GLAS: 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.
GLAS
Largest movements
- Receivables within one year +€179,380
up €179,380 (+90.5%), from €198,141 to €377,521
of which Trade receivables: +€141,872
- Cash +€140,374
up €140,374 (+73.0%), from €192,416 to €332,790
mainly Other debts (+€405,328) and Net result for the year (+€316,229)
- Tangible fixed assets +€41,115
up €41,115 (+8.6%), from €479,858 to €520,972
of which Furniture and vehicles: +€48,839
- Other debts +€405,328
up €405,328 (+1240.6%), from €32,672 to €438,000
- Reserves -€121,771
down €121,771 (-37.2%), from €326,936 to €205,165
- Trade debts +€80,595
up €80,595 (+85.6%), from €94,137 to €174,733
- Debts after one year -€45,989
down €45,989 (-14.9%), from €307,844 to €261,856
- Short-term financial debts +€45,000
new in 2025: €45,000
- Gross operating margin +€465,680
up €465,680 (+83.3%), from €558,827 to €1.0m
- Staff costs +€253,581
up €253,581 (+137.9%), from €183,841 to €437,422
- Taxes +€49,218
up €49,218 (+66.9%), from €73,531 to €122,749
- Depreciation +€22,580
up €22,580 (+36.8%), from €61,279 to €83,859
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 | €876,301 | €1,250,061 | +€373,760 | +42.7% |
| Fixed assets | 21/28 | €479,858 | €525,697 | +€45,840 | +9.6% |
| Tangible fixed assets | 22/27 | €479,858 | €520,972 | +€41,115 | +8.6% |
| Land and buildings | 22 | €280,652 | €273,367 | -€7,285 | -2.6% |
| Plant, machinery and equipment | 23 | €38,322 | €37,883 | -€439 | -1.1% |
| Furniture and vehicles | 24 | €160,884 | €209,722 | +€48,839 | +30.4% |
| Financial fixed assets | 28 | - | €4,725 | +€4,725 | |
| Current assets | 29/58 | €396,443 | €724,364 | +€327,920 | +82.7% |
| Amounts receivable within one year | 40/41 | €198,141 | €377,521 | +€179,380 | +90.5% |
| Trade receivables | 40 | €186,415 | €328,287 | +€141,872 | +76.1% |
| Other amounts receivable | 41 | €11,726 | €49,235 | +€37,508 | +319.9% |
| Cash at bank and in hand | 54/58 | €192,416 | €332,790 | +€140,374 | +73.0% |
| Deferred charges and accrued income | 490/1 | €5,886 | €14,052 | +€8,166 | +138.7% |
| Total equity and liabilities | 10/49 | €876,301 | €1,250,061 | +€373,760 | +42.7% |
| Equity | 10/15 | €333,896 | €212,125 | -€121,771 | -36.5% |
| Contributions | 10/11 | €6,960 | €6,960 | = | 0.0% |
| Reserves | 13 | €326,936 | €205,165 | -€121,771 | -37.2% |
| Distributable reserves | 133 | €326,936 | €205,165 | -€121,771 | -37.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €542,405 | €1,037,936 | +€495,531 | +91.4% |
| Amounts payable after more than one year | 17 | €307,844 | €261,856 | -€45,989 | -14.9% |
| Financial debts | 170/4 | €307,844 | €261,856 | -€45,989 | -14.9% |
| Amounts payable within one year | 42/48 | €222,387 | €776,080 | +€553,693 | +249.0% |
| Current portion of amounts payable after more than one year | 42 | €76,599 | €75,783 | -€816 | -1.1% |
| Financial debts | 43 | - | €45,000 | +€45,000 | |
| Credit institutions | 430/8 | - | €45,000 | +€45,000 | |
| Trade debts | 44 | €94,137 | €174,733 | +€80,595 | +85.6% |
| Suppliers | 440/4 | €94,137 | €174,733 | +€80,595 | +85.6% |
| Advances received on contracts in progress | 46 | €1,306 | €0 | -€1,306 | -100.0% |
| Taxes, remuneration and social security | 45 | €17,672 | €42,565 | +€24,892 | +140.9% |
| Taxes | 450/3 | €3,531 | €69 | -€3,462 | -98.0% |
| Remuneration and social security | 454/9 | €14,141 | €42,496 | +€28,355 | +200.5% |
| Other amounts payable | 47/48 | €32,672 | €438,000 | +€405,328 | +1240.6% |
| Accrued charges and deferred income | 492/3 | €12,173 | €0 | -€12,173 | -100.0% |
| Remuneration, social security and pensions | 62 | €183,841 | €437,422 | +€253,581 | +137.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,279 | €83,859 | +€22,580 | +36.8% |
| Other operating charges | 640/8 | €9,729 | €12,131 | +€2,401 | +24.7% |
| Non-recurring operating charges | 66A | - | €40,915 | +€40,915 | |
| Gross operating margin | 9900 | €558,827 | €1,024,507 | +€465,680 | +83.3% |
| Operating profit (loss) | 9901 | €303,978 | €450,180 | +€146,202 | +48.1% |
| Financial income | 75/76B | €41 | €376 | +€336 | +825.9% |
| Recurring financial income | 75 | €41 | €376 | +€336 | +825.9% |
| Financial charges | 65/66B | €11,470 | €11,578 | +€107 | +0.9% |
| Recurring financial charges | 65 | €11,470 | €11,578 | +€107 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €292,549 | €438,978 | +€146,430 | +50.1% |
| Income taxes | 67/77 | €73,531 | €122,749 | +€49,218 | +66.9% |
| Profit (loss) for the period | 9904 | €219,017 | €316,229 | +€97,212 | +44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €219,017 | €316,229 | +€97,212 | +44.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.