G.L.D.: 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.
G.L.D.
Largest movements
- Cash +€23,314
up €23,314 (+9.0%), from €258,976 to €282,290
mainly Net result for the year (+€37,716) and Trade debts (+€17,679)
- Receivables within one year +€22,737
up €22,737 (+89.6%), from €25,378 to €48,115
of which Trade receivables: +€19,351
- Tangible fixed assets -€6,673
down €6,673 (-37.6%), from €17,769 to €11,096
of which Furniture and vehicles: -€4,913
- Trade debts +€17,679
up €17,679 (+114%), from €15,492 to €33,171
- Tax, wage and social debts +€9,832
up €9,832 (+133%), from €7,383 to €17,215
of which Taxes: +€8,921
- Profit (loss) carried forward +€6,916
up €6,916, from -€6,767 to €149
- Reserves +€4,800
up €4,800 (+1.8%), from €263,640 to €268,440
of which Distributable reserves: +€4,800
- Gross operating margin +€79,609
up €79,609 (+222%), from €35,892 to €115,501
- Staff costs +€15,303
up €15,303 (+33.5%), from €45,658 to €60,960
- Taxes +€9,546
new in 2025: €9,546
- Depreciation -€5,411
down €5,411 (-40.8%), from €13,255 to €7,844
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 | €311,453 | €352,595 | +€41,142 | +13.2% |
| Fixed assets | 21/28 | €17,904 | €11,231 | -€6,673 | -37.3% |
| Tangible fixed assets | 22/27 | €17,769 | €11,096 | -€6,673 | -37.6% |
| Plant, machinery and equipment | 23 | €2,105 | €345 | -€1,760 | -83.6% |
| Furniture and vehicles | 24 | €15,664 | €10,751 | -€4,913 | -31.4% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €293,549 | €341,364 | +€47,816 | +16.3% |
| Amounts receivable within one year | 40/41 | €25,378 | €48,115 | +€22,737 | +89.6% |
| Trade receivables | 40 | €20,306 | €39,657 | +€19,351 | +95.3% |
| Other amounts receivable | 41 | €5,072 | €8,458 | +€3,386 | +66.8% |
| Cash at bank and in hand | 54/58 | €258,976 | €282,290 | +€23,314 | +9.0% |
| Deferred charges and accrued income | 490/1 | €9,194 | €10,959 | +€1,765 | +19.2% |
| Total equity and liabilities | 10/49 | €311,453 | €352,595 | +€41,142 | +13.2% |
| Equity | 10/15 | €264,318 | €276,034 | +€11,716 | +4.4% |
| Contributions | 10/11 | €7,445 | €7,445 | = | 0.0% |
| Reserves | 13 | €263,640 | €268,440 | +€4,800 | +1.8% |
| Tax-exempt reserves | 132 | €21,040 | €21,040 | = | 0.0% |
| Distributable reserves | 133 | €242,600 | €247,400 | +€4,800 | +2.0% |
| Profit (loss) carried forward | 14 | -€6,767 | €149 | +€6,916 | |
| Amounts payable | 17/49 | €47,135 | €76,561 | +€29,426 | +62.4% |
| Amounts payable within one year | 42/48 | €46,875 | €76,386 | +€29,511 | +63.0% |
| Trade debts | 44 | €15,492 | €33,171 | +€17,679 | +114% |
| Suppliers | 440/4 | €15,492 | €33,171 | +€17,679 | +114% |
| Taxes, remuneration and social security | 45 | €7,383 | €17,215 | +€9,832 | +133% |
| Taxes | 450/3 | €50 | €8,972 | +€8,921 | +17,829% |
| Remuneration and social security | 454/9 | €7,333 | €8,243 | +€911 | +12.4% |
| Other amounts payable | 47/48 | €24,000 | €26,000 | +€2,000 | +8.3% |
| Accrued charges and deferred income | 492/3 | €260 | €175 | -€85 | -32.5% |
| Remuneration, social security and pensions | 62 | €45,658 | €60,960 | +€15,303 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,255 | €7,844 | -€5,411 | -40.8% |
| Other operating charges | 640/8 | €2,433 | €1,924 | -€509 | -20.9% |
| Gross operating margin | 9900 | €35,892 | €115,501 | +€79,609 | +222% |
| Operating profit (loss) | 9901 | -€25,454 | €44,772 | +€70,225 | |
| Financial income | 75/76B | €3,048 | €3,112 | +€64 | +2.1% |
| Recurring financial income | 75 | €3,048 | €3,112 | +€64 | +2.1% |
| Financial charges | 65/66B | €1,213 | €621 | -€592 | -48.8% |
| Recurring financial charges | 65 | €1,213 | €621 | -€592 | -48.8% |
| Profit (loss) for the period before taxes | 9903 | -€23,619 | €47,262 | +€70,881 | |
| Income taxes | 67/77 | - | €9,546 | +€9,546 | |
| Profit (loss) for the period | 9904 | -€23,619 | €37,716 | +€61,335 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,619 | €37,716 | +€61,335 |
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 28 October 2026 via checked.be.