GTM HOUSE: 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.
What changed
GTM HOUSE
NACE 46.190, Agents in non-specialised wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€7,797
2024 · €8,706-€16,503
Equity
€10,647
2024 · €18,444-€7,797
Cash
€23,932
2024 · €14,147+€9,785
Balance sheet total
€1.3m
2024 · €1.4m-€41,279
Largest movements
Assets
- Tangible fixed assets -€38,316
down €38,316 (-2.8%), from €1.4m to €1.3m
of which Land and buildings: -€41,445
Equity and liabilities
- Debts after one year -€46,011
down €46,011 (-9.8%), from €470,200 to €424,189
Income statement
- Gross operating margin -€9,358
down €9,358 (-11.7%), from €79,904 to €70,546
- Other operating charges +€9,181
up €9,181 (+631%), from €1,454 to €10,636
- Taxes -€4,177
down €4,177 (-91.6%), from €4,558 to €381
- Depreciation +€1,790
up €1,790 (+3.3%), from €53,622 to €55,412
- Financial charges -€904
down €904 (-7.6%), from €11,869 to €10,966
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.
Result 2024
€8,706
Gross operating margin
-€9,358
Depreciation
-€1,790
Other operating charges
-€9,181
Other operating items
-€1,240
Financial income
-€14
Financial charges
+€904
Taxes
+€4,177
Result 2025
-€7,797
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€66,893
Investment
-€12,096
Financing
-€45,012
Cash 2024
€14,147
From operations (derived)
+€66,893
Net result for the year
-€7,797
Depreciation
+€55,412
Receivables within one year
+€8,415
Deferred charges and accrued income
-€667
Provisions
-€292
Trade debts
+€836
Tax, wage and social debts
-€755
Other debts
+€11,742
Investment (derived)
-€12,096
Investment in fixed assets (net)
-€12,096
Financing
-€45,012
Debts after one year
-€46,011
Current portion of long-term debt
+€999
Cash 2025
€23,932
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,385,760 | €1,344,481 | -€41,279 | -3.0% |
| Fixed assets | 21/28 | €1,361,505 | €1,318,188 | -€43,316 | -3.2% |
| Tangible fixed assets | 22/27 | €1,356,381 | €1,318,064 | -€38,316 | -2.8% |
| Land and buildings | 22 | €1,284,467 | €1,243,022 | -€41,445 | -3.2% |
| Plant, machinery and equipment | 23 | €3,510 | €2,700 | -€810 | -23.1% |
| Furniture and vehicles | 24 | €8,935 | €4,307 | -€4,628 | -51.8% |
| Other tangible fixed assets | 26 | €59,469 | €68,035 | +€8,566 | +14.4% |
| Financial fixed assets | 28 | €5,124 | €124 | -€5,000 | -97.6% |
| Current assets | 29/58 | €24,255 | €26,293 | +€2,038 | +8.4% |
| Amounts receivable within one year | 40/41 | €8,725 | €310 | -€8,415 | -96.4% |
| Trade receivables | 40 | €8,725 | €310 | -€8,415 | -96.4% |
| Cash at bank and in hand | 54/58 | €14,147 | €23,932 | +€9,785 | +69.2% |
| Deferred charges and accrued income | 490/1 | €1,383 | €2,051 | +€667 | +48.2% |
| Total equity and liabilities | 10/49 | €1,385,760 | €1,344,481 | -€41,279 | -3.0% |
| Equity | 10/15 | €18,444 | €10,647 | -€7,797 | -42.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €26,784 | €25,907 | -€877 | -3.3% |
| Tax-exempt reserves | 132 | €26,784 | €25,907 | -€877 | -3.3% |
| Profit (loss) carried forward | 14 | -€14,539 | -€21,460 | -€6,920 | -47.6% |
| Provisions and deferred taxes | 16 | €8,928 | €8,636 | -€292 | -3.3% |
| Deferred taxes | 168 | €8,928 | €8,636 | -€292 | -3.3% |
| Amounts payable | 17/49 | €1,358,387 | €1,325,198 | -€33,190 | -2.4% |
| Amounts payable after more than one year | 17 | €470,200 | €424,189 | -€46,011 | -9.8% |
| Financial debts | 170/4 | €470,200 | €424,189 | -€46,011 | -9.8% |
| Amounts payable within one year | 42/48 | €888,187 | €901,009 | +€12,821 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €45,012 | €46,011 | +€999 | +2.2% |
| Trade debts | 44 | €591 | €1,427 | +€836 | +142% |
| Suppliers | 440/4 | €591 | €1,427 | +€836 | +142% |
| Taxes, remuneration and social security | 45 | €5,694 | €4,939 | -€755 | -13.3% |
| Taxes | 450/3 | €5,694 | €4,939 | -€755 | -13.3% |
| Other amounts payable | 47/48 | €836,890 | €848,632 | +€11,742 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,622 | €55,412 | +€1,790 | +3.3% |
| Other operating charges | 640/8 | €1,454 | €10,636 | +€9,181 | +631% |
| Non-recurring operating charges | 66A | - | €1,240 | +€1,240 | |
| Gross operating margin | 9900 | €79,904 | €70,546 | -€9,358 | -11.7% |
| Operating profit (loss) | 9901 | €24,827 | €3,258 | -€21,570 | -86.9% |
| Financial income | 75/76B | €14 | - | -€14 | |
| Recurring financial income | 75 | €14 | - | -€14 | |
| Financial charges | 65/66B | €11,869 | €10,966 | -€904 | -7.6% |
| Recurring financial charges | 65 | €11,869 | €10,966 | -€904 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €12,971 | -€7,708 | -€20,679 | |
| Transfer from deferred taxes | 780 | €292 | €292 | = | 0.0% |
| Income taxes | 67/77 | €4,558 | €381 | -€4,177 | -91.6% |
| Profit (loss) for the period | 9904 | €8,706 | -€7,797 | -€16,503 | |
| Transfer from tax-exempt reserves | 789 | €877 | €877 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,583 | -€6,920 | -€16,503 |
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 26 October 2026 via checked.be.