GLADIS: what changed
Two fiscal 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.
What changed
GLADIS
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€196,727
2024 · €596,818-€400,091
Equity
€7.1m
2024 · €7.2m-€193,258
Cash
€179,727
2024 · €136,936+€42,791
Balance sheet total
€24.4m
2024 · €25.0m-€646,166
Largest movements
Assets
- Financial fixed assets -€925,020
down €925,020 (-31.4%), from €2.9m to €2.0m
- Tangible fixed assets +€852,579
up €852,579 (+4.6%), from €18.4m to €19.3m
of which Land and buildings: +€851,234
- Current investments -€851,770
down €851,770 (-63.3%), from €1.3m to €493,825
Equity and liabilities
- Debts after one year -€6.0m
down €6.0m (-37.9%), from €15.9m to €9.9m
- Current portion of long-term debt +€5.2m
up €5.2m (+755.7%), from €688,118 to €5.9m
- Revaluation surpluses -€407,708
down €407,708 (-7.0%), from €5.8m to €5.4m
- Short-term financial debts +€316,625
new in 2025: €316,625
- Trade debts +€251,735
up €251,735 (+1159.8%), from €21,705 to €273,441
Income statement
- Gross operating margin -€528,645
down €528,645 (-27.4%), from €1.9m to €1.4m
- Financial charges -€182,166
down €182,166 (-43.0%), from €423,175 to €241,009
- Depreciation +€149,370
up €149,370 (+21.6%), from €690,945 to €840,315
- Taxes -€111,868
down €111,868 (-52.7%), from €212,193 to €100,324
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.
Result 2024
€596,818
Gross operating margin
-€528,645
Depreciation
-€149,370
Other operating charges
-€13,389
Financial income
-€2,721
Financial charges
+€182,166
Taxes
+€111,868
Result 2025
€196,727
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.
From operations
+€862,192
Investment
+€83,897
Financing
-€903,298
Cash 2024
€136,936
From operations (derived)
+€862,192
Net result for the year
+€196,727
Depreciation
+€840,315
Receivables after one year
-€228,335
Smaller working-capital items
-€15,402
Trade debts
+€251,735
Tax, wage and social debts
-€212,185
Other debts
+€29,336
Investment (derived)
+€83,897
Investment in fixed assets (net)
-€767,874
Current investments
+€851,770
Financing
-€903,298
Debts after one year
-€6.0m
Current portion of long-term debt
+€5.2m
Short-term financial debts
+€316,625
Contributions, distributions and other
-€389,985
Cash 2025
€179,727
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,044,444 | €24,398,278 | -€646,166 | -2.6% |
| Fixed assets | 21/28 | €21,375,280 | €21,302,839 | -€72,441 | -0.3% |
| Tangible fixed assets | 22/27 | €18,430,426 | €19,283,005 | +€852,579 | +4.6% |
| Land and buildings | 22 | €18,430,426 | €19,281,660 | +€851,234 | +4.6% |
| Furniture and vehicles | 24 | - | €1,345 | +€1,345 | |
| Financial fixed assets | 28 | €2,944,854 | €2,019,834 | -€925,020 | -31.4% |
| Current assets | 29/58 | €3,669,164 | €3,095,439 | -€573,725 | -15.6% |
| Amounts receivable after more than one year | 29 | €2,161,587 | €2,389,922 | +€228,335 | +10.6% |
| Other amounts receivable | 291 | €2,161,587 | €2,389,922 | +€228,335 | +10.6% |
| Amounts receivable within one year | 40/41 | €993 | €13,376 | +€12,383 | +1247.1% |
| Other amounts receivable | 41 | €993 | €13,376 | +€12,383 | +1247.1% |
| Current investments | 50/53 | €1,345,596 | €493,825 | -€851,770 | -63.3% |
| Cash at bank and in hand | 54/58 | €136,936 | €179,727 | +€42,791 | +31.2% |
| Deferred charges and accrued income | 490/1 | €24,052 | €18,589 | -€5,463 | -22.7% |
| Total equity and liabilities | 10/49 | €25,044,444 | €24,398,278 | -€646,166 | -2.6% |
| Equity | 10/15 | €7,248,488 | €7,055,231 | -€193,258 | -2.7% |
| Contributions | 10/11 | €1,127,000 | €1,127,000 | = | 0.0% |
| Capital | 10 | €1,127,000 | €1,127,000 | = | 0.0% |
| Issued capital | 100 | €1,127,000 | €1,127,000 | = | 0.0% |
| Revaluation surpluses | 12 | €5,838,284 | €5,430,576 | -€407,708 | -7.0% |
| Reserves | 13 | €361,798 | €497,456 | +€135,658 | +37.5% |
| Non-distributable reserves | 130/1 | €239,798 | €344,433 | +€104,635 | +43.6% |
| Legal reserve | 130 | - | €112,700 | +€112,700 | |
| Own shares acquired | 1312 | €239,798 | €231,733 | -€8,065 | -3.4% |
| Distributable reserves | 133 | €122,000 | €153,023 | +€31,023 | +25.4% |
| Profit (loss) carried forward | 14 | -€78,594 | €199 | +€78,792 | |
| Provisions and deferred taxes | 16 | €75,621 | €63,603 | -€12,018 | -15.9% |
| Deferred taxes | 168 | €75,621 | €63,603 | -€12,018 | -15.9% |
| Amounts payable | 17/49 | €17,720,335 | €17,279,445 | -€440,890 | -2.5% |
| Amounts payable after more than one year | 17 | €15,909,034 | €9,879,068 | -€6.0m | -37.9% |
| Financial debts | 170/4 | €15,909,034 | €9,879,068 | -€6.0m | -37.9% |
| Amounts payable within one year | 42/48 | €1,811,301 | €7,396,840 | +€5.6m | +308.4% |
| Current portion of amounts payable after more than one year | 42 | €688,118 | €5,888,146 | +€5.2m | +755.7% |
| Financial debts | 43 | - | €316,625 | +€316,625 | |
| Credit institutions | 430/8 | - | €316,625 | +€316,625 | |
| Trade debts | 44 | €21,705 | €273,441 | +€251,735 | +1159.8% |
| Suppliers | 440/4 | €21,705 | €273,441 | +€251,735 | +1159.8% |
| Taxes, remuneration and social security | 45 | €212,185 | €0 | -€212,185 | -100.0% |
| Taxes | 450/3 | €212,185 | €0 | -€212,185 | -100.0% |
| Other amounts payable | 47/48 | €889,292 | €918,629 | +€29,336 | +3.3% |
| Accrued charges and deferred income | 492/3 | - | €3,537 | +€3,537 | |
| Non-recurring operating income | 76A | €1,121,013 | €688,368 | -€432,645 | -38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €690,945 | €840,315 | +€149,370 | +21.6% |
| Other operating charges | 640/8 | €89,932 | €103,321 | +€13,389 | +14.9% |
| Gross operating margin | 9900 | €1,931,513 | €1,402,868 | -€528,645 | -27.4% |
| Operating profit (loss) | 9901 | €1,150,636 | €459,232 | -€691,404 | -60.1% |
| Financial income | 75/76B | €69,531 | €66,810 | -€2,721 | -3.9% |
| Recurring financial income | 75 | €69,531 | €66,810 | -€2,721 | -3.9% |
| Financial charges | 65/66B | €423,175 | €241,009 | -€182,166 | -43.0% |
| Recurring financial charges | 65 | €423,175 | €241,009 | -€182,166 | -43.0% |
| Profit (loss) for the period before taxes | 9903 | €796,992 | €285,033 | -€511,959 | -64.2% |
| Transfer from deferred taxes | 780 | €12,018 | €12,018 | = | 0.0% |
| Income taxes | 67/77 | €212,193 | €100,324 | -€111,868 | -52.7% |
| Profit (loss) for the period | 9904 | €596,818 | €196,727 | -€400,091 | -67.0% |
| Transfer from tax-exempt reserves | 789 | €8,065 | €8,065 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €604,883 | €204,792 | -€400,091 | -66.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.