GMTH: 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.
GMTH
Largest movements
- Receivables within one year +€27,911
up €27,911, from €0 to €27,911
of which Other amounts receivable: +€27,911
- Tangible fixed assets -€9,324
down €9,324 (-25.0%), from €37,226 to €27,902
of which Furniture and vehicles: -€8,959
- Cash -€6,067
down €6,067 (-42.0%), from €14,429 to €8,362
mainly Receivables within one year (-€27,911) and Tax, wage and social debts (-€16,611)
- Debts after one year +€24,725
new in 2025: €24,725
- Tax, wage and social debts -€16,611
down €16,611 (-79.6%), from €20,869 to €4,258
- Trade debts +€12,874
up €12,874 (+380.5%), from €3,384 to €16,258
- Profit (loss) carried forward -€9,641
down €9,641 (-100.0%), from €9,641 to €0
- Current portion of long-term debt +€6,195
new in 2025: €6,195
- Gross operating margin -€40,086
down €40,086 (-72.8%), from €55,035 to €14,949
- Taxes -€10,312
down €10,312 (-84.7%), from €12,176 to €1,864
- Depreciation +€1,499
up €1,499 (+19.2%), from €7,824 to €9,324
- Financial charges +€708
up €708 (+366.2%), from €193 to €902
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 | €51,942 | €64,951 | +€13,009 | +25.0% |
| Fixed assets | 21/28 | €37,226 | €27,902 | -€9,324 | -25.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €37,226 | €27,902 | -€9,324 | -25.0% |
| Plant, machinery and equipment | 23 | €1,411 | €1,047 | -€365 | -25.8% |
| Furniture and vehicles | 24 | €35,814 | €26,856 | -€8,959 | -25.0% |
| Current assets | 29/58 | €14,716 | €37,049 | +€22,333 | +151.8% |
| Amounts receivable within one year | 40/41 | €0 | €27,911 | +€27,911 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €27,911 | +€27,911 | |
| Cash at bank and in hand | 54/58 | €14,429 | €8,362 | -€6,067 | -42.0% |
| Deferred charges and accrued income | 490/1 | €287 | €775 | +€488 | +170.1% |
| Total equity and liabilities | 10/49 | €51,942 | €64,951 | +€13,009 | +25.0% |
| Equity | 10/15 | €11,141 | €1,500 | -€9,641 | -86.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,641 | €0 | -€9,641 | -100.0% |
| Amounts payable | 17/49 | €40,802 | €63,451 | +€22,650 | +55.5% |
| Amounts payable after more than one year | 17 | - | €24,725 | +€24,725 | |
| Financial debts | 170/4 | - | €24,725 | +€24,725 | |
| Amounts payable within one year | 42/48 | €40,802 | €38,726 | -€2,075 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | - | €6,195 | +€6,195 | |
| Trade debts | 44 | €3,384 | €16,258 | +€12,874 | +380.5% |
| Suppliers | 440/4 | €3,384 | €16,258 | +€12,874 | +380.5% |
| Taxes, remuneration and social security | 45 | €20,869 | €4,258 | -€16,611 | -79.6% |
| Taxes | 450/3 | €20,869 | €4,258 | -€16,611 | -79.6% |
| Other amounts payable | 47/48 | €16,549 | €12,016 | -€4,533 | -27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,824 | €9,324 | +€1,499 | +19.2% |
| Other operating charges | 640/8 | €740 | €501 | -€239 | -32.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €55,035 | €14,949 | -€40,086 | -72.8% |
| Operating profit (loss) | 9901 | €46,471 | €5,125 | -€41,346 | -89.0% |
| Financial income | 75/76B | €38 | €16 | -€22 | -57.6% |
| Recurring financial income | 75 | €38 | €16 | -€22 | -57.6% |
| Financial charges | 65/66B | €193 | €902 | +€708 | +366.2% |
| Recurring financial charges | 65 | €193 | €902 | +€708 | +366.2% |
| Profit (loss) for the period before taxes | 9903 | €46,315 | €4,239 | -€42,076 | -90.8% |
| Income taxes | 67/77 | €12,176 | €1,864 | -€10,312 | -84.7% |
| Profit (loss) for the period | 9904 | €34,140 | €2,375 | -€31,764 | -93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,140 | €2,375 | -€31,764 | -93.0% |
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 12 October 2026 via checked.be.