GLADIUS: 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.
GLADIUS
Largest movements
- Cash +€131,925
up €131,925 (+81.0%), from €162,936 to €294,861
mainly Net result for the year (+€142,213) and Depreciation (+€21,941)
- Tangible fixed assets -€8,532
down €8,532 (-10.7%), from €79,725 to €71,193
of which Other tangible fixed assets: -€6,050
- Reserves +€142,213
up €142,213 (+69.3%), from €205,346 to €347,559
- Debts after one year -€9,751
down €9,751 (-100%), from €9,751 to €0
- Current portion of long-term debt -€4,252
down €4,252 (-30.4%), from €14,004 to €9,751
- Gross operating margin +€47,206
up €47,206 (+25.9%), from €182,081 to €229,287
- Taxes +€16,528
up €16,528 (+35.0%), from €47,271 to €63,799
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 | €247,529 | €374,567 | +€127,038 | +51.3% |
| Fixed assets | 21/28 | €79,725 | €71,193 | -€8,532 | -10.7% |
| Tangible fixed assets | 22/27 | €79,725 | €71,193 | -€8,532 | -10.7% |
| Plant, machinery and equipment | 23 | €4,629 | €7,901 | +€3,273 | +70.7% |
| Furniture and vehicles | 24 | €30,807 | €25,052 | -€5,755 | -18.7% |
| Other tangible fixed assets | 26 | €44,289 | €38,240 | -€6,050 | -13.7% |
| Current assets | 29/58 | €167,804 | €303,374 | +€135,570 | +80.8% |
| Amounts receivable within one year | 40/41 | €4,852 | €8,278 | +€3,426 | +70.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €4,852 | €8,278 | +€3,426 | +70.6% |
| Cash at bank and in hand | 54/58 | €162,936 | €294,861 | +€131,925 | +81.0% |
| Deferred charges and accrued income | 490/1 | €16 | €235 | +€219 | +1,342% |
| Total equity and liabilities | 10/49 | €247,529 | €374,567 | +€127,038 | +51.3% |
| Equity | 10/15 | €210,346 | €352,559 | +€142,213 | +67.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €205,346 | €347,559 | +€142,213 | +69.3% |
| Distributable reserves | 133 | €205,346 | €347,559 | +€142,213 | +69.3% |
| Amounts payable | 17/49 | €37,182 | €22,007 | -€15,175 | -40.8% |
| Amounts payable after more than one year | 17 | €9,751 | €0 | -€9,751 | -100% |
| Financial debts | 170/4 | €9,751 | €0 | -€9,751 | -100% |
| Amounts payable within one year | 42/48 | €27,431 | €22,007 | -€5,424 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €14,004 | €9,751 | -€4,252 | -30.4% |
| Trade debts | 44 | €3,842 | €3,457 | -€385 | -10.0% |
| Suppliers | 440/4 | €3,842 | €3,457 | -€385 | -10.0% |
| Taxes, remuneration and social security | 45 | €9,585 | €8,799 | -€787 | -8.2% |
| Taxes | 450/3 | €9,585 | €8,799 | -€787 | -8.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,800 | €21,941 | +€2,140 | +10.8% |
| Other operating charges | 640/8 | €490 | €473 | -€17 | -3.5% |
| Gross operating margin | 9900 | €182,081 | €229,287 | +€47,206 | +25.9% |
| Operating profit (loss) | 9901 | €161,791 | €206,874 | +€45,083 | +27.9% |
| Financial income | 75/76B | €21 | €235 | +€214 | +1,004% |
| Recurring financial income | 75 | €21 | €235 | +€214 | +1,004% |
| Financial charges | 65/66B | €1,779 | €1,097 | -€682 | -38.3% |
| Recurring financial charges | 65 | €1,779 | €1,097 | -€682 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | €160,033 | €206,012 | +€45,979 | +28.7% |
| Income taxes | 67/77 | €47,271 | €63,799 | +€16,528 | +35.0% |
| Profit (loss) for the period | 9904 | €112,763 | €142,213 | +€29,451 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €112,763 | €142,213 | +€29,451 | +26.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.