GLATMA: what changed
Two fiscal 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.
GLATMA
Largest movements
- Cash +€57,159
up €57,159 (+62.5%), from €91,453 to €148,611
mainly Net result for the year (+€69,129) and Depreciation (+€47,478)
- Current investments +€9,365
up €9,365 (+599.6%), from €1,562 to €10,927
- Intangible fixed assets +€8,034
up €8,034 (+2444.7%), from €329 to €8,363
- Receivables within one year -€7,162
down €7,162 (-61.1%), from €11,716 to €4,554
of which Other amounts receivable: -€7,228
- Reserves +€69,129
up €69,129 (+46.4%), from €148,830 to €217,959
of which Distributable reserves: +€69,129
- Advances received +€15,713
up €15,713 (+155.2%), from €10,125 to €25,838
- Debts after one year -€12,616
down €12,616 (-4.4%), from €288,305 to €275,689
- Tax, wage and social debts +€9,675
up €9,675 (+38.0%), from €25,479 to €35,154
of which Taxes: +€4,901
- Other debts -€8,676
down €8,676 (-100.0%), from €8,676 to €0
- Gross operating margin +€80,677
up €80,677 (+35.5%), from €227,113 to €307,789
- Staff costs +€49,026
up €49,026 (+47.7%), from €102,735 to €151,761
- Depreciation +€8,726
up €8,726 (+22.5%), from €38,752 to €47,478
- Taxes +€6,284
up €6,284 (+31.4%), from €20,028 to €26,312
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €625,281 | €694,325 | +€69,044 | +11.0% |
| Formation expenses | 20 | €1,426 | €0 | -€1,426 | -100.0% |
| Fixed assets | 21/28 | €503,381 | €512,536 | +€9,155 | +1.8% |
| Intangible fixed assets | 21 | €329 | €8,363 | +€8,034 | +2444.7% |
| Tangible fixed assets | 22/27 | €502,922 | €504,043 | +€1,121 | +0.2% |
| Land and buildings | 22 | €454,862 | €456,924 | +€2,062 | +0.5% |
| Plant, machinery and equipment | 23 | €28,223 | €25,309 | -€2,914 | -10.3% |
| Furniture and vehicles | 24 | €15,214 | €19,499 | +€4,285 | +28.2% |
| Other tangible fixed assets | 26 | €4,623 | €2,312 | -€2,312 | -50.0% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €120,475 | €181,789 | +€61,314 | +50.9% |
| Stocks and contracts in progress | 3 | €12,334 | €11,115 | -€1,219 | -9.9% |
| Stocks | 30/36 | €12,334 | €11,115 | -€1,219 | -9.9% |
| Amounts receivable within one year | 40/41 | €11,716 | €4,554 | -€7,162 | -61.1% |
| Trade receivables | 40 | €113 | €179 | +€66 | +58.9% |
| Other amounts receivable | 41 | €11,603 | €4,375 | -€7,228 | -62.3% |
| Current investments | 50/53 | €1,562 | €10,927 | +€9,365 | +599.6% |
| Cash at bank and in hand | 54/58 | €91,453 | €148,611 | +€57,159 | +62.5% |
| Deferred charges and accrued income | 490/1 | €3,411 | €6,582 | +€3,171 | +93.0% |
| Total equity and liabilities | 10/49 | €625,281 | €694,325 | +€69,044 | +11.0% |
| Equity | 10/15 | €188,746 | €257,875 | +€69,129 | +36.6% |
| Contributions | 10/11 | €9,916 | €9,916 | = | 0.0% |
| Revaluation surpluses | 12 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €148,830 | €217,959 | +€69,129 | +46.4% |
| Tax-exempt reserves | 132 | €121 | €121 | = | 0.0% |
| Distributable reserves | 133 | €148,709 | €217,839 | +€69,129 | +46.5% |
| Amounts payable | 17/49 | €436,536 | €436,450 | -€86 | 0.0% |
| Amounts payable after more than one year | 17 | €288,305 | €275,689 | -€12,616 | -4.4% |
| Financial debts | 170/4 | €288,305 | €275,689 | -€12,616 | -4.4% |
| Amounts payable within one year | 42/48 | €145,651 | €157,474 | +€11,823 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €45,598 | €39,097 | -€6,501 | -14.3% |
| Financial debts | 43 | €2,500 | €0 | -€2,500 | -100.0% |
| Credit institutions | 430/8 | €2,500 | €0 | -€2,500 | -100.0% |
| Trade debts | 44 | €53,274 | €57,385 | +€4,112 | +7.7% |
| Suppliers | 440/4 | €53,274 | €57,385 | +€4,112 | +7.7% |
| Advances received on contracts in progress | 46 | €10,125 | €25,838 | +€15,713 | +155.2% |
| Taxes, remuneration and social security | 45 | €25,479 | €35,154 | +€9,675 | +38.0% |
| Taxes | 450/3 | €6,893 | €11,795 | +€4,901 | +71.1% |
| Remuneration and social security | 454/9 | €18,586 | €23,359 | +€4,773 | +25.7% |
| Other amounts payable | 47/48 | €8,676 | €0 | -€8,676 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,580 | €3,287 | +€707 | +27.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €102,735 | €151,761 | +€49,026 | +47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,752 | €47,478 | +€8,726 | +22.5% |
| Other operating charges | 640/8 | €2,031 | €1,966 | -€64 | -3.2% |
| Gross operating margin | 9900 | €227,113 | €307,789 | +€80,677 | +35.5% |
| Operating profit (loss) | 9901 | €83,594 | €106,584 | +€22,990 | +27.5% |
| Financial income | 75/76B | €42 | €1,121 | +€1,079 | +2589.9% |
| Recurring financial income | 75 | €42 | €1,121 | +€1,079 | +2589.9% |
| Financial charges | 65/66B | €12,996 | €12,264 | -€733 | -5.6% |
| Recurring financial charges | 65 | €12,996 | €12,264 | -€733 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €70,639 | €95,441 | +€24,802 | +35.1% |
| Income taxes | 67/77 | €20,028 | €26,312 | +€6,284 | +31.4% |
| Profit (loss) for the period | 9904 | €50,611 | €69,129 | +€18,518 | +36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €50,611 | €69,129 | +€18,518 | +36.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.