GTM: 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.
GTM
Largest movements
- Receivables within one year -€78,707
down €78,707 (-84.8%), from €92,843 to €14,137
of which Trade receivables: -€74,241
- Tangible fixed assets +€20,538
up €20,538 (+14.3%), from €143,245 to €163,782
of which Furniture and vehicles: +€26,944
- Other debts +€50,789
up €50,789 (+88.0%), from €57,696 to €108,484
- Advances received -€48,363
no longer reported in 2025 (was €48,363)
- Profit (loss) carried forward -€46,319
down €46,319 (-637.6%), from -€7,265 to -€53,583
- Trade debts -€7,441
down €7,441 (-38.0%), from €19,607 to €12,166
- Tax, wage and social debts -€4,901
down €4,901 (-50.3%), from €9,737 to €4,835
of which Taxes: -€4,564
- Depreciation +€6,611
up €6,611 (+29.9%), from €22,090 to €28,700
- Gross operating margin -€3,072
down €3,072 (-19.0%), from €16,130 to €13,058
- Financial charges +€1,742
up €1,742 (+175.7%), from €992 to €2,734
- Other operating charges +€952
up €952 (+31.1%), from €3,063 to €4,015
- Staff costs -€814
down €814 (-2.9%), from €28,029 to €27,215
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 | €242,518 | €185,719 | -€56,799 | -23.4% |
| Fixed assets | 21/28 | €143,245 | €163,782 | +€20,538 | +14.3% |
| Tangible fixed assets | 22/27 | €143,245 | €163,782 | +€20,538 | +14.3% |
| Land and buildings | 22 | €5,765 | - | -€5,765 | |
| Plant, machinery and equipment | 23 | €27,700 | €32,146 | +€4,445 | +16.0% |
| Furniture and vehicles | 24 | €28,330 | €55,274 | +€26,944 | +95.1% |
| Other tangible fixed assets | 26 | €81,450 | €76,362 | -€5,088 | -6.2% |
| Current assets | 29/58 | €99,274 | €21,937 | -€77,337 | -77.9% |
| Amounts receivable within one year | 40/41 | €92,843 | €14,137 | -€78,707 | -84.8% |
| Trade receivables | 40 | €88,378 | €14,137 | -€74,241 | -84.0% |
| Other amounts receivable | 41 | €4,466 | - | -€4,466 | |
| Cash at bank and in hand | 54/58 | €4,437 | €4,888 | +€451 | +10.2% |
| Deferred charges and accrued income | 490/1 | €1,993 | €2,912 | +€919 | +46.1% |
| Total equity and liabilities | 10/49 | €242,518 | €185,719 | -€56,799 | -23.4% |
| Equity | 10/15 | €101,840 | €52,421 | -€49,419 | -48.5% |
| Contributions | 10/11 | €18,605 | €18,605 | = | 0.0% |
| Reserves | 13 | €90,499 | €87,399 | -€3,100 | -3.4% |
| Non-distributable reserves | 130/1 | €3,100 | - | -€3,100 | |
| Reserves not available under the articles | 1311 | €3,100 | - | -€3,100 | |
| Tax-exempt reserves | 132 | €1,265 | €1,265 | = | 0.0% |
| Distributable reserves | 133 | €86,134 | €86,134 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,265 | -€53,583 | -€46,319 | -637.6% |
| Amounts payable | 17/49 | €140,679 | €133,298 | -€7,381 | -5.2% |
| Amounts payable within one year | 42/48 | €140,679 | €133,075 | -€7,603 | -5.4% |
| Financial debts | 43 | €5,277 | €7,590 | +€2,314 | +43.8% |
| Credit institutions | 430/8 | €5,277 | €7,590 | +€2,314 | +43.8% |
| Trade debts | 44 | €19,607 | €12,166 | -€7,441 | -38.0% |
| Suppliers | 440/4 | €19,607 | €12,166 | -€7,441 | -38.0% |
| Advances received on contracts in progress | 46 | €48,363 | - | -€48,363 | |
| Taxes, remuneration and social security | 45 | €9,737 | €4,835 | -€4,901 | -50.3% |
| Taxes | 450/3 | €7,530 | €2,965 | -€4,564 | -60.6% |
| Remuneration and social security | 454/9 | €2,207 | €1,870 | -€337 | -15.3% |
| Other amounts payable | 47/48 | €57,696 | €108,484 | +€50,789 | +88.0% |
| Accrued charges and deferred income | 492/3 | - | €223 | +€223 | |
| Remuneration, social security and pensions | 62 | €28,029 | €27,215 | -€814 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,090 | €28,700 | +€6,611 | +29.9% |
| Other operating charges | 640/8 | €3,063 | €4,015 | +€952 | +31.1% |
| Gross operating margin | 9900 | €16,130 | €13,058 | -€3,072 | -19.0% |
| Operating profit (loss) | 9901 | -€37,053 | -€46,872 | -€9,820 | -26.5% |
| Financial income | 75/76B | €3 | €188 | +€185 | +6038.2% |
| Recurring financial income | 75 | €3 | €188 | +€185 | +6038.2% |
| Financial charges | 65/66B | €992 | €2,734 | +€1,742 | +175.7% |
| Recurring financial charges | 65 | €992 | €2,734 | +€1,742 | +175.7% |
| Profit (loss) for the period before taxes | 9903 | -€38,041 | -€49,419 | -€11,377 | -29.9% |
| Income taxes | 67/77 | €1 | - | -€1 | |
| Profit (loss) for the period | 9904 | -€38,042 | -€49,419 | -€11,376 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,042 | -€49,419 | -€11,376 | -29.9% |
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.