GMG Reconstruct: 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.
GMG Reconstruct
Largest movements
- Stocks and contracts -€170,005
down €170,005 (-6.7%), from €2.5m to €2.4m
- Cash -€163,082
down €163,082 (-46.4%), from €351,619 to €188,537
mainly Other debts (-€387,843) and Debts after one year (-€337,697)
- Tangible fixed assets -€74,169
down €74,169 (-5.3%), from €1.4m to €1.3m
of which Land and buildings: -€67,278
- Receivables within one year +€50,894
up €50,894 (+28.7%), from €177,167 to €228,061
of which Trade receivables: +€53,640
- Other debts -€387,843
down €387,843 (-44.5%), from €871,561 to €483,717
- Debts after one year -€337,697
down €337,697 (-12.9%), from €2.6m to €2.3m
- Profit (loss) carried forward +€221,583
up €221,583 (+38.0%), from €583,465 to €805,047
- Trade debts +€168,439
up €168,439 (+859.5%), from €19,596 to €188,035
- Gross operating margin -€242,575
down €242,575 (-31.9%), from €760,355 to €517,780
- Financial charges -€78,599
down €78,599 (-38.3%), from €205,205 to €126,606
- Depreciation -€18,743
down €18,743 (-20.2%), from €92,912 to €74,169
- Taxes -€11,957
down €11,957 (-12.9%), from €92,855 to €80,898
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 | €4,462,999 | €4,107,588 | -€355,411 | -8.0% |
| Fixed assets | 21/28 | €1,407,904 | €1,333,735 | -€74,169 | -5.3% |
| Tangible fixed assets | 22/27 | €1,407,904 | €1,333,735 | -€74,169 | -5.3% |
| Land and buildings | 22 | €1,383,225 | €1,315,946 | -€67,278 | -4.9% |
| Plant, machinery and equipment | 23 | €24,679 | €17,789 | -€6,890 | -27.9% |
| Current assets | 29/58 | €3,055,095 | €2,773,853 | -€281,243 | -9.2% |
| Stocks and contracts in progress | 3 | €2,524,041 | €2,354,035 | -€170,005 | -6.7% |
| Stocks | 30/36 | €2,524,041 | €2,354,035 | -€170,005 | -6.7% |
| Amounts receivable within one year | 40/41 | €177,167 | €228,061 | +€50,894 | +28.7% |
| Trade receivables | 40 | €169,350 | €222,990 | +€53,640 | +31.7% |
| Other amounts receivable | 41 | €7,816 | €5,070 | -€2,746 | -35.1% |
| Cash at bank and in hand | 54/58 | €351,619 | €188,537 | -€163,082 | -46.4% |
| Deferred charges and accrued income | 490/1 | €2,269 | €3,220 | +€951 | +41.9% |
| Total equity and liabilities | 10/49 | €4,462,999 | €4,107,588 | -€355,411 | -8.0% |
| Equity | 10/15 | €682,465 | €904,047 | +€221,583 | +32.5% |
| Contributions | 10/11 | €99,000 | €99,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €583,465 | €805,047 | +€221,583 | +38.0% |
| Amounts payable | 17/49 | €3,780,535 | €3,203,541 | -€576,994 | -15.3% |
| Amounts payable after more than one year | 17 | €2,609,658 | €2,271,962 | -€337,697 | -12.9% |
| Financial debts | 170/4 | €2,609,658 | €2,271,962 | -€337,697 | -12.9% |
| Amounts payable within one year | 42/48 | €1,156,375 | €919,677 | -€236,698 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €67,807 | €70,697 | +€2,890 | +4.3% |
| Trade debts | 44 | €19,596 | €188,035 | +€168,439 | +859.5% |
| Suppliers | 440/4 | €19,596 | €188,035 | +€168,439 | +859.5% |
| Taxes, remuneration and social security | 45 | €197,411 | €177,227 | -€20,184 | -10.2% |
| Taxes | 450/3 | €197,411 | €177,227 | -€20,184 | -10.2% |
| Other amounts payable | 47/48 | €871,561 | €483,717 | -€387,843 | -44.5% |
| Accrued charges and deferred income | 492/3 | €14,501 | €11,903 | -€2,599 | -17.9% |
| Non-recurring operating income | 76A | €19,828 | €9,570 | -€10,258 | -51.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,912 | €74,169 | -€18,743 | -20.2% |
| Other operating charges | 640/8 | €7,955 | €14,525 | +€6,570 | +82.6% |
| Non-recurring operating charges | 66A | €5,000 | - | -€5,000 | |
| Gross operating margin | 9900 | €760,355 | €517,780 | -€242,575 | -31.9% |
| Operating profit (loss) | 9901 | €654,489 | €429,087 | -€225,402 | -34.4% |
| Financial income | 75/76B | €62 | €0 | -€62 | -100.0% |
| Recurring financial income | 75 | €62 | €0 | -€62 | -100.0% |
| Financial charges | 65/66B | €205,205 | €126,606 | -€78,599 | -38.3% |
| Recurring financial charges | 65 | €205,205 | €126,606 | -€78,599 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | €449,346 | €302,481 | -€146,865 | -32.7% |
| Income taxes | 67/77 | €92,855 | €80,898 | -€11,957 | -12.9% |
| Profit (loss) for the period | 9904 | €356,491 | €221,583 | -€134,908 | -37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €356,491 | €221,583 | -€134,908 | -37.8% |
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 3 October 2026 via checked.be.