GMT+: 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.
GMT+
Largest movements
- Receivables within one year -€58,442
down €58,442 (-61.7%), from €94,654 to €36,212
of which Trade receivables: -€47,574
- Tangible fixed assets -€39,980
down €39,980 (-4.3%), from €932,996 to €893,016
of which Land and buildings: -€32,585
- Cash +€27,409
up €27,409 (+352%), from €7,779 to €35,188
mainly Receivables within one year (+€58,442) and Depreciation (+€55,232)
- Debts after one year -€46,551
down €46,551 (-6.5%), from €721,544 to €674,992
- Accrued charges and deferred income -€35,176
down €35,176 (-50.8%), from €69,260 to €34,084
- Reserves +€26,458
up €26,458 (+18.9%), from €139,923 to €166,381
of which Distributable reserves: +€26,458
- Other debts -€16,541
down €16,541 (-100%), from €16,541 to €0
- Write-downs +€29,907
up €29,907 (+624%), from €4,793 to €34,700
- Gross operating margin +€25,696
up €25,696 (+20.7%), from €124,069 to €149,764
- Taxes +€6,395
up €6,395 (+102%), from €6,290 to €12,685
- Financial income -€2,222
down €2,222 (-66.1%), from €3,362 to €1,140
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 | €1,036,010 | €965,514 | -€70,496 | -6.8% |
| Fixed assets | 21/28 | €932,996 | €893,016 | -€39,980 | -4.3% |
| Tangible fixed assets | 22/27 | €932,996 | €893,016 | -€39,980 | -4.3% |
| Land and buildings | 22 | €902,241 | €869,655 | -€32,585 | -3.6% |
| Plant, machinery and equipment | 23 | €30,755 | €23,360 | -€7,395 | -24.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €103,014 | €72,498 | -€30,516 | -29.6% |
| Amounts receivable within one year | 40/41 | €94,654 | €36,212 | -€58,442 | -61.7% |
| Trade receivables | 40 | €62,704 | €15,130 | -€47,574 | -75.9% |
| Other amounts receivable | 41 | €31,950 | €21,081 | -€10,868 | -34.0% |
| Cash at bank and in hand | 54/58 | €7,779 | €35,188 | +€27,409 | +352% |
| Deferred charges and accrued income | 490/1 | €581 | €1,099 | +€518 | +89.1% |
| Total equity and liabilities | 10/49 | €1,036,010 | €965,514 | -€70,496 | -6.8% |
| Equity | 10/15 | €164,712 | €191,170 | +€26,458 | +16.1% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €139,923 | €166,381 | +€26,458 | +18.9% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €137,444 | €163,902 | +€26,458 | +19.2% |
| Amounts payable | 17/49 | €871,297 | €774,343 | -€96,954 | -11.1% |
| Amounts payable after more than one year | 17 | €721,544 | €674,992 | -€46,551 | -6.5% |
| Financial debts | 170/4 | €721,544 | €674,992 | -€46,551 | -6.5% |
| Amounts payable within one year | 42/48 | €80,493 | €65,267 | -€15,227 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €46,551 | €46,551 | = | 0.0% |
| Trade debts | 44 | €6,017 | €11,655 | +€5,638 | +93.7% |
| Suppliers | 440/4 | €6,017 | €11,655 | +€5,638 | +93.7% |
| Taxes, remuneration and social security | 45 | €11,385 | €7,060 | -€4,325 | -38.0% |
| Taxes | 450/3 | €11,385 | €7,060 | -€4,325 | -38.0% |
| Other amounts payable | 47/48 | €16,541 | €0 | -€16,541 | -100% |
| Accrued charges and deferred income | 492/3 | €69,260 | €34,084 | -€35,176 | -50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,431 | €55,232 | +€801 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,793 | €34,700 | +€29,907 | +624% |
| Other operating charges | 640/8 | €2,691 | €3,064 | +€373 | +13.9% |
| Gross operating margin | 9900 | €124,069 | €149,764 | +€25,696 | +20.7% |
| Operating profit (loss) | 9901 | €62,153 | €56,768 | -€5,385 | -8.7% |
| Financial income | 75/76B | €3,362 | €1,140 | -€2,222 | -66.1% |
| Recurring financial income | 75 | €3,362 | €1,140 | -€2,222 | -66.1% |
| Financial charges | 65/66B | €20,125 | €18,765 | -€1,360 | -6.8% |
| Recurring financial charges | 65 | €20,125 | €18,765 | -€1,360 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €45,391 | €39,143 | -€6,248 | -13.8% |
| Income taxes | 67/77 | €6,290 | €12,685 | +€6,395 | +102% |
| Profit (loss) for the period | 9904 | €39,101 | €26,458 | -€12,643 | -32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,101 | €26,458 | -€12,643 | -32.3% |
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 15 October 2026 via checked.be.