G. Glenisson: what changed
Two fiscal 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.
G. Glenisson
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€92,471
down €92,471 (-50.2%), from €184,070 to €91,598
mainly Investment in fixed assets (net) (-€148,504) and Current investments (-€100,000)
- Tangible fixed assets -€48,670
down €48,670 (-1.3%), from €3.6m to €3.6m
of which Land and buildings: -€47,203
- Reserves -€90,473
down €90,473 (-4.1%), from €2.2m to €2.1m
of which Tax-exempt reserves: -€62,137
- Debts after one year +€65,417
up €65,417 (+8.5%), from €769,898 to €835,315
of which Financial debts: +€62,852
- Gross operating margin +€62,132
up €62,132 (+54.0%), from €115,072 to €177,204
- Other operating charges +€49,698
up €49,698 (+1195.6%), from €4,157 to €53,855
- Financial charges +€29,908
up €29,908 (+210.2%), from €14,226 to €44,134
- Depreciation +€19,698
up €19,698 (+11.1%), from €177,476 to €197,173
- Financial income +€6,772
new in 2025: €6,772
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.
Cash bridge derived
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 | €3,927,712 | €3,913,995 | -€13,717 | -0.3% |
| Fixed assets | 21/28 | €3,628,740 | €3,580,070 | -€48,670 | -1.3% |
| Intangible fixed assets | 21 | €2,030 | €2,030 | = | 0.0% |
| Tangible fixed assets | 22/27 | €3,625,406 | €3,576,736 | -€48,670 | -1.3% |
| Land and buildings | 22 | €3,614,927 | €3,567,724 | -€47,203 | -1.3% |
| Furniture and vehicles | 24 | €10,478 | €9,012 | -€1,467 | -14.0% |
| Financial fixed assets | 28 | €1,304 | €1,304 | = | 0.0% |
| Current assets | 29/58 | €298,972 | €333,925 | +€34,953 | +11.7% |
| Amounts receivable within one year | 40/41 | €114,903 | €142,327 | +€27,424 | +23.9% |
| Trade receivables | 40 | - | €11,000 | +€11,000 | |
| Other amounts receivable | 41 | €114,903 | €131,326 | +€16,424 | +14.3% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €184,070 | €91,598 | -€92,471 | -50.2% |
| Total equity and liabilities | 10/49 | €3,927,712 | €3,913,995 | -€13,717 | -0.3% |
| Equity | 10/15 | €2,214,205 | €2,123,732 | -€90,473 | -4.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,195,613 | €2,105,140 | -€90,473 | -4.1% |
| Tax-exempt reserves | 132 | €966,520 | €904,383 | -€62,137 | -6.4% |
| Distributable reserves | 133 | €1,229,093 | €1,200,757 | -€28,336 | -2.3% |
| Provisions and deferred taxes | 16 | €319,009 | €298,297 | -€20,712 | -6.5% |
| Deferred taxes | 168 | €319,009 | €298,297 | -€20,712 | -6.5% |
| Amounts payable | 17/49 | €1,394,498 | €1,491,966 | +€97,468 | +7.0% |
| Amounts payable after more than one year | 17 | €769,898 | €835,315 | +€65,417 | +8.5% |
| Financial debts | 170/4 | €748,525 | €811,377 | +€62,852 | +8.4% |
| Other amounts payable | 178/9 | €21,373 | €23,938 | +€2,565 | +12.0% |
| Amounts payable within one year | 42/48 | €622,506 | €628,380 | +€5,873 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €87,730 | €94,459 | +€6,730 | +7.7% |
| Trade debts | 44 | €4,061 | €4,272 | +€210 | +5.2% |
| Suppliers | 440/4 | €4,061 | €4,272 | +€210 | +5.2% |
| Other amounts payable | 47/48 | €530,715 | €529,648 | -€1,067 | -0.2% |
| Accrued charges and deferred income | 492/3 | €2,093 | €28,271 | +€26,178 | +1250.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,476 | €197,173 | +€19,698 | +11.1% |
| Other operating charges | 640/8 | €4,157 | €53,855 | +€49,698 | +1195.6% |
| Gross operating margin | 9900 | €115,072 | €177,204 | +€62,132 | +54.0% |
| Operating profit (loss) | 9901 | -€66,560 | -€73,824 | -€7,264 | -10.9% |
| Financial income | 75/76B | - | €6,772 | +€6,772 | |
| Recurring financial income | 75 | - | €6,772 | +€6,772 | |
| Financial charges | 65/66B | €14,226 | €44,134 | +€29,908 | +210.2% |
| Recurring financial charges | 65 | €14,226 | €44,134 | +€29,908 | +210.2% |
| Profit (loss) for the period before taxes | 9903 | -€80,786 | -€111,186 | -€30,399 | -37.6% |
| Transfer from deferred taxes | 780 | €19,797 | €20,712 | +€915 | +4.6% |
| Profit (loss) for the period | 9904 | -€60,989 | -€90,473 | -€29,485 | -48.3% |
| Transfer from tax-exempt reserves | 789 | €59,392 | €62,137 | +€2,745 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,596 | -€28,336 | -€26,740 | -1675.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.