DR. CARL GLADINEZ: 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.
DR. CARL GLADINEZ
Largest movements
- Tangible fixed assets +€99,149
up €99,149 (+12.6%), from €787,040 to €886,189
of which Furniture and vehicles: +€92,957
- Cash +€34,166
up €34,166 (+35.4%), from €96,545 to €130,711
mainly Net result for the year (+€122,321) and Other debts (+€98,037)
- Other debts +€98,037
up €98,037 (+264%), from €37,105 to €135,142
- Debts after one year +€33,019
up €33,019 (+16.3%), from €202,407 to €235,426
- Tax, wage and social debts +€12,546
up €12,546 (+62.4%), from €20,097 to €32,643
- Gross operating margin +€46,751
up €46,751 (+28.7%), from €162,651 to €209,402
- Taxes +€11,303
up €11,303 (+27.1%), from €41,786 to €53,089
- Depreciation +€8,012
up €8,012 (+168%), from €4,773 to €12,785
- Financial charges -€3,817
down €3,817 (-23.8%), from €16,039 to €12,222
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 | €958,728 | €1,096,189 | +€137,461 | +14.3% |
| Fixed assets | 21/28 | €787,040 | €886,189 | +€99,149 | +12.6% |
| Tangible fixed assets | 22/27 | €787,040 | €886,189 | +€99,149 | +12.6% |
| Land and buildings | 22 | €784,776 | €786,426 | +€1,650 | +0.2% |
| Plant, machinery and equipment | 23 | - | €4,542 | +€4,542 | |
| Furniture and vehicles | 24 | €2,264 | €95,220 | +€92,957 | +4,106% |
| Current assets | 29/58 | €171,688 | €209,999 | +€38,312 | +22.3% |
| Amounts receivable within one year | 40/41 | €52,870 | €55,684 | +€2,814 | +5.3% |
| Trade receivables | 40 | - | €678 | +€678 | |
| Other amounts receivable | 41 | €52,870 | €55,006 | +€2,136 | +4.0% |
| Current investments | 50/53 | €18,418 | €18,418 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €96,545 | €130,711 | +€34,166 | +35.4% |
| Deferred charges and accrued income | 490/1 | €3,855 | €5,186 | +€1,332 | +34.6% |
| Total equity and liabilities | 10/49 | €958,728 | €1,096,189 | +€137,461 | +14.3% |
| Equity | 10/15 | €640,757 | €637,731 | -€3,026 | -0.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €628,357 | €625,331 | -€3,026 | -0.5% |
| Distributable reserves | 133 | €628,357 | €625,331 | -€3,026 | -0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €317,970 | €458,458 | +€140,487 | +44.2% |
| Amounts payable after more than one year | 17 | €202,407 | €235,426 | +€33,019 | +16.3% |
| Financial debts | 170/4 | €202,407 | €235,426 | +€33,019 | +16.3% |
| Amounts payable within one year | 42/48 | €108,320 | €212,656 | +€104,336 | +96.3% |
| Current portion of amounts payable after more than one year | 42 | €50,771 | €44,778 | -€5,993 | -11.8% |
| Trade debts | 44 | €346 | €93 | -€253 | -73.2% |
| Suppliers | 440/4 | €346 | €93 | -€253 | -73.2% |
| Taxes, remuneration and social security | 45 | €20,097 | €32,643 | +€12,546 | +62.4% |
| Taxes | 450/3 | €20,097 | €32,643 | +€12,546 | +62.4% |
| Other amounts payable | 47/48 | €37,105 | €135,142 | +€98,037 | +264% |
| Accrued charges and deferred income | 492/3 | €7,244 | €10,375 | +€3,131 | +43.2% |
| Remuneration, social security and pensions | 62 | €6,819 | €6,938 | +€118 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,773 | €12,785 | +€8,012 | +168% |
| Other operating charges | 640/8 | €3,480 | €3,765 | +€286 | +8.2% |
| Gross operating margin | 9900 | €162,651 | €209,402 | +€46,751 | +28.7% |
| Operating profit (loss) | 9901 | €147,579 | €185,914 | +€38,335 | +26.0% |
| Financial income | 75/76B | €1,913 | €1,718 | -€195 | -10.2% |
| Recurring financial income | 75 | €1,913 | €1,718 | -€195 | -10.2% |
| Financial charges | 65/66B | €16,039 | €12,222 | -€3,817 | -23.8% |
| Recurring financial charges | 65 | €16,039 | €12,222 | -€3,817 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €133,453 | €175,410 | +€41,957 | +31.4% |
| Income taxes | 67/77 | €41,786 | €53,089 | +€11,303 | +27.1% |
| Profit (loss) for the period | 9904 | €91,668 | €122,321 | +€30,654 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €91,668 | €122,321 | +€30,654 | +33.4% |
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 16 October 2026 via checked.be.