M-GMT: 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.
M-GMT
Largest movements
- Receivables within one year -€27,161
down €27,161 (-19.2%), from €141,411 to €114,251
of which Trade receivables: -€28,898
- Tangible fixed assets +€4,398
up €4,398 (+22.2%), from €19,806 to €24,204
of which Plant, machinery and equipment: +€4,214
- Cash +€4,317
up €4,317 (+42.0%), from €10,286 to €14,603
mainly Other debts (+€81,432) and Net result for the year (+€61,567)
- Deferred charges and accrued income +€2,642
up €2,642 (+5,958%), from €44 to €2,686
- Other debts +€81,432
up €81,432 (+115%), from €70,551 to €151,983
- Reserves -€59,858
down €59,858 (-78.3%), from €76,425 to €16,567
- Trade debts -€39,733
down €39,733 (-91.5%), from €43,407 to €3,675
- Tax, wage and social debts +€2,354
up €2,354 (+20.8%), from €11,324 to €13,678
- Gross operating margin +€35,818
up €35,818 (+71.2%), from €50,334 to €86,152
- Taxes +€2,762
up €2,762 (+24.2%), from €11,427 to €14,190
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 | €221,548 | €205,742 | -€15,805 | -7.1% |
| Fixed assets | 21/28 | €19,806 | €24,204 | +€4,398 | +22.2% |
| Tangible fixed assets | 22/27 | €19,806 | €24,204 | +€4,398 | +22.2% |
| Land and buildings | 22 | €11,642 | €9,437 | -€2,205 | -18.9% |
| Plant, machinery and equipment | 23 | €1,764 | €5,978 | +€4,214 | +239% |
| Furniture and vehicles | 24 | €6,400 | €8,789 | +€2,389 | +37.3% |
| Current assets | 29/58 | €201,742 | €181,538 | -€20,204 | -10.0% |
| Amounts receivable within one year | 40/41 | €141,411 | €114,251 | -€27,161 | -19.2% |
| Trade receivables | 40 | €129,339 | €100,440 | -€28,898 | -22.3% |
| Other amounts receivable | 41 | €12,073 | €13,810 | +€1,738 | +14.4% |
| Current investments | 50/53 | €50,000 | €49,998 | -€2 | 0.0% |
| Cash at bank and in hand | 54/58 | €10,286 | €14,603 | +€4,317 | +42.0% |
| Deferred charges and accrued income | 490/1 | €44 | €2,686 | +€2,642 | +5,958% |
| Total equity and liabilities | 10/49 | €221,548 | €205,742 | -€15,805 | -7.1% |
| Equity | 10/15 | €96,265 | €36,407 | -€59,858 | -62.2% |
| Contributions | 10/11 | €19,840 | €19,840 | = | 0.0% |
| Reserves | 13 | €76,425 | €16,567 | -€59,858 | -78.3% |
| Distributable reserves | 133 | €76,425 | €16,567 | -€59,858 | -78.3% |
| Amounts payable | 17/49 | €125,283 | €169,336 | +€44,053 | +35.2% |
| Amounts payable within one year | 42/48 | €125,283 | €169,336 | +€44,053 | +35.2% |
| Trade debts | 44 | €43,407 | €3,675 | -€39,733 | -91.5% |
| Suppliers | 440/4 | €43,407 | €3,675 | -€39,733 | -91.5% |
| Taxes, remuneration and social security | 45 | €11,324 | €13,678 | +€2,354 | +20.8% |
| Taxes | 450/3 | €11,324 | €13,678 | +€2,354 | +20.8% |
| Other amounts payable | 47/48 | €70,551 | €151,983 | +€81,432 | +115% |
| Non-recurring operating income | 76A | €8,668 | - | -€8,668 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,572 | €5,238 | +€666 | +14.6% |
| Other operating charges | 640/8 | €636 | €1,056 | +€420 | +66.1% |
| Gross operating margin | 9900 | €50,334 | €86,152 | +€35,818 | +71.2% |
| Operating profit (loss) | 9901 | €45,126 | €79,858 | +€34,731 | +77.0% |
| Financial income | 75/76B | €440 | €9 | -€431 | -98.0% |
| Recurring financial income | 75 | €440 | €9 | -€431 | -98.0% |
| Financial charges | 65/66B | €4,057 | €4,111 | +€54 | +1.3% |
| Recurring financial charges | 65 | €4,057 | €4,111 | +€54 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €41,510 | €75,756 | +€34,247 | +82.5% |
| Income taxes | 67/77 | €11,427 | €14,190 | +€2,762 | +24.2% |
| Profit (loss) for the period | 9904 | €30,083 | €61,567 | +€31,484 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €30,083 | €61,567 | +€31,484 | +105% |
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 25 October 2026 via checked.be.