Glaswas Verelst: 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.
Glaswas Verelst
Largest movements
- Tangible fixed assets +€10,101
up €10,101 (+11.2%), from €89,853 to €99,954
of which Furniture and vehicles: +€12,680
- Cash +€8,609
up €8,609 (+7.9%), from €109,287 to €117,896
mainly Depreciation (+€81,159) and Net result for the year (+€19,182)
- Debts after one year +€18,327
new in 2025: €18,327
- Other debts -€6,493
down €6,493 (-28.6%), from €22,704 to €16,211
- Current portion of long-term debt +€4,743
new in 2025: €4,743
- Reserves +€2,971
up €2,971 (+1.7%), from €180,007 to €182,978
- Depreciation +€51,289
up €51,289 (+172%), from €29,870 to €81,159
- Gross operating margin +€22,567
up €22,567 (+23.4%), from €96,327 to €118,895
- Taxes -€1,689
down €1,689 (-9.1%), from €18,608 to €16,918
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 | €210,253 | €231,081 | +€20,828 | +9.9% |
| Fixed assets | 21/28 | €89,853 | €99,954 | +€10,101 | +11.2% |
| Tangible fixed assets | 22/27 | €89,853 | €99,954 | +€10,101 | +11.2% |
| Land and buildings | 22 | €9,364 | €7,807 | -€1,557 | -16.6% |
| Plant, machinery and equipment | 23 | €3,501 | €2,479 | -€1,022 | -29.2% |
| Furniture and vehicles | 24 | €76,989 | €89,669 | +€12,680 | +16.5% |
| Current assets | 29/58 | €120,399 | €131,127 | +€10,727 | +8.9% |
| Amounts receivable within one year | 40/41 | €10,624 | €12,733 | +€2,109 | +19.8% |
| Trade receivables | 40 | €2,452 | €5,254 | +€2,803 | +114% |
| Other amounts receivable | 41 | €8,173 | €7,479 | -€694 | -8.5% |
| Cash at bank and in hand | 54/58 | €109,287 | €117,896 | +€8,609 | +7.9% |
| Deferred charges and accrued income | 490/1 | €488 | €498 | +€10 | +2.0% |
| Total equity and liabilities | 10/49 | €210,253 | €231,081 | +€20,828 | +9.9% |
| Equity | 10/15 | €181,007 | €183,978 | +€2,971 | +1.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €180,007 | €182,978 | +€2,971 | +1.7% |
| Distributable reserves | 133 | €180,007 | €182,978 | +€2,971 | +1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €29,245 | €47,103 | +€17,858 | +61.1% |
| Amounts payable after more than one year | 17 | - | €18,327 | +€18,327 | |
| Financial debts | 170/4 | - | €18,327 | +€18,327 | |
| Amounts payable within one year | 42/48 | €29,245 | €28,777 | -€469 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | - | €4,743 | +€4,743 | |
| Trade debts | 44 | €679 | €1,238 | +€558 | +82.2% |
| Suppliers | 440/4 | €679 | €1,238 | +€558 | +82.2% |
| Taxes, remuneration and social security | 45 | €5,862 | €6,585 | +€723 | +12.3% |
| Taxes | 450/3 | €5,862 | €6,585 | +€723 | +12.3% |
| Other amounts payable | 47/48 | €22,704 | €16,211 | -€6,493 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,870 | €81,159 | +€51,289 | +172% |
| Other operating charges | 640/8 | €987 | €721 | -€265 | -26.9% |
| Gross operating margin | 9900 | €96,327 | €118,895 | +€22,567 | +23.4% |
| Operating profit (loss) | 9901 | €65,471 | €37,015 | -€28,457 | -43.5% |
| Financial income | 75/76B | €532 | €292 | -€240 | -45.2% |
| Recurring financial income | 75 | €532 | €292 | -€240 | -45.2% |
| Financial charges | 65/66B | €726 | €1,207 | +€481 | +66.2% |
| Recurring financial charges | 65 | €726 | €1,207 | +€481 | +66.2% |
| Profit (loss) for the period before taxes | 9903 | €65,278 | €36,100 | -€29,178 | -44.7% |
| Income taxes | 67/77 | €18,608 | €16,918 | -€1,689 | -9.1% |
| Profit (loss) for the period | 9904 | €46,670 | €19,182 | -€27,488 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,670 | €19,182 | -€27,488 | -58.9% |
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 1 November 2026 via checked.be.