GTM Development: 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 Development
Largest movements
- Receivables within one year -€1,673
no longer reported in 2025 (was €1,673)
- Formation expenses -€233
down €233 (-70.5%), from €331 to €98
- Profit (loss) carried forward -€1,399
down €1,399 (-4.5%), from -€31,198 to -€32,598
- Other debts -€588
down €588 (-1.6%), from €37,345 to €36,757
- Trade debts +€91
up €91 (+16.9%), from €538 to €629
- Other operating charges +€492
new in 2025: €492
- Gross operating margin +€35
up €35 (+6.6%), from -€539 to -€503
- Financial charges -€19
down €19 (-10.0%), from €189 to €170
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 | €8,185 | €6,289 | -€1,897 | -23.2% |
| Formation expenses | 20 | €331 | €98 | -€233 | -70.5% |
| Current assets | 29/58 | €7,854 | €6,191 | -€1,663 | -21.2% |
| Stocks and contracts in progress | 3 | €6,053 | €6,053 | = | 0.0% |
| Stocks | 30/36 | €6,053 | €6,053 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,673 | - | -€1,673 | |
| Other amounts receivable | 41 | €1,673 | - | -€1,673 | |
| Cash at bank and in hand | 54/58 | €129 | €138 | +€9 | +7.3% |
| Total equity and liabilities | 10/49 | €8,185 | €6,289 | -€1,897 | -23.2% |
| Equity | 10/15 | -€29,698 | -€31,098 | -€1,399 | -4.7% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,198 | -€32,598 | -€1,399 | -4.5% |
| Amounts payable | 17/49 | €37,884 | €37,386 | -€497 | -1.3% |
| Amounts payable within one year | 42/48 | €37,884 | €37,386 | -€497 | -1.3% |
| Trade debts | 44 | €538 | €629 | +€91 | +16.9% |
| Suppliers | 440/4 | €538 | €629 | +€91 | +16.9% |
| Other amounts payable | 47/48 | €37,345 | €36,757 | -€588 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233 | €233 | = | 0.0% |
| Other operating charges | 640/8 | - | €492 | +€492 | |
| Gross operating margin | 9900 | -€539 | -€503 | +€35 | +6.6% |
| Operating profit (loss) | 9901 | -€772 | -€1,229 | -€457 | -59.2% |
| Financial charges | 65/66B | €189 | €170 | -€19 | -10.0% |
| Recurring financial charges | 65 | €189 | €170 | -€19 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | -€961 | -€1,399 | -€438 | -45.6% |
| Profit (loss) for the period | 9904 | -€961 | -€1,399 | -€438 | -45.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€961 | -€1,399 | -€438 | -45.6% |
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 10 October 2026 via checked.be.