GLAM.J.: 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.
What changed
GLAM.J.
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4,957
2024 · €30,043-€25,086
Equity
€830,181
2024 · €825,224+€4,957
Cash
€78,398
2024 · €111,460-€33,062
Balance sheet total
€1.9m
2024 · €2.0m-€112,983
Largest movements
Assets
- Tangible fixed assets -€107,227
down €107,227 (-5.6%), from €1.9m to €1.8m
of which Land and buildings: -€105,540
- Cash -€33,062
down €33,062 (-29.7%), from €111,460 to €78,398
mainly Debts after one year (-€109,449) and Investment in fixed assets (net) (-€21,346)
- Receivables within one year +€20,693
up €20,693 (+304%), from €6,797 to €27,491
of which Other amounts receivable: +€16,323
Equity and liabilities
- Debts after one year -€109,449
down €109,449 (-20.0%), from €547,199 to €437,750
Income statement
- Gross operating margin -€27,792
down €27,792 (-14.1%), from €197,362 to €169,570
- Taxes -€8,009
down €8,009 (-45.8%), from €17,492 to €9,484
- Other operating charges +€7,899
up €7,899 (+42.0%), from €18,788 to €26,686
- Write-downs -€2,948
new in 2025: -€2,948
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
€30,043
Gross operating margin
-€27,792
Depreciation
-€633
Write-downs
+€2,948
Other operating charges
-€7,899
Financial income
+€3
Financial charges
+€277
Taxes
+€8,009
Result 2025
€4,957
raises the resultlowers the result
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.
From operations
+€97,514
Investment
-€21,346
Financing
-€109,229
Cash 2024
€111,460
From operations (derived)
+€97,514
Net result for the year
+€4,957
Depreciation
+€128,573
Stocks and contracts
-€6,000
Receivables within one year
-€20,693
Deferred charges and accrued income
-€612
Provisions
-€7,478
Trade debts
+€2,310
Tax, wage and social debts
-€4,836
Other debts
+€3,180
Accrued charges and deferred income
-€1,887
Investment (derived)
-€21,346
Investment in fixed assets (net)
-€21,346
Financing
-€109,229
Debts after one year
-€109,449
Current portion of long-term debt
+€220
Cash 2025
€78,398
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,033,944 | €1,920,962 | -€112,983 | -5.6% |
| Fixed assets | 21/28 | €1,900,160 | €1,792,933 | -€107,227 | -5.6% |
| Tangible fixed assets | 22/27 | €1,900,160 | €1,792,933 | -€107,227 | -5.6% |
| Land and buildings | 22 | €1,875,230 | €1,769,691 | -€105,540 | -5.6% |
| Plant, machinery and equipment | 23 | €10,891 | €11,184 | +€293 | +2.7% |
| Furniture and vehicles | 24 | €14,039 | €12,059 | -€1,980 | -14.1% |
| Current assets | 29/58 | €133,784 | €128,028 | -€5,756 | -4.3% |
| Stocks and contracts in progress | 3 | - | €6,000 | +€6,000 | |
| Stocks | 30/36 | - | €6,000 | +€6,000 | |
| Amounts receivable within one year | 40/41 | €6,797 | €27,491 | +€20,693 | +304% |
| Trade receivables | 40 | €6,797 | €11,168 | +€4,371 | +64.3% |
| Other amounts receivable | 41 | - | €16,323 | +€16,323 | |
| Cash at bank and in hand | 54/58 | €111,460 | €78,398 | -€33,062 | -29.7% |
| Deferred charges and accrued income | 490/1 | €15,527 | €16,139 | +€612 | +3.9% |
| Total equity and liabilities | 10/49 | €2,033,944 | €1,920,962 | -€112,983 | -5.6% |
| Equity | 10/15 | €825,224 | €830,181 | +€4,957 | +0.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €763,224 | €768,181 | +€4,957 | +0.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €226,576 | €204,142 | -€22,434 | -9.9% |
| Distributable reserves | 133 | €530,449 | €557,839 | +€27,391 | +5.2% |
| Provisions and deferred taxes | 16 | €75,525 | €68,047 | -€7,478 | -9.9% |
| Deferred taxes | 168 | €75,525 | €68,047 | -€7,478 | -9.9% |
| Amounts payable | 17/49 | €1,133,195 | €1,022,733 | -€110,461 | -9.7% |
| Amounts payable after more than one year | 17 | €547,199 | €437,750 | -€109,449 | -20.0% |
| Financial debts | 170/4 | €547,199 | €437,750 | -€109,449 | -20.0% |
| Amounts payable within one year | 42/48 | €569,438 | €570,312 | +€875 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €12,985 | €13,205 | +€220 | +1.7% |
| Trade debts | 44 | €547,389 | €549,699 | +€2,310 | +0.4% |
| Suppliers | 440/4 | €547,389 | €549,699 | +€2,310 | +0.4% |
| Taxes, remuneration and social security | 45 | €9,064 | €4,228 | -€4,836 | -53.4% |
| Taxes | 450/3 | €9,064 | €4,228 | -€4,836 | -53.4% |
| Other amounts payable | 47/48 | - | €3,180 | +€3,180 | |
| Accrued charges and deferred income | 492/3 | €16,558 | €14,671 | -€1,887 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,940 | €128,573 | +€633 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€2,948 | -€2,948 | |
| Other operating charges | 640/8 | €18,788 | €26,686 | +€7,899 | +42.0% |
| Gross operating margin | 9900 | €197,362 | €169,570 | -€27,792 | -14.1% |
| Operating profit (loss) | 9901 | €50,634 | €17,259 | -€33,375 | -65.9% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €10,577 | €10,300 | -€277 | -2.6% |
| Recurring financial charges | 65 | €10,577 | €10,300 | -€277 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €40,057 | €6,962 | -€33,095 | -82.6% |
| Transfer from deferred taxes | 780 | €7,478 | €7,478 | = | 0.0% |
| Income taxes | 67/77 | €17,492 | €9,484 | -€8,009 | -45.8% |
| Profit (loss) for the period | 9904 | €30,043 | €4,957 | -€25,086 | -83.5% |
| Transfer from tax-exempt reserves | 789 | €22,434 | €22,434 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,477 | €27,391 | -€25,086 | -47.8% |
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 13 October 2026 via checked.be.