GLACO: 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.
GLACO
Largest movements
- Cash +€51,713
up €51,713 (+28.6%), from €180,731 to €232,444
mainly Net result for the year (+€80,169) and Current investments (+€50,000)
- Current investments -€50,000
down €50,000 (-42.3%), from €118,293 to €68,293
- Tangible fixed assets -€11,380
down €11,380 (-73.8%), from €15,411 to €4,031
of which Furniture and vehicles: -€9,347
- Receivables within one year +€8,556
up €8,556 (+54.8%), from €15,617 to €24,173
of which Trade receivables: +€8,556
- Reserves +€80,169
up €80,169 (+47.8%), from €167,593 to €247,762
- Other debts -€70,101
down €70,101 (-56.7%), from €123,638 to €53,537
- Tax, wage and social debts -€11,377
down €11,377 (-32.0%), from €35,526 to €24,149
- Gross operating margin +€14,178
up €14,178 (+13.2%), from €107,787 to €121,965
- Taxes +€11,810
up €11,810 (+60.1%), from €19,652 to €31,462
- Financial income +€3,221
up €3,221 (+131.6%), from €2,448 to €5,669
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 | €332,824 | €331,910 | -€913 | -0.3% |
| Fixed assets | 21/28 | €15,711 | €4,331 | -€11,380 | -72.4% |
| Tangible fixed assets | 22/27 | €15,411 | €4,031 | -€11,380 | -73.8% |
| Plant, machinery and equipment | 23 | €137 | - | -€137 | |
| Furniture and vehicles | 24 | €10,783 | €1,437 | -€9,347 | -86.7% |
| Other tangible fixed assets | 26 | €4,491 | €2,594 | -€1,897 | -42.2% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €317,112 | €327,580 | +€10,467 | +3.3% |
| Amounts receivable within one year | 40/41 | €15,617 | €24,173 | +€8,556 | +54.8% |
| Trade receivables | 40 | €14,535 | €23,091 | +€8,556 | +58.9% |
| Other amounts receivable | 41 | €1,082 | €1,082 | = | 0.0% |
| Current investments | 50/53 | €118,293 | €68,293 | -€50,000 | -42.3% |
| Cash at bank and in hand | 54/58 | €180,731 | €232,444 | +€51,713 | +28.6% |
| Deferred charges and accrued income | 490/1 | €2,471 | €2,670 | +€199 | +8.0% |
| Total equity and liabilities | 10/49 | €332,824 | €331,910 | -€913 | -0.3% |
| Equity | 10/15 | €168,593 | €248,762 | +€80,169 | +47.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €167,593 | €247,762 | +€80,169 | +47.8% |
| Distributable reserves | 133 | €167,593 | €247,762 | +€80,169 | +47.8% |
| Amounts payable | 17/49 | €164,230 | €83,148 | -€81,082 | -49.4% |
| Amounts payable within one year | 42/48 | €160,332 | €79,471 | -€80,861 | -50.4% |
| Trade debts | 44 | €1,169 | €1,786 | +€617 | +52.8% |
| Suppliers | 440/4 | €1,169 | €1,786 | +€617 | +52.8% |
| Taxes, remuneration and social security | 45 | €35,526 | €24,149 | -€11,377 | -32.0% |
| Taxes | 450/3 | €35,526 | €24,149 | -€11,377 | -32.0% |
| Other amounts payable | 47/48 | €123,638 | €53,537 | -€70,101 | -56.7% |
| Accrued charges and deferred income | 492/3 | €3,898 | €3,677 | -€221 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,944 | €11,380 | -€564 | -4.7% |
| Other operating charges | 640/8 | €795 | €762 | -€34 | -4.3% |
| Gross operating margin | 9900 | €107,787 | €121,965 | +€14,178 | +13.2% |
| Operating profit (loss) | 9901 | €95,047 | €109,823 | +€14,776 | +15.5% |
| Financial income | 75/76B | €2,448 | €5,669 | +€3,221 | +131.6% |
| Recurring financial income | 75 | €2,448 | €5,669 | +€3,221 | +131.6% |
| Financial charges | 65/66B | €4,496 | €3,861 | -€634 | -14.1% |
| Recurring financial charges | 65 | €4,496 | €3,861 | -€634 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €93,000 | €111,631 | +€18,632 | +20.0% |
| Income taxes | 67/77 | €19,652 | €31,462 | +€11,810 | +60.1% |
| Profit (loss) for the period | 9904 | €73,348 | €80,169 | +€6,821 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €73,348 | €80,169 | +€6,821 | +9.3% |
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 10 October 2026 via checked.be.