Gladio: 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.
Gladio
Largest movements
- Cash +€37,269
up €37,269 (+61.0%), from €61,088 to €98,357
mainly Depreciation (+€25,425) and Net result for the year (+€21,806)
- Tangible fixed assets -€25,425
down €25,425 (-36.0%), from €70,574 to €45,149
of which Furniture and vehicles: -€23,783
- Receivables after one year +€4,405
up €4,405 (+6.1%), from €72,328 to €76,732
- Reserves +€21,806
up €21,806 (+12.6%), from €173,375 to €195,181
of which Distributable reserves: +€21,806
- Current portion of long-term debt -€4,418
down €4,418 (-57.8%), from €7,641 to €3,223
- Debts after one year -€3,223
down €3,223 (-100%), from €3,223 to €0
- Tax, wage and social debts +€3,016
up €3,016 (+30.6%), from €9,867 to €12,883
- Depreciation -€1,942
down €1,942 (-7.1%), from €27,367 to €25,425
- Taxes +€643
up €643 (+7.9%), from €8,190 to €8,833
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 | €215,619 | €232,269 | +€16,650 | +7.7% |
| Fixed assets | 21/28 | €70,874 | €45,449 | -€25,425 | -35.9% |
| Tangible fixed assets | 22/27 | €70,574 | €45,149 | -€25,425 | -36.0% |
| Plant, machinery and equipment | 23 | €3,214 | €1,571 | -€1,643 | -51.1% |
| Furniture and vehicles | 24 | €67,360 | €43,578 | -€23,783 | -35.3% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €144,745 | €186,820 | +€42,076 | +29.1% |
| Amounts receivable after more than one year | 29 | €72,328 | €76,732 | +€4,405 | +6.1% |
| Trade receivables | 290 | €72,328 | €76,732 | +€4,405 | +6.1% |
| Amounts receivable within one year | 40/41 | €10,751 | €11,010 | +€259 | +2.4% |
| Trade receivables | 40 | €10,751 | €11,007 | +€255 | +2.4% |
| Other amounts receivable | 41 | - | €4 | +€4 | |
| Cash at bank and in hand | 54/58 | €61,088 | €98,357 | +€37,269 | +61.0% |
| Deferred charges and accrued income | 490/1 | €578 | €721 | +€144 | +24.8% |
| Total equity and liabilities | 10/49 | €215,619 | €232,269 | +€16,650 | +7.7% |
| Equity | 10/15 | €191,975 | €213,781 | +€21,806 | +11.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €173,375 | €195,181 | +€21,806 | +12.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €171,515 | €193,321 | +€21,806 | +12.7% |
| Amounts payable | 17/49 | €23,643 | €18,488 | -€5,155 | -21.8% |
| Amounts payable after more than one year | 17 | €3,223 | €0 | -€3,223 | -100% |
| Financial debts | 170/4 | €3,223 | €0 | -€3,223 | -100% |
| Amounts payable within one year | 42/48 | €19,657 | €18,039 | -€1,618 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €7,641 | €3,223 | -€4,418 | -57.8% |
| Trade debts | 44 | €98 | €1,932 | +€1,834 | +1,870% |
| Suppliers | 440/4 | €98 | €1,932 | +€1,834 | +1,870% |
| Taxes, remuneration and social security | 45 | €9,867 | €12,883 | +€3,016 | +30.6% |
| Taxes | 450/3 | €9,867 | €12,883 | +€3,016 | +30.6% |
| Other amounts payable | 47/48 | €2,051 | €0 | -€2,051 | -100% |
| Accrued charges and deferred income | 492/3 | €763 | €449 | -€314 | -41.1% |
| Remuneration, social security and pensions | 62 | - | €212 | +€212 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,367 | €25,425 | -€1,942 | -7.1% |
| Other operating charges | 640/8 | €880 | €527 | -€352 | -40.0% |
| Gross operating margin | 9900 | €53,029 | €52,603 | -€426 | -0.8% |
| Operating profit (loss) | 9901 | €24,782 | €26,438 | +€1,656 | +6.7% |
| Financial income | 75/76B | €4,207 | €4,405 | +€198 | +4.7% |
| Recurring financial income | 75 | €4,207 | €4,405 | +€198 | +4.7% |
| Financial charges | 65/66B | €450 | €204 | -€246 | -54.6% |
| Recurring financial charges | 65 | €450 | €204 | -€246 | -54.6% |
| Profit (loss) for the period before taxes | 9903 | €28,539 | €30,639 | +€2,100 | +7.4% |
| Income taxes | 67/77 | €8,190 | €8,833 | +€643 | +7.9% |
| Profit (loss) for the period | 9904 | €20,349 | €21,806 | +€1,457 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,349 | €21,806 | +€1,457 | +7.2% |
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 27 October 2026 via checked.be.