GLAVERPANE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 18-05-2026 PDF all 37 filings
Turnover
€55.8m▼ 28.6%
2024 · €78.2m
EBIT margin
-0.4%▼ 1.4pp
2024 · 1.0%
Net result
-€157,634
2024 · €735,414
Working capital
€9.5m▼ 20.8%
2024 · €12.0m
In the rankings
#1 company by equity in Jemeppe-sur-Sambre, Manufacturing sector#3 company by total assets in Jemeppe-sur-Sambre, Manufacturing sector#4 oldest company in Jemeppe-sur-Sambre, Manufacturing sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€55.8m
▼ 28.6%
2025
20192025
Operating result
-€215,202
2025
20192025
Net result
-€157,634
2025
lowest quarter of the sector
20192025
EBIT margin
-0.4%
▼ 1.4pp
2025
20192025
Equity
€15.5m
▼ 1.0%
2025
highest quarter of the sector
20192025
Total assets
€19.5m
▼ 59.7%
2025
highest quarter of the sector
20192025
Debt
€4.1m
▼ 87.6%
2025
20192025
Working capital
€9.5m
▼ 20.8%
2025
highest quarter of the sector
20192025
Solvency
79.2%
▲ 46.9pp
2025
highest quarter of the sector
20192025
Current ratio
3.33
▲ 1.93
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-0.8%
▼ 2.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€53.0m-€53.0m▼ 0.1%€71.2m▲ 34.5%€116.8m▲ 63.9%€87.1m▼ 25.4%€78.2m▼ 10.1%€55.8m▼ 28.6%
Operating result€0.4m-€0.4m▼ 7.5%€0.4m▲ 1.5%€0.4m▼ 12.4%-€0.2m€0.8m-€0.2m
Net result€0.3m-€0.3mwithin the sector's middle half▼ 5.4%€0.3mwithin the sector's middle half▲ 16.4%€0.2mwithin the sector's middle half▼ 24.1%€0.1mwithin the sector's middle half▼ 60.0%€0.7mabove the sector's middle half▲ 643%-€0.2mbelow the sector's middle half
EBIT margin0.8%-0.8%▼ 0.1pp0.6%▼ 0.2pp0.3%▼ 0.3pp-0.2%▼ 0.5pp1.0%▲ 1.2pp-0.4%▼ 1.4pp
Equity€13.9m-€14.2mabove the sector's middle half▲ 2.0%€14.5mabove the sector's middle half▲ 2.3%€14.8mabove the sector's middle half▲ 1.7%€14.9mabove the sector's middle half▲ 0.7%€15.6mabove the sector's middle half▲ 4.9%€15.5mabove the sector's middle half▼ 1.0%
Total assets€25.0m-€29.6mabove the sector's middle half▲ 18.6%€50.6mabove the sector's middle half▲ 70.9%€86.2mabove the sector's middle half▲ 70.2%€28.4mabove the sector's middle half▼ 67.1%€48.5mabove the sector's middle half▲ 70.9%€19.5mabove the sector's middle half▼ 59.7%
Debt€11.1m-€15.4m▲ 39.4%€36.1m▲ 134%€71.4m▲ 97.8%€13.5m▼ 81.1%€32.8m▲ 144%€4.1m▼ 87.6%
Working capital€9.7m-€10.3mabove the sector's middle half▲ 6.8%€7.5mabove the sector's middle half▼ 27.6%€10.8mabove the sector's middle half▲ 44.9%€7.7mabove the sector's middle half▼ 28.9%€12.0mabove the sector's middle half▲ 55.7%€9.5mabove the sector's middle half▼ 20.8%
Solvency55.7%-47.9%within the sector's middle half▼ 7.8pp28.7%within the sector's middle half▼ 19.2pp17.1%below the sector's middle half▼ 11.6pp52.5%within the sector's middle half▲ 35.3pp32.2%within the sector's middle half▼ 20.3pp79.2%above the sector's middle half▲ 46.9pp
Current ratio2.20-1.83within the sector's middle half▼ 0.371.21within the sector's middle half▼ 0.621.16within the sector's middle half▼ 0.051.57within the sector's middle half▲ 0.411.40within the sector's middle half▼ 0.173.33above the sector's middle half▲ 1.93
Return on assets (ROA)1.2%-0.9%within the sector's middle half▼ 0.2pp0.6%below the sector's middle half▼ 0.3pp0.3%within the sector's middle half▼ 0.4pp0.3%below the sector's middle half▲ 0.1pp1.5%within the sector's middle half▲ 1.2pp-0.8%below the sector's middle half▼ 2.3pp
above
within
below
The sector band is the middle half of the companies in Manufacture of other non-metallic mineral products (NACE 23). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €215,202, after a profit of €755,932 in 2024. It is the lowest result since 2019.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €19.5m
Fixed assets
€6.0m ▼ 9.9%
Current assets
€13.6m ▼ 67.6%
Equity and liabilities €19.5m
Equity
€15.5m ▼ 1.0%
Debt
€4.1m ▼ 87.6%
Debt's share of the balance-sheet total falls from 67.8% to 20.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€456,030▼
2024 · €1.5m
Cash flow
€513,598▼
2024 · €1.4m
Debt to equity
0.26▼
2024 · 2.10
ROE
-1.0%▼
2024 · 4.7%
Interest coverage
3.70▼
2024 · 14.30
Debt ≤ 1 year
€4.1m▼
2024 · €29.8m
Income taxes
-€2,309▼
2024 · €265,000
Customer credit
3 days▼
2024 · 138 days
Supplier credit
6 days▼
2024 · 142 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Revenue breakdown
By activity 2025
- Vente de verre €55,827,842100.0%
Source: 2025 accounts, page 18, filing 2026-00114697
By geographic market 2020
- Belgique €52,980,192100.0%
Source: 2020 accounts, page 16, filing 2021-15000123
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €947,948 | €686,882 | €1.6m | €146,288 | €15,000 |
| Depreciation and write-downs of the year | €764,732 | €797,032 | €757,579 | €697,483 | €671,232 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €3,917 | €3,939 | €4,139 | €4,310 | €4,756 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | €53.0m | - | €71.2m | €116.8m | €87.1m | €78.2m | €55.8m | ▼ 28.6% |
| Turnover70 | €53.0m | €53.0m | €71.2m | €116.8m | €87.1m | €78.2m | €55.8m | ▼ 28.6% |
| Operating charges60/66A | €52.6m | - | €70.8m | €116.4m | €87.2m | €77.5m | €56.0m | ▼ 27.7% |
| Goods for resale, raw materials and consumables60 | €41.0m | - | €58.7m | €106.5m | €76.2m | €67.3m | €49.0m | ▼ 27.1% |
| Purchases600/8 | - | - | €58.7m | €106.5m | €76.2m | €67.3m | €49.0m | ▼ 27.1% |
| Services and other goods61 | €10.0m | - | €10.7m | €8.4m | €8.8m | €9.0m | €5.9m | ▼ 34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 3.8% |
| Other operating charges640/8 | €0.7m | - | €0.7m | €0.7m | €0.9m | €0.6m | €0.4m | ▼ 27.6% |
| Non-recurring operating charges66A | - | - | - | - | €0.6m | - | - | - |
| Operating profit (loss)9901 | €0.4m | €0.4m | €0.4m | €0.4m | -€0.2m | €0.8m | -€0.2m | - |
| Financial income75/76B | - | - | - | €0.02m | €0.4m | €0.3m | €0.2m | ▼ 48.4% |
| Recurring financial income75 | - | - | - | €0.02m | €0.4m | €0.3m | €0.2m | ▼ 48.4% |
| Income from current assets751 | - | - | - | €0.02m | €0.4m | €0.3m | €0.2m | ▼ 48.4% |
| Other financial income752/9 | - | - | - | €0 | - | - | - | - |
| Financial charges65/66B | €0.02m | - | €0.006m | €0.04m | €0.08m | €0.1m | €0.1m | ▲ 21.1% |
| Recurring financial charges65 | €0.02m | €0.01m | €0.006m | €0.04m | €0.08m | €0.1m | €0.1m | ▲ 21.1% |
| Debt charges650 | €0.02m | €0.01m | €0.006m | €0.04m | €0.08m | €0.1m | €0.1m | ▲ 21.2% |
| Other financial charges652/9 | €301 | - | €339 | €346 | €346 | €372 | €426 | ▲ 14.7% |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.4m | €0.4m | €0.3m | €0.2m | €1.0m | -€0.2m | - |
| Income taxes67/77 | €0.1m | €0.1m | €0.08m | €0.09m | €0.05m | €0.3m | -€0.002m | - |
| Taxes670/3 | €0.1m | - | €0.08m | €0.09m | €0.05m | €0.3m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | €322 | - | - | - | €0.002m | - |
| Profit (loss) for the period9904 | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | €0.7m | -€0.2m | - |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | €0.7m | -€0.2m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €25.0m | €29.6m | €50.6m | €86.2m | €28.4m | €48.5m | €19.5m | ▼ 59.7% |
| Fixed assets21/28 | €7.2m | €6.9m | €7.1m | €6.9m | €7.2m | €6.6m | €6.0m | ▼ 9.9% |
| Tangible fixed assets22/27 | €7.2m | €6.9m | €7.1m | €6.9m | €7.2m | €6.6m | €6.0m | ▼ 9.9% |
| Land and buildings22 | €1.7m | - | €1.5m | €1.4m | €1.3m | €1.1m | €1.0m | ▼ 10.1% |
| Plant, machinery and equipment23 | €5.5m | - | €5.6m | €5.4m | €5.7m | €5.3m | €4.8m | ▼ 9.8% |
| Furniture and vehicles24 | €0.05m | - | €0.02m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 13.0% |
| Current assets29/58 | €17.7m | €22.8m | €43.6m | €79.2m | €21.2m | €41.8m | €13.6m | ▼ 67.6% |
| Amounts receivable within one year40/41 | €17.7m | €22.8m | €43.6m | €79.2m | €21.2m | €41.8m | €13.6m | ▼ 67.6% |
| Trade receivables40 | €6.9m | - | €32.2m | €68.5m | €10.5m | €29.6m | €0.4m | ▼ 98.7% |
| Other amounts receivable41 | €10.8m | - | €11.4m | €10.8m | €10.7m | €12.2m | €13.2m | ▲ 7.9% |
| Cash at bank and in hand54/58 | - | €0.007m | - | - | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €25.0m | €29.6m | €50.6m | €86.2m | €28.4m | €48.5m | €19.5m | ▼ 59.7% |
| Equity10/15 | €13.9m | €14.2m | €14.5m | €14.8m | €14.9m | €15.6m | €15.5m | ▼ 1.0% |
| Contributions10/11 | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | = |
| Capital10 | €5.0m | - | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | = |
| Issued capital100 | €5.0m | - | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | = |
| Reserves13 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Non-distributable reserves130/1 | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Legal reserve130 | €0.7m | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Profit (loss) carried forward14 | €8.3m | €8.5m | €8.9m | €9.1m | €9.2m | €10.0m | €9.8m | ▼ 1.6% |
| Amounts payable17/49 | €11.1m | €15.4m | €36.1m | €71.4m | €13.5m | €32.8m | €4.1m | ▼ 87.6% |
| Amounts payable after more than one year17 | €3.0m | €3.0m | - | €3.0m | - | €3.0m | - | - |
| Financial debts170/4 | €3.0m | - | - | €3.0m | - | €3.0m | - | - |
| Other loans174 | €3.0m | - | - | €3.0m | - | €3.0m | - | - |
| Amounts payable within one year42/48 | €8.1m | €12.4m | €36.1m | €68.4m | €13.5m | €29.8m | €4.1m | ▼ 86.4% |
| Current portion of amounts payable after more than one year42 | - | - | €3.0m | - | - | - | - | - |
| Financial debts43 | - | - | - | - | €3.0m | - | €3.0m | - |
| Other loans439 | - | - | - | - | €3.0m | - | €3.0m | - |
| Trade debts44 | €8.0m | €12.4m | €33.1m | €68.4m | €10.5m | €29.7m | €1.0m | ▼ 96.7% |
| Suppliers440/4 | €8.0m | - | €33.1m | €68.4m | €10.5m | €29.7m | €1.0m | ▼ 96.7% |
| Taxes, remuneration and social security45 | €0.02m | - | - | €0.02m | €0.007m | €0.1m | €0.09m | ▼ 14.6% |
| Taxes450/3 | €0.02m | - | - | €0.02m | €0.007m | €0.1m | €0.09m | ▼ 14.6% |
| Accrued charges and deferred income492/3 | €0.002m | - | €0.002m | €0.001m | €0.001m | €0.003m | €0.005m | ▲ 64.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | €0.7m | -€0.2m | - |
| + Depreciation and write-downs630 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 3.8% |
| Operating cash flow (approximation) | €1.1m | €1.0m | €1.1m | €1.0m | €0.9m | €1.4m | €0.5m | ▼ 64.2% |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.9m | -€0.7m | -€1.0m | -€0.1m | -€0.01m | ▲ 89.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 830 companies had the same profile as GLAVERPANE has now. Two years later, 96.5% were still going and 0.6% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a small loss
96.5%
was still going
2.9%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of GLAVERPANE itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 830 companies, not a prediction for GLAVERPANE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 18-05-2026 | 2026-00114697 | |
| 31-12-2024 | full format | 10-06-2025 | 2025-00132854 | |
| 31-12-2023 | full format | 10-06-2024 | 2024-00122817 | |
| 31-12-2022 | full format | 17-05-2023 | 2023-00091268 | |
| 31-12-2021 | full format | 13-05-2022 | 2022-20031165 | |
| 31-12-2020 | full format | 21-05-2021 | 2021-15000123 | |
| 31-12-2019 | full format | 18-05-2020 | 2020-12400527 | |
| 31-12-2018 | full format | 17-05-2019 | 2019-13500148 | |
| 31-12-2017 | full format | 18-05-2018 | 2018-13300277 | |
| 31-12-2016 | full format | 16-05-2017 | 2017-12700020 |