GLAM2: 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.
GLAM2
Largest movements
- Cash +€28,711
up €28,711 (+15.2%), from €189,032 to €217,743
mainly Net result for the year (+€74,194) and Depreciation (+€14,601)
- Tangible fixed assets -€14,601
down €14,601 (-17.2%), from €84,752 to €70,151
of which Other tangible fixed assets: -€9,858
- Receivables within one year -€13,275
down €13,275 (-94.5%), from €14,052 to €777
- Trade debts +€12,271
up €12,271 (+14.3%), from €85,733 to €98,003
- Tax, wage and social debts -€10,933
down €10,933 (-25.6%), from €42,664 to €31,731
of which Taxes: -€11,011
- Debts after one year -€7,579
down €7,579 (-16.6%), from €45,783 to €38,204
of which Financial debts: -€17,579
- Gross operating margin -€8,106
down €8,106 (-4.9%), from €165,377 to €157,271
- Taxes -€4,132
down €4,132 (-14.0%), from €29,454 to €25,322
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 | €320,293 | €318,530 | -€1,763 | -0.6% |
| Fixed assets | 21/28 | €85,328 | €70,727 | -€14,601 | -17.1% |
| Tangible fixed assets | 22/27 | €84,752 | €70,151 | -€14,601 | -17.2% |
| Furniture and vehicles | 24 | €28,012 | €23,269 | -€4,743 | -16.9% |
| Other tangible fixed assets | 26 | €56,740 | €46,882 | -€9,858 | -17.4% |
| Financial fixed assets | 28 | €576 | €576 | = | 0.0% |
| Current assets | 29/58 | €234,965 | €247,802 | +€12,838 | +5.5% |
| Stocks and contracts in progress | 3 | €30,069 | €27,385 | -€2,684 | -8.9% |
| Stocks | 30/36 | €30,069 | €27,385 | -€2,684 | -8.9% |
| Amounts receivable within one year | 40/41 | €14,052 | €777 | -€13,275 | -94.5% |
| Trade receivables | 40 | €14,052 | €777 | -€13,275 | -94.5% |
| Cash at bank and in hand | 54/58 | €189,032 | €217,743 | +€28,711 | +15.2% |
| Deferred charges and accrued income | 490/1 | €1,812 | €1,897 | +€85 | +4.7% |
| Total equity and liabilities | 10/49 | €320,293 | €318,530 | -€1,763 | -0.6% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €318,293 | €316,530 | -€1,763 | -0.6% |
| Amounts payable after more than one year | 17 | €45,783 | €38,204 | -€7,579 | -16.6% |
| Financial debts | 170/4 | €45,783 | €28,204 | -€17,579 | -38.4% |
| Other amounts payable | 178/9 | - | €10,000 | +€10,000 | |
| Amounts payable within one year | 42/48 | €271,965 | €278,294 | +€6,329 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €21,540 | €24,342 | +€2,802 | +13.0% |
| Trade debts | 44 | €85,733 | €98,003 | +€12,271 | +14.3% |
| Suppliers | 440/4 | €85,733 | €98,003 | +€12,271 | +14.3% |
| Taxes, remuneration and social security | 45 | €42,664 | €31,731 | -€10,933 | -25.6% |
| Taxes | 450/3 | €33,312 | €22,301 | -€11,011 | -33.1% |
| Remuneration and social security | 454/9 | €9,352 | €9,430 | +€78 | +0.8% |
| Other amounts payable | 47/48 | €122,029 | €124,219 | +€2,189 | +1.8% |
| Accrued charges and deferred income | 492/3 | €545 | €31 | -€514 | -94.3% |
| Remuneration, social security and pensions | 62 | €35,908 | €37,514 | +€1,607 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,742 | €14,601 | -€142 | -1.0% |
| Other operating charges | 640/8 | €551 | €966 | +€415 | +75.2% |
| Gross operating margin | 9900 | €165,377 | €157,271 | -€8,106 | -4.9% |
| Operating profit (loss) | 9901 | €114,176 | €104,190 | -€9,986 | -8.7% |
| Financial income | 75/76B | €906 | €784 | -€121 | -13.4% |
| Recurring financial income | 75 | €906 | €784 | -€121 | -13.4% |
| Financial charges | 65/66B | €5,359 | €5,459 | +€99 | +1.9% |
| Recurring financial charges | 65 | €5,359 | €5,459 | +€99 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €109,722 | €99,516 | -€10,207 | -9.3% |
| Income taxes | 67/77 | €29,454 | €25,322 | -€4,132 | -14.0% |
| Profit (loss) for the period | 9904 | €80,269 | €74,194 | -€6,075 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,269 | €74,194 | -€6,075 | -7.6% |
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 2 October 2026 via checked.be.