Group GM: 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.
Group GM
Largest movements
- Receivables within one year -€1.6m
down €1.6m (-38.4%), from €4.2m to €2.6m
of which Other amounts receivable: -€2.0m
- Cash +€947,629
up €947,629 (+1,554%), from €60,964 to €1.0m
mainly Receivables within one year (+€1.6m) and Trade debts (+€135,861)
- Other debts -€784,300
down €784,300 (-60.8%), from €1.3m to €506,665
- Trade debts +€135,861
up €135,861 (+105%), from €128,998 to €264,859
- Reserves +€96,472
up €96,472 (+2.2%), from €4.3m to €4.4m
- Financial income -€3.4m
down €3.4m (-91.7%), from €3.7m to €304,993
- Gross operating margin +€480,781
up €480,781, from -€378,533 to €102,248
- Depreciation +€26,842
up €26,842 (+107%), from €25,112 to €51,954
- Financial charges +€10,302
up €10,302 (+75.0%), from €13,740 to €24,043
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 | €5,973,578 | €5,401,601 | -€571,976 | -9.6% |
| Fixed assets | 21/28 | €356,721 | €420,904 | +€64,182 | +18.0% |
| Intangible fixed assets | 21 | €102,752 | €83,110 | -€19,642 | -19.1% |
| Tangible fixed assets | 22/27 | €54,869 | €88,694 | +€33,824 | +61.6% |
| Plant, machinery and equipment | 23 | €1,707 | €1,143 | -€564 | -33.1% |
| Furniture and vehicles | 24 | €45,662 | €44,010 | -€1,653 | -3.6% |
| Other tangible fixed assets | 26 | €7,500 | €43,541 | +€36,041 | +481% |
| Financial fixed assets | 28 | €199,100 | €249,100 | +€50,000 | +25.1% |
| Current assets | 29/58 | €5,616,856 | €4,980,698 | -€636,159 | -11.3% |
| Amounts receivable after more than one year | 29 | €1,300,000 | €1,300,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,300,000 | €1,300,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,183,554 | €2,575,611 | -€1.6m | -38.4% |
| Trade receivables | 40 | €20,847 | €419,933 | +€399,086 | +1,914% |
| Other amounts receivable | 41 | €4,162,707 | €2,155,677 | -€2.0m | -48.2% |
| Cash at bank and in hand | 54/58 | €60,964 | €1,008,593 | +€947,629 | +1,554% |
| Deferred charges and accrued income | 490/1 | €72,338 | €96,494 | +€24,156 | +33.4% |
| Total equity and liabilities | 10/49 | €5,973,578 | €5,401,601 | -€571,976 | -9.6% |
| Equity | 10/15 | €4,476,457 | €4,572,929 | +€96,472 | +2.2% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €4,296,457 | €4,392,929 | +€96,472 | +2.2% |
| Distributable reserves | 133 | €4,296,457 | €4,392,929 | +€96,472 | +2.2% |
| Amounts payable | 17/49 | €1,497,121 | €828,673 | -€668,448 | -44.6% |
| Amounts payable within one year | 42/48 | €1,497,121 | €828,673 | -€668,448 | -44.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €128,998 | €264,859 | +€135,861 | +105% |
| Suppliers | 440/4 | €128,998 | €264,859 | +€135,861 | +105% |
| Advances received on contracts in progress | 46 | €15,125 | €0 | -€15,125 | -100% |
| Taxes, remuneration and social security | 45 | €62,033 | €57,149 | -€4,884 | -7.9% |
| Taxes | 450/3 | €34,895 | €18,017 | -€16,877 | -48.4% |
| Remuneration and social security | 454/9 | €27,138 | €39,131 | +€11,994 | +44.2% |
| Other amounts payable | 47/48 | €1,290,965 | €506,665 | -€784,300 | -60.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €230,715 | €226,952 | -€3,763 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,112 | €51,954 | +€26,842 | +107% |
| Other operating charges | 640/8 | €6,423 | €6,437 | +€15 | +0.2% |
| Gross operating margin | 9900 | -€378,533 | €102,248 | +€480,781 | |
| Operating profit (loss) | 9901 | -€640,783 | -€183,095 | +€457,688 | +71.4% |
| Financial income | 75/76B | €3,680,050 | €304,993 | -€3.4m | -91.7% |
| Recurring financial income | 75 | €3,680,050 | €304,993 | -€3.4m | -91.7% |
| Financial charges | 65/66B | €13,740 | €24,043 | +€10,302 | +75.0% |
| Recurring financial charges | 65 | €13,740 | €24,043 | +€10,302 | +75.0% |
| Profit (loss) for the period before taxes | 9903 | €3,025,526 | €97,855 | -€2.9m | -96.8% |
| Income taxes | 67/77 | €1,376 | €1,384 | +€8 | +0.6% |
| Profit (loss) for the period | 9904 | €3,024,150 | €96,472 | -€2.9m | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,024,150 | €96,472 | -€2.9m | -96.8% |
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 28 October 2026 via checked.be.