GMGMT: 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.
GMGMT
Largest movements
- Tangible fixed assets -€43,666
down €43,666 (-5.3%), from €823,618 to €779,952
of which Land and buildings: -€44,225
- Deferred charges and accrued income +€42,000
new in 2025: €42,000
- Receivables within one year -€34,909
down €34,909 (-39.3%), from €88,819 to €53,910
of which Trade receivables: -€38,374
- Debts after one year -€56,133
down €56,133 (-11.3%), from €498,507 to €442,374
- Other debts +€22,233
up €22,233 (+34.8%), from €63,878 to €86,110
- Current portion of long-term debt +€17,548
up €17,548 (+45.5%), from €38,586 to €56,133
- Trade debts -€14,588
down €14,588 (-72.0%), from €20,270 to €5,682
- Tax, wage and social debts -€11,975
down €11,975 (-43.3%), from €27,666 to €15,691
of which Remuneration and social security: -€11,819
- Staff costs -€19,783
down €19,783 (-23.8%), from €82,971 to €63,188
- Gross operating margin -€19,147
down €19,147 (-12.5%), from €153,011 to €133,864
- Depreciation +€5,682
up €5,682 (+13.6%), from €41,719 to €47,401
- Financial charges -€3,312
down €3,312 (-23.1%), from €14,348 to €11,036
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 | €927,707 | €887,650 | -€40,057 | -4.3% |
| Fixed assets | 21/28 | €823,618 | €779,952 | -€43,666 | -5.3% |
| Tangible fixed assets | 22/27 | €823,618 | €779,952 | -€43,666 | -5.3% |
| Land and buildings | 22 | €816,259 | €772,034 | -€44,225 | -5.4% |
| Plant, machinery and equipment | 23 | €5,496 | €3,327 | -€2,169 | -39.5% |
| Furniture and vehicles | 24 | €1,864 | €4,592 | +€2,728 | +146% |
| Current assets | 29/58 | €104,089 | €107,698 | +€3,609 | +3.5% |
| Amounts receivable within one year | 40/41 | €88,819 | €53,910 | -€34,909 | -39.3% |
| Trade receivables | 40 | €87,588 | €49,214 | -€38,374 | -43.8% |
| Other amounts receivable | 41 | €1,231 | €4,696 | +€3,465 | +281% |
| Cash at bank and in hand | 54/58 | €15,270 | €11,788 | -€3,482 | -22.8% |
| Deferred charges and accrued income | 490/1 | - | €42,000 | +€42,000 | |
| Total equity and liabilities | 10/49 | €927,707 | €887,650 | -€40,057 | -4.3% |
| Equity | 10/15 | €274,930 | €280,565 | +€5,635 | +2.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €245,000 | €250,635 | +€5,635 | +2.3% |
| Distributable reserves | 133 | €245,000 | €250,635 | +€5,635 | +2.3% |
| Profit (loss) carried forward | 14 | €11,379 | €11,379 | = | 0.0% |
| Amounts payable | 17/49 | €652,777 | €607,085 | -€45,692 | -7.0% |
| Amounts payable after more than one year | 17 | €498,507 | €442,374 | -€56,133 | -11.3% |
| Financial debts | 170/4 | €498,507 | €442,374 | -€56,133 | -11.3% |
| Amounts payable within one year | 42/48 | €150,399 | €164,265 | +€13,866 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €38,586 | €56,133 | +€17,548 | +45.5% |
| Financial debts | 43 | - | €649 | +€649 | |
| Credit institutions | 430/8 | - | €649 | +€649 | |
| Trade debts | 44 | €20,270 | €5,682 | -€14,588 | -72.0% |
| Suppliers | 440/4 | €20,270 | €5,682 | -€14,588 | -72.0% |
| Taxes, remuneration and social security | 45 | €27,666 | €15,691 | -€11,975 | -43.3% |
| Taxes | 450/3 | €3,490 | €3,334 | -€156 | -4.5% |
| Remuneration and social security | 454/9 | €24,176 | €12,358 | -€11,819 | -48.9% |
| Other amounts payable | 47/48 | €63,878 | €86,110 | +€22,233 | +34.8% |
| Accrued charges and deferred income | 492/3 | €3,871 | €446 | -€3,425 | -88.5% |
| Remuneration, social security and pensions | 62 | €82,971 | €63,188 | -€19,783 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,719 | €47,401 | +€5,682 | +13.6% |
| Other operating charges | 640/8 | €4,724 | €3,611 | -€1,112 | -23.5% |
| Gross operating margin | 9900 | €153,011 | €133,864 | -€19,147 | -12.5% |
| Operating profit (loss) | 9901 | €23,597 | €19,664 | -€3,933 | -16.7% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €14,348 | €11,036 | -€3,312 | -23.1% |
| Recurring financial charges | 65 | €14,348 | €11,036 | -€3,312 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €9,249 | €8,628 | -€621 | -6.7% |
| Income taxes | 67/77 | €1,992 | €2,993 | +€1,000 | +50.2% |
| Profit (loss) for the period | 9904 | €7,257 | €5,635 | -€1,622 | -22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,257 | €5,635 | -€1,622 | -22.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.