a GLOW: 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.
a GLOW
Largest movements
- Receivables after one year +€114,000
up €114,000 (+950%), from €12,000 to €126,000
- Cash -€111,675
down €111,675 (-46.3%), from €241,027 to €129,352
mainly Receivables after one year (-€114,000) and Other debts (-€84,391)
- Receivables within one year -€57,433
down €57,433 (-94.7%), from €60,670 to €3,237
- Current investments +€14,649
new in 2025: €14,649
- Tangible fixed assets +€13,216
up €13,216 (+342%), from €3,864 to €17,080
of which Furniture and vehicles: +€13,723
- Reserves +€97,286
up €97,286 (+51.5%), from €188,886 to €286,173
- Other debts -€84,391
down €84,391 (-98.1%), from €86,046 to €1,656
- Tax, wage and social debts -€24,892
down €24,892 (-85.0%), from €29,302 to €4,410
of which Taxes: -€23,145
- Current portion of long-term debt -€12,747
no longer reported in 2025 (was €12,747)
- Depreciation -€13,430
down €13,430 (-86.0%), from €15,617 to €2,188
- Gross operating margin -€9,039
down €9,039 (-7.0%), from €129,382 to €120,343
- Financial income -€5,422
down €5,422 (-37.4%), from €14,512 to €9,090
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 | €321,053 | €295,199 | -€25,854 | -8.1% |
| Fixed assets | 21/28 | €4,634 | €17,850 | +€13,216 | +285% |
| Tangible fixed assets | 22/27 | €3,864 | €17,080 | +€13,216 | +342% |
| Plant, machinery and equipment | 23 | €1,345 | €838 | -€507 | -37.7% |
| Furniture and vehicles | 24 | €2,519 | €16,242 | +€13,723 | +545% |
| Financial fixed assets | 28 | €770 | €770 | = | 0.0% |
| Current assets | 29/58 | €316,419 | €277,349 | -€39,070 | -12.3% |
| Amounts receivable after more than one year | 29 | €12,000 | €126,000 | +€114,000 | +950% |
| Other amounts receivable | 291 | €12,000 | €126,000 | +€114,000 | +950% |
| Amounts receivable within one year | 40/41 | €60,670 | €3,237 | -€57,433 | -94.7% |
| Other amounts receivable | 41 | €60,670 | €3,237 | -€57,433 | -94.7% |
| Current investments | 50/53 | - | €14,649 | +€14,649 | |
| Cash at bank and in hand | 54/58 | €241,027 | €129,352 | -€111,675 | -46.3% |
| Deferred charges and accrued income | 490/1 | €2,722 | €4,111 | +€1,389 | +51.0% |
| Total equity and liabilities | 10/49 | €321,053 | €295,199 | -€25,854 | -8.1% |
| Equity | 10/15 | €189,886 | €287,173 | +€97,286 | +51.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €188,886 | €286,173 | +€97,286 | +51.5% |
| Distributable reserves | 133 | €188,886 | €286,173 | +€97,286 | +51.5% |
| Amounts payable | 17/49 | €131,167 | €8,026 | -€123,140 | -93.9% |
| Amounts payable within one year | 42/48 | €131,167 | €7,378 | -€123,789 | -94.4% |
| Current portion of amounts payable after more than one year | 42 | €12,747 | - | -€12,747 | |
| Trade debts | 44 | €3,072 | €1,312 | -€1,759 | -57.3% |
| Suppliers | 440/4 | €3,072 | €1,312 | -€1,759 | -57.3% |
| Taxes, remuneration and social security | 45 | €29,302 | €4,410 | -€24,892 | -85.0% |
| Taxes | 450/3 | €27,554 | €4,410 | -€23,145 | -84.0% |
| Remuneration and social security | 454/9 | €1,747 | - | -€1,747 | |
| Other amounts payable | 47/48 | €86,046 | €1,656 | -€84,391 | -98.1% |
| Accrued charges and deferred income | 492/3 | - | €649 | +€649 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,617 | €2,188 | -€13,430 | -86.0% |
| Other operating charges | 640/8 | €1,483 | €1,245 | -€238 | -16.0% |
| Non-recurring operating charges | 66A | - | €522 | +€522 | |
| Gross operating margin | 9900 | €129,382 | €120,343 | -€9,039 | -7.0% |
| Operating profit (loss) | 9901 | €112,281 | €116,389 | +€4,107 | +3.7% |
| Financial income | 75/76B | €14,512 | €9,090 | -€5,422 | -37.4% |
| Recurring financial income | 75 | €14,512 | €9,090 | -€5,422 | -37.4% |
| Financial charges | 65/66B | €419 | €869 | +€450 | +108% |
| Recurring financial charges | 65 | €419 | €869 | +€450 | +108% |
| Profit (loss) for the period before taxes | 9903 | €126,375 | €124,610 | -€1,765 | -1.4% |
| Income taxes | 67/77 | €28,320 | €27,324 | -€996 | -3.5% |
| Profit (loss) for the period | 9904 | €98,055 | €97,286 | -€769 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €98,055 | €97,286 | -€769 | -0.8% |
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 17 October 2026 via checked.be.