G.L.S.: 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.S.
Largest movements
- Cash +€101,179
up €101,179 (+64.9%), from €155,800 to €256,979
mainly Receivables within one year (+€89,363) and Net result for the year (+€83,494)
- Receivables within one year -€89,363
down €89,363 (-36.0%), from €248,467 to €159,103
of which Trade receivables: -€103,176
- Tangible fixed assets -€30,613
down €30,613 (-15.4%), from €198,443 to €167,830
of which Plant, machinery and equipment: -€16,786
- Deferred charges and accrued income +€23,339
up €23,339 (+239%), from €9,755 to €33,094
- Trade debts -€66,706
down €66,706 (-42.6%), from €156,551 to €89,844
- Other debts +€42,192
up €42,192 (+114%), from €37,046 to €79,238
- Tax, wage and social debts +€33,466
up €33,466 (+452%), from €7,402 to €40,868
of which Taxes: +€28,776
- Debts after one year -€8,667
down €8,667 (-37.5%), from €23,111 to €14,445
- Gross operating margin +€93,700
up €93,700 (+66.8%), from €140,241 to €233,940
- Staff costs +€40,788
up €40,788 (+170%), from €23,984 to €64,771
- Taxes +€18,955
up €18,955 (+76.1%), from €24,909 to €43,864
- Depreciation +€2,382
up €2,382 (+8.4%), from €28,231 to €30,613
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 | €612,465 | €617,006 | +€4,541 | +0.7% |
| Fixed assets | 21/28 | €198,443 | €167,830 | -€30,613 | -15.4% |
| Tangible fixed assets | 22/27 | €198,443 | €167,830 | -€30,613 | -15.4% |
| Land and buildings | 22 | €60,574 | €53,012 | -€7,562 | -12.5% |
| Plant, machinery and equipment | 23 | €119,775 | €102,989 | -€16,786 | -14.0% |
| Furniture and vehicles | 24 | €18,095 | €11,829 | -€6,266 | -34.6% |
| Current assets | 29/58 | €414,022 | €449,176 | +€35,155 | +8.5% |
| Amounts receivable within one year | 40/41 | €248,467 | €159,103 | -€89,363 | -36.0% |
| Trade receivables | 40 | €229,855 | €126,679 | -€103,176 | -44.9% |
| Other amounts receivable | 41 | €18,612 | €32,425 | +€13,813 | +74.2% |
| Cash at bank and in hand | 54/58 | €155,800 | €256,979 | +€101,179 | +64.9% |
| Deferred charges and accrued income | 490/1 | €9,755 | €33,094 | +€23,339 | +239% |
| Total equity and liabilities | 10/49 | €612,465 | €617,006 | +€4,541 | +0.7% |
| Equity | 10/15 | €378,188 | €382,445 | +€4,256 | +1.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €351,766 | €356,023 | +€4,256 | +1.2% |
| Distributable reserves | 133 | €351,766 | €356,023 | +€4,256 | +1.2% |
| Profit (loss) carried forward | 14 | €20,222 | €20,222 | = | 0.0% |
| Amounts payable | 17/49 | €234,277 | €234,562 | +€285 | +0.1% |
| Amounts payable after more than one year | 17 | €23,111 | €14,445 | -€8,667 | -37.5% |
| Financial debts | 170/4 | €23,111 | €14,445 | -€8,667 | -37.5% |
| Amounts payable within one year | 42/48 | €209,665 | €218,617 | +€8,951 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €8,667 | €8,667 | = | 0.0% |
| Trade debts | 44 | €156,551 | €89,844 | -€66,706 | -42.6% |
| Suppliers | 440/4 | €156,551 | €89,844 | -€66,706 | -42.6% |
| Taxes, remuneration and social security | 45 | €7,402 | €40,868 | +€33,466 | +452% |
| Taxes | 450/3 | €5,497 | €34,273 | +€28,776 | +523% |
| Remuneration and social security | 454/9 | €1,905 | €6,595 | +€4,690 | +246% |
| Other amounts payable | 47/48 | €37,046 | €79,238 | +€42,192 | +114% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €23,984 | €64,771 | +€40,788 | +170% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,231 | €30,613 | +€2,382 | +8.4% |
| Other operating charges | 640/8 | €2,070 | €2,975 | +€905 | +43.7% |
| Gross operating margin | 9900 | €140,241 | €233,940 | +€93,700 | +66.8% |
| Operating profit (loss) | 9901 | €85,956 | €135,580 | +€49,625 | +57.7% |
| Financial income | 75/76B | €125 | €989 | +€864 | +693% |
| Recurring financial income | 75 | €125 | €989 | +€864 | +693% |
| Financial charges | 65/66B | €11,143 | €9,210 | -€1,933 | -17.3% |
| Recurring financial charges | 65 | €11,143 | €9,210 | -€1,933 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €74,937 | €127,359 | +€52,421 | +70.0% |
| Income taxes | 67/77 | €24,909 | €43,864 | +€18,955 | +76.1% |
| Profit (loss) for the period | 9904 | €50,029 | €83,494 | +€33,466 | +66.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,029 | €83,494 | +€33,466 | +66.9% |
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 31 October 2026 via checked.be.