AD GLORIAM: 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.
AD GLORIAM
Largest movements
- Receivables within one year +€46,467
up €46,467 (+777%), from €5,982 to €52,449
of which Trade receivables: +€49,439
- Cash +€12,965
up €12,965 (+15,006%), from €86 to €13,051
mainly Net result for the year (+€53,033) and Debts after one year (+€21,389)
- Stocks and contracts +€5,000
new in 2025: €5,000
- Tangible fixed assets -€1,938
down €1,938 (-5.7%), from €34,174 to €32,236
- Profit (loss) carried forward +€49,938
up €49,938 (+512%), from €9,756 to €59,694
- Trade debts -€36,063
down €36,063 (-100.0%), from €36,078 to €15
- Debts after one year +€21,389
new in 2025: €21,389
- Tax, wage and social debts +€12,550
up €12,550 (+294%), from €4,274 to €16,823
of which Taxes: +€11,629
- Current portion of long-term debt +€7,024
new in 2025: €7,024
- Gross operating margin +€40,682
up €40,682 (+111%), from €36,767 to €77,449
- Depreciation -€12,345
down €12,345 (-80.8%), from €15,283 to €2,938
- Taxes +€7,726
up €7,726 (+181%), from €4,274 to €12,000
- Staff costs +€4,685
new in 2025: €4,685
- Financial charges +€1,394
up €1,394 (+430%), from €324 to €1,719
of which Non-recurring financial charges: +€1,351
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 | €52,729 | €114,223 | +€61,494 | +117% |
| Fixed assets | 21/28 | €46,661 | €43,723 | -€2,938 | -6.3% |
| Intangible fixed assets | 21 | €8,986 | €7,986 | -€1,000 | -11.1% |
| Tangible fixed assets | 22/27 | €34,174 | €32,236 | -€1,938 | -5.7% |
| Furniture and vehicles | 24 | €34,174 | €32,236 | -€1,938 | -5.7% |
| Financial fixed assets | 28 | €3,500 | €3,500 | = | 0.0% |
| Current assets | 29/58 | €6,069 | €70,501 | +€64,432 | +1,062% |
| Stocks and contracts in progress | 3 | - | €5,000 | +€5,000 | |
| Stocks | 30/36 | - | €5,000 | +€5,000 | |
| Amounts receivable within one year | 40/41 | €5,982 | €52,449 | +€46,467 | +777% |
| Trade receivables | 40 | - | €49,439 | +€49,439 | |
| Other amounts receivable | 41 | €5,982 | €3,011 | -€2,972 | -49.7% |
| Cash at bank and in hand | 54/58 | €86 | €13,051 | +€12,965 | +15,006% |
| Total equity and liabilities | 10/49 | €52,729 | €114,223 | +€61,494 | +117% |
| Equity | 10/15 | €11,756 | €61,694 | +€49,938 | +425% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,756 | €59,694 | +€49,938 | +512% |
| Amounts payable | 17/49 | €40,974 | €52,529 | +€11,555 | +28.2% |
| Amounts payable after more than one year | 17 | - | €21,389 | +€21,389 | |
| Financial debts | 170/4 | - | €21,389 | +€21,389 | |
| Amounts payable within one year | 42/48 | €40,974 | €31,140 | -€9,834 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | - | €7,024 | +€7,024 | |
| Trade debts | 44 | €36,078 | €15 | -€36,063 | -100.0% |
| Suppliers | 440/4 | €36,078 | €15 | -€36,063 | -100.0% |
| Taxes, remuneration and social security | 45 | €4,274 | €16,823 | +€12,550 | +294% |
| Taxes | 450/3 | €4,274 | €15,903 | +€11,629 | +272% |
| Remuneration and social security | 454/9 | - | €921 | +€921 | |
| Other amounts payable | 47/48 | €622 | €7,278 | +€6,655 | +1,069% |
| Remuneration, social security and pensions | 62 | - | €4,685 | +€4,685 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,283 | €2,938 | -€12,345 | -80.8% |
| Other operating charges | 640/8 | €4,024 | €3,075 | -€950 | -23.6% |
| Gross operating margin | 9900 | €36,767 | €77,449 | +€40,682 | +111% |
| Operating profit (loss) | 9901 | €17,460 | €66,751 | +€49,291 | +282% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €324 | €1,719 | +€1,394 | +430% |
| Recurring financial charges | 65 | €324 | €368 | +€44 | +13.5% |
| Non-recurring financial charges | 66B | - | €1,351 | +€1,351 | |
| Profit (loss) for the period before taxes | 9903 | €17,139 | €65,033 | +€47,894 | +279% |
| Income taxes | 67/77 | €4,274 | €12,000 | +€7,726 | +181% |
| Profit (loss) for the period | 9904 | €12,865 | €53,033 | +€40,167 | +312% |
| Profit (loss) for the period to be appropriated | 9905 | €12,865 | €53,033 | +€40,167 | +312% |
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 21 October 2026 via checked.be.