GLASNOST: 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.
GLASNOST
Largest movements
- Receivables within one year +€25,294
up €25,294 (+40.6%), from €62,298 to €87,591
of which Trade receivables: +€29,751
- Current investments -€20,000
down €20,000 (-99.9%), from €20,029 to €29
- Cash -€19,432
down €19,432 (-63.4%), from €30,658 to €11,226
mainly Receivables within one year (-€25,294) and Trade debts (-€22,710)
- Tangible fixed assets -€9,887
down €9,887 (-44.7%), from €22,114 to €12,227
of which Furniture and vehicles: -€9,130
- Stocks and contracts +€3,197
up €3,197 (+15.6%), from €20,466 to €23,663
- Trade debts -€22,710
down €22,710 (-49.2%), from €46,149 to €23,439
- Tax, wage and social debts +€16,872
up €16,872 (+195%), from €8,634 to €25,506
of which Taxes: +€8,491
- Other debts -€16,786
down €16,786 (-41.5%), from €40,478 to €23,692
- Reserves +€10,015
up €10,015 (+29.4%), from €34,027 to €44,042
of which Distributable reserves: +€10,015
- Debts after one year -€3,341
no longer reported in 2025 (was €3,341)
- Staff costs -€5,640
down €5,640 (-4.2%), from €133,556 to €127,916
- Gross operating margin +€4,852
up €4,852 (+3.2%), from €153,560 to €158,412
- Depreciation -€3,096
down €3,096 (-23.8%), from €12,982 to €9,887
- Taxes +€2,728
up €2,728 (+251%), from €1,086 to €3,814
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €157,906 | €138,955 | -€18,951 | -12.0% |
| Fixed assets | 21/28 | €22,114 | €12,227 | -€9,887 | -44.7% |
| Tangible fixed assets | 22/27 | €22,114 | €12,227 | -€9,887 | -44.7% |
| Plant, machinery and equipment | 23 | €1,479 | €723 | -€756 | -51.1% |
| Furniture and vehicles | 24 | €20,634 | €11,504 | -€9,130 | -44.2% |
| Current assets | 29/58 | €135,792 | €126,728 | -€9,064 | -6.7% |
| Amounts receivable after more than one year | 29 | €1,270 | €1,270 | = | 0.0% |
| Other amounts receivable | 291 | €1,270 | €1,270 | = | 0.0% |
| Stocks and contracts in progress | 3 | €20,466 | €23,663 | +€3,197 | +15.6% |
| Stocks | 30/36 | €20,466 | €23,663 | +€3,197 | +15.6% |
| Amounts receivable within one year | 40/41 | €62,298 | €87,591 | +€25,294 | +40.6% |
| Trade receivables | 40 | €51,927 | €81,678 | +€29,751 | +57.3% |
| Other amounts receivable | 41 | €10,370 | €5,913 | -€4,457 | -43.0% |
| Current investments | 50/53 | €20,029 | €29 | -€20,000 | -99.9% |
| Cash at bank and in hand | 54/58 | €30,658 | €11,226 | -€19,432 | -63.4% |
| Deferred charges and accrued income | 490/1 | €1,072 | €2,949 | +€1,877 | +175% |
| Total equity and liabilities | 10/49 | €157,906 | €138,955 | -€18,951 | -12.0% |
| Equity | 10/15 | €52,627 | €62,642 | +€10,015 | +19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,027 | €44,042 | +€10,015 | +29.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €32,167 | €42,182 | +€10,015 | +31.1% |
| Amounts payable | 17/49 | €105,279 | €76,313 | -€28,966 | -27.5% |
| Amounts payable after more than one year | 17 | €3,341 | - | -€3,341 | |
| Financial debts | 170/4 | €3,341 | - | -€3,341 | |
| Amounts payable within one year | 42/48 | €101,938 | €75,978 | -€25,960 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €6,491 | €3,341 | -€3,150 | -48.5% |
| Financial debts | 43 | €187 | - | -€187 | |
| Credit institutions | 430/8 | €187 | - | -€187 | |
| Trade debts | 44 | €46,149 | €23,439 | -€22,710 | -49.2% |
| Suppliers | 440/4 | €46,149 | €23,439 | -€22,710 | -49.2% |
| Taxes, remuneration and social security | 45 | €8,634 | €25,506 | +€16,872 | +195% |
| Taxes | 450/3 | €1,084 | €9,575 | +€8,491 | +783% |
| Remuneration and social security | 454/9 | €7,550 | €15,932 | +€8,382 | +111% |
| Other amounts payable | 47/48 | €40,478 | €23,692 | -€16,786 | -41.5% |
| Accrued charges and deferred income | 492/3 | - | €335 | +€335 | |
| Remuneration, social security and pensions | 62 | €133,556 | €127,916 | -€5,640 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,982 | €9,887 | -€3,096 | -23.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€276 | -€276 | |
| Other operating charges | 640/8 | €1,806 | €2,816 | +€1,010 | +55.9% |
| Gross operating margin | 9900 | €153,560 | €158,412 | +€4,852 | +3.2% |
| Operating profit (loss) | 9901 | €5,216 | €18,070 | +€12,854 | +246% |
| Financial income | 75/76B | €71 | €1 | -€69 | -98.0% |
| Recurring financial income | 75 | €71 | €1 | -€69 | -98.0% |
| Financial charges | 65/66B | €2,751 | €2,576 | -€175 | -6.4% |
| Recurring financial charges | 65 | €2,751 | €2,576 | -€175 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €2,536 | €15,496 | +€12,959 | +511% |
| Income taxes | 67/77 | €1,086 | €3,814 | +€2,728 | +251% |
| Profit (loss) for the period | 9904 | €1,450 | €11,681 | +€10,231 | +706% |
| Profit (loss) for the period to be appropriated | 9905 | €1,450 | €11,681 | +€10,231 | +706% |
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.