GROUPE M: 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.
GROUPE M
Largest movements
- Stocks and contracts +€301,564
up €301,564 (+34.2%), from €880,958 to €1.2m
- Receivables within one year +€61,378
up €61,378 (+43.2%), from €142,234 to €203,613
of which Trade receivables: +€54,329
- Reserves +€478,025
up €478,025 (+35.2%), from €1.4m to €1.8m
of which Distributable reserves: +€478,025
- Tax, wage and social debts -€108,506
down €108,506 (-64.1%), from €169,255 to €60,749
of which Taxes: -€109,532
- Gross operating margin +€120,832
up €120,832 (+18.5%), from €654,009 to €774,840
- Taxes +€28,803
up €28,803 (+21.9%), from €131,352 to €160,155
- Staff costs +€21,105
up €21,105 (+21.3%), from €99,042 to €120,146
- Depreciation -€13,151
down €13,151 (-44.5%), from €29,561 to €16,410
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 | €1,592,128 | €1,950,582 | +€358,454 | +22.5% |
| Fixed assets | 21/28 | €38,678 | €23,053 | -€15,626 | -40.4% |
| Tangible fixed assets | 22/27 | €33,730 | €17,320 | -€16,410 | -48.7% |
| Plant, machinery and equipment | 23 | €17,587 | €10,822 | -€6,765 | -38.5% |
| Furniture and vehicles | 24 | €16,143 | €6,498 | -€9,645 | -59.7% |
| Financial fixed assets | 28 | €4,949 | €5,733 | +€785 | +15.9% |
| Current assets | 29/58 | €1,553,449 | €1,927,529 | +€374,080 | +24.1% |
| Stocks and contracts in progress | 3 | €880,958 | €1,182,522 | +€301,564 | +34.2% |
| Stocks | 30/36 | €880,958 | €1,182,522 | +€301,564 | +34.2% |
| Amounts receivable within one year | 40/41 | €142,234 | €203,613 | +€61,378 | +43.2% |
| Trade receivables | 40 | €140,118 | €194,447 | +€54,329 | +38.8% |
| Other amounts receivable | 41 | €2,116 | €9,166 | +€7,050 | +333.2% |
| Cash at bank and in hand | 54/58 | €530,257 | €541,394 | +€11,137 | +2.1% |
| Total equity and liabilities | 10/49 | €1,592,128 | €1,950,582 | +€358,454 | +22.5% |
| Equity | 10/15 | €1,377,270 | €1,855,295 | +€478,025 | +34.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,358,670 | €1,836,695 | +€478,025 | +35.2% |
| 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 | €1,356,810 | €1,834,835 | +€478,025 | +35.2% |
| Amounts payable | 17/49 | €214,858 | €95,287 | -€119,571 | -55.7% |
| Amounts payable after more than one year | 17 | €4,536 | - | -€4,536 | |
| Financial debts | 170/4 | €4,536 | - | -€4,536 | |
| Amounts payable within one year | 42/48 | €210,322 | €95,287 | -€115,034 | -54.7% |
| Current portion of amounts payable after more than one year | 42 | €7,634 | €4,536 | -€3,098 | -40.6% |
| Trade debts | 44 | €32,544 | €27,338 | -€5,206 | -16.0% |
| Suppliers | 440/4 | €32,544 | €27,338 | -€5,206 | -16.0% |
| Taxes, remuneration and social security | 45 | €169,255 | €60,749 | -€108,506 | -64.1% |
| Taxes | 450/3 | €148,459 | €38,928 | -€109,532 | -73.8% |
| Remuneration and social security | 454/9 | €20,796 | €21,822 | +€1,026 | +4.9% |
| Other amounts payable | 47/48 | €888 | €2,663 | +€1,776 | +200.1% |
| Remuneration, social security and pensions | 62 | €99,042 | €120,146 | +€21,105 | +21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,561 | €16,410 | -€13,151 | -44.5% |
| Other operating charges | 640/8 | €3,521 | €4,564 | +€1,043 | +29.6% |
| Gross operating margin | 9900 | €654,009 | €774,840 | +€120,832 | +18.5% |
| Operating profit (loss) | 9901 | €521,885 | €633,720 | +€111,835 | +21.4% |
| Financial income | 75/76B | €10,302 | €4,923 | -€5,379 | -52.2% |
| Recurring financial income | 75 | €10,302 | €4,923 | -€5,379 | -52.2% |
| Financial charges | 65/66B | €1,059 | €463 | -€596 | -56.3% |
| Recurring financial charges | 65 | €1,059 | €463 | -€596 | -56.3% |
| Profit (loss) for the period before taxes | 9903 | €531,128 | €638,180 | +€107,052 | +20.2% |
| Income taxes | 67/77 | €131,352 | €160,155 | +€28,803 | +21.9% |
| Profit (loss) for the period | 9904 | €399,776 | €478,025 | +€78,249 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €399,776 | €478,025 | +€78,249 | +19.6% |
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 11 October 2026 via checked.be.