GMSA4: 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.
GMSA4
Largest movements
- Receivables within one year -€2,664
down €2,664 (-42.0%), from €6,347 to €3,683
- Tangible fixed assets +€1,095
new in 2025: €1,095
- Stocks and contracts -€950
down €950 (-79.4%), from €1,196 to €246
- Deferred charges and accrued income +€635
up €635 (+103%), from €618 to €1,253
- Cash -€595
down €595 (-20.6%), from €2,882 to €2,288
mainly Trade debts (-€2,294) and Investment in fixed assets (net) (-€1,130)
- Trade debts -€2,294
down €2,294 (-94.0%), from €2,441 to €147
- Tax, wage and social debts -€494
down €494 (-58.4%), from €846 to €352
- Profit (loss) carried forward +€310
up €310, from -€305 to €5
- Gross operating margin -€4,424
down €4,424 (-81.5%), from €5,432 to €1,007
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 | €11,043 | €8,564 | -€2,479 | -22.4% |
| Fixed assets | 21/28 | - | €1,095 | +€1,095 | |
| Tangible fixed assets | 22/27 | - | €1,095 | +€1,095 | |
| Furniture and vehicles | 24 | - | €1,095 | +€1,095 | |
| Current assets | 29/58 | €11,043 | €7,469 | -€3,574 | -32.4% |
| Stocks and contracts in progress | 3 | €1,196 | €246 | -€950 | -79.4% |
| Stocks | 30/36 | €1,196 | €246 | -€950 | -79.4% |
| Amounts receivable within one year | 40/41 | €6,347 | €3,683 | -€2,664 | -42.0% |
| Other amounts receivable | 41 | €6,347 | €3,683 | -€2,664 | -42.0% |
| Cash at bank and in hand | 54/58 | €2,882 | €2,288 | -€595 | -20.6% |
| Deferred charges and accrued income | 490/1 | €618 | €1,253 | +€635 | +103% |
| Total equity and liabilities | 10/49 | €11,043 | €8,564 | -€2,479 | -22.4% |
| Equity | 10/15 | €7,755 | €8,065 | +€310 | +4.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€305 | €5 | +€310 | |
| Amounts payable | 17/49 | €3,287 | €499 | -€2,789 | -84.8% |
| Amounts payable within one year | 42/48 | €3,287 | €499 | -€2,789 | -84.8% |
| Trade debts | 44 | €2,441 | €147 | -€2,294 | -94.0% |
| Suppliers | 440/4 | €2,441 | €147 | -€2,294 | -94.0% |
| Taxes, remuneration and social security | 45 | €846 | €352 | -€494 | -58.4% |
| Taxes | 450/3 | €846 | €352 | -€494 | -58.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €35 | +€35 | |
| Other operating charges | 640/8 | €658 | €613 | -€45 | -6.8% |
| Gross operating margin | 9900 | €5,432 | €1,007 | -€4,424 | -81.5% |
| Operating profit (loss) | 9901 | €4,774 | €359 | -€4,414 | -92.5% |
| Financial charges | 65/66B | €55 | €50 | -€5 | -9.6% |
| Recurring financial charges | 65 | €55 | €50 | -€5 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €4,719 | €310 | -€4,409 | -93.4% |
| Profit (loss) for the period | 9904 | €4,719 | €310 | -€4,409 | -93.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,719 | €310 | -€4,409 | -93.4% |
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 20 October 2026 via checked.be.