GLASMAAT: 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
GLASMAAT
NACE 43.343, Specialised construction activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€43,107
2024 · -€2,032+€45,139
Equity
€405,271
2024 · €377,164+€28,107
Cash
€185,699
2024 · €115,614+€70,085
Balance sheet total
€2.2m
2024 · €2.2m+€2,039
Largest movements
Assets
- Receivables within one year -€85,089
down €85,089 (-28.2%), from €302,168 to €217,080
of which Trade receivables: -€66,285
- Cash +€70,085
up €70,085 (+60.6%), from €115,614 to €185,699
mainly Depreciation (+€88,722) and Receivables within one year (+€85,089)
Equity and liabilities
- Reserves +€28,107
up €28,107 (+8.0%), from €352,375 to €380,481
of which Distributable reserves: +€28,107
- Trade debts -€25,230
down €25,230 (-11.1%), from €226,897 to €201,666
Income statement
- Depreciation -€114,187
down €114,187 (-56.3%), from €202,909 to €88,722
- Write-downs -€60,464
down €60,464 (-97.4%), from €62,046 to €1,582
- Staff costs +€35,901
up €35,901 (+20.7%), from €173,690 to €209,590
- Gross operating margin -€35,214
down €35,214 (-7.3%), from €480,752 to €445,539
- Other operating charges +€26,492
up €26,492 (+484.2%), from €5,471 to €31,962
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
-€2,032
Gross operating margin
-€35,214
Staff costs
-€35,901
Depreciation
+€114,187
Write-downs
+€60,464
Other operating charges
-€26,492
Financial income
+€3,604
Financial charges
-€19,628
Taxes
-€15,082
Deferred taxes and other
-€800
Result 2025
€43,107
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.
From operations
+€173,580
Investment
-€84,999
Financing
-€18,496
Cash 2024
€115,614
From operations (derived)
+€173,580
Net result for the year
+€43,107
Depreciation
+€88,722
Stocks and contracts
-€9,229
Receivables within one year
+€85,089
Deferred charges and accrued income
-€11,536
Trade debts
-€25,230
Tax, wage and social debts
-€2,986
Other debts
+€5,645
Investment (derived)
-€84,999
Investment in fixed assets (net)
-€99,999
Current investments
+€15,000
Financing
-€18,496
Debts after one year
-€17,452
Current portion of long-term debt
+€16,558
Short-term financial debts
-€2,602
Contributions, distributions and other
-€15,000
Cash 2025
€185,699
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,167,411 | €2,169,450 | +€2,039 | +0.1% |
| Fixed assets | 21/28 | €1,578,928 | €1,590,205 | +€11,277 | +0.7% |
| Intangible fixed assets | 21 | €1,994 | €5,495 | +€3,501 | +175.5% |
| Tangible fixed assets | 22/27 | €1,576,934 | €1,584,710 | +€7,776 | +0.5% |
| Land and buildings | 22 | €1,454,606 | €1,470,513 | +€15,906 | +1.1% |
| Plant, machinery and equipment | 23 | €44,458 | €63,683 | +€19,225 | +43.2% |
| Furniture and vehicles | 24 | €71,259 | €50,514 | -€20,746 | -29.1% |
| Leasing and similar rights | 25 | €6,610 | €0 | -€6,610 | -100.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €588,483 | €579,245 | -€9,238 | -1.6% |
| Stocks and contracts in progress | 3 | €70,700 | €79,930 | +€9,229 | +13.1% |
| Stocks | 30/36 | €70,700 | €79,930 | +€9,229 | +13.1% |
| Amounts receivable within one year | 40/41 | €302,168 | €217,080 | -€85,089 | -28.2% |
| Trade receivables | 40 | €275,091 | €208,806 | -€66,285 | -24.1% |
| Other amounts receivable | 41 | €27,077 | €8,274 | -€18,803 | -69.4% |
| Current investments | 50/53 | €100,000 | €85,000 | -€15,000 | -15.0% |
| Cash at bank and in hand | 54/58 | €115,614 | €185,699 | +€70,085 | +60.6% |
| Deferred charges and accrued income | 490/1 | €0 | €11,536 | +€11,536 | |
| Total equity and liabilities | 10/49 | €2,167,411 | €2,169,450 | +€2,039 | +0.1% |
| Equity | 10/15 | €377,164 | €405,271 | +€28,107 | +7.5% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €352,375 | €380,481 | +€28,107 | +8.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €352,375 | €380,481 | +€28,107 | +8.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Taxes | 161 | €0 | - | = | |
| Amounts payable | 17/49 | €1,790,247 | €1,764,179 | -€26,068 | -1.5% |
| Amounts payable after more than one year | 17 | €1,381,555 | €1,364,102 | -€17,452 | -1.3% |
| Financial debts | 170/4 | €1,381,555 | €1,364,102 | -€17,452 | -1.3% |
| Amounts payable within one year | 42/48 | €408,692 | €400,077 | -€8,616 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €103,582 | €120,140 | +€16,558 | +16.0% |
| Financial debts | 43 | €12,694 | €10,091 | -€2,602 | -20.5% |
| Credit institutions | 430/8 | €12,694 | €10,091 | -€2,602 | -20.5% |
| Trade debts | 44 | €226,897 | €201,666 | -€25,230 | -11.1% |
| Suppliers | 440/4 | €226,897 | €201,666 | -€25,230 | -11.1% |
| Taxes, remuneration and social security | 45 | €30,508 | €27,521 | -€2,986 | -9.8% |
| Taxes | 450/3 | €14,249 | €8,499 | -€5,750 | -40.4% |
| Remuneration and social security | 454/9 | €16,259 | €19,022 | +€2,763 | +17.0% |
| Other amounts payable | 47/48 | €35,013 | €40,657 | +€5,645 | +16.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €173,690 | €209,590 | +€35,901 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,909 | €88,722 | -€114,187 | -56.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €62,046 | €1,582 | -€60,464 | -97.4% |
| Other operating charges | 640/8 | €5,471 | €31,962 | +€26,492 | +484.2% |
| Gross operating margin | 9900 | €480,752 | €445,539 | -€35,214 | -7.3% |
| Operating profit (loss) | 9901 | €36,638 | €113,682 | +€77,044 | +210.3% |
| Financial income | 75/76B | €619 | €4,223 | +€3,604 | +582.0% |
| Recurring financial income | 75 | €619 | €4,223 | +€3,604 | +582.0% |
| Financial charges | 65/66B | €36,854 | €56,483 | +€19,628 | +53.3% |
| Recurring financial charges | 65 | €36,854 | €56,483 | +€19,628 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | €402 | €61,423 | +€61,020 | +15165.2% |
| Transfer from deferred taxes | 780 | €800 | €0 | -€800 | -100.0% |
| Income taxes | 67/77 | €3,235 | €18,316 | +€15,082 | +466.3% |
| Profit (loss) for the period | 9904 | -€2,032 | €43,107 | +€45,139 | |
| Transfer from tax-exempt reserves | 789 | €3,200 | €0 | -€3,200 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,168 | €43,107 | +€41,939 | +3591.0% |
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 12 October 2026 via checked.be.