GPIEM'S: 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.
GPIEM'S
Largest movements
- Tangible fixed assets +€741,310
up €741,310 (+881%), from €84,173 to €825,483
of which Land and buildings: +€751,484
- Receivables within one year +€114,738
up €114,738 (+74.6%), from €153,721 to €268,459
of which Trade receivables: +€107,638
- Stocks and contracts -€79,230
down €79,230 (-27.1%), from €292,122 to €212,892
- Cash +€22,246
up €22,246 (+34.4%), from €64,656 to €86,902
mainly Debts after one year (+€437,961) and Contributions, distributions and other (+€240,000)
- Debts after one year +€437,961
up €437,961 (+900%), from €48,642 to €486,603
- Contributions +€300,000
up €300,000 (+1,613%), from €18,600 to €318,600
- Reserves -€60,000
down €60,000 (-35.3%), from €169,860 to €109,860
- Other debts +€59,855
up €59,855 (+61.4%), from €97,457 to €157,312
- Current portion of long-term debt +€27,764
up €27,764 (+192%), from €14,433 to €42,197
- Gross operating margin -€48,228
down €48,228 (-29.9%), from €161,103 to €112,875
- Taxes -€36,154
down €36,154 (-92.4%), from €39,136 to €2,981
- Depreciation +€24,582
up €24,582 (+97.3%), from €25,265 to €49,847
- Write-downs +€21,250
new in 2025: €21,250
- Financial charges +€11,490
up €11,490 (+379%), from €3,034 to €14,524
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.
Derived cash bridge
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 | €603,007 | €1,398,363 | +€795,356 | +132% |
| Fixed assets | 21/28 | €84,753 | €826,063 | +€741,310 | +875% |
| Tangible fixed assets | 22/27 | €84,173 | €825,483 | +€741,310 | +881% |
| Land and buildings | 22 | - | €751,484 | +€751,484 | |
| Plant, machinery and equipment | 23 | €11,423 | €18,158 | +€6,736 | +59.0% |
| Furniture and vehicles | 24 | €72,751 | €55,841 | -€16,910 | -23.2% |
| Financial fixed assets | 28 | €580 | €580 | = | 0.0% |
| Current assets | 29/58 | €518,254 | €572,299 | +€54,046 | +10.4% |
| Stocks and contracts in progress | 3 | €292,122 | €212,892 | -€79,230 | -27.1% |
| Stocks | 30/36 | €292,122 | €212,892 | -€79,230 | -27.1% |
| Amounts receivable within one year | 40/41 | €153,721 | €268,459 | +€114,738 | +74.6% |
| Trade receivables | 40 | €153,710 | €261,348 | +€107,638 | +70.0% |
| Other amounts receivable | 41 | €11 | €7,111 | +€7,100 | +67,237% |
| Cash at bank and in hand | 54/58 | €64,656 | €86,902 | +€22,246 | +34.4% |
| Deferred charges and accrued income | 490/1 | €7,756 | €4,047 | -€3,709 | -47.8% |
| Total equity and liabilities | 10/49 | €603,007 | €1,398,363 | +€795,356 | +132% |
| Equity | 10/15 | €266,549 | €515,340 | +€248,791 | +93.3% |
| Contributions | 10/11 | €18,600 | €318,600 | +€300,000 | +1,613% |
| Reserves | 13 | €169,860 | €109,860 | -€60,000 | -35.3% |
| Distributable reserves | 133 | €169,860 | €109,860 | -€60,000 | -35.3% |
| Profit (loss) carried forward | 14 | €78,089 | €86,880 | +€8,791 | +11.3% |
| Amounts payable | 17/49 | €336,458 | €883,023 | +€546,565 | +162% |
| Amounts payable after more than one year | 17 | €48,642 | €486,603 | +€437,961 | +900% |
| Financial debts | 170/4 | €48,642 | €486,603 | +€437,961 | +900% |
| Amounts payable within one year | 42/48 | €287,816 | €392,938 | +€105,123 | +36.5% |
| Current portion of amounts payable after more than one year | 42 | €14,433 | €42,197 | +€27,764 | +192% |
| Trade debts | 44 | €128,208 | €139,525 | +€11,317 | +8.8% |
| Suppliers | 440/4 | €128,208 | €139,525 | +€11,317 | +8.8% |
| Taxes, remuneration and social security | 45 | €47,718 | €53,904 | +€6,187 | +13.0% |
| Taxes | 450/3 | €47,718 | €49,108 | +€1,391 | +2.9% |
| Remuneration and social security | 454/9 | - | €4,796 | +€4,796 | |
| Other amounts payable | 47/48 | €97,457 | €157,312 | +€59,855 | +61.4% |
| Accrued charges and deferred income | 492/3 | - | €3,482 | +€3,482 | |
| Remuneration, social security and pensions | 62 | €2,571 | €12,199 | +€9,628 | +374% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,265 | €49,847 | +€24,582 | +97.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €21,250 | +€21,250 | |
| Other operating charges | 640/8 | €856 | €4,051 | +€3,195 | +373% |
| Gross operating margin | 9900 | €161,103 | €112,875 | -€48,228 | -29.9% |
| Operating profit (loss) | 9901 | €132,411 | €25,528 | -€106,884 | -80.7% |
| Financial income | 75/76B | €322 | €769 | +€447 | +139% |
| Recurring financial income | 75 | €322 | €769 | +€447 | +139% |
| Financial charges | 65/66B | €3,034 | €14,524 | +€11,490 | +379% |
| Recurring financial charges | 65 | €3,034 | €14,524 | +€11,490 | +379% |
| Profit (loss) for the period before taxes | 9903 | €129,699 | €11,772 | -€117,927 | -90.9% |
| Income taxes | 67/77 | €39,136 | €2,981 | -€36,154 | -92.4% |
| Profit (loss) for the period | 9904 | €90,563 | €8,791 | -€81,773 | -90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €90,563 | €8,791 | -€81,773 | -90.3% |
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 13 October 2026 via checked.be.