GMM: 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.
GMM
Largest movements
- Receivables within one year -€66,230
down €66,230 (-63.4%), from €104,458 to €38,227
of which Other amounts receivable: -€65,868
- Cash +€60,047
up €60,047 (+31.7%), from €189,371 to €249,418
mainly Receivables within one year (+€66,230) and Current investments (+€20,000)
- Current investments -€20,000
down €20,000 (-14.5%), from €138,079 to €118,079
- Other debts -€16,961
down €16,961 (-37.5%), from €45,214 to €28,253
- Reserves -€9,077
down €9,077 (-2.3%), from €397,217 to €388,141
of which Distributable reserves: -€9,077
- Gross operating margin -€33,723
down €33,723 (-59.1%), from €57,056 to €23,333
- Taxes -€8,151
down €8,151 (-49.6%), from €16,418 to €8,268
- Depreciation -€2,961
down €2,961 (-93.6%), from €3,164 to €203
- Financial income +€1,806
up €1,806 (+41.7%), from €4,331 to €6,137
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 | €459,314 | €432,928 | -€26,386 | -5.7% |
| Fixed assets | 21/28 | €27,406 | €27,203 | -€203 | -0.7% |
| Tangible fixed assets | 22/27 | €406 | €203 | -€203 | -50.0% |
| Plant, machinery and equipment | 23 | €406 | €203 | -€203 | -50.0% |
| Financial fixed assets | 28 | €27,000 | €27,000 | = | 0.0% |
| Current assets | 29/58 | €431,908 | €405,724 | -€26,183 | -6.1% |
| Amounts receivable within one year | 40/41 | €104,458 | €38,227 | -€66,230 | -63.4% |
| Trade receivables | 40 | €15,636 | €15,273 | -€362 | -2.3% |
| Other amounts receivable | 41 | €88,822 | €22,954 | -€65,868 | -74.2% |
| Current investments | 50/53 | €138,079 | €118,079 | -€20,000 | -14.5% |
| Cash at bank and in hand | 54/58 | €189,371 | €249,418 | +€60,047 | +31.7% |
| Total equity and liabilities | 10/49 | €459,314 | €432,928 | -€26,386 | -5.7% |
| Equity | 10/15 | €403,717 | €394,641 | -€9,077 | -2.2% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €397,217 | €388,141 | -€9,077 | -2.3% |
| Non-distributable reserves | 130/1 | €1,950 | €1,950 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,950 | €1,950 | = | 0.0% |
| Distributable reserves | 133 | €395,267 | €386,191 | -€9,077 | -2.3% |
| Amounts payable | 17/49 | €55,597 | €38,287 | -€17,309 | -31.1% |
| Amounts payable within one year | 42/48 | €55,597 | €38,287 | -€17,309 | -31.1% |
| Trade debts | 44 | €2,745 | €2,644 | -€101 | -3.7% |
| Suppliers | 440/4 | €2,745 | €2,644 | -€101 | -3.7% |
| Taxes, remuneration and social security | 45 | €7,638 | €7,390 | -€247 | -3.2% |
| Taxes | 450/3 | €7,638 | €7,390 | -€247 | -3.2% |
| Other amounts payable | 47/48 | €45,214 | €28,253 | -€16,961 | -37.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,164 | €203 | -€2,961 | -93.6% |
| Other operating charges | 640/8 | €1,204 | €947 | -€258 | -21.4% |
| Gross operating margin | 9900 | €57,056 | €23,333 | -€33,723 | -59.1% |
| Operating profit (loss) | 9901 | €52,687 | €22,183 | -€30,505 | -57.9% |
| Financial income | 75/76B | €4,331 | €6,137 | +€1,806 | +41.7% |
| Recurring financial income | 75 | €4,331 | €6,137 | +€1,806 | +41.7% |
| Financial charges | 65/66B | €1,130 | €1,020 | -€110 | -9.7% |
| Recurring financial charges | 65 | €1,130 | €1,020 | -€110 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €55,888 | €27,300 | -€28,588 | -51.2% |
| Income taxes | 67/77 | €16,418 | €8,268 | -€8,151 | -49.6% |
| Profit (loss) for the period | 9904 | €39,470 | €19,032 | -€20,437 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,470 | €19,032 | -€20,437 | -51.8% |
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 31 October 2026 via checked.be.