GMH Build: 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.
GMH Build
Largest movements
- Tangible fixed assets +€44,897
up €44,897 (+186%), from €24,108 to €69,005
of which Furniture and vehicles: +€35,421
- Cash +€35,744
up €35,744 (+559%), from €6,396 to €42,140
mainly Trade debts (+€57,858) and Net result for the year (+€21,871)
- Financial fixed assets +€9,000
up €9,000 (+991%), from €908 to €9,908
- Receivables within one year -€6,055
down €6,055 (-4.3%), from €141,506 to €135,451
of which Trade receivables: -€20,592
- Trade debts +€57,858
up €57,858 (+35.1%), from €164,950 to €222,808
- Profit (loss) carried forward +€21,871
up €21,871, from -€10,349 to €11,522
- Tax, wage and social debts +€3,124
up €3,124 (+16.5%), from €18,976 to €22,100
of which Remuneration and social security: +€2,581
- Gross operating margin +€111,460
up €111,460 (+398%), from €28,039 to €139,499
- Staff costs +€55,103
up €55,103 (+139%), from €39,586 to €94,689
- Depreciation +€13,744
up €13,744 (+342%), from €4,023 to €17,767
- Taxes +€2,655
new in 2025: €2,655
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 | €173,677 | €256,530 | +€82,853 | +47.7% |
| Fixed assets | 21/28 | €25,016 | €78,913 | +€53,897 | +215% |
| Tangible fixed assets | 22/27 | €24,108 | €69,005 | +€44,897 | +186% |
| Plant, machinery and equipment | 23 | €2,555 | €12,031 | +€9,476 | +371% |
| Furniture and vehicles | 24 | €21,553 | €56,974 | +€35,421 | +164% |
| Financial fixed assets | 28 | €908 | €9,908 | +€9,000 | +991% |
| Current assets | 29/58 | €148,661 | €177,617 | +€28,956 | +19.5% |
| Amounts receivable within one year | 40/41 | €141,506 | €135,451 | -€6,055 | -4.3% |
| Trade receivables | 40 | €111,551 | €90,959 | -€20,592 | -18.5% |
| Other amounts receivable | 41 | €29,955 | €44,492 | +€14,537 | +48.5% |
| Cash at bank and in hand | 54/58 | €6,396 | €42,140 | +€35,744 | +559% |
| Deferred charges and accrued income | 490/1 | €759 | €26 | -€733 | -96.6% |
| Total equity and liabilities | 10/49 | €173,677 | €256,530 | +€82,853 | +47.7% |
| Equity | 10/15 | -€10,249 | €11,622 | +€21,871 | |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,349 | €11,522 | +€21,871 | |
| Amounts payable | 17/49 | €183,926 | €244,908 | +€60,982 | +33.2% |
| Amounts payable within one year | 42/48 | €183,926 | €244,908 | +€60,982 | +33.2% |
| Trade debts | 44 | €164,950 | €222,808 | +€57,858 | +35.1% |
| Suppliers | 440/4 | €164,950 | €222,808 | +€57,858 | +35.1% |
| Taxes, remuneration and social security | 45 | €18,976 | €22,100 | +€3,124 | +16.5% |
| Taxes | 450/3 | €3,341 | €3,884 | +€543 | +16.3% |
| Remuneration and social security | 454/9 | €15,635 | €18,216 | +€2,581 | +16.5% |
| Remuneration, social security and pensions | 62 | €39,586 | €94,689 | +€55,103 | +139% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,023 | €17,767 | +€13,744 | +342% |
| Other operating charges | 640/8 | €1,315 | €1,441 | +€126 | +9.6% |
| Gross operating margin | 9900 | €28,039 | €139,499 | +€111,460 | +398% |
| Operating profit (loss) | 9901 | -€16,885 | €25,602 | +€42,487 | |
| Financial income | 75/76B | €23 | €274 | +€251 | +1,091% |
| Recurring financial income | 75 | €23 | €274 | +€251 | +1,091% |
| Financial charges | 65/66B | €323 | €1,350 | +€1,027 | +318% |
| Recurring financial charges | 65 | €323 | €1,350 | +€1,027 | +318% |
| Profit (loss) for the period before taxes | 9903 | -€17,185 | €24,526 | +€41,711 | |
| Income taxes | 67/77 | - | €2,655 | +€2,655 | |
| Profit (loss) for the period | 9904 | -€17,185 | €21,871 | +€39,056 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,185 | €21,871 | +€39,056 |
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 27 October 2026 via checked.be.