Glaszwaan: 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
Glaszwaan
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€519,146
2024 · €272,625+€246,521
Equity
€3.1m
2024 · €2.6m+€519,146
Cash
€334,577
2024 · €359,885-€25,308
Balance sheet total
€19.6m
2024 · €19.4m+€119,280
Largest movements
Assets
- Receivables within one year +€11.1m
up €11.1m (+3,556%), from €311,229 to €11.4m
of which Other amounts receivable: +€10.9m
- Receivables after one year -€10.7m
down €10.7m (-100%), from €10.7m to €0
- Tangible fixed assets -€218,874
down €218,874 (-2.7%), from €8.1m to €7.8m
Equity and liabilities
- Debts after one year -€16.1m
down €16.1m (-100%), from €16.1m to €0
- Current portion of long-term debt +€15.7m
up €15.7m (+3,785%), from €414,004 to €16.1m
- Profit (loss) carried forward +€519,146
up €519,146 (+37.5%), from €1.4m to €1.9m
Income statement
- Financial charges -€175,673
down €175,673 (-20.1%), from €874,403 to €698,730
- Gross operating margin +€162,094
up €162,094 (+11.7%), from €1.4m to €1.5m
- Taxes +€83,353
up €83,353 (+90.5%), from €92,087 to €175,440
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
€272,625
Gross operating margin
+€162,094
Depreciation
-€5,212
Other operating charges
-€2,270
Financial income
-€411
Financial charges
+€175,673
Taxes
-€83,353
Result 2025
€519,146
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
+€342,069
Investment
-€15,932
Financing
-€351,444
Cash 2024
€359,885
From operations (derived)
+€342,069
Net result for the year
+€519,146
Depreciation
+€234,806
Receivables after one year
+€10.7m
Receivables within one year
-€11.1m
Smaller working-capital items
-€48,965
Investment (derived)
-€15,932
Investment in fixed assets (net)
-€15,932
Current investments
+€0
Financing
-€351,444
Debts after one year
-€16.1m
Current portion of long-term debt
+€15.7m
Short-term financial debts
+€62,560
Cash 2025
€334,577
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,433,908 | €19,553,188 | +€119,280 | +0.6% |
| Fixed assets | 21/28 | €8,056,427 | €7,837,554 | -€218,874 | -2.7% |
| Tangible fixed assets | 22/27 | €8,056,427 | €7,837,554 | -€218,874 | -2.7% |
| Land and buildings | 22 | €8,056,427 | €7,837,554 | -€218,874 | -2.7% |
| Current assets | 29/58 | €11,377,481 | €11,715,635 | +€338,154 | +3.0% |
| Amounts receivable after more than one year | 29 | €10,704,684 | €0 | -€10.7m | -100% |
| Other amounts receivable | 291 | €10,704,684 | €0 | -€10.7m | -100% |
| Amounts receivable within one year | 40/41 | €311,229 | €11,378,831 | +€11.1m | +3,556% |
| Trade receivables | 40 | €311,179 | €438,768 | +€127,589 | +41.0% |
| Other amounts receivable | 41 | €50 | €10,940,064 | +€10.9m | +21,693,463% |
| Current investments | 50/53 | €215 | €215 | -€0 | -0.1% |
| Cash at bank and in hand | 54/58 | €359,885 | €334,577 | -€25,308 | -7.0% |
| Deferred charges and accrued income | 490/1 | €1,468 | €2,011 | +€543 | +37.0% |
| Total equity and liabilities | 10/49 | €19,433,908 | €19,553,188 | +€119,280 | +0.6% |
| Equity | 10/15 | €2,555,291 | €3,074,437 | +€519,146 | +20.3% |
| Contributions | 10/11 | €1,170,000 | €1,170,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,385,291 | €1,904,437 | +€519,146 | +37.5% |
| Investment grants | 15 | - | €0 | = | |
| Amounts payable | 17/49 | €16,878,618 | €16,478,752 | -€399,866 | -2.4% |
| Amounts payable after more than one year | 17 | €16,084,996 | €0 | -€16.1m | -100% |
| Financial debts | 170/4 | €16,084,996 | €0 | -€16.1m | -100% |
| Amounts payable within one year | 42/48 | €588,716 | €16,313,109 | +€15.7m | +2,671% |
| Current portion of amounts payable after more than one year | 42 | €414,004 | €16,084,996 | +€15.7m | +3,785% |
| Financial debts | 43 | €76,847 | €139,407 | +€62,560 | +81.4% |
| Credit institutions | 430/8 | €76,847 | €139,407 | +€62,560 | +81.4% |
| Trade debts | 44 | €85,268 | €78,611 | -€6,657 | -7.8% |
| Suppliers | 440/4 | €85,268 | €78,611 | -€6,657 | -7.8% |
| Advances received on contracts in progress | 46 | €1,534 | €1,570 | +€36 | +2.4% |
| Taxes, remuneration and social security | 45 | €11,063 | €8,526 | -€2,538 | -22.9% |
| Taxes | 450/3 | €11,063 | €8,526 | -€2,538 | -22.9% |
| Accrued charges and deferred income | 492/3 | €204,906 | €165,643 | -€39,263 | -19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €229,594 | €234,806 | +€5,212 | +2.3% |
| Other operating charges | 640/8 | €72,298 | €74,568 | +€2,270 | +3.1% |
| Gross operating margin | 9900 | €1,380,216 | €1,542,310 | +€162,094 | +11.7% |
| Operating profit (loss) | 9901 | €1,078,324 | €1,232,937 | +€154,612 | +14.3% |
| Financial income | 75/76B | €160,791 | €160,380 | -€411 | -0.3% |
| Recurring financial income | 75 | €160,791 | €160,380 | -€411 | -0.3% |
| Financial charges | 65/66B | €874,403 | €698,730 | -€175,673 | -20.1% |
| Recurring financial charges | 65 | €874,403 | €698,730 | -€175,673 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €364,712 | €694,586 | +€329,874 | +90.4% |
| Income taxes | 67/77 | €92,087 | €175,440 | +€83,353 | +90.5% |
| Profit (loss) for the period | 9904 | €272,625 | €519,146 | +€246,521 | +90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €272,625 | €519,146 | +€246,521 | +90.4% |
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.