GLAMAR: 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
GLAMAR
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
€500,314
2024 · €437,724+€62,589
Equity
€3.8m
2024 · €3.3m+€500,314
Cash
€42,367
2024 · €11,539+€30,828
Balance sheet total
€6.2m
2024 · €6.8m-€663,293
Largest movements
Assets
- Tangible fixed assets -€691,761
down €691,761 (-10.2%), from €6.8m to €6.1m
of which Land and buildings: -€689,597
Equity and liabilities
- Debts after one year -€1.1m
down €1.1m (-37.7%), from €2.9m to €1.8m
- Profit (loss) carried forward +€504,966
up €504,966 (+16.0%), from €3.2m to €3.7m
Income statement
- Other operating charges -€78,310
down €78,310 (-98.7%), from €79,308 to €998
- Turnover +€48,811
up €48,811 (+3.2%), from €1.5m to €1.6m
- Financial charges -€42,911
down €42,911 (-20.6%), from €208,641 to €165,730
- Gross operating margin -€33,315
down €33,315 (-2.1%), from €1.6m to €1.5m
- Taxes +€23,228
up €23,228 (+15.7%), from €148,312 to €171,540
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
€437,724
Gross operating margin
-€33,315
Other operating charges
+€78,310
Financial income
-€2,088
Financial charges
+€42,911
Taxes
-€23,228
Result 2025
€500,314
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
+€1.1m
Investment
€0
Financing
-€1.1m
Cash 2024
€11,539
From operations (derived)
+€1.1m
Net result for the year
+€500,314
Depreciation
+€691,761
Smaller working-capital items
-€35
Trade debts
-€17,372
Tax, wage and social debts
-€38,700
Accrued charges and deferred income
-€3,194
Financing
-€1.1m
Debts after one year
-€1.1m
Current portion of long-term debt
+€1,546
Cash 2025
€42,367
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,813,854 | €6,150,561 | -€663,293 | -9.7% |
| Fixed assets | 21/28 | €6,799,001 | €6,107,240 | -€691,761 | -10.2% |
| Tangible fixed assets | 22/27 | €6,799,001 | €6,107,240 | -€691,761 | -10.2% |
| Land and buildings | 22 | €6,790,526 | €6,100,929 | -€689,597 | -10.2% |
| Other tangible fixed assets | 26 | €8,475 | €6,311 | -€2,164 | -25.5% |
| Current assets | 29/58 | €14,853 | €43,321 | +€28,468 | +192% |
| Amounts receivable within one year | 40/41 | €3,315 | €954 | -€2,361 | -71.2% |
| Other amounts receivable | 41 | €3,315 | €954 | -€2,361 | -71.2% |
| Cash at bank and in hand | 54/58 | €11,539 | €42,367 | +€30,828 | +267% |
| Total equity and liabilities | 10/49 | €6,813,854 | €6,150,561 | -€663,293 | -9.7% |
| Equity | 10/15 | €3,317,567 | €3,817,881 | +€500,314 | +15.1% |
| Contributions | 10/11 | €61,837 | €61,837 | = | 0.0% |
| Capital | 10 | €61,837 | €61,837 | = | 0.0% |
| Issued capital | 100 | €61,837 | €61,837 | = | 0.0% |
| Reserves | 13 | €97,540 | €92,888 | -€4,652 | -4.8% |
| Non-distributable reserves | 130/1 | €34,112 | €34,112 | = | 0.0% |
| Legal reserve | 130 | €34,112 | €34,112 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,429 | €58,777 | -€4,652 | -7.3% |
| Profit (loss) carried forward | 14 | €3,158,189 | €3,663,155 | +€504,966 | +16.0% |
| Provisions and deferred taxes | 16 | €19,562 | €17,166 | -€2,395 | -12.2% |
| Deferred taxes | 168 | €19,562 | €17,166 | -€2,395 | -12.2% |
| Amounts payable | 17/49 | €3,476,726 | €2,315,514 | -€1.2m | -33.4% |
| Amounts payable after more than one year | 17 | €2,930,864 | €1,827,372 | -€1.1m | -37.7% |
| Financial debts | 170/4 | €2,930,864 | €1,827,372 | -€1.1m | -37.7% |
| Amounts payable within one year | 42/48 | €542,474 | €487,948 | -€54,526 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €361,946 | €363,491 | +€1,546 | +0.4% |
| Trade debts | 44 | €141,828 | €124,456 | -€17,372 | -12.2% |
| Suppliers | 440/4 | €141,828 | €124,456 | -€17,372 | -12.2% |
| Taxes, remuneration and social security | 45 | €38,700 | - | -€38,700 | |
| Taxes | 450/3 | €38,700 | - | -€38,700 | |
| Accrued charges and deferred income | 492/3 | €3,388 | €194 | -€3,194 | -94.3% |
| Turnover | 70 | €1,502,926 | €1,551,737 | +€48,811 | +3.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €20,004 | €23,789 | +€3,786 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €691,761 | €691,761 | = | 0.0% |
| Other operating charges | 640/8 | €79,308 | €998 | -€78,310 | -98.7% |
| Gross operating margin | 9900 | €1,561,263 | €1,527,948 | -€33,315 | -2.1% |
| Operating profit (loss) | 9901 | €790,193 | €835,188 | +€44,995 | +5.7% |
| Financial income | 75/76B | €2,088 | - | -€2,088 | |
| Recurring financial income | 75 | €2,088 | - | -€2,088 | |
| Financial charges | 65/66B | €208,641 | €165,730 | -€42,911 | -20.6% |
| Recurring financial charges | 65 | €208,641 | €165,730 | -€42,911 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €583,641 | €669,458 | +€85,817 | +14.7% |
| Transfer from deferred taxes | 780 | €2,395 | €2,395 | = | 0.0% |
| Income taxes | 67/77 | €148,312 | €171,540 | +€23,228 | +15.7% |
| Profit (loss) for the period | 9904 | €437,724 | €500,314 | +€62,589 | +14.3% |
| Transfer from tax-exempt reserves | 789 | €4,652 | €4,652 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €442,376 | €504,966 | +€62,589 | +14.1% |
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 15 October 2026 via checked.be.