GLAZER: 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.
GLAZER
Largest movements
- Receivables within one year +€233,262
up €233,262 (+64.0%), from €364,278 to €597,539
of which Trade receivables: +€205,447
- Cash +€17,107
up €17,107 (+32.7%), from €52,373 to €69,480
mainly Other debts (+€148,120) and Net result for the year (+€112,697)
- Other debts +€148,120
up €148,120 (+396.0%), from €37,408 to €185,527
- Profit (loss) carried forward +€112,697
up €112,697 (+43.5%), from €258,809 to €371,506
- Advances received +€39,451
up €39,451 (+41.8%), from €94,351 to €133,801
- Debts after one year -€37,349
down €37,349 (-6.2%), from €600,934 to €563,585
- Short-term financial debts -€35,655
down €35,655 (-59.4%), from €60,000 to €24,345
- Financial income -€78,675
down €78,675 (-56.1%), from €140,295 to €61,619
- Staff costs +€43,627
up €43,627 (+32.8%), from €132,845 to €176,471
- Financial charges +€19,374
up €19,374 (+107.3%), from €18,052 to €37,426
- Taxes -€18,909
down €18,909 (-50.0%), from €37,853 to €18,945
- Gross operating margin -€9,171
down €9,171 (-2.9%), from €313,057 to €303,886
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 | €1,335,626 | €1,595,705 | +€260,079 | +19.5% |
| Fixed assets | 21/28 | €913,491 | €918,182 | +€4,691 | +0.5% |
| Intangible fixed assets | 21 | - | €3,193 | +€3,193 | |
| Tangible fixed assets | 22/27 | €13,241 | €14,989 | +€1,748 | +13.2% |
| Plant, machinery and equipment | 23 | €5,923 | €6,460 | +€537 | +9.1% |
| Furniture and vehicles | 24 | €7,318 | €8,529 | +€1,211 | +16.5% |
| Financial fixed assets | 28 | €900,250 | €900,000 | -€250 | 0.0% |
| Current assets | 29/58 | €422,135 | €677,524 | +€255,389 | +60.5% |
| Stocks and contracts in progress | 3 | €3,650 | €3,650 | = | 0.0% |
| Stocks | 30/36 | €3,650 | €3,650 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €364,278 | €597,539 | +€233,262 | +64.0% |
| Trade receivables | 40 | €268,008 | €473,455 | +€205,447 | +76.7% |
| Other amounts receivable | 41 | €96,270 | €124,084 | +€27,815 | +28.9% |
| Cash at bank and in hand | 54/58 | €52,373 | €69,480 | +€17,107 | +32.7% |
| Deferred charges and accrued income | 490/1 | €1,834 | €6,854 | +€5,020 | +273.7% |
| Total equity and liabilities | 10/49 | €1,335,626 | €1,595,705 | +€260,079 | +19.5% |
| Equity | 10/15 | €268,809 | €381,506 | +€112,697 | +41.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €258,809 | €371,506 | +€112,697 | +43.5% |
| Amounts payable | 17/49 | €1,066,818 | €1,214,199 | +€147,382 | +13.8% |
| Amounts payable after more than one year | 17 | €600,934 | €563,585 | -€37,349 | -6.2% |
| Financial debts | 170/4 | €600,934 | €563,585 | -€37,349 | -6.2% |
| Amounts payable within one year | 42/48 | €465,883 | €650,615 | +€184,731 | +39.7% |
| Current portion of amounts payable after more than one year | 42 | €91,217 | €70,702 | -€20,515 | -22.5% |
| Financial debts | 43 | €60,000 | €24,345 | -€35,655 | -59.4% |
| Credit institutions | 430/8 | €60,000 | €24,345 | -€35,655 | -59.4% |
| Trade debts | 44 | €133,947 | €168,651 | +€34,704 | +25.9% |
| Suppliers | 440/4 | €133,947 | €168,651 | +€34,704 | +25.9% |
| Advances received on contracts in progress | 46 | €94,351 | €133,801 | +€39,451 | +41.8% |
| Taxes, remuneration and social security | 45 | €48,961 | €67,588 | +€18,627 | +38.0% |
| Taxes | 450/3 | €19,552 | €11,125 | -€8,427 | -43.1% |
| Remuneration and social security | 454/9 | €29,410 | €56,463 | +€27,054 | +92.0% |
| Other amounts payable | 47/48 | €37,408 | €185,527 | +€148,120 | +396.0% |
| Remuneration, social security and pensions | 62 | €132,845 | €176,471 | +€43,627 | +32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €639 | €3,435 | +€2,795 | +437.3% |
| Other operating charges | 640/8 | €5,153 | €9,132 | +€3,979 | +77.2% |
| Non-recurring operating charges | 66A | - | €7,399 | +€7,399 | |
| Gross operating margin | 9900 | €313,057 | €303,886 | -€9,171 | -2.9% |
| Operating profit (loss) | 9901 | €174,419 | €107,449 | -€66,971 | -38.4% |
| Financial income | 75/76B | €140,295 | €61,619 | -€78,675 | -56.1% |
| Recurring financial income | 75 | €140,295 | €61,619 | -€78,675 | -56.1% |
| Financial charges | 65/66B | €18,052 | €37,426 | +€19,374 | +107.3% |
| Recurring financial charges | 65 | €18,052 | €37,426 | +€19,374 | +107.3% |
| Profit (loss) for the period before taxes | 9903 | €296,662 | €131,642 | -€165,020 | -55.6% |
| Income taxes | 67/77 | €37,853 | €18,945 | -€18,909 | -50.0% |
| Profit (loss) for the period | 9904 | €258,809 | €112,697 | -€146,111 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €258,809 | €112,697 | -€146,111 | -56.5% |
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 30 September 2026 via checked.be.