GLAM: 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.
GLAM
Largest movements
- Receivables within one year +€19,863
up €19,863 (+161%), from €12,339 to €32,202
- Cash -€16,727
down €16,727 (-57.2%), from €29,240 to €12,513
mainly Receivables within one year (-€19,863) and Contributions, distributions and other (-€12,400)
- Tangible fixed assets -€12,716
down €12,716 (-35.8%), from €35,492 to €22,775
- Stocks and contracts +€2,830
up €2,830 (+6.1%), from €46,175 to €49,004
- Profit (loss) carried forward +€21,206
up €21,206 (+30.2%), from €70,321 to €91,527
- Contributions -€12,400
down €12,400 (-66.7%), from €18,600 to €6,200
- Current portion of long-term debt -€11,912
down €11,912 (-73.9%), from €16,129 to €4,217
- Tax, wage and social debts -€10,730
down €10,730 (-91.8%), from €11,690 to €960
of which Remuneration and social security: -€6,903
- Trade debts +€10,486
up €10,486 (+625%), from €1,678 to €12,164
- Staff costs -€33,474
down €33,474 (-82.4%), from €40,645 to €7,171
- Gross operating margin -€20,343
down €20,343 (-30.8%), from €66,119 to €45,775
- Financial charges +€1,882
up €1,882 (+93.4%), from €2,015 to €3,897
- Financial income +€1,198
up €1,198 (+203%), from €589 to €1,787
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 | €123,678 | €116,927 | -€6,751 | -5.5% |
| Fixed assets | 21/28 | €35,492 | €22,775 | -€12,716 | -35.8% |
| Tangible fixed assets | 22/27 | €35,492 | €22,775 | -€12,716 | -35.8% |
| Plant, machinery and equipment | 23 | €8,543 | €4,961 | -€3,583 | -41.9% |
| Furniture and vehicles | 24 | €2,887 | €2,789 | -€98 | -3.4% |
| Leasing and similar rights | 25 | €5,249 | €99 | -€5,150 | -98.1% |
| Other tangible fixed assets | 26 | €18,812 | €14,926 | -€3,886 | -20.7% |
| Current assets | 29/58 | €88,187 | €94,152 | +€5,965 | +6.8% |
| Stocks and contracts in progress | 3 | €46,175 | €49,004 | +€2,830 | +6.1% |
| Stocks | 30/36 | €46,175 | €49,004 | +€2,830 | +6.1% |
| Amounts receivable within one year | 40/41 | €12,339 | €32,202 | +€19,863 | +161% |
| Other amounts receivable | 41 | €12,339 | €32,202 | +€19,863 | +161% |
| Cash at bank and in hand | 54/58 | €29,240 | €12,513 | -€16,727 | -57.2% |
| Deferred charges and accrued income | 490/1 | €434 | €434 | = | 0.0% |
| Total equity and liabilities | 10/49 | €123,678 | €116,927 | -€6,751 | -5.5% |
| Equity | 10/15 | €90,781 | €99,587 | +€8,806 | +9.7% |
| Contributions | 10/11 | €18,600 | €6,200 | -€12,400 | -66.7% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,321 | €91,527 | +€21,206 | +30.2% |
| Amounts payable | 17/49 | €32,898 | €17,341 | -€15,557 | -47.3% |
| Amounts payable after more than one year | 17 | €2,562 | - | -€2,562 | |
| Other amounts payable | 178/9 | €2,562 | - | -€2,562 | |
| Amounts payable within one year | 42/48 | €30,336 | €17,341 | -€12,995 | -42.8% |
| Current portion of amounts payable after more than one year | 42 | €16,129 | €4,217 | -€11,912 | -73.9% |
| Trade debts | 44 | €1,678 | €12,164 | +€10,486 | +625% |
| Suppliers | 440/4 | €1,678 | €12,164 | +€10,486 | +625% |
| Taxes, remuneration and social security | 45 | €11,690 | €960 | -€10,730 | -91.8% |
| Taxes | 450/3 | €4,786 | €960 | -€3,826 | -79.9% |
| Remuneration and social security | 454/9 | €6,903 | - | -€6,903 | |
| Other amounts payable | 47/48 | €839 | - | -€839 | |
| Remuneration, social security and pensions | 62 | €40,645 | €7,171 | -€33,474 | -82.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,746 | €14,465 | -€281 | -1.9% |
| Other operating charges | 640/8 | €1,277 | €823 | -€454 | -35.6% |
| Non-recurring operating charges | 66A | €1,464 | - | -€1,464 | |
| Gross operating margin | 9900 | €66,119 | €45,775 | -€20,343 | -30.8% |
| Operating profit (loss) | 9901 | €7,986 | €23,316 | +€15,330 | +192% |
| Financial income | 75/76B | €589 | €1,787 | +€1,198 | +203% |
| Recurring financial income | 75 | €589 | €1,787 | +€1,198 | +203% |
| Financial charges | 65/66B | €2,015 | €3,897 | +€1,882 | +93.4% |
| Recurring financial charges | 65 | €2,015 | €3,897 | +€1,882 | +93.4% |
| Profit (loss) for the period before taxes | 9903 | €6,560 | €21,206 | +€14,646 | +223% |
| Profit (loss) for the period | 9904 | €6,560 | €21,206 | +€14,646 | +223% |
| Profit (loss) for the period to be appropriated | 9905 | €6,560 | €21,206 | +€14,646 | +223% |
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.