GNTLMN-projects: 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.
GNTLMN-projects
Largest movements
- Tangible fixed assets +€52,065
up €52,065 (+332.1%), from €15,678 to €67,744
of which Furniture and vehicles: +€55,253
- Cash -€16,074
down €16,074 (-30.6%), from €52,575 to €36,500
mainly Investment in fixed assets (net) (-€63,478) and Trade debts (-€7,904)
- Receivables within one year +€1,284
up €1,284 (+19.6%), from €6,556 to €7,839
of which Other amounts receivable: +€1,112
- Debts after one year +€27,140
new in 2025: €27,140
- Reserves +€10,246
up €10,246 (+70.8%), from €14,477 to €24,723
- Trade debts -€7,904
down €7,904 (-84.5%), from €9,354 to €1,450
- Current portion of long-term debt +€7,026
up €7,026 (+276.4%), from €2,542 to €9,569
- Tax, wage and social debts +€1,816
up €1,816 (+36.9%), from €4,918 to €6,734
- Gross operating margin -€7,539
down €7,539 (-20.9%), from €36,102 to €28,563
- Depreciation +€6,893
up €6,893 (+152.5%), from €4,519 to €11,412
- Taxes -€2,524
down €2,524 (-33.6%), from €7,511 to €4,987
- Financial charges +€858
up €858 (+165.4%), from €519 to €1,377
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 | €81,168 | €118,715 | +€37,547 | +46.3% |
| Fixed assets | 21/28 | €15,678 | €67,744 | +€52,065 | +332.1% |
| Tangible fixed assets | 22/27 | €15,678 | €67,744 | +€52,065 | +332.1% |
| Plant, machinery and equipment | 23 | €15,174 | €11,987 | -€3,188 | -21.0% |
| Furniture and vehicles | 24 | €504 | €55,757 | +€55,253 | +10962.7% |
| Current assets | 29/58 | €65,490 | €50,972 | -€14,518 | -22.2% |
| Stocks and contracts in progress | 3 | €5,492 | €5,609 | +€117 | +2.1% |
| Stocks | 30/36 | €5,492 | €5,609 | +€117 | +2.1% |
| Amounts receivable within one year | 40/41 | €6,556 | €7,839 | +€1,284 | +19.6% |
| Trade receivables | 40 | - | €172 | +€172 | |
| Other amounts receivable | 41 | €6,556 | €7,667 | +€1,112 | +17.0% |
| Cash at bank and in hand | 54/58 | €52,575 | €36,500 | -€16,074 | -30.6% |
| Deferred charges and accrued income | 490/1 | €868 | €1,024 | +€156 | +17.9% |
| Total equity and liabilities | 10/49 | €81,168 | €118,715 | +€37,547 | +46.3% |
| Equity | 10/15 | €57,234 | €67,646 | +€10,412 | +18.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €14,477 | €24,723 | +€10,246 | +70.8% |
| Distributable reserves | 133 | €14,477 | €24,723 | +€10,246 | +70.8% |
| Profit (loss) carried forward | 14 | €37,757 | €37,923 | +€166 | +0.4% |
| Amounts payable | 17/49 | €23,934 | €51,070 | +€27,136 | +113.4% |
| Amounts payable after more than one year | 17 | - | €27,140 | +€27,140 | |
| Financial debts | 170/4 | - | €27,140 | +€27,140 | |
| Amounts payable within one year | 42/48 | €23,234 | €23,930 | +€696 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €2,542 | €9,569 | +€7,026 | +276.4% |
| Trade debts | 44 | €9,354 | €1,450 | -€7,904 | -84.5% |
| Suppliers | 440/4 | €9,354 | €1,450 | -€7,904 | -84.5% |
| Taxes, remuneration and social security | 45 | €4,918 | €6,734 | +€1,816 | +36.9% |
| Taxes | 450/3 | €4,918 | €6,734 | +€1,816 | +36.9% |
| Other amounts payable | 47/48 | €6,419 | €6,177 | -€242 | -3.8% |
| Accrued charges and deferred income | 492/3 | €700 | - | -€700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,519 | €11,412 | +€6,893 | +152.5% |
| Other operating charges | 640/8 | €872 | €616 | -€256 | -29.4% |
| Gross operating margin | 9900 | €36,102 | €28,563 | -€7,539 | -20.9% |
| Operating profit (loss) | 9901 | €30,710 | €16,535 | -€14,175 | -46.2% |
| Financial income | 75/76B | €78 | €75 | -€3 | -3.5% |
| Recurring financial income | 75 | €78 | €75 | -€3 | -3.5% |
| Financial charges | 65/66B | €519 | €1,377 | +€858 | +165.4% |
| Recurring financial charges | 65 | €519 | €1,377 | +€858 | +165.4% |
| Profit (loss) for the period before taxes | 9903 | €30,269 | €15,233 | -€15,036 | -49.7% |
| Income taxes | 67/77 | €7,511 | €4,987 | -€2,524 | -33.6% |
| Profit (loss) for the period | 9904 | €22,758 | €10,246 | -€12,511 | -55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,758 | €10,246 | -€12,511 | -55.0% |
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 9 October 2026 via checked.be.