GMN Management: what changed
GMN Management
Largest movements
- Tangible fixed assets +€221,309
up €221,309 (+13,211%), from €1,675 to €222,984
of which Land and buildings: +€221,087
- Financial fixed assets +€55,352
new in 2025: €55,352
- Cash +€33,970
up €33,970 (+106%), from €32,035 to €66,005
mainly Debts after one year (+€208,399) and Net result for the year (+€53,787)
- Receivables within one year -€22,110
down €22,110 (-17.6%), from €125,619 to €103,509
of which Trade receivables: -€39,161
- Debts after one year +€208,399
new in 2025: €208,399
- Reserves +€50,000
up €50,000 (+50.0%), from €100,000 to €150,000
- Tax, wage and social debts +€18,258
up €18,258 (+34.1%), from €53,601 to €71,860
- Current portion of long-term debt +€10,101
new in 2025: €10,101
- Gross operating margin -€68,642
down €68,642 (-46.0%), from €149,196 to €80,553
- Taxes -€21,426
down €21,426 (-49.5%), from €43,257 to €21,832
- Depreciation +€2,343
up €2,343 (+589%), from €398 to €2,741
- Other operating charges +€1,868
up €1,868 (+482%), from €387 to €2,255
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €159,329 | €449,850 | +€290,521 | +182% |
| Fixed assets | 21/28 | €1,675 | €278,336 | +€276,661 | +16,516% |
| Tangible fixed assets | 22/27 | €1,675 | €222,984 | +€221,309 | +13,211% |
| Land and buildings | 22 | - | €221,087 | +€221,087 | |
| Plant, machinery and equipment | 23 | €1,675 | €1,897 | +€222 | +13.2% |
| Financial fixed assets | 28 | - | €55,352 | +€55,352 | |
| Current assets | 29/58 | €157,654 | €171,514 | +€13,860 | +8.8% |
| Amounts receivable within one year | 40/41 | €125,619 | €103,509 | -€22,110 | -17.6% |
| Trade receivables | 40 | €121,787 | €82,625 | -€39,161 | -32.2% |
| Other amounts receivable | 41 | €3,832 | €20,884 | +€17,051 | +445% |
| Current investments | 50/53 | - | €2,000 | +€2,000 | |
| Cash at bank and in hand | 54/58 | €32,035 | €66,005 | +€33,970 | +106% |
| Total equity and liabilities | 10/49 | €159,329 | €449,850 | +€290,521 | +182% |
| Equity | 10/15 | €105,704 | €159,490 | +€53,787 | +50.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Distributable reserves | 133 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Profit (loss) carried forward | 14 | €5,204 | €8,990 | +€3,787 | +72.8% |
| Amounts payable | 17/49 | €53,626 | €290,360 | +€236,734 | +441% |
| Amounts payable after more than one year | 17 | - | €208,399 | +€208,399 | |
| Financial debts | 170/4 | - | €208,399 | +€208,399 | |
| Amounts payable within one year | 42/48 | €53,626 | €81,961 | +€28,335 | +52.8% |
| Current portion of amounts payable after more than one year | 42 | - | €10,101 | +€10,101 | |
| Taxes, remuneration and social security | 45 | €53,601 | €71,860 | +€18,258 | +34.1% |
| Taxes | 450/3 | €53,601 | €71,860 | +€18,258 | +34.1% |
| Other amounts payable | 47/48 | €24 | - | -€24 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €398 | €2,741 | +€2,343 | +589% |
| Other operating charges | 640/8 | €387 | €2,255 | +€1,868 | +482% |
| Gross operating margin | 9900 | €149,196 | €80,553 | -€68,642 | -46.0% |
| Operating profit (loss) | 9901 | €148,411 | €75,557 | -€72,853 | -49.1% |
| Financial income | 75/76B | €194 | €847 | +€653 | +336% |
| Recurring financial income | 75 | €194 | €847 | +€653 | +336% |
| Financial charges | 65/66B | €144 | €786 | +€642 | +446% |
| Recurring financial charges | 65 | €144 | €786 | +€642 | +446% |
| Profit (loss) for the period before taxes | 9903 | €148,461 | €75,619 | -€72,842 | -49.1% |
| Income taxes | 67/77 | €43,257 | €21,832 | -€21,426 | -49.5% |
| Profit (loss) for the period | 9904 | €105,204 | €53,787 | -€51,417 | -48.9% |
| Profit (loss) for the period to be appropriated | 9905 | €105,204 | €53,787 | -€51,417 | -48.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.