GLAUDE MANAGEMENT: 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.
GLAUDE MANAGEMENT
Largest movements
- Receivables within one year -€217,030
down €217,030 (-46.1%), from €470,761 to €253,731
of which Trade receivables: -€176,615
- Tangible fixed assets +€197,992
up €197,992 (+46.1%), from €429,484 to €627,476
of which Land and buildings: +€216,208
- Revaluation surpluses +€233,250
new in 2025: €233,250
- Profit (loss) carried forward -€127,858
down €127,858 (-46.5%), from €274,911 to €147,053
- Other debts -€77,292
down €77,292 (-34.2%), from €226,322 to €149,030
- Debts after one year -€35,904
down €35,904 (-16.7%), from €215,339 to €179,435
- Gross operating margin -€50,033
down €50,033 (-26.2%), from €191,263 to €141,230
- Financial charges -€6,644
down €6,644 (-49.9%), from €13,318 to €6,674
- Depreciation -€4,845
down €4,845 (-21.0%), from €23,105 to €18,260
- Financial income +€3,989
new in 2025: €3,989
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €966,636 | €942,998 | -€23,638 | -2.4% |
| Fixed assets | 21/28 | €429,484 | €627,476 | +€197,992 | +46.1% |
| Tangible fixed assets | 22/27 | €429,484 | €627,476 | +€197,992 | +46.1% |
| Land and buildings | 22 | €408,400 | €624,608 | +€216,208 | +52.9% |
| Furniture and vehicles | 24 | €19,867 | €2,869 | -€16,998 | -85.6% |
| Other tangible fixed assets | 26 | €1,217 | - | -€1,217 | |
| Current assets | 29/58 | €537,152 | €315,522 | -€221,630 | -41.3% |
| Amounts receivable after more than one year | 29 | €61,312 | €61,312 | +€0 | 0.0% |
| Other amounts receivable | 291 | €61,312 | €61,312 | +€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €470,761 | €253,731 | -€217,030 | -46.1% |
| Trade receivables | 40 | €255,000 | €78,385 | -€176,615 | -69.3% |
| Other amounts receivable | 41 | €215,761 | €175,347 | -€40,414 | -18.7% |
| Current investments | 50/53 | €5,079 | €478 | -€4,601 | -90.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €966,636 | €942,998 | -€23,638 | -2.4% |
| Equity | 10/15 | €441,871 | €547,263 | +€105,392 | +23.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €233,250 | +€233,250 | |
| Reserves | 13 | €148,360 | €148,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €109,000 | €109,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €274,911 | €147,053 | -€127,858 | -46.5% |
| Amounts payable | 17/49 | €524,765 | €395,735 | -€129,030 | -24.6% |
| Amounts payable after more than one year | 17 | €215,339 | €179,435 | -€35,904 | -16.7% |
| Financial debts | 170/4 | €215,339 | €179,435 | -€35,904 | -16.7% |
| Amounts payable within one year | 42/48 | €309,426 | €216,300 | -€93,126 | -30.1% |
| Current portion of amounts payable after more than one year | 42 | €30,089 | €25,916 | -€4,173 | -13.9% |
| Financial debts | 43 | €2,115 | €3,842 | +€1,727 | +81.6% |
| Credit institutions | 430/8 | - | €3,842 | +€3,842 | |
| Other loans | 439 | €2,115 | - | -€2,115 | |
| Trade debts | 44 | €21,347 | €14,685 | -€6,662 | -31.2% |
| Suppliers | 440/4 | €21,347 | €14,685 | -€6,662 | -31.2% |
| Taxes, remuneration and social security | 45 | €29,553 | €22,827 | -€6,726 | -22.8% |
| Taxes | 450/3 | €29,553 | €22,827 | -€6,726 | -22.8% |
| Other amounts payable | 47/48 | €226,322 | €149,030 | -€77,292 | -34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,105 | €18,260 | -€4,845 | -21.0% |
| Other operating charges | 640/8 | €15,751 | €13,920 | -€1,831 | -11.6% |
| Non-recurring operating charges | 66A | €1,944 | €234,226 | +€232,282 | +11948.6% |
| Gross operating margin | 9900 | €191,263 | €141,230 | -€50,033 | -26.2% |
| Operating profit (loss) | 9901 | €150,463 | -€125,175 | -€275,638 | |
| Financial income | 75/76B | - | €3,989 | +€3,989 | |
| Recurring financial income | 75 | - | €3,989 | +€3,989 | |
| Financial charges | 65/66B | €13,318 | €6,674 | -€6,644 | -49.9% |
| Recurring financial charges | 65 | €13,318 | €6,674 | -€6,644 | -49.9% |
| Profit (loss) for the period before taxes | 9903 | €137,145 | -€127,860 | -€265,005 | |
| Transfer to deferred taxes | 680 | €34,560 | - | -€34,560 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €102,585 | -€127,860 | -€230,445 | |
| Profit (loss) for the period to be appropriated | 9905 | €102,585 | -€127,860 | -€230,445 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.