GLAGO: 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.
GLAGO
Largest movements
- Tangible fixed assets +€16,251
up €16,251 (+45.3%), from €35,847 to €52,098
of which Land and buildings: +€13,106
- Cash -€15,701
down €15,701 (-56.3%), from €27,905 to €12,205
mainly Investment in fixed assets (net) (-€31,354) and Net result for the year (-€6,132)
- Trade debts +€9,241
up €9,241 (+1,265%), from €730 to €9,971
- Profit (loss) carried forward -€6,132
down €6,132 (-6.0%), from -€102,889 to -€109,020
- Other debts -€2,856
down €2,856 (-1.7%), from €166,046 to €163,191
- Tax, wage and social debts +€1,023
new in 2025: €1,023
- Gross operating margin +€27,460
up €27,460, from -€15,189 to €12,271
- Financial charges +€15,903
up €15,903, from -€15,817 to €85
- Depreciation +€8,788
up €8,788 (+139%), from €6,315 to €15,103
- Other operating charges +€2,335
up €2,335 (+262%), from €891 to €3,226
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 | €70,088 | €71,364 | +€1,276 | +1.8% |
| Fixed assets | 21/28 | €35,847 | €52,098 | +€16,251 | +45.3% |
| Tangible fixed assets | 22/27 | €35,847 | €52,098 | +€16,251 | +45.3% |
| Land and buildings | 22 | €899 | €14,005 | +€13,106 | +1,457% |
| Plant, machinery and equipment | 23 | €16,827 | €23,723 | +€6,896 | +41.0% |
| Furniture and vehicles | 24 | €18,121 | €14,370 | -€3,751 | -20.7% |
| Current assets | 29/58 | €34,241 | €19,266 | -€14,975 | -43.7% |
| Amounts receivable within one year | 40/41 | €4,881 | €5,099 | +€219 | +4.5% |
| Trade receivables | 40 | - | €3,769 | +€3,769 | |
| Other amounts receivable | 41 | €4,881 | €1,331 | -€3,550 | -72.7% |
| Cash at bank and in hand | 54/58 | €27,905 | €12,205 | -€15,701 | -56.3% |
| Deferred charges and accrued income | 490/1 | €1,455 | €1,962 | +€507 | +34.8% |
| Total equity and liabilities | 10/49 | €70,088 | €71,364 | +€1,276 | +1.8% |
| Equity | 10/15 | -€96,689 | -€102,820 | -€6,132 | -6.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,889 | -€109,020 | -€6,132 | -6.0% |
| Amounts payable | 17/49 | €166,777 | €174,184 | +€7,408 | +4.4% |
| Amounts payable within one year | 42/48 | €166,777 | €174,184 | +€7,408 | +4.4% |
| Trade debts | 44 | €730 | €9,971 | +€9,241 | +1,265% |
| Suppliers | 440/4 | €730 | €9,971 | +€9,241 | +1,265% |
| Taxes, remuneration and social security | 45 | - | €1,023 | +€1,023 | |
| Taxes | 450/3 | - | €1,023 | +€1,023 | |
| Other amounts payable | 47/48 | €166,046 | €163,191 | -€2,856 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,315 | €15,103 | +€8,788 | +139% |
| Other operating charges | 640/8 | €891 | €3,226 | +€2,335 | +262% |
| Gross operating margin | 9900 | -€15,189 | €12,271 | +€27,460 | |
| Operating profit (loss) | 9901 | -€22,395 | -€6,058 | +€16,337 | +72.9% |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | -€15,817 | €85 | +€15,903 | |
| Recurring financial charges | 65 | -€15,817 | €85 | +€15,903 | |
| Profit (loss) for the period before taxes | 9903 | -€6,578 | -€6,132 | +€446 | +6.8% |
| Profit (loss) for the period | 9904 | -€6,578 | -€6,132 | +€446 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,578 | -€6,132 | +€446 | +6.8% |
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 16 October 2026 via checked.be.