GL MANAGEMENT: 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.
GL MANAGEMENT
Largest movements
- Receivables within one year +€130,985
up €130,985 (+103%), from €127,278 to €258,263
of which Trade receivables: +€103,008
- Stocks and contracts +€29,841
up €29,841 (+328%), from €9,109 to €38,951
- Cash -€21,668
down €21,668 (-96.4%), from €22,482 to €814
mainly Receivables within one year (-€130,985) and Stocks and contracts (-€29,841)
- Receivables after one year -€5,000
down €5,000 (-3.6%), from €137,574 to €132,574
- Trade debts +€121,263
up €121,263 (+95.8%), from €126,537 to €247,800
- Accrued charges and deferred income +€47,823
up €47,823 (+4,782%), from €1,000 to €48,823
- Tax, wage and social debts -€26,107
down €26,107 (-58.1%), from €44,933 to €18,826
- Provisions -€5,507
down €5,507 (-4.2%), from €130,579 to €125,072
- Financial income +€169,652
up €169,652 (+6,270%), from €2,706 to €172,357
of which Non-recurring financial income: +€160,059
- Financial charges +€158,807
up €158,807 (+1,281%), from €12,397 to €171,205
of which Non-recurring financial charges: +€157,359
- Write-downs -€9,455
new in 2025: -€9,455
- Gross operating margin -€9,359
down €9,359 (-43.7%), from €21,416 to €12,057
- Other operating charges +€8,832
up €8,832 (+176%), from €5,022 to €13,854
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 | €306,451 | €448,102 | +€141,651 | +46.2% |
| Formation expenses | 20 | €15 | - | -€15 | |
| Fixed assets | 21/28 | €9,994 | €13,254 | +€3,261 | +32.6% |
| Tangible fixed assets | 22/27 | €7,654 | €10,914 | +€3,261 | +42.6% |
| Furniture and vehicles | 24 | €3,199 | €7,269 | +€4,071 | +127% |
| Other tangible fixed assets | 26 | €4,455 | €3,645 | -€810 | -18.2% |
| Financial fixed assets | 28 | €2,340 | €2,340 | = | 0.0% |
| Current assets | 29/58 | €296,443 | €434,848 | +€138,405 | +46.7% |
| Amounts receivable after more than one year | 29 | €137,574 | €132,574 | -€5,000 | -3.6% |
| Other amounts receivable | 291 | €137,574 | €132,574 | -€5,000 | -3.6% |
| Stocks and contracts in progress | 3 | €9,109 | €38,951 | +€29,841 | +328% |
| Stocks | 30/36 | €9,109 | €38,951 | +€29,841 | +328% |
| Amounts receivable within one year | 40/41 | €127,278 | €258,263 | +€130,985 | +103% |
| Trade receivables | 40 | €63,555 | €166,563 | +€103,008 | +162% |
| Other amounts receivable | 41 | €63,723 | €91,700 | +€27,977 | +43.9% |
| Cash at bank and in hand | 54/58 | €22,482 | €814 | -€21,668 | -96.4% |
| Deferred charges and accrued income | 490/1 | - | €4,246 | +€4,246 | |
| Total equity and liabilities | 10/49 | €306,451 | €448,102 | +€141,651 | +46.2% |
| Equity | 10/15 | €3,402 | €7,581 | +€4,179 | +123% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €2,665 | €2,665 | = | 0.0% |
| Distributable reserves | 133 | €2,665 | €2,665 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,263 | -€84 | +€4,179 | +98.0% |
| Provisions and deferred taxes | 16 | €130,579 | €125,072 | -€5,507 | -4.2% |
| Provisions for liabilities and charges | 160/5 | €130,579 | €125,072 | -€5,507 | -4.2% |
| Environmental obligations | 163 | €130,579 | €125,072 | -€5,507 | -4.2% |
| Amounts payable | 17/49 | €172,470 | €315,450 | +€142,980 | +82.9% |
| Amounts payable within one year | 42/48 | €171,470 | €266,626 | +€95,156 | +55.5% |
| Trade debts | 44 | €126,537 | €247,800 | +€121,263 | +95.8% |
| Suppliers | 440/4 | €126,537 | €247,800 | +€121,263 | +95.8% |
| Taxes, remuneration and social security | 45 | €44,933 | €18,826 | -€26,107 | -58.1% |
| Taxes | 450/3 | €44,933 | €18,826 | -€26,107 | -58.1% |
| Accrued charges and deferred income | 492/3 | €1,000 | €48,823 | +€47,823 | +4,782% |
| Non-recurring operating income | 76A | €5,991 | €230 | -€5,762 | -96.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,829 | €1,783 | -€1,046 | -37.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€9,455 | -€9,455 | |
| Other operating charges | 640/8 | €5,022 | €13,854 | +€8,832 | +176% |
| Non-recurring operating charges | 66A | €185 | €1,881 | +€1,696 | +917% |
| Gross operating margin | 9900 | €21,416 | €12,057 | -€9,359 | -43.7% |
| Operating profit (loss) | 9901 | €13,380 | €3,994 | -€9,386 | -70.1% |
| Financial income | 75/76B | €2,706 | €172,357 | +€169,652 | +6,270% |
| Recurring financial income | 75 | €2,706 | €12,299 | +€9,593 | +355% |
| Non-recurring financial income | 76B | - | €160,059 | +€160,059 | |
| Financial charges | 65/66B | €12,397 | €171,205 | +€158,807 | +1,281% |
| Recurring financial charges | 65 | €9,697 | €11,146 | +€1,449 | +14.9% |
| Non-recurring financial charges | 66B | €2,700 | €160,059 | +€157,359 | +5,828% |
| Profit (loss) for the period before taxes | 9903 | €3,688 | €5,147 | +€1,458 | +39.5% |
| Income taxes | 67/77 | €4,416 | €968 | -€3,448 | -78.1% |
| Profit (loss) for the period | 9904 | -€727 | €4,179 | +€4,906 | |
| Profit (loss) for the period to be appropriated | 9905 | -€727 | €4,179 | +€4,906 |
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 13 October 2026 via checked.be.