GPM: what changed
Two fiscal 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.
GPM
Largest movements
- Cash +€43,807
up €43,807 (+24.8%), from €176,799 to €220,606
mainly Trade debts (+€30,465) and Depreciation (+€28,718)
- Receivables within one year -€28,717
down €28,717 (-95.0%), from €30,232 to €1,515
of which Other amounts receivable: -€28,846
- Current investments +€22,908
up €22,908 (+5.9%), from €389,265 to €412,173
- Tangible fixed assets -€22,707
down €22,707 (-15.9%), from €142,683 to €119,976
of which Land and buildings: -€11,902
- Tax, wage and social debts -€37,198
down €37,198 (-97.0%), from €38,347 to €1,149
- Trade debts +€30,465
up €30,465 (+200.7%), from €15,177 to €45,642
- Advances received +€12,000
up €12,000, from €0 to €12,000
- Gross operating margin -€254,378
down €254,378 (-83.2%), from €305,864 to €51,486
- Taxes -€82,351
down €82,351 (-92.2%), from €89,306 to €6,955
- Financial charges +€5,874
up €5,874, from -€371 to €5,503
- Depreciation -€4,682
down €4,682 (-14.0%), from €33,400 to €28,718
- Financial income -€4,490
down €4,490 (-40.9%), from €10,987 to €6,496
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 | €760,174 | €768,603 | +€8,430 | +1.1% |
| Fixed assets | 21/28 | €142,683 | €119,976 | -€22,707 | -15.9% |
| Tangible fixed assets | 22/27 | €142,683 | €119,976 | -€22,707 | -15.9% |
| Land and buildings | 22 | €115,092 | €103,190 | -€11,902 | -10.3% |
| Plant, machinery and equipment | 23 | €1,181 | €2,125 | +€944 | +79.9% |
| Furniture and vehicles | 24 | €26,410 | €14,661 | -€11,749 | -44.5% |
| Current assets | 29/58 | €617,490 | €648,627 | +€31,137 | +5.0% |
| Stocks and contracts in progress | 3 | €13,475 | €7,987 | -€5,488 | -40.7% |
| Stocks | 30/36 | €13,475 | €7,987 | -€5,488 | -40.7% |
| Amounts receivable within one year | 40/41 | €30,232 | €1,515 | -€28,717 | -95.0% |
| Trade receivables | 40 | €163 | €292 | +€129 | +79.3% |
| Other amounts receivable | 41 | €30,069 | €1,223 | -€28,846 | -95.9% |
| Current investments | 50/53 | €389,265 | €412,173 | +€22,908 | +5.9% |
| Cash at bank and in hand | 54/58 | €176,799 | €220,606 | +€43,807 | +24.8% |
| Deferred charges and accrued income | 490/1 | €7,719 | €6,346 | -€1,373 | -17.8% |
| Total equity and liabilities | 10/49 | €760,174 | €768,603 | +€8,430 | +1.1% |
| Equity | 10/15 | €503,298 | €510,431 | +€7,133 | +1.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €484,706 | €491,839 | +€7,133 | +1.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €3,212 | €3,212 | = | 0.0% |
| Distributable reserves | 133 | €481,494 | €488,627 | +€7,133 | +1.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €198,513 | €198,513 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €198,513 | €198,513 | = | 0.0% |
| Pensions and similar obligations | 160 | €198,513 | €198,513 | = | 0.0% |
| Amounts payable | 17/49 | €58,363 | €59,660 | +€1,297 | +2.2% |
| Amounts payable after more than one year | 17 | €400 | €400 | = | 0.0% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €400 | €400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €57,963 | €58,796 | +€834 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €4,438 | €0 | -€4,438 | -100.0% |
| Trade debts | 44 | €15,177 | €45,642 | +€30,465 | +200.7% |
| Suppliers | 440/4 | €15,177 | €45,642 | +€30,465 | +200.7% |
| Advances received on contracts in progress | 46 | €0 | €12,000 | +€12,000 | |
| Taxes, remuneration and social security | 45 | €38,347 | €1,149 | -€37,198 | -97.0% |
| Taxes | 450/3 | €38,347 | €1,149 | -€37,198 | -97.0% |
| Other amounts payable | 47/48 | - | €5 | +€5 | |
| Accrued charges and deferred income | 492/3 | €0 | €463 | +€463 | |
| Non-recurring operating income | 76A | €1,235 | €0 | -€1,235 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,400 | €28,718 | -€4,682 | -14.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,205 | €617 | +€2,822 | |
| Other operating charges | 640/8 | €9,246 | €9,057 | -€190 | -2.1% |
| Gross operating margin | 9900 | €305,864 | €51,486 | -€254,378 | -83.2% |
| Operating profit (loss) | 9901 | €265,422 | €13,094 | -€252,328 | -95.1% |
| Financial income | 75/76B | €10,987 | €6,496 | -€4,490 | -40.9% |
| Recurring financial income | 75 | €10,987 | €6,496 | -€4,490 | -40.9% |
| Financial charges | 65/66B | -€371 | €5,503 | +€5,874 | |
| Recurring financial charges | 65 | -€371 | €5,503 | +€5,874 | |
| Profit (loss) for the period before taxes | 9903 | €276,780 | €14,088 | -€262,692 | -94.9% |
| Income taxes | 67/77 | €89,306 | €6,955 | -€82,351 | -92.2% |
| Profit (loss) for the period | 9904 | €187,474 | €7,133 | -€180,341 | -96.2% |
| Profit (loss) for the period to be appropriated | 9905 | €187,474 | €7,133 | -€180,341 | -96.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.