GMS INVEST: what changed
GMS INVEST
Largest movements
- Tangible fixed assets -€11,606
down €11,606 (-3.9%), from €296,788 to €285,182
- Cash +€10,298
new in 2025: €10,298
mainly Depreciation (+€11,606) and Other debts (+€9,500)
- Debts after one year -€11,407
down €11,407 (-5.6%), from €203,594 to €192,187
of which Financial debts: -€11,407
- Other debts +€9,500
up €9,500 (+9.4%), from €101,060 to €110,560
- Gross operating margin +€20,843
up €20,843, from -€4,449 to €16,394
- Other operating charges +€1,169
new in 2025: €1,169
- Financial charges -€218
down €218 (-4.0%), from €5,424 to €5,207
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 | €299,594 | €295,480 | -€4,114 | -1.4% |
| Fixed assets | 21/28 | €296,788 | €285,182 | -€11,606 | -3.9% |
| Tangible fixed assets | 22/27 | €296,788 | €285,182 | -€11,606 | -3.9% |
| Land and buildings | 22 | €296,788 | €285,182 | -€11,606 | -3.9% |
| Current assets | 29/58 | €2,806 | €10,298 | +€7,492 | +267% |
| Amounts receivable within one year | 40/41 | €2,806 | - | -€2,806 | |
| Trade receivables | 40 | €2,806 | - | -€2,806 | |
| Cash at bank and in hand | 54/58 | - | €10,298 | +€10,298 | |
| Total equity and liabilities | 10/49 | €299,594 | €295,480 | -€4,114 | -1.4% |
| Equity | 10/15 | -€17,156 | -€18,743 | -€1,587 | -9.3% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,156 | -€63,743 | -€1,587 | -2.6% |
| Amounts payable | 17/49 | €316,750 | €314,223 | -€2,527 | -0.8% |
| Amounts payable after more than one year | 17 | €203,594 | €192,187 | -€11,407 | -5.6% |
| Financial debts | 170/4 | €197,894 | €186,487 | -€11,407 | -5.8% |
| Other amounts payable | 178/9 | €5,700 | €5,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €113,156 | €122,036 | +€8,880 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €12,027 | €11,407 | -€620 | -5.2% |
| Financial debts | 43 | €70 | €70 | = | 0.0% |
| Credit institutions | 430/8 | €70 | €70 | = | 0.0% |
| Other amounts payable | 47/48 | €101,060 | €110,560 | +€9,500 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,594 | €11,606 | +€12 | +0.1% |
| Other operating charges | 640/8 | - | €1,169 | +€1,169 | |
| Gross operating margin | 9900 | -€4,449 | €16,394 | +€20,843 | |
| Operating profit (loss) | 9901 | -€16,043 | €3,620 | +€19,663 | |
| Financial charges | 65/66B | €5,424 | €5,207 | -€218 | -4.0% |
| Recurring financial charges | 65 | €5,424 | €5,207 | -€218 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,467 | -€1,587 | +€19,880 | +92.6% |
| Profit (loss) for the period | 9904 | -€21,467 | -€1,587 | +€19,880 | +92.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,467 | -€1,587 | +€19,880 | +92.6% |
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 7 November 2026 via checked.be.