GMJ GROUP: 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.
GMJ GROUP
Largest movements
- Deferred charges and accrued income +€27,500
new in 2025: €27,500
- Receivables within one year +€27,038
up €27,038 (+23.9%), from €113,331 to €140,369
of which Trade receivables: +€28,428
- Cash -€20,212
down €20,212 (-90.1%), from €22,432 to €2,220
mainly Contributions, distributions and other (-€67,046) and Trade debts (-€33,288)
- Tangible fixed assets -€6,746
down €6,746 (-53.3%), from €12,664 to €5,918
of which Furniture and vehicles: -€6,164
- Stocks and contracts +€3,021
up €3,021 (+78.0%), from €3,875 to €6,896
- Other debts +€70,972
up €70,972 (+340%), from €20,903 to €91,875
- Trade debts -€33,288
down €33,288 (-42.6%), from €78,223 to €44,935
- Reserves -€32,172
no longer reported in 2025 (was €32,172)
- Tax, wage and social debts +€25,083
up €25,083 (+836%), from €3,000 to €28,083
- Profit (loss) carried forward +€13,769
up €13,769 (+1,168%), from €1,179 to €14,948
- Gross operating margin +€21,212
up €21,212 (+42.4%), from €50,043 to €71,255
- Taxes +€10,000
new in 2025: €10,000
- Financial income +€1,928
up €1,928 (+1,530%), from €126 to €2,054
- Depreciation -€806
down €806 (-6.1%), from €13,143 to €12,337
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 | €152,302 | €182,903 | +€30,601 | +20.1% |
| Fixed assets | 21/28 | €12,664 | €5,918 | -€6,746 | -53.3% |
| Tangible fixed assets | 22/27 | €12,664 | €5,918 | -€6,746 | -53.3% |
| Plant, machinery and equipment | 23 | €582 | - | -€582 | |
| Furniture and vehicles | 24 | €12,082 | €5,918 | -€6,164 | -51.0% |
| Current assets | 29/58 | €139,638 | €176,985 | +€37,347 | +26.7% |
| Stocks and contracts in progress | 3 | €3,875 | €6,896 | +€3,021 | +78.0% |
| Stocks | 30/36 | €3,875 | €6,896 | +€3,021 | +78.0% |
| Amounts receivable within one year | 40/41 | €113,331 | €140,369 | +€27,038 | +23.9% |
| Trade receivables | 40 | €111,941 | €140,369 | +€28,428 | +25.4% |
| Other amounts receivable | 41 | €1,390 | - | -€1,390 | |
| Cash at bank and in hand | 54/58 | €22,432 | €2,220 | -€20,212 | -90.1% |
| Deferred charges and accrued income | 490/1 | - | €27,500 | +€27,500 | |
| Total equity and liabilities | 10/49 | €152,302 | €182,903 | +€30,601 | +20.1% |
| Equity | 10/15 | €34,351 | €15,948 | -€18,403 | -53.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €32,172 | - | -€32,172 | |
| Distributable reserves | 133 | €32,172 | - | -€32,172 | |
| Profit (loss) carried forward | 14 | €1,179 | €14,948 | +€13,769 | +1,168% |
| Amounts payable | 17/49 | €117,951 | €166,955 | +€49,004 | +41.5% |
| Amounts payable after more than one year | 17 | €2,062 | - | -€2,062 | |
| Financial debts | 170/4 | €2,062 | - | -€2,062 | |
| Amounts payable within one year | 42/48 | €114,406 | €166,955 | +€52,549 | +45.9% |
| Current portion of amounts payable after more than one year | 42 | €12,280 | €2,062 | -€10,218 | -83.2% |
| Trade debts | 44 | €78,223 | €44,935 | -€33,288 | -42.6% |
| Suppliers | 440/4 | €78,223 | €44,935 | -€33,288 | -42.6% |
| Taxes, remuneration and social security | 45 | €3,000 | €28,083 | +€25,083 | +836% |
| Taxes | 450/3 | €3,000 | €28,083 | +€25,083 | +836% |
| Other amounts payable | 47/48 | €20,903 | €91,875 | +€70,972 | +340% |
| Accrued charges and deferred income | 492/3 | €1,483 | - | -€1,483 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,143 | €12,337 | -€806 | -6.1% |
| Other operating charges | 640/8 | €375 | €892 | +€517 | +138% |
| Non-recurring operating charges | 66A | - | €830 | +€830 | |
| Gross operating margin | 9900 | €50,043 | €71,255 | +€21,212 | +42.4% |
| Operating profit (loss) | 9901 | €36,525 | €57,196 | +€20,671 | +56.6% |
| Financial income | 75/76B | €126 | €2,054 | +€1,928 | +1,530% |
| Recurring financial income | 75 | €126 | €2,054 | +€1,928 | +1,530% |
| Financial charges | 65/66B | €671 | €607 | -€64 | -9.5% |
| Recurring financial charges | 65 | €671 | €607 | -€64 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €35,980 | €58,643 | +€22,663 | +63.0% |
| Income taxes | 67/77 | - | €10,000 | +€10,000 | |
| Profit (loss) for the period | 9904 | €35,980 | €48,643 | +€12,663 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,980 | €48,643 | +€12,663 | +35.2% |
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 15 October 2026 via checked.be.