GLACARWAT: 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.
GLACARWAT
Largest movements
- Receivables after one year +€56,006
new in 2025: €56,006
- Cash -€36,205
down €36,205 (-68.0%), from €53,271 to €17,066
mainly Receivables after one year (-€56,006) and Trade debts (-€24,377)
- Receivables within one year -€26,002
down €26,002 (-64.7%), from €40,203 to €14,201
of which Other amounts receivable: -€34,030
- Tangible fixed assets -€25,481
down €25,481 (-19.0%), from €134,002 to €108,521
of which Other tangible fixed assets: -€30,003
- Stocks and contracts -€4,785
down €4,785 (-20.3%), from €23,539 to €18,754
- Trade debts -€24,377
down €24,377 (-69.0%), from €35,354 to €10,977
- Debts after one year -€10,709
down €10,709 (-7.1%), from €151,505 to €140,796
of which Financial debts: -€21,766
- Current portion of long-term debt -€8,366
down €8,366 (-27.8%), from €30,133 to €21,766
- Profit (loss) carried forward +€5,900
up €5,900 (+2.8%), from -€209,528 to -€203,628
- Accrued charges and deferred income +€4,514
new in 2025: €4,514
- Staff costs +€40,120
up €40,120 (+52.2%), from €76,844 to €116,964
- Gross operating margin +€37,587
up €37,587 (+29.4%), from €128,015 to €165,602
- Financial charges +€6,459
up €6,459 (+125.8%), from €5,135 to €11,595
- Depreciation -€2,377
down €2,377 (-7.3%), from €32,621 to €30,244
- Financial income +€1,883
new in 2025: €1,883
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 | €254,129 | €217,099 | -€37,029 | -14.6% |
| Fixed assets | 21/28 | €134,002 | €108,521 | -€25,481 | -19.0% |
| Tangible fixed assets | 22/27 | €134,002 | €108,521 | -€25,481 | -19.0% |
| Furniture and vehicles | 24 | - | €4,523 | +€4,523 | |
| Other tangible fixed assets | 26 | €134,002 | €103,999 | -€30,003 | -22.4% |
| Current assets | 29/58 | €120,127 | €108,578 | -€11,549 | -9.6% |
| Amounts receivable after more than one year | 29 | - | €56,006 | +€56,006 | |
| Trade receivables | 290 | - | €56,006 | +€56,006 | |
| Stocks and contracts in progress | 3 | €23,539 | €18,754 | -€4,785 | -20.3% |
| Stocks | 30/36 | €23,539 | €18,754 | -€4,785 | -20.3% |
| Amounts receivable within one year | 40/41 | €40,203 | €14,201 | -€26,002 | -64.7% |
| Trade receivables | 40 | €2,817 | €10,845 | +€8,028 | +285.0% |
| Other amounts receivable | 41 | €37,386 | €3,356 | -€34,030 | -91.0% |
| Cash at bank and in hand | 54/58 | €53,271 | €17,066 | -€36,205 | -68.0% |
| Deferred charges and accrued income | 490/1 | €3,114 | €2,551 | -€562 | -18.1% |
| Total equity and liabilities | 10/49 | €254,129 | €217,099 | -€37,029 | -14.6% |
| Equity | 10/15 | €15,472 | €21,372 | +€5,900 | +38.1% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€209,528 | -€203,628 | +€5,900 | +2.8% |
| Amounts payable | 17/49 | €238,657 | €195,727 | -€42,930 | -18.0% |
| Amounts payable after more than one year | 17 | €151,505 | €140,796 | -€10,709 | -7.1% |
| Financial debts | 170/4 | €21,766 | - | -€21,766 | |
| Other amounts payable | 178/9 | €129,739 | €140,796 | +€11,057 | +8.5% |
| Amounts payable within one year | 42/48 | €87,151 | €50,417 | -€36,735 | -42.2% |
| Current portion of amounts payable after more than one year | 42 | €30,133 | €21,766 | -€8,366 | -27.8% |
| Financial debts | 43 | - | €27 | +€27 | |
| Credit institutions | 430/8 | - | €27 | +€27 | |
| Trade debts | 44 | €35,354 | €10,977 | -€24,377 | -69.0% |
| Suppliers | 440/4 | €35,354 | €10,977 | -€24,377 | -69.0% |
| Taxes, remuneration and social security | 45 | €15,665 | €11,646 | -€4,019 | -25.7% |
| Taxes | 450/3 | €610 | - | -€610 | |
| Remuneration and social security | 454/9 | €15,054 | €11,646 | -€3,408 | -22.6% |
| Other amounts payable | 47/48 | €6,000 | €6,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €4,514 | +€4,514 | |
| Remuneration, social security and pensions | 62 | €76,844 | €116,964 | +€40,120 | +52.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,621 | €30,244 | -€2,377 | -7.3% |
| Other operating charges | 640/8 | €1,085 | €2,782 | +€1,697 | +156.5% |
| Gross operating margin | 9900 | €128,015 | €165,602 | +€37,587 | +29.4% |
| Operating profit (loss) | 9901 | €17,465 | €15,612 | -€1,853 | -10.6% |
| Financial income | 75/76B | - | €1,883 | +€1,883 | |
| Recurring financial income | 75 | - | €1,883 | +€1,883 | |
| Financial charges | 65/66B | €5,135 | €11,595 | +€6,459 | +125.8% |
| Recurring financial charges | 65 | €5,135 | €11,595 | +€6,459 | +125.8% |
| Profit (loss) for the period before taxes | 9903 | €12,330 | €5,900 | -€6,430 | -52.1% |
| Profit (loss) for the period | 9904 | €12,330 | €5,900 | -€6,430 | -52.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,330 | €5,900 | -€6,430 | -52.1% |
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 11 October 2026 via checked.be.