GLAWAV: 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.
GLAWAV
Largest movements
- Receivables after one year +€104,372
new in 2025: €104,372
- Cash -€75,250
down €75,250 (-79.5%), from €94,657 to €19,407
mainly Receivables after one year (-€104,372) and Trade debts (-€53,297)
- Receivables within one year -€29,607
down €29,607 (-65.1%), from €45,465 to €15,859
of which Other amounts receivable: -€28,888
- Deferred charges and accrued income +€5,783
up €5,783 (+1067.8%), from €542 to €6,324
- Tangible fixed assets -€4,112
down €4,112 (-48.5%), from €8,484 to €4,372
- Trade debts -€53,297
down €53,297 (-81.3%), from €65,543 to €12,246
- Profit (loss) carried forward +€29,751
up €29,751 (+26.5%), from -€112,408 to -€82,657
- Debts after one year +€20,088
up €20,088 (+11.5%), from €174,140 to €194,229
- Tax, wage and social debts +€4,561
up €4,561 (+42.9%), from €10,642 to €15,203
of which Remuneration and social security: +€4,766
- Gross operating margin +€99,451
up €99,451 (+119.0%), from €83,594 to €183,045
- Staff costs +€63,247
up €63,247 (+86.5%), from €73,121 to €136,368
- Financial charges +€10,192
up €10,192 (+399.2%), from €2,554 to €12,746
- Financial income +€3,225
up €3,225 (+107491.7%), from €3 to €3,228
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 | €162,918 | €164,200 | +€1,282 | +0.8% |
| Fixed assets | 21/28 | €10,984 | €5,622 | -€5,362 | -48.8% |
| Intangible fixed assets | 21 | €2,500 | €1,250 | -€1,250 | -50.0% |
| Tangible fixed assets | 22/27 | €8,484 | €4,372 | -€4,112 | -48.5% |
| Plant, machinery and equipment | 23 | €1,908 | €107 | -€1,801 | -94.4% |
| Leasing and similar rights | 25 | €5,331 | €3,554 | -€1,777 | -33.3% |
| Other tangible fixed assets | 26 | €1,245 | €711 | -€534 | -42.9% |
| Current assets | 29/58 | €151,934 | €158,578 | +€6,644 | +4.4% |
| Amounts receivable after more than one year | 29 | - | €104,372 | +€104,372 | |
| Trade receivables | 290 | - | €104,372 | +€104,372 | |
| Stocks and contracts in progress | 3 | €11,270 | €12,615 | +€1,346 | +11.9% |
| Stocks | 30/36 | €11,270 | €12,615 | +€1,346 | +11.9% |
| Amounts receivable within one year | 40/41 | €45,465 | €15,859 | -€29,607 | -65.1% |
| Trade receivables | 40 | €719 | - | -€719 | |
| Other amounts receivable | 41 | €44,747 | €15,859 | -€28,888 | -64.6% |
| Cash at bank and in hand | 54/58 | €94,657 | €19,407 | -€75,250 | -79.5% |
| Deferred charges and accrued income | 490/1 | €542 | €6,324 | +€5,783 | +1067.8% |
| Total equity and liabilities | 10/49 | €162,918 | €164,200 | +€1,282 | +0.8% |
| Equity | 10/15 | -€87,408 | -€57,657 | +€29,751 | +34.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,408 | -€82,657 | +€29,751 | +26.5% |
| Amounts payable | 17/49 | €250,326 | €221,857 | -€28,469 | -11.4% |
| Amounts payable after more than one year | 17 | €174,140 | €194,229 | +€20,088 | +11.5% |
| Other amounts payable | 178/9 | €174,140 | €194,229 | +€20,088 | +11.5% |
| Amounts payable within one year | 42/48 | €76,185 | €27,628 | -€48,557 | -63.7% |
| Financial debts | 43 | - | €178 | +€178 | |
| Credit institutions | 430/8 | - | €178 | +€178 | |
| Trade debts | 44 | €65,543 | €12,246 | -€53,297 | -81.3% |
| Suppliers | 440/4 | €65,543 | €12,246 | -€53,297 | -81.3% |
| Taxes, remuneration and social security | 45 | €10,642 | €15,203 | +€4,561 | +42.9% |
| Taxes | 450/3 | €205 | - | -€205 | |
| Remuneration and social security | 454/9 | €10,437 | €15,203 | +€4,766 | +45.7% |
| Remuneration, social security and pensions | 62 | €73,121 | €136,368 | +€63,247 | +86.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,942 | €5,362 | -€581 | -9.8% |
| Other operating charges | 640/8 | €1,231 | €2,046 | +€815 | +66.2% |
| Gross operating margin | 9900 | €83,594 | €183,045 | +€99,451 | +119.0% |
| Operating profit (loss) | 9901 | €3,300 | €39,269 | +€35,969 | +1089.9% |
| Financial income | 75/76B | €3 | €3,228 | +€3,225 | +107491.7% |
| Recurring financial income | 75 | €3 | €3,228 | +€3,225 | +107491.7% |
| Financial charges | 65/66B | €2,554 | €12,746 | +€10,192 | +399.2% |
| Recurring financial charges | 65 | €2,554 | €12,746 | +€10,192 | +399.2% |
| Profit (loss) for the period before taxes | 9903 | €750 | €29,751 | +€29,001 | +3868.6% |
| Profit (loss) for the period | 9904 | €750 | €29,751 | +€29,001 | +3868.6% |
| Profit (loss) for the period to be appropriated | 9905 | €750 | €29,751 | +€29,001 | +3868.6% |
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 2 October 2026 via checked.be.