GLADECO: 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.
GLADECO
Largest movements
- Cash -€23,475
down €23,475 (-77.3%), from €30,365 to €6,890
mainly Net result for the year (-€20,809) and Receivables within one year (-€7,787)
- Tangible fixed assets -€12,557
down €12,557 (-81.3%), from €15,442 to €2,885
of which Furniture and vehicles: -€11,157
- Receivables within one year +€7,787
up €7,787 (+77.0%), from €10,108 to €17,896
of which Trade receivables: +€10,101
- Stocks and contracts +€2,291
up €2,291 (+23.4%), from €9,807 to €12,098
- Profit (loss) carried forward -€20,809
down €20,809 (-176%), from -€11,822 to -€32,631
- Current portion of long-term debt -€3,760
no longer reported in 2025 (was €3,760)
- Other debts -€1,699
down €1,699 (-15.8%), from €10,774 to €9,075
- Gross operating margin -€23,084
down €23,084, from €16,246 to -€6,838
- Depreciation -€1,753
down €1,753 (-12.2%), from €14,310 to €12,557
- Financial income -€178
down €178 (-68.3%), from €261 to €83
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 | €65,772 | €39,818 | -€25,953 | -39.5% |
| Fixed assets | 21/28 | €15,492 | €2,935 | -€12,557 | -81.1% |
| Tangible fixed assets | 22/27 | €15,442 | €2,885 | -€12,557 | -81.3% |
| Land and buildings | 22 | €2,000 | €1,600 | -€400 | -20.0% |
| Plant, machinery and equipment | 23 | €2,285 | €1,285 | -€1,000 | -43.8% |
| Furniture and vehicles | 24 | €11,157 | €0 | -€11,157 | -100.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €50,280 | €36,884 | -€13,396 | -26.6% |
| Stocks and contracts in progress | 3 | €9,807 | €12,098 | +€2,291 | +23.4% |
| Stocks | 30/36 | €9,807 | €12,098 | +€2,291 | +23.4% |
| Amounts receivable within one year | 40/41 | €10,108 | €17,896 | +€7,787 | +77.0% |
| Trade receivables | 40 | €2,542 | €12,643 | +€10,101 | +397% |
| Other amounts receivable | 41 | €7,566 | €5,253 | -€2,313 | -30.6% |
| Cash at bank and in hand | 54/58 | €30,365 | €6,890 | -€23,475 | -77.3% |
| Total equity and liabilities | 10/49 | €65,772 | €39,818 | -€25,953 | -39.5% |
| Equity | 10/15 | €51,043 | €30,234 | -€20,809 | -40.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €56,665 | €56,665 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,150 | €3,150 | = | 0.0% |
| Distributable reserves | 133 | €53,515 | €53,515 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,822 | -€32,631 | -€20,809 | -176% |
| Amounts payable | 17/49 | €14,729 | €9,584 | -€5,144 | -34.9% |
| Amounts payable within one year | 42/48 | €14,729 | €9,584 | -€5,144 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €3,760 | - | -€3,760 | |
| Trade debts | 44 | €195 | €509 | +€315 | +162% |
| Suppliers | 440/4 | €195 | €509 | +€315 | +162% |
| Other amounts payable | 47/48 | €10,774 | €9,075 | -€1,699 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,310 | €12,557 | -€1,753 | -12.2% |
| Other operating charges | 640/8 | €1,273 | €1,247 | -€26 | -2.0% |
| Gross operating margin | 9900 | €16,246 | -€6,838 | -€23,084 | |
| Operating profit (loss) | 9901 | €663 | -€20,642 | -€21,305 | |
| Financial income | 75/76B | €261 | €83 | -€178 | -68.3% |
| Recurring financial income | 75 | €261 | €83 | -€178 | -68.3% |
| Financial charges | 65/66B | €393 | €250 | -€144 | -36.5% |
| Recurring financial charges | 65 | €393 | €250 | -€144 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €531 | -€20,809 | -€21,340 | |
| Profit (loss) for the period | 9904 | €531 | -€20,809 | -€21,340 | |
| Profit (loss) for the period to be appropriated | 9905 | €531 | -€20,809 | -€21,340 |
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 19 October 2026 via checked.be.