GMN CONSTRUCT: 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.
GMN CONSTRUCT
Largest movements
- Receivables within one year +€21,989
up €21,989 (+126.6%), from €17,375 to €39,364
of which Trade receivables: +€22,491
- Cash -€1,948
down €1,948 (-50.9%), from €3,829 to €1,882
mainly Receivables within one year (-€21,989)
- Tangible fixed assets -€870
down €870 (-36.4%), from €2,390 to €1,521
- Trade debts +€11,559
up €11,559, from €0 to €11,559
- Profit (loss) carried forward +€3,900
up €3,900 (+36.2%), from €10,782 to €14,682
- Other debts +€3,540
up €3,540 (+83.9%), from €4,218 to €7,758
- Gross operating margin -€2,290
down €2,290 (-24.1%), from €9,508 to €7,219
- Taxes -€795
down €795 (-34.8%), from €2,281 to €1,486
- Other operating charges +€713
new in 2025: €713
- Depreciation +€651
up €651 (+297.8%), from €219 to €870
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 | €23,595 | €42,766 | +€19,172 | +81.3% |
| Fixed assets | 21/28 | €2,390 | €1,521 | -€870 | -36.4% |
| Tangible fixed assets | 22/27 | €2,390 | €1,521 | -€870 | -36.4% |
| Furniture and vehicles | 24 | €2,390 | €1,521 | -€870 | -36.4% |
| Current assets | 29/58 | €21,204 | €41,246 | +€20,041 | +94.5% |
| Amounts receivable within one year | 40/41 | €17,375 | €39,364 | +€21,989 | +126.6% |
| Trade receivables | 40 | €16,851 | €39,342 | +€22,491 | +133.5% |
| Other amounts receivable | 41 | €524 | €22 | -€502 | -95.9% |
| Cash at bank and in hand | 54/58 | €3,829 | €1,882 | -€1,948 | -50.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €23,595 | €42,766 | +€19,172 | +81.3% |
| Equity | 10/15 | €15,782 | €19,682 | +€3,900 | +24.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,782 | €14,682 | +€3,900 | +36.2% |
| Amounts payable | 17/49 | €7,812 | €23,084 | +€15,272 | +195.5% |
| Amounts payable within one year | 42/48 | €7,812 | €23,084 | +€15,272 | +195.5% |
| Trade debts | 44 | €0 | €11,559 | +€11,559 | |
| Suppliers | 440/4 | €0 | €11,559 | +€11,559 | |
| Taxes, remuneration and social security | 45 | €3,594 | €3,767 | +€173 | +4.8% |
| Taxes | 450/3 | €3,594 | €3,767 | +€173 | +4.8% |
| Other amounts payable | 47/48 | €4,218 | €7,758 | +€3,540 | +83.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €219 | €870 | +€651 | +297.8% |
| Other operating charges | 640/8 | - | €713 | +€713 | |
| Gross operating margin | 9900 | €9,508 | €7,219 | -€2,290 | -24.1% |
| Operating profit (loss) | 9901 | €9,290 | €5,637 | -€3,653 | -39.3% |
| Financial charges | 65/66B | €166 | €251 | +€85 | +50.8% |
| Recurring financial charges | 65 | €166 | €251 | +€85 | +50.8% |
| Profit (loss) for the period before taxes | 9903 | €9,123 | €5,386 | -€3,738 | -41.0% |
| Income taxes | 67/77 | €2,281 | €1,486 | -€795 | -34.8% |
| Profit (loss) for the period | 9904 | €6,843 | €3,900 | -€2,943 | -43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,843 | €3,900 | -€2,943 | -43.0% |
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 1 October 2026 via checked.be.