Glanzer: 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.
Glanzer
Largest movements
- Cash +€88,418
up €88,418 (+19.7%), from €449,189 to €537,607
mainly Net result for the year (+€271,980) and Tax, wage and social debts (+€83,104)
- Intangible fixed assets -€35,812
down €35,812 (-33.6%), from €106,573 to €70,761
- Receivables within one year -€34,487
down €34,487 (-3.8%), from €913,678 to €879,191
of which Other amounts receivable: -€19,477
- Tax, wage and social debts +€83,104
up €83,104 (+15.2%), from €548,270 to €631,374
of which Remuneration and social security: +€51,517
- Current portion of long-term debt -€51,063
down €51,063 (-99.5%), from €51,338 to €275
- Reserves +€50,000
up €50,000 (+11.7%), from €427,067 to €477,067
of which Distributable reserves: +€50,000
- Short-term financial debts -€33,751
no longer reported in 2025 (was €33,751)
- Profit (loss) carried forward -€28,020
down €28,020 (-53.0%), from €52,899 to €24,879
- Gross operating margin +€65,271
up €65,271 (+1.5%), from €4.5m to €4.5m
- Staff costs +€47,081
up €47,081 (+1.2%), from €4.1m to €4.1m
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 | €1,503,778 | €1,507,491 | +€3,713 | +0.2% |
| Fixed assets | 21/28 | €127,477 | €86,254 | -€41,223 | -32.3% |
| Intangible fixed assets | 21 | €106,573 | €70,761 | -€35,812 | -33.6% |
| Tangible fixed assets | 22/27 | €20,399 | €14,988 | -€5,411 | -26.5% |
| Land and buildings | 22 | €7,897 | €6,503 | -€1,394 | -17.7% |
| Plant, machinery and equipment | 23 | €5,775 | €3,252 | -€2,523 | -43.7% |
| Furniture and vehicles | 24 | €6,727 | €5,233 | -€1,494 | -22.2% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €506 | €506 | = | 0.0% |
| Current assets | 29/58 | €1,376,301 | €1,421,237 | +€44,936 | +3.3% |
| Stocks and contracts in progress | 3 | €4,715 | €2,534 | -€2,180 | -46.2% |
| Stocks | 30/36 | €4,715 | €2,534 | -€2,180 | -46.2% |
| Amounts receivable within one year | 40/41 | €913,678 | €879,191 | -€34,487 | -3.8% |
| Trade receivables | 40 | €787,965 | €772,956 | -€15,010 | -1.9% |
| Other amounts receivable | 41 | €125,712 | €106,235 | -€19,477 | -15.5% |
| Cash at bank and in hand | 54/58 | €449,189 | €537,607 | +€88,418 | +19.7% |
| Deferred charges and accrued income | 490/1 | €8,720 | €1,905 | -€6,814 | -78.1% |
| Total equity and liabilities | 10/49 | €1,503,778 | €1,507,491 | +€3,713 | +0.2% |
| Equity | 10/15 | €541,966 | €563,946 | +€21,980 | +4.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €427,067 | €477,067 | +€50,000 | +11.7% |
| Tax-exempt reserves | 132 | €227,067 | €227,067 | = | 0.0% |
| Distributable reserves | 133 | €200,000 | €250,000 | +€50,000 | +25.0% |
| Profit (loss) carried forward | 14 | €52,899 | €24,879 | -€28,020 | -53.0% |
| Amounts payable | 17/49 | €961,812 | €943,545 | -€18,267 | -1.9% |
| Amounts payable after more than one year | 17 | €275 | - | -€275 | |
| Financial debts | 170/4 | €275 | - | -€275 | |
| Amounts payable within one year | 42/48 | €961,536 | €943,545 | -€17,991 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €51,338 | €275 | -€51,063 | -99.5% |
| Financial debts | 43 | €33,751 | - | -€33,751 | |
| Credit institutions | 430/8 | €33,751 | - | -€33,751 | |
| Trade debts | 44 | €78,178 | €61,896 | -€16,282 | -20.8% |
| Suppliers | 440/4 | €78,178 | €61,896 | -€16,282 | -20.8% |
| Taxes, remuneration and social security | 45 | €548,270 | €631,374 | +€83,104 | +15.2% |
| Taxes | 450/3 | €38,396 | €69,983 | +€31,587 | +82.3% |
| Remuneration and social security | 454/9 | €509,874 | €561,391 | +€51,517 | +10.1% |
| Other amounts payable | 47/48 | €250,000 | €250,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €4,062,872 | €4,109,953 | +€47,081 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,775 | €43,014 | -€17,761 | -29.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,057 | €4,035 | -€1,022 | -20.2% |
| Other operating charges | 640/8 | €1,248 | €1,357 | +€110 | +8.8% |
| Gross operating margin | 9900 | €4,482,939 | €4,548,209 | +€65,271 | +1.5% |
| Operating profit (loss) | 9901 | €352,987 | €389,850 | +€36,863 | +10.4% |
| Financial income | 75/76B | €323 | €479 | +€156 | +48.3% |
| Recurring financial income | 75 | €323 | €479 | +€156 | +48.3% |
| Financial charges | 65/66B | €8,294 | €5,792 | -€2,502 | -30.2% |
| Recurring financial charges | 65 | €8,294 | €5,792 | -€2,502 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €345,016 | €384,537 | +€39,521 | +11.5% |
| Income taxes | 67/77 | €98,176 | €112,557 | +€14,381 | +14.6% |
| Profit (loss) for the period | 9904 | €246,840 | €271,980 | +€25,140 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €246,840 | €271,980 | +€25,140 | +10.2% |
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 7 October 2026 via checked.be.