GMT PROJECT: what changed
Two fiscal 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 PROJECT
Largest movements
- Receivables within one year -€5,341
down €5,341 (-59.3%), from €9,007 to €3,666
of which Trade receivables: -€6,606
- Cash +€3,722
new in 2025: €3,722
mainly Receivables within one year (+€5,341) and Net result for the year (+€4,720)
- Tangible fixed assets -€3,488
down €3,488 (-21.6%), from €16,177 to €12,689
of which Other tangible fixed assets: -€2,648
- Deferred charges and accrued income -€514
down €514 (-17.9%), from €2,877 to €2,362
- Profit (loss) carried forward +€4,720
up €4,720 (+49.8%), from -€9,477 to -€4,757
- Short-term financial debts -€3,899
no longer reported in 2025 (was €3,899)
- Tax, wage and social debts -€2,441
down €2,441 (-69.4%), from €3,518 to €1,077
- Trade debts -€1,890
down €1,890 (-54.4%), from €3,473 to €1,583
- Other debts -€1,502
no longer reported in 2025 (was €1,502)
- Gross operating margin +€12,437
up €12,437 (+1026.7%), from €1,211 to €13,648
- Taxes +€2,622
up €2,622 (+1239.3%), from €212 to €2,833
- Depreciation -€1,828
down €1,828 (-34.4%), from €5,316 to €3,488
- Financial charges -€549
down €549 (-25.7%), from €2,139 to €1,590
- Other operating charges +€218
up €218 (+27.2%), from €799 to €1,016
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.
Cash bridge derived
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 | €28,321 | €22,700 | -€5,621 | -19.8% |
| Fixed assets | 21/28 | €16,438 | €12,950 | -€3,488 | -21.2% |
| Tangible fixed assets | 22/27 | €16,177 | €12,689 | -€3,488 | -21.6% |
| Furniture and vehicles | 24 | €1,144 | €304 | -€840 | -73.4% |
| Other tangible fixed assets | 26 | €15,034 | €12,385 | -€2,648 | -17.6% |
| Financial fixed assets | 28 | €261 | €261 | = | 0.0% |
| Current assets | 29/58 | €11,883 | €9,751 | -€2,133 | -17.9% |
| Amounts receivable within one year | 40/41 | €9,007 | €3,666 | -€5,341 | -59.3% |
| Trade receivables | 40 | €8,734 | €2,128 | -€6,606 | -75.6% |
| Other amounts receivable | 41 | €272 | €1,538 | +€1,265 | +464.3% |
| Cash at bank and in hand | 54/58 | - | €3,722 | +€3,722 | |
| Deferred charges and accrued income | 490/1 | €2,877 | €2,362 | -€514 | -17.9% |
| Total equity and liabilities | 10/49 | €28,321 | €22,700 | -€5,621 | -19.8% |
| Equity | 10/15 | €15,320 | €20,040 | +€4,720 | +30.8% |
| Contributions | 10/11 | €24,797 | €24,797 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,477 | -€4,757 | +€4,720 | +49.8% |
| Amounts payable | 17/49 | €13,002 | €2,660 | -€10,341 | -79.5% |
| Amounts payable within one year | 42/48 | €12,391 | €2,660 | -€9,731 | -78.5% |
| Financial debts | 43 | €3,899 | - | -€3,899 | |
| Credit institutions | 430/8 | €3,899 | - | -€3,899 | |
| Trade debts | 44 | €3,473 | €1,583 | -€1,890 | -54.4% |
| Suppliers | 440/4 | €3,473 | €1,583 | -€1,890 | -54.4% |
| Taxes, remuneration and social security | 45 | €3,518 | €1,077 | -€2,441 | -69.4% |
| Taxes | 450/3 | €3,518 | €1,077 | -€2,441 | -69.4% |
| Other amounts payable | 47/48 | €1,502 | - | -€1,502 | |
| Accrued charges and deferred income | 492/3 | €611 | - | -€611 | |
| Non-recurring operating income | 76A | - | €9 | +€9 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,316 | €3,488 | -€1,828 | -34.4% |
| Other operating charges | 640/8 | €799 | €1,016 | +€218 | +27.2% |
| Gross operating margin | 9900 | €1,211 | €13,648 | +€12,437 | +1026.7% |
| Operating profit (loss) | 9901 | -€4,904 | €9,143 | +€14,047 | |
| Financial charges | 65/66B | €2,139 | €1,590 | -€549 | -25.7% |
| Recurring financial charges | 65 | €2,139 | €1,590 | -€549 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,043 | €7,554 | +€14,596 | |
| Income taxes | 67/77 | €212 | €2,833 | +€2,622 | +1239.3% |
| Profit (loss) for the period | 9904 | -€7,254 | €4,720 | +€11,975 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,254 | €4,720 | +€11,975 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.