GMG Projects: what changed
What changed
GMG Projects
NACE 43.120, Site preparation
filed annual accounts (NBB)
Net result for the year
€73,077
2024 · €38,689+€34,388
Equity
€441,081
2024 · €415,063+€26,018
Cash
€31,595
2024 · €41,150-€9,554
Balance sheet total
€1.0m
2024 · €1.1m-€135,441
Largest movements
Assets
- Tangible fixed assets -€278,424
down €278,424 (-68.7%), from €405,100 to €126,677
of which Land and buildings: -€303,558
- Receivables within one year +€146,699
up €146,699 (+23.1%), from €634,802 to €781,501
of which Trade receivables: +€282,248
Equity and liabilities
- Debts after one year -€213,311
down €213,311 (-91.7%), from €232,525 to €19,214
- Trade debts +€212,196
up €212,196 (+77.4%), from €274,253 to €486,449
- Other debts -€139,187
down €139,187 (-98.9%), from €140,780 to €1,593
- Current portion of long-term debt -€32,733
down €32,733 (-61.4%), from €53,284 to €20,551
- Profit (loss) carried forward +€26,018
up €26,018 (+6.3%), from €412,063 to €438,081
Income statement
- Gross operating margin +€108,232
up €108,232 (+36.2%), from €298,884 to €407,116
- Staff costs +€72,432
up €72,432 (+40.2%), from €180,319 to €252,751
- Depreciation -€15,456
down €15,456 (-26.9%), from €57,543 to €42,087
- Taxes +€14,880
up €14,880 (+122%), from €12,191 to €27,071
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€38,689
Gross operating margin
+€108,232
Staff costs
-€72,432
Depreciation
+€15,456
Other operating charges
-€540
Other operating items
-€824
Financial income
+€626
Financial charges
-€1,251
Taxes
-€14,880
Result 2025
€73,077
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€47,212
Investment
+€236,337
Financing
-€293,103
Cash 2024
€41,150
From operations (derived)
+€47,212
Net result for the year
+€73,077
Depreciation
+€42,087
Stocks and contracts
-€7,650
Receivables within one year
-€146,699
Deferred charges and accrued income
+€1,812
Trade debts
+€212,196
Tax, wage and social debts
+€11,574
Other debts
-€139,187
Accrued charges and deferred income
+€1
Investment (derived)
+€236,337
Investment in fixed assets (net)
+€236,337
Financing
-€293,103
Debts after one year
-€213,311
Current portion of long-term debt
-€32,733
Contributions, distributions and other
-€47,059
Cash 2025
€31,595
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,143,194 | €1,007,753 | -€135,441 | -11.8% |
| Fixed assets | 21/28 | €405,623 | €127,199 | -€278,424 | -68.6% |
| Tangible fixed assets | 22/27 | €405,100 | €126,677 | -€278,424 | -68.7% |
| Land and buildings | 22 | €303,558 | - | -€303,558 | |
| Plant, machinery and equipment | 23 | €18,825 | €34,979 | +€16,154 | +85.8% |
| Furniture and vehicles | 24 | €64,074 | €65,613 | +€1,539 | +2.4% |
| Other tangible fixed assets | 26 | €18,644 | €26,085 | +€7,441 | +39.9% |
| Financial fixed assets | 28 | €522 | €522 | = | 0.0% |
| Current assets | 29/58 | €737,571 | €880,554 | +€142,982 | +19.4% |
| Stocks and contracts in progress | 3 | €46,875 | €54,525 | +€7,650 | +16.3% |
| Stocks | 30/36 | €46,875 | €54,525 | +€7,650 | +16.3% |
| Amounts receivable within one year | 40/41 | €634,802 | €781,501 | +€146,699 | +23.1% |
| Trade receivables | 40 | €144,753 | €427,001 | +€282,248 | +195% |
| Other amounts receivable | 41 | €490,049 | €354,500 | -€135,549 | -27.7% |
| Cash at bank and in hand | 54/58 | €41,150 | €31,595 | -€9,554 | -23.2% |
| Deferred charges and accrued income | 490/1 | €14,744 | €12,932 | -€1,812 | -12.3% |
| Total equity and liabilities | 10/49 | €1,143,194 | €1,007,753 | -€135,441 | -11.8% |
| Equity | 10/15 | €415,063 | €441,081 | +€26,018 | +6.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €412,063 | €438,081 | +€26,018 | +6.3% |
| Amounts payable | 17/49 | €728,132 | €566,672 | -€161,459 | -22.2% |
| Amounts payable after more than one year | 17 | €232,525 | €19,214 | -€213,311 | -91.7% |
| Financial debts | 170/4 | €232,525 | €19,214 | -€213,311 | -91.7% |
| Amounts payable within one year | 42/48 | €495,541 | €547,392 | +€51,851 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €53,284 | €20,551 | -€32,733 | -61.4% |
| Trade debts | 44 | €274,253 | €486,449 | +€212,196 | +77.4% |
| Suppliers | 440/4 | €274,253 | €486,449 | +€212,196 | +77.4% |
| Taxes, remuneration and social security | 45 | €27,224 | €38,798 | +€11,574 | +42.5% |
| Taxes | 450/3 | €13,122 | €27,071 | +€13,949 | +106% |
| Remuneration and social security | 454/9 | €14,102 | €11,727 | -€2,375 | -16.8% |
| Other amounts payable | 47/48 | €140,780 | €1,593 | -€139,187 | -98.9% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Non-recurring operating income | 76A | €17,300 | €274,107 | +€256,807 | +1,484% |
| Remuneration, social security and pensions | 62 | €180,319 | €252,751 | +€72,432 | +40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,543 | €42,087 | -€15,456 | -26.9% |
| Other operating charges | 640/8 | €4,560 | €5,099 | +€540 | +11.8% |
| Non-recurring operating charges | 66A | €174 | €997 | +€824 | +475% |
| Gross operating margin | 9900 | €298,884 | €407,116 | +€108,232 | +36.2% |
| Operating profit (loss) | 9901 | €56,290 | €106,183 | +€49,893 | +88.6% |
| Financial income | 75/76B | €2,184 | €2,810 | +€626 | +28.7% |
| Recurring financial income | 75 | €2,184 | €2,810 | +€626 | +28.7% |
| Financial charges | 65/66B | €7,593 | €8,844 | +€1,251 | +16.5% |
| Recurring financial charges | 65 | €7,593 | €8,844 | +€1,251 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €50,880 | €100,148 | +€49,268 | +96.8% |
| Income taxes | 67/77 | €12,191 | €27,071 | +€14,880 | +122% |
| Profit (loss) for the period | 9904 | €38,689 | €73,077 | +€34,388 | +88.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,689 | €73,077 | +€34,388 | +88.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.