GMV: 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.
GMV
Largest movements
- Receivables within one year +€18,099
up €18,099 (+33.6%), from €53,832 to €71,931
of which Other amounts receivable: +€18,662
- Cash -€4,861
down €4,861 (-83.0%), from €5,859 to €998
mainly Receivables within one year (-€18,099) and Trade debts (-€2,400)
- Reserves +€12,409
up €12,409 (+75.7%), from €16,391 to €28,800
of which Distributable reserves: +€12,409
- Current portion of long-term debt +€4,844
new in 2025: €4,844
- Trade debts -€2,400
down €2,400 (-94.2%), from €2,549 to €149
- Tax, wage and social debts -€1,956
down €1,956 (-23.1%), from €8,460 to €6,504
- Gross operating margin -€5,063
down €5,063 (-19.1%), from €26,574 to €21,510
- Financial charges -€1,709
down €1,709 (-31.8%), from €5,370 to €3,661
- Taxes -€981
down €981 (-15.7%), from €6,231 to €5,250
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 | €60,506 | €73,404 | +€12,898 | +21.3% |
| Fixed assets | 21/28 | €665 | €475 | -€190 | -28.6% |
| Tangible fixed assets | 22/27 | €665 | €475 | -€190 | -28.6% |
| Plant, machinery and equipment | 23 | €665 | €475 | -€190 | -28.6% |
| Current assets | 29/58 | €59,841 | €72,929 | +€13,088 | +21.9% |
| Amounts receivable within one year | 40/41 | €53,832 | €71,931 | +€18,099 | +33.6% |
| Trade receivables | 40 | €11,908 | €11,345 | -€563 | -4.7% |
| Other amounts receivable | 41 | €41,924 | €60,586 | +€18,662 | +44.5% |
| Cash at bank and in hand | 54/58 | €5,859 | €998 | -€4,861 | -83.0% |
| Deferred charges and accrued income | 490/1 | €151 | - | -€151 | |
| Total equity and liabilities | 10/49 | €60,506 | €73,404 | +€12,898 | +21.3% |
| Equity | 10/15 | €49,498 | €61,907 | +€12,409 | +25.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,391 | €28,800 | +€12,409 | +75.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €14,531 | €26,940 | +€12,409 | +85.4% |
| Profit (loss) carried forward | 14 | €14,507 | €14,507 | = | 0.0% |
| Amounts payable | 17/49 | €11,009 | €11,497 | +€489 | +4.4% |
| Amounts payable within one year | 42/48 | €11,009 | €11,497 | +€489 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | - | €4,844 | +€4,844 | |
| Trade debts | 44 | €2,549 | €149 | -€2,400 | -94.2% |
| Suppliers | 440/4 | €2,549 | €149 | -€2,400 | -94.2% |
| Taxes, remuneration and social security | 45 | €8,460 | €6,504 | -€1,956 | -23.1% |
| Taxes | 450/3 | €8,460 | €6,504 | -€1,956 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213 | €190 | -€22 | -10.6% |
| Other operating charges | 640/8 | €238 | - | -€238 | |
| Gross operating margin | 9900 | €26,574 | €21,510 | -€5,063 | -19.1% |
| Operating profit (loss) | 9901 | €26,123 | €21,320 | -€4,803 | -18.4% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €5,370 | €3,661 | -€1,709 | -31.8% |
| Recurring financial charges | 65 | €5,370 | €3,661 | -€1,709 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €20,762 | €17,659 | -€3,103 | -14.9% |
| Income taxes | 67/77 | €6,231 | €5,250 | -€981 | -15.7% |
| Profit (loss) for the period | 9904 | €14,531 | €12,409 | -€2,121 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,531 | €12,409 | -€2,121 | -14.6% |
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.