Glacier Cortina: 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.
Glacier Cortina
Largest movements
- Cash +€9,696
up €9,696 (+25.1%), from €38,690 to €48,386
mainly Depreciation (+€14,902) and Other debts (+€10,000)
- Receivables within one year -€7,791
down €7,791 (-98.1%), from €7,942 to €151
of which Trade receivables: -€7,942
- Stocks and contracts +€4,608
up €4,608 (+16.3%), from €28,268 to €32,876
- Deferred charges and accrued income +€2,264
up €2,264 (+135%), from €1,683 to €3,948
- Debts after one year -€14,510
down €14,510 (-66.2%), from €21,920 to €7,410
- Other debts +€10,000
up €10,000 (+53.2%), from €18,803 to €28,803
- Trade debts +€6,425
new in 2025: €6,425
- Reserves +€4,500
up €4,500 (+20.1%), from €22,399 to €26,899
of which Distributable reserves: +€4,500
- Tax, wage and social debts +€3,612
up €3,612 (+67.2%), from €5,374 to €8,986
of which Remuneration and social security: +€3,219
- Gross operating margin +€17,912
up €17,912 (+16.4%), from €108,907 to €126,819
- Staff costs +€17,099
up €17,099 (+22.7%), from €75,258 to €92,357
- Taxes +€4,313
up €4,313 (+66.9%), from €6,451 to €10,764
- Financial charges -€3,664
down €3,664 (-67.6%), from €5,419 to €1,755
of which Financial charges: -€3,693
- Other operating charges -€3,585
down €3,585 (-60.5%), from €5,923 to €2,339
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 | €174,092 | €181,532 | +€7,440 | +4.3% |
| Fixed assets | 21/28 | €97,509 | €96,170 | -€1,338 | -1.4% |
| Tangible fixed assets | 22/27 | €97,509 | €96,170 | -€1,338 | -1.4% |
| Land and buildings | 22 | €85,862 | €82,262 | -€3,600 | -4.2% |
| Plant, machinery and equipment | 23 | €9,201 | €9,201 | = | 0.0% |
| Furniture and vehicles | 24 | €2,446 | €4,708 | +€2,262 | +92.5% |
| Current assets | 29/58 | €76,583 | €85,361 | +€8,778 | +11.5% |
| Stocks and contracts in progress | 3 | €28,268 | €32,876 | +€4,608 | +16.3% |
| Stocks | 30/36 | €28,268 | €32,876 | +€4,608 | +16.3% |
| Amounts receivable within one year | 40/41 | €7,942 | €151 | -€7,791 | -98.1% |
| Trade receivables | 40 | €7,942 | - | -€7,942 | |
| Other amounts receivable | 41 | €0 | €151 | +€151 | +75,555% |
| Cash at bank and in hand | 54/58 | €38,690 | €48,386 | +€9,696 | +25.1% |
| Deferred charges and accrued income | 490/1 | €1,683 | €3,948 | +€2,264 | +135% |
| Total equity and liabilities | 10/49 | €174,092 | €181,532 | +€7,440 | +4.3% |
| Equity | 10/15 | €101,821 | €106,573 | +€4,753 | +4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,399 | €26,899 | +€4,500 | +20.1% |
| Non-distributable reserves | 130/1 | €399 | €399 | = | 0.0% |
| Reserves not available under the articles | 1311 | €399 | €399 | = | 0.0% |
| Distributable reserves | 133 | €22,000 | €26,500 | +€4,500 | +20.5% |
| Profit (loss) carried forward | 14 | €60,822 | €61,075 | +€253 | +0.4% |
| Amounts payable | 17/49 | €72,271 | €74,958 | +€2,687 | +3.7% |
| Amounts payable after more than one year | 17 | €21,920 | €7,410 | -€14,510 | -66.2% |
| Financial debts | 170/4 | €21,920 | €7,410 | -€14,510 | -66.2% |
| Amounts payable within one year | 42/48 | €50,351 | €67,548 | +€17,197 | +34.2% |
| Current portion of amounts payable after more than one year | 42 | €26,175 | €23,334 | -€2,840 | -10.9% |
| Trade debts | 44 | - | €6,425 | +€6,425 | |
| Suppliers | 440/4 | - | €6,425 | +€6,425 | |
| Taxes, remuneration and social security | 45 | €5,374 | €8,986 | +€3,612 | +67.2% |
| Taxes | 450/3 | €4,929 | €5,322 | +€393 | +8.0% |
| Remuneration and social security | 454/9 | €445 | €3,664 | +€3,219 | +723% |
| Other amounts payable | 47/48 | €18,803 | €28,803 | +€10,000 | +53.2% |
| Remuneration, social security and pensions | 62 | €75,258 | €92,357 | +€17,099 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,478 | €14,902 | +€424 | +2.9% |
| Other operating charges | 640/8 | €5,923 | €2,339 | -€3,585 | -60.5% |
| Gross operating margin | 9900 | €108,907 | €126,819 | +€17,912 | +16.4% |
| Operating profit (loss) | 9901 | €13,247 | €17,221 | +€3,974 | +30.0% |
| Financial income | 75/76B | - | €50 | +€50 | |
| Recurring financial income | 75 | - | €50 | +€50 | |
| Financial charges | 65/66B | €5,419 | €1,755 | -€3,664 | -67.6% |
| Recurring financial charges | 65 | €5,417 | €1,723 | -€3,693 | -68.2% |
| Non-recurring financial charges | 66B | €2 | €31 | +€29 | +1,601% |
| Profit (loss) for the period before taxes | 9903 | €7,829 | €15,516 | +€7,688 | +98.2% |
| Income taxes | 67/77 | €6,451 | €10,764 | +€4,313 | +66.9% |
| Profit (loss) for the period | 9904 | €1,378 | €4,753 | +€3,375 | +245% |
| Profit (loss) for the period to be appropriated | 9905 | €1,378 | €4,753 | +€3,375 | +245% |
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 31 October 2026 via checked.be.