GLACAM: 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.
GLACAM
Largest movements
- Receivables after one year +€308,505
new in 2025: €308,505
- Receivables within one year -€164,027
down €164,027 (-88.8%), from €184,716 to €20,689
of which Other amounts receivable: -€162,576
- Cash -€52,035
down €52,035 (-79.9%), from €65,099 to €13,064
mainly Receivables after one year (-€308,505) and Other debts (-€12,562)
- Debts after one year +€112,533
up €112,533 (+62.7%), from €179,560 to €292,093
- Other debts -€12,562
down €12,562 (-70.9%), from €17,726 to €5,164
- Tax, wage and social debts -€5,551
down €5,551 (-45.1%), from €12,319 to €6,768
of which Taxes: -€5,576
- Gross operating margin -€86,478
down €86,478 (-30.7%), from €281,689 to €195,211
- Staff costs -€63,119
down €63,119 (-24.8%), from €254,987 to €191,868
- Financial income +€12,282
new in 2025: €12,282
- Financial charges +€7,238
up €7,238 (+328%), from €2,209 to €9,446
- Taxes -€5,599
down €5,599 (-90.7%), from €6,171 to €572
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 | €255,696 | €346,404 | +€90,708 | +35.5% |
| Current assets | 29/58 | €255,696 | €346,404 | +€90,708 | +35.5% |
| Amounts receivable after more than one year | 29 | - | €308,505 | +€308,505 | |
| Trade receivables | 290 | - | €308,505 | +€308,505 | |
| Amounts receivable within one year | 40/41 | €184,716 | €20,689 | -€164,027 | -88.8% |
| Trade receivables | 40 | €2,482 | €1,031 | -€1,451 | -58.4% |
| Other amounts receivable | 41 | €182,234 | €19,658 | -€162,576 | -89.2% |
| Cash at bank and in hand | 54/58 | €65,099 | €13,064 | -€52,035 | -79.9% |
| Deferred charges and accrued income | 490/1 | €5,881 | €4,147 | -€1,734 | -29.5% |
| Total equity and liabilities | 10/49 | €255,696 | €346,404 | +€90,708 | +35.5% |
| Equity | 10/15 | €36,900 | €36,279 | -€621 | -1.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,900 | €34,279 | -€621 | -1.8% |
| Amounts payable | 17/49 | €218,795 | €310,125 | +€91,330 | +41.7% |
| Amounts payable after more than one year | 17 | €179,560 | €292,093 | +€112,533 | +62.7% |
| Other amounts payable | 178/9 | €179,560 | €292,093 | +€112,533 | +62.7% |
| Amounts payable within one year | 42/48 | €39,235 | €18,032 | -€21,203 | -54.0% |
| Trade debts | 44 | €9,190 | €6,099 | -€3,091 | -33.6% |
| Suppliers | 440/4 | €9,190 | €6,099 | -€3,091 | -33.6% |
| Taxes, remuneration and social security | 45 | €12,319 | €6,768 | -€5,551 | -45.1% |
| Taxes | 450/3 | €12,319 | €6,743 | -€5,576 | -45.3% |
| Remuneration and social security | 454/9 | - | €25 | +€25 | |
| Other amounts payable | 47/48 | €17,726 | €5,164 | -€12,562 | -70.9% |
| Remuneration, social security and pensions | 62 | €254,987 | €191,868 | -€63,119 | -24.8% |
| Other operating charges | 640/8 | €873 | €979 | +€105 | +12.0% |
| Non-recurring operating charges | 66A | - | €5,250 | +€5,250 | |
| Gross operating margin | 9900 | €281,689 | €195,211 | -€86,478 | -30.7% |
| Operating profit (loss) | 9901 | €25,829 | -€2,885 | -€28,714 | |
| Financial income | 75/76B | - | €12,282 | +€12,282 | |
| Recurring financial income | 75 | - | €12,282 | +€12,282 | |
| Financial charges | 65/66B | €2,209 | €9,446 | +€7,238 | +328% |
| Recurring financial charges | 65 | €2,209 | €9,446 | +€7,238 | +328% |
| Profit (loss) for the period before taxes | 9903 | €23,620 | -€49 | -€23,670 | |
| Income taxes | 67/77 | €6,171 | €572 | -€5,599 | -90.7% |
| Profit (loss) for the period | 9904 | €17,450 | -€621 | -€18,071 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,450 | -€621 | -€18,071 |
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 18 October 2026 via checked.be.