,813 (+667%), from €1,172 to €8,985
- Gross operating margin +€3,921
up €3,921 (+7.4%), from €53,056 to €56,977
- Taxes +€2,246
up €2,246 (+20.0%), from €11,220 to €13,466
- Depreciation +€1,071
up €1,071 (+151%), from €711 to €1,782
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 | €58,925 | €126,927 | +€68,003 | +115% |
| Fixed assets | 21/28 | €6,653 | €13,909 | +€7,256 | +109% |
| Tangible fixed assets | 22/27 | €4,653 | €11,409 | +€6,756 | +145% |
| Plant, machinery and equipment | 23 | - | €963 | +€963 | |
| Furniture and vehicles | 24 | €4,653 | €10,446 | +€5,793 | +125% |
| Financial fixed assets | 28 | €2,000 | €2,500 | +€500 | +25.0% |
| Current assets | 29/58 | €52,271 | €113,018 | +€60,747 | +116% |
| Amounts receivable within one year | 40/41 | €31,396 | €62,967 | +€31,571 | +101% |
| Trade receivables | 40 | €29,234 | €55,093 | +€25,859 | +88.5% |
| Other amounts receivable | 41 | €2,162 | €7,874 | +€5,712 | +264% |
| Current investments | 50/53 | - | €5,764 | +€5,764 | |
| Cash at bank and in hand | 54/58 | €20,473 | €43,797 | +€23,324 | +114% |
| Deferred charges and accrued income | 490/1 | €403 | €490 | +€87 | +21.7% |
| Total equity and liabilities | 10/49 | €58,925 | €126,927 | +€68,003 | +115% |
| Equity | 10/15 | €43,779 | €85,278 | +€41,499 | +94.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,279 | €82,778 | +€41,499 | +101% |
| Amounts payable | 17/49 | €15,146 | €41,650 | +€26,504 | +175% |
| Amounts payable within one year | 42/48 | €14,986 | €41,642 | +€26,657 | +178% |
| Trade debts | 44 | €1,172 | €8,985 | +€7,813 | +667% |
| Suppliers | 440/4 | €1,172 | €8,985 | +€7,813 | +667% |
| Taxes, remuneration and social security | 45 | €13,814 | €32,657 | +€18,843 | +136% |
| Taxes | 450/3 | €13,814 | €29,657 | +€15,843 | +115% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Accrued charges and deferred income | 492/3 | €160 | €7 | -€152 | -95.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €711 | €1,782 | +€1,071 | +151% |
| Gross operating margin | 9900 | €53,056 | €56,977 | +€3,921 | +7.4% |
| Operating profit (loss) | 9901 | €52,346 | €55,195 | +€2,850 | +5.4% |
| Financial income | 75/76B | €200 | €65 | -€135 | -67.7% |
| Recurring financial income | 75 | €200 | €65 | -€135 | -67.7% |
| Financial charges | 65/66B | €47 | €295 | +€248 | +532% |
| Recurring financial charges | 65 | €47 | €205 | +€159 | +340% |
| Non-recurring financial charges | 66B | - | €89 | +€89 | |
| Profit (loss) for the period before taxes | 9903 | €52,499 | €54,965 | +€2,466 | +4.7% |
| Income taxes | 67/77 | €11,220 | €13,466 | +€2,246 | +20.0% |
| Profit (loss) for the period | 9904 | €41,279 | €41,499 | +€220 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €41,279 | €41,499 | +€220 | +0.5% |
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 22 October 2026 via checked.be.