GMTM: 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.
GMTM
Largest movements
- Cash +€60,739
up €60,739 (+152.1%), from €39,945 to €100,684
mainly Net result for the year (+€50,110) and Tax, wage and social debts (+€9,154)
- Receivables within one year +€8,494
up €8,494 (+43.8%), from €19,378 to €27,872
- Tangible fixed assets -€2,245
down €2,245 (-19.4%), from €11,586 to €9,341
of which Other tangible fixed assets: -€1,143
- Reserves +€50,110
up €50,110 (+52.8%), from €94,916 to €145,026
- Tax, wage and social debts +€9,154
up €9,154 (+39.6%), from €23,115 to €32,269
of which Taxes: +€9,054
- Trade debts +€7,684
up €7,684 (+779.8%), from €985 to €8,670
- Gross operating margin +€11,305
up €11,305 (+17.4%), from €64,989 to €76,293
- Taxes +€3,499
up €3,499 (+20.4%), from €17,165 to €20,664
- Depreciation -€851
down €851 (-15.9%), from €5,365 to €4,514
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 | €120,909 | €187,897 | +€66,988 | +55.4% |
| Fixed assets | 21/28 | €11,586 | €9,341 | -€2,245 | -19.4% |
| Tangible fixed assets | 22/27 | €11,586 | €9,341 | -€2,245 | -19.4% |
| Plant, machinery and equipment | 23 | €120 | €0 | -€120 | -100.0% |
| Furniture and vehicles | 24 | €7,962 | €6,981 | -€981 | -12.3% |
| Other tangible fixed assets | 26 | €3,503 | €2,360 | -€1,143 | -32.6% |
| Current assets | 29/58 | €109,323 | €178,557 | +€69,233 | +63.3% |
| Amounts receivable within one year | 40/41 | €19,378 | €27,872 | +€8,494 | +43.8% |
| Trade receivables | 40 | €19,378 | €27,872 | +€8,494 | +43.8% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €39,945 | €100,684 | +€60,739 | +152.1% |
| Total equity and liabilities | 10/49 | €120,909 | €187,897 | +€66,988 | +55.4% |
| Equity | 10/15 | €95,894 | €146,003 | +€50,110 | +52.3% |
| Contributions | 10/11 | €978 | €978 | = | 0.0% |
| Reserves | 13 | €94,916 | €145,026 | +€50,110 | +52.8% |
| Distributable reserves | 133 | €94,916 | €145,026 | +€50,110 | +52.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €25,015 | €41,894 | +€16,878 | +67.5% |
| Amounts payable within one year | 42/48 | €25,015 | €41,835 | +€16,820 | +67.2% |
| Trade debts | 44 | €985 | €8,670 | +€7,684 | +779.8% |
| Suppliers | 440/4 | €985 | €8,670 | +€7,684 | +779.8% |
| Taxes, remuneration and social security | 45 | €23,115 | €32,269 | +€9,154 | +39.6% |
| Taxes | 450/3 | €20,990 | €30,044 | +€9,054 | +43.1% |
| Remuneration and social security | 454/9 | €2,125 | €2,225 | +€100 | +4.7% |
| Other amounts payable | 47/48 | €915 | €896 | -€18 | -2.0% |
| Accrued charges and deferred income | 492/3 | - | €59 | +€59 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,365 | €4,514 | -€851 | -15.9% |
| Other operating charges | 640/8 | €791 | €815 | +€24 | +3.0% |
| Gross operating margin | 9900 | €64,989 | €76,293 | +€11,305 | +17.4% |
| Operating profit (loss) | 9901 | €58,833 | €70,964 | +€12,132 | +20.6% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100.0% |
| Financial charges | 65/66B | €164 | €190 | +€27 | +16.4% |
| Recurring financial charges | 65 | €164 | €190 | +€27 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €58,674 | €70,774 | +€12,100 | +20.6% |
| Income taxes | 67/77 | €17,165 | €20,664 | +€3,499 | +20.4% |
| Profit (loss) for the period | 9904 | €41,509 | €50,110 | +€8,600 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,509 | €50,110 | +€8,600 | +20.7% |
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 9 October 2026 via checked.be.