GMN Invest: 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.
GMN Invest
Largest movements
- Cash +€24,566
up €24,566 (+53.6%), from €45,812 to €70,379
mainly Net result for the year (+€23,726) and Tax, wage and social debts (+€5,814)
- Receivables within one year +€5,647
up €5,647 (+41.3%), from €13,682 to €19,329
of which Trade receivables: +€5,647
- Reserves +€23,726
up €23,726 (+64.6%), from €36,724 to €60,451
- Tax, wage and social debts +€5,814
up €5,814 (+30.8%), from €18,848 to €24,662
- Other debts +€1,250
up €1,250 (+727%), from €172 to €1,422
- Gross operating margin -€20,479
down €20,479 (-39.0%), from €52,456 to €31,977
- Taxes -€5,225
down €5,225 (-40.9%), from €12,786 to €7,561
- Depreciation -€1,480
no longer reported in 2025 (was €1,480)
- Other operating charges -€782
down €782 (-59.7%), from €1,310 to €528
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 | €59,494 | €90,267 | +€30,772 | +51.7% |
| Current assets | 29/58 | €59,494 | €90,267 | +€30,772 | +51.7% |
| Amounts receivable within one year | 40/41 | €13,682 | €19,329 | +€5,647 | +41.3% |
| Trade receivables | 40 | €13,673 | €19,320 | +€5,647 | +41.3% |
| Other amounts receivable | 41 | €9 | €9 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €45,812 | €70,379 | +€24,566 | +53.6% |
| Deferred charges and accrued income | 490/1 | - | €559 | +€559 | |
| Total equity and liabilities | 10/49 | €59,494 | €90,267 | +€30,772 | +51.7% |
| Equity | 10/15 | €39,724 | €63,451 | +€23,726 | +59.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €36,724 | €60,451 | +€23,726 | +64.6% |
| Distributable reserves | 133 | €36,724 | €60,451 | +€23,726 | +64.6% |
| Amounts payable | 17/49 | €19,770 | €26,816 | +€7,046 | +35.6% |
| Amounts payable within one year | 42/48 | €19,770 | €26,816 | +€7,046 | +35.6% |
| Trade debts | 44 | €750 | €732 | -€18 | -2.4% |
| Suppliers | 440/4 | €750 | €732 | -€18 | -2.4% |
| Taxes, remuneration and social security | 45 | €18,848 | €24,662 | +€5,814 | +30.8% |
| Taxes | 450/3 | €18,848 | €24,662 | +€5,814 | +30.8% |
| Other amounts payable | 47/48 | €172 | €1,422 | +€1,250 | +727% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,480 | - | -€1,480 | |
| Other operating charges | 640/8 | €1,310 | €528 | -€782 | -59.7% |
| Gross operating margin | 9900 | €52,456 | €31,977 | -€20,479 | -39.0% |
| Operating profit (loss) | 9901 | €49,666 | €31,449 | -€18,217 | -36.7% |
| Financial income | 75/76B | €0 | €0 | +€0 | +50.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +50.0% |
| Financial charges | 65/66B | €155 | €162 | +€6 | +4.0% |
| Recurring financial charges | 65 | €155 | €162 | +€6 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €49,511 | €31,288 | -€18,223 | -36.8% |
| Income taxes | 67/77 | €12,786 | €7,561 | -€5,225 | -40.9% |
| Profit (loss) for the period | 9904 | €36,724 | €23,726 | -€12,998 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €36,724 | €23,726 | -€12,998 | -35.4% |
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 1 November 2026 via checked.be.