GLAM1: 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.
GLAM1
Largest movements
- Current investments +€66,682
new in 2025: €66,682
- Receivables within one year -€55,288
down €55,288 (-99.8%), from €55,409 to €121
of which Other amounts receivable: -€55,118
- Cash -€28,577
down €28,577 (-9.1%), from €315,420 to €286,843
mainly Current investments (-€66,682) and Contributions, distributions and other (-€32,898)
- Stocks and contracts +€5,493
up €5,493 (+14.8%), from €37,148 to €42,641
- Trade debts +€37,021
up €37,021 (+28.9%), from €128,032 to €165,053
- Other debts -€31,029
down €31,029 (-48.5%), from €63,936 to €32,907
- Tax, wage and social debts -€15,373
down €15,373 (-29.8%), from €51,614 to €36,241
of which Taxes: -€14,490
- Reserves -€10,251
down €10,251 (-7.1%), from €145,007 to €134,756
of which Distributable reserves: -€7,751
- Gross operating margin -€63,411
down €63,411 (-31.0%), from €204,647 to €141,236
- Taxes -€15,604
down €15,604 (-54.2%), from €28,772 to €13,168
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €416,976 | €402,327 | -€14,648 | -3.5% |
| Fixed assets | 21/28 | €7,497 | €5,215 | -€2,282 | -30.4% |
| Tangible fixed assets | 22/27 | €7,447 | €5,165 | -€2,282 | -30.6% |
| Plant, machinery and equipment | 23 | €5,634 | €4,914 | -€719 | -12.8% |
| Other tangible fixed assets | 26 | €1,813 | €250 | -€1,563 | -86.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €409,479 | €397,113 | -€12,366 | -3.0% |
| Stocks and contracts in progress | 3 | €37,148 | €42,641 | +€5,493 | +14.8% |
| Stocks | 30/36 | €37,148 | €42,641 | +€5,493 | +14.8% |
| Amounts receivable within one year | 40/41 | €55,409 | €121 | -€55,288 | -99.8% |
| Trade receivables | 40 | €292 | €121 | -€170 | -58.5% |
| Other amounts receivable | 41 | €55,118 | - | -€55,118 | |
| Current investments | 50/53 | - | €66,682 | +€66,682 | |
| Cash at bank and in hand | 54/58 | €315,420 | €286,843 | -€28,577 | -9.1% |
| Deferred charges and accrued income | 490/1 | €1,502 | €826 | -€676 | -45.0% |
| Total equity and liabilities | 10/49 | €416,976 | €402,327 | -€14,648 | -3.5% |
| Equity | 10/15 | €170,007 | €162,256 | -€7,751 | -4.6% |
| Contributions | 10/11 | €25,000 | €27,500 | +€2,500 | +10.0% |
| Reserves | 13 | €145,007 | €134,756 | -€10,251 | -7.1% |
| Non-distributable reserves | 130/1 | €2,500 | - | -€2,500 | |
| Reserves not available under the articles | 1311 | €2,500 | - | -€2,500 | |
| Distributable reserves | 133 | €142,507 | €134,756 | -€7,751 | -5.4% |
| Amounts payable | 17/49 | €246,969 | €240,071 | -€6,898 | -2.8% |
| Amounts payable within one year | 42/48 | €246,969 | €240,071 | -€6,898 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €3,386 | €5,870 | +€2,484 | +73.3% |
| Trade debts | 44 | €128,032 | €165,053 | +€37,021 | +28.9% |
| Suppliers | 440/4 | €128,032 | €165,053 | +€37,021 | +28.9% |
| Taxes, remuneration and social security | 45 | €51,614 | €36,241 | -€15,373 | -29.8% |
| Taxes | 450/3 | €32,618 | €18,128 | -€14,490 | -44.4% |
| Remuneration and social security | 454/9 | €18,995 | €18,113 | -€883 | -4.6% |
| Other amounts payable | 47/48 | €63,936 | €32,907 | -€31,029 | -48.5% |
| Non-recurring operating income | 76A | €4,015 | - | -€4,015 | |
| Remuneration, social security and pensions | 62 | €96,727 | €94,962 | -€1,765 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,301 | €2,282 | -€18 | -0.8% |
| Other operating charges | 640/8 | €878 | €704 | -€174 | -19.8% |
| Gross operating margin | 9900 | €204,647 | €141,236 | -€63,411 | -31.0% |
| Operating profit (loss) | 9901 | €104,741 | €43,288 | -€61,453 | -58.7% |
| Financial income | 75/76B | €2,862 | €1,546 | -€1,315 | -46.0% |
| Recurring financial income | 75 | €2,862 | €1,546 | -€1,315 | -46.0% |
| Financial charges | 65/66B | €5,136 | €6,519 | +€1,383 | +26.9% |
| Recurring financial charges | 65 | €5,136 | €6,519 | +€1,383 | +26.9% |
| Profit (loss) for the period before taxes | 9903 | €102,467 | €38,315 | -€64,151 | -62.6% |
| Income taxes | 67/77 | €28,772 | €13,168 | -€15,604 | -54.2% |
| Profit (loss) for the period | 9904 | €73,695 | €25,148 | -€48,548 | -65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €73,695 | €25,148 | -€48,548 | -65.9% |
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 6 October 2026 via checked.be.