GLACIO: 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.
GLACIO
Largest movements
- Receivables within one year +€602,285
up €602,285 (+3.8%), from €15.8m to €16.4m
of which Other amounts receivable: +€2.3m
- Tangible fixed assets -€396,016
down €396,016 (-100%), from €396,016 to €0
of which Land and buildings: -€396,016
- Cash -€266,835
down €266,835 (-99.4%), from €268,374 to €1,539
mainly Contributions, distributions and other (-€11.1m) and Receivables within one year (-€602,285)
- Reserves +€578,881
up €578,881 (+5.7%), from €10.2m to €10.8m
of which Non-distributable reserves: +€578,881
- Tax, wage and social debts -€569,952
no longer reported in 2025 (was €569,952)
of which Remuneration and social security: -€447,262
- Provisions -€471,109
down €471,109 (-44.0%), from €1.1m to €600,354
- Profit (loss) carried forward +€421,800
up €421,800, from -€417,084 to €4,716
- Other debts +€357,847
up €357,847 (+32.4%), from €1.1m to €1.5m
- Financial income +€9.7m
up €9.7m (+4,601%), from €210,400 to €9.9m
- Other operating income -€3.8m
down €3.8m (-99.4%), from €3.8m to €21,198
- Staff costs -€3.6m
no longer reported in 2025 (was €3.6m)
- Financial charges -€1.1m
down €1.1m (-97.1%), from €1.2m to €34,497
of which Non-recurring financial charges: -€1.1m
- Taxes +€438,136
up €438,136 (+23,508%), from €1,864 to €440,000
of which Taxes: +€438,136
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,491,026 | €24,416,968 | -€74,058 | -0.3% |
| Fixed assets | 21/28 | €8,429,795 | €8,020,288 | -€409,508 | -4.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €396,016 | €0 | -€396,016 | -100% |
| Land and buildings | 22 | €396,016 | €0 | -€396,016 | -100% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €8,033,779 | €8,020,288 | -€13,492 | -0.2% |
| Affiliated companies | 280/1 | €8,032,788 | €8,020,288 | -€12,500 | -0.2% |
| Participating interests | 280 | €8,032,788 | €8,020,288 | -€12,500 | -0.2% |
| Companies linked by participating interests | 282/3 | €0 | - | = | |
| Participating interests | 282 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €992 | - | -€992 | |
| Amounts receivable and cash guarantees | 285/8 | €992 | - | -€992 | |
| Current assets | 29/58 | €16,061,231 | €16,396,681 | +€335,450 | +2.1% |
| Amounts receivable within one year | 40/41 | €15,792,857 | €16,395,142 | +€602,285 | +3.8% |
| Trade receivables | 40 | €1,673,064 | €85 | -€1.7m | -100.0% |
| Other amounts receivable | 41 | €14,119,793 | €16,395,057 | +€2.3m | +16.1% |
| Cash at bank and in hand | 54/58 | €268,374 | €1,539 | -€266,835 | -99.4% |
| Total equity and liabilities | 10/49 | €24,491,026 | €24,416,968 | -€74,058 | -0.3% |
| Equity | 10/15 | €21,668,596 | €22,342,442 | +€673,846 | +3.1% |
| Contributions | 10/11 | €11,574,108 | €11,574,108 | = | 0.0% |
| Capital | 10 | €11,574,108 | €11,574,108 | = | 0.0% |
| Issued capital | 100 | €11,574,108 | €11,574,108 | = | 0.0% |
| Revaluation surpluses | 12 | €326,836 | - | -€326,836 | |
| Reserves | 13 | €10,184,736 | €10,763,617 | +€578,881 | +5.7% |
| Non-distributable reserves | 130/1 | €137,630 | €716,511 | +€578,881 | +421% |
| Legal reserve | 130 | €137,630 | €716,511 | +€578,881 | +421% |
| Tax-exempt reserves | 132 | €9,965,073 | €9,965,073 | = | 0.0% |
| Distributable reserves | 133 | €82,033 | €82,033 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€417,084 | €4,716 | +€421,800 | |
| Provisions and deferred taxes | 16 | €1,071,463 | €600,354 | -€471,109 | -44.0% |
| Provisions for liabilities and charges | 160/5 | €1,071,463 | €600,354 | -€471,109 | -44.0% |
| Other liabilities and charges | 164/5 | €1,071,463 | €600,354 | -€471,109 | -44.0% |
| Amounts payable | 17/49 | €1,750,968 | €1,474,173 | -€276,795 | -15.8% |
| Amounts payable within one year | 42/48 | €1,747,515 | €1,466,940 | -€280,575 | -16.1% |
| Trade debts | 44 | €71,555 | €3,085 | -€68,470 | -95.7% |
| Suppliers | 440/4 | €71,555 | €3,085 | -€68,470 | -95.7% |
| Taxes, remuneration and social security | 45 | €569,952 | - | -€569,952 | |
| Taxes | 450/3 | €122,690 | - | -€122,690 | |
| Remuneration and social security | 454/9 | €447,262 | - | -€447,262 | |
| Other amounts payable | 47/48 | €1,106,008 | €1,463,855 | +€357,847 | +32.4% |
| Accrued charges and deferred income | 492/3 | €3,452 | €7,233 | +€3,781 | +110% |
| Operating income | 70/76A | €4,361,212 | €2,353,000 | -€2.0m | -46.0% |
| Turnover | 70 | €0 | - | = | |
| Other operating income | 74 | €3,842,867 | €21,198 | -€3.8m | -99.4% |
| Non-recurring operating income | 76A | €518,344 | €2,331,802 | +€1.8m | +350% |
| Operating charges | 60/66A | €3,814,090 | €5,522 | -€3.8m | -99.9% |
| Goods for resale, raw materials and consumables | 60 | €0 | - | = | |
| Purchases | 600/8 | €0 | - | = | |
| Services and other goods | 61 | €23,466 | €21,493 | -€1,973 | -8.4% |
| Remuneration, social security and pensions | 62 | €3,620,119 | - | -€3.6m | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€25,000 | -€30,161 | -€5,161 | -20.6% |
| Other operating charges | 640/8 | €195,505 | €14,189 | -€181,316 | -92.7% |
| Operating profit (loss) | 9901 | €547,121 | €2,347,478 | +€1.8m | +329% |
| Financial income | 75/76B | €210,400 | €9,891,732 | +€9.7m | +4,601% |
| Recurring financial income | 75 | €210,400 | €9,891,732 | +€9.7m | +4,601% |
| Income from financial fixed assets | 750 | - | €9,644,031 | +€9.6m | |
| Income from current assets | 751 | €210,400 | €246,762 | +€36,362 | +17.3% |
| Other financial income | 752/9 | - | €939 | +€939 | |
| Financial charges | 65/66B | €1,172,742 | €34,497 | -€1.1m | -97.1% |
| Recurring financial charges | 65 | €52,279 | €34,497 | -€17,782 | -34.0% |
| Debt charges | 650 | €47,373 | €34,115 | -€13,258 | -28.0% |
| Other financial charges | 652/9 | €4,906 | €382 | -€4,524 | -92.2% |
| Non-recurring financial charges | 66B | €1,120,463 | - | -€1.1m | |
| Profit (loss) for the period before taxes | 9903 | -€415,220 | €12,204,713 | +€12.6m | |
| Income taxes | 67/77 | €1,864 | €440,000 | +€438,136 | +23,508% |
| Taxes | 670/3 | €1,864 | €440,000 | +€438,136 | +23,508% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€417,084 | €11,764,713 | +€12.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€417,084 | €11,764,713 | +€12.2m |
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 15 October 2026 via checked.be.