GL-GU: 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.
GL-GU
Largest movements
- Cash -€6,215
down €6,215 (-45.3%), from €13,709 to €7,494
mainly Net result for the year (-€18,321) and Receivables within one year (-€5,708)
- Receivables within one year +€5,708
up €5,708 (+58.2%), from €9,809 to €15,517
of which Trade receivables: +€4,148
- Tangible fixed assets +€2,197
up €2,197 (+2.8%), from €77,548 to €79,744
of which Plant, machinery and equipment: +€3,420
- Deferred charges and accrued income +€2,156
up €2,156 (+1277.3%), from €169 to €2,325
- Stocks and contracts +€1,510
up €1,510 (+5.9%), from €25,777 to €27,287
of which Contracts in progress: +€2,876
- Reserves -€16,454
no longer reported in 2025 (was €16,454)
of which Distributable reserves: -€15,475
- Trade debts +€13,596
up €13,596 (+121.7%), from €11,174 to €24,769
- Other debts +€12,197
up €12,197 (+27.9%), from €43,675 to €55,873
- Debts after one year -€2,224
down €2,224 (-6.2%), from €35,610 to €33,386
- Profit (loss) carried forward -€1,867
down €1,867 (-302.5%), from -€617 to -€2,485
- Gross operating margin -€16,401
down €16,401, from €3,563 to -€12,838
- Financial income -€1,001
down €1,001 (-96.6%), from €1,037 to €35
of which Non-recurring financial income: -€1,000
- Other operating charges +€335
up €335 (+78.1%), from €430 to €765
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 | €127,011 | €132,367 | +€5,355 | +4.2% |
| Fixed assets | 21/28 | €77,548 | €79,744 | +€2,197 | +2.8% |
| Tangible fixed assets | 22/27 | €77,548 | €79,744 | +€2,197 | +2.8% |
| Land and buildings | 22 | €73,694 | €72,719 | -€975 | -1.3% |
| Plant, machinery and equipment | 23 | €3,254 | €6,675 | +€3,420 | +105.1% |
| Furniture and vehicles | 24 | €599 | €351 | -€249 | -41.5% |
| Current assets | 29/58 | €49,464 | €52,623 | +€3,159 | +6.4% |
| Stocks and contracts in progress | 3 | €25,777 | €27,287 | +€1,510 | +5.9% |
| Stocks | 30/36 | €14,911 | €13,545 | -€1,366 | -9.2% |
| Contracts in progress | 37 | €10,866 | €13,742 | +€2,876 | +26.5% |
| Amounts receivable within one year | 40/41 | €9,809 | €15,517 | +€5,708 | +58.2% |
| Trade receivables | 40 | €7,394 | €11,543 | +€4,148 | +56.1% |
| Other amounts receivable | 41 | €2,414 | €3,974 | +€1,560 | +64.6% |
| Cash at bank and in hand | 54/58 | €13,709 | €7,494 | -€6,215 | -45.3% |
| Deferred charges and accrued income | 490/1 | €169 | €2,325 | +€2,156 | +1277.3% |
| Total equity and liabilities | 10/49 | €127,011 | €132,367 | +€5,355 | +4.2% |
| Equity | 10/15 | €34,436 | €16,115 | -€18,321 | -53.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,454 | - | -€16,454 | |
| Non-distributable reserves | 130/1 | €978 | - | -€978 | |
| Reserves not available under the articles | 1311 | €978 | - | -€978 | |
| Distributable reserves | 133 | €15,475 | - | -€15,475 | |
| Profit (loss) carried forward | 14 | -€617 | -€2,485 | -€1,867 | -302.5% |
| Amounts payable | 17/49 | €92,575 | €116,251 | +€23,677 | +25.6% |
| Amounts payable after more than one year | 17 | €35,610 | €33,386 | -€2,224 | -6.2% |
| Financial debts | 170/4 | €35,610 | €33,386 | -€2,224 | -6.2% |
| Amounts payable within one year | 42/48 | €56,965 | €82,866 | +€25,901 | +45.5% |
| Current portion of amounts payable after more than one year | 42 | €2,116 | €2,224 | +€108 | +5.1% |
| Trade debts | 44 | €11,174 | €24,769 | +€13,596 | +121.7% |
| Suppliers | 440/4 | €11,174 | €24,769 | +€13,596 | +121.7% |
| Other amounts payable | 47/48 | €43,675 | €55,873 | +€12,197 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,603 | €2,659 | +€57 | +2.2% |
| Other operating charges | 640/8 | €430 | €765 | +€335 | +78.1% |
| Gross operating margin | 9900 | €3,563 | -€12,838 | -€16,401 | |
| Operating profit (loss) | 9901 | €530 | -€16,262 | -€16,792 | |
| Financial income | 75/76B | €1,037 | €35 | -€1,001 | -96.6% |
| Recurring financial income | 75 | €37 | €35 | -€1 | -3.5% |
| Non-recurring financial income | 76B | €1,000 | - | -€1,000 | |
| Financial charges | 65/66B | €2,184 | €2,094 | -€90 | -4.1% |
| Recurring financial charges | 65 | €2,184 | €2,094 | -€90 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | -€617 | -€18,321 | -€17,704 | -2867.9% |
| Profit (loss) for the period | 9904 | -€617 | -€18,321 | -€17,704 | -2867.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€617 | -€18,321 | -€17,704 | -2867.9% |
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 6 October 2026 via checked.be.