GlassBox: 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
GlassBox
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4,873
2024 · €27,314-€22,441
Equity
€28,730
2024 · €23,856+€4,873
Cash
€2
2024 · €3,548-€3,546
Balance sheet total
€384,027
2024 · €402,130-€18,103
Largest movements
Assets
- Tangible fixed assets -€13,875
down €13,875 (-3.7%), from €378,867 to €364,992
of which Land and buildings: -€13,299
Equity and liabilities
- Debts after one year -€26,616
down €26,616 (-8.4%), from €317,018 to €290,402
- Short-term financial debts +€5,221
up €5,221, from €0 to €5,221
- Reserves +€4,873
up €4,873 (+393%), from €1,240 to €6,113
of which Distributable reserves: +€4,873
Income statement
- Gross operating margin -€29,284
down €29,284 (-29.9%), from €97,896 to €68,612
- Depreciation -€4,058
down €4,058 (-8.9%), from €45,820 to €41,762
- Taxes -€2,506
down €2,506 (-44.6%), from €5,618 to €3,113
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
€27,314
Gross operating margin
-€29,284
Staff costs
+€218
Depreciation
+€4,058
Other operating charges
+€273
Financial income
-€390
Financial charges
+€178
Taxes
+€2,506
Result 2025
€4,873
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
+€44,357
Investment
-€27,887
Financing
-€20,016
Cash 2024
€3,548
From operations (derived)
+€44,357
Net result for the year
+€4,873
Depreciation
+€41,762
Receivables within one year
+€988
Deferred charges and accrued income
-€307
Trade debts
-€2,677
Tax, wage and social debts
+€1,137
Other debts
-€1,421
Investment (derived)
-€27,887
Investment in fixed assets (net)
-€27,887
Financing
-€20,016
Debts after one year
-€26,616
Current portion of long-term debt
+€1,380
Short-term financial debts
+€5,221
Cash 2025
€2
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €402,130 | €384,027 | -€18,103 | -4.5% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €378,867 | €364,992 | -€13,875 | -3.7% |
| Tangible fixed assets | 22/27 | €378,867 | €364,992 | -€13,875 | -3.7% |
| Land and buildings | 22 | €365,997 | €352,698 | -€13,299 | -3.6% |
| Plant, machinery and equipment | 23 | €11,259 | €11,542 | +€283 | +2.5% |
| Furniture and vehicles | 24 | €1,611 | €752 | -€859 | -53.3% |
| Current assets | 29/58 | €23,263 | €19,035 | -€4,228 | -18.2% |
| Amounts receivable within one year | 40/41 | €18,979 | €17,991 | -€988 | -5.2% |
| Trade receivables | 40 | €18,979 | €17,545 | -€1,434 | -7.6% |
| Other amounts receivable | 41 | - | €446 | +€446 | |
| Cash at bank and in hand | 54/58 | €3,548 | €2 | -€3,546 | -100.0% |
| Deferred charges and accrued income | 490/1 | €736 | €1,043 | +€307 | +41.7% |
| Total equity and liabilities | 10/49 | €402,130 | €384,027 | -€18,103 | -4.5% |
| Equity | 10/15 | €23,856 | €28,730 | +€4,873 | +20.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,240 | €6,113 | +€4,873 | +393% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Distributable reserves | 133 | - | €4,873 | +€4,873 | |
| Profit (loss) carried forward | 14 | €10,216 | €10,216 | = | 0.0% |
| Amounts payable | 17/49 | €378,273 | €355,297 | -€22,976 | -6.1% |
| Amounts payable after more than one year | 17 | €317,018 | €290,402 | -€26,616 | -8.4% |
| Financial debts | 170/4 | €317,018 | €290,402 | -€26,616 | -8.4% |
| Amounts payable within one year | 42/48 | €61,255 | €64,895 | +€3,640 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €32,994 | €34,374 | +€1,380 | +4.2% |
| Financial debts | 43 | €0 | €5,221 | +€5,221 | |
| Credit institutions | 430/8 | €0 | €5,221 | +€5,221 | |
| Trade debts | 44 | €11,048 | €8,372 | -€2,677 | -24.2% |
| Suppliers | 440/4 | €11,048 | €8,372 | -€2,677 | -24.2% |
| Taxes, remuneration and social security | 45 | €14,064 | €15,201 | +€1,137 | +8.1% |
| Taxes | 450/3 | €14,064 | €15,201 | +€1,137 | +8.1% |
| Other amounts payable | 47/48 | €3,149 | €1,728 | -€1,421 | -45.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €218 | €0 | -€218 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,820 | €41,762 | -€4,058 | -8.9% |
| Other operating charges | 640/8 | €2,343 | €2,070 | -€273 | -11.7% |
| Gross operating margin | 9900 | €97,896 | €68,612 | -€29,284 | -29.9% |
| Operating profit (loss) | 9901 | €49,514 | €24,780 | -€24,734 | -50.0% |
| Financial income | 75/76B | €573 | €183 | -€390 | -68.1% |
| Recurring financial income | 75 | €573 | €183 | -€390 | -68.1% |
| Financial charges | 65/66B | €17,154 | €16,976 | -€178 | -1.0% |
| Recurring financial charges | 65 | €17,154 | €16,976 | -€178 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €32,933 | €7,986 | -€24,947 | -75.8% |
| Income taxes | 67/77 | €5,618 | €3,113 | -€2,506 | -44.6% |
| Profit (loss) for the period | 9904 | €27,314 | €4,873 | -€22,441 | -82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,314 | €4,873 | -€22,441 | -82.2% |
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.