GLAC: 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.
GLAC
Largest movements
- Tangible fixed assets -€24,319
down €24,319 (-1.5%), from €1.6m to €1.6m
- Debts after one year -€60,081
down €60,081 (-12.4%), from €484,033 to €423,952
- Other debts +€27,499
up €27,499 (+7.7%), from €358,109 to €385,608
- Turnover -€125,499
no longer reported in 2025 (was €125,499)
- Purchases and services -€76,051
no longer reported in 2025 (was €76,051)
- Gross operating margin +€32,167
up €32,167 (+65.1%), from €49,448 to €81,615
- Depreciation +€17,404
up €17,404 (+33.3%), from €52,198 to €69,602
- Financial charges -€9,337
down €9,337 (-88.7%), from €10,524 to €1,187
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 | €1,629,500 | €1,601,986 | -€27,514 | -1.7% |
| Fixed assets | 21/28 | €1,625,845 | €1,601,526 | -€24,319 | -1.5% |
| Tangible fixed assets | 22/27 | €1,625,845 | €1,601,526 | -€24,319 | -1.5% |
| Land and buildings | 22 | €1,625,845 | €1,601,526 | -€24,319 | -1.5% |
| Current assets | 29/58 | €3,655 | €460 | -€3,195 | -87.4% |
| Amounts receivable within one year | 40/41 | €3,655 | - | -€3,655 | |
| Trade receivables | 40 | €3,655 | - | -€3,655 | |
| Cash at bank and in hand | 54/58 | - | €460 | +€460 | |
| Total equity and liabilities | 10/49 | €1,629,500 | €1,601,986 | -€27,514 | -1.7% |
| Equity | 10/15 | €742,077 | €743,858 | +€1,781 | +0.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €727,518 | €727,518 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €721,318 | €721,318 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,441 | -€45,660 | +€1,781 | +3.8% |
| Amounts payable | 17/49 | €887,423 | €858,128 | -€29,295 | -3.3% |
| Amounts payable after more than one year | 17 | €484,033 | €423,952 | -€60,081 | -12.4% |
| Financial debts | 170/4 | €484,033 | €423,952 | -€60,081 | -12.4% |
| Amounts payable within one year | 42/48 | €403,390 | €434,175 | +€30,785 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €40,563 | €43,373 | +€2,810 | +6.9% |
| Financial debts | 43 | €2,000 | - | -€2,000 | |
| Credit institutions | 430/8 | €2,000 | - | -€2,000 | |
| Trade debts | 44 | €2,718 | €5,194 | +€2,476 | +91.1% |
| Suppliers | 440/4 | €2,718 | €5,194 | +€2,476 | +91.1% |
| Other amounts payable | 47/48 | €358,109 | €385,608 | +€27,499 | +7.7% |
| Turnover | 70 | €125,499 | - | -€125,499 | |
| Goods, raw materials, services and sundry goods | 60/61 | €76,051 | - | -€76,051 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,198 | €69,602 | +€17,404 | +33.3% |
| Other operating charges | 640/8 | €7,198 | €9,045 | +€1,847 | +25.7% |
| Gross operating margin | 9900 | €49,448 | €81,615 | +€32,167 | +65.1% |
| Operating profit (loss) | 9901 | -€9,948 | €2,968 | +€12,916 | |
| Financial charges | 65/66B | €10,524 | €1,187 | -€9,337 | -88.7% |
| Recurring financial charges | 65 | €10,524 | €1,187 | -€9,337 | -88.7% |
| Profit (loss) for the period before taxes | 9903 | -€20,472 | €1,781 | +€22,253 | |
| Profit (loss) for the period | 9904 | -€20,472 | €1,781 | +€22,253 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,472 | €1,781 | +€22,253 |
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 29 September 2026 via checked.be.