GLCG Holding: 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.
GLCG Holding
Largest movements
- Tangible fixed assets -€330,004
down €330,004 (-20.3%), from €1.6m to €1.3m
of which Land and buildings: -€329,671
- Cash +€39,796
up €39,796 (+74.7%), from €53,300 to €93,096
mainly Investment in fixed assets (net) (+€301,550) and Net result for the year (+€148,339)
- Debts after one year -€210,246
down €210,246 (-19.8%), from €1.1m to €853,600
- Short-term financial debts -€185,076
down €185,076 (-96.5%), from €191,867 to €6,791
- Reserves +€110,811
up €110,811 (+25.2%), from €440,000 to €550,811
of which Distributable reserves: +€83,000
- Current portion of long-term debt -€31,015
down €31,015 (-22.7%), from €136,409 to €105,394
- Gross operating margin +€135,263
up €135,263 (+78.2%), from €172,975 to €308,238
- Depreciation -€33,741
down €33,741 (-54.3%), from €62,195 to €28,454
- Taxes +€30,365
up €30,365 (+141%), from €21,585 to €51,951
- Financial charges +€24,739
up €24,739 (+111%), from €22,213 to €46,953
- Other operating charges +€12,307
up €12,307 (+59.3%), from €20,764 to €33,071
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,885,998 | €1,595,790 | -€290,208 | -15.4% |
| Fixed assets | 21/28 | €1,832,698 | €1,502,694 | -€330,004 | -18.0% |
| Tangible fixed assets | 22/27 | €1,626,898 | €1,296,894 | -€330,004 | -20.3% |
| Land and buildings | 22 | €1,625,961 | €1,296,290 | -€329,671 | -20.3% |
| Furniture and vehicles | 24 | €937 | €604 | -€333 | -35.6% |
| Financial fixed assets | 28 | €205,800 | €205,800 | = | 0.0% |
| Current assets | 29/58 | €53,300 | €93,096 | +€39,796 | +74.7% |
| Cash at bank and in hand | 54/58 | €53,300 | €93,096 | +€39,796 | +74.7% |
| Total equity and liabilities | 10/49 | €1,885,998 | €1,595,790 | -€290,208 | -15.4% |
| Equity | 10/15 | €476,927 | €598,266 | +€121,339 | +25.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €440,000 | €550,811 | +€110,811 | +25.2% |
| Tax-exempt reserves | 132 | - | €27,811 | +€27,811 | |
| Distributable reserves | 133 | €440,000 | €523,000 | +€83,000 | +18.9% |
| Profit (loss) carried forward | 14 | €6,927 | €17,455 | +€10,528 | +152% |
| Provisions and deferred taxes | 16 | - | €9,270 | +€9,270 | |
| Deferred taxes | 168 | - | €9,270 | +€9,270 | |
| Amounts payable | 17/49 | €1,409,071 | €988,254 | -€420,817 | -29.9% |
| Amounts payable after more than one year | 17 | €1,063,846 | €853,600 | -€210,246 | -19.8% |
| Financial debts | 170/4 | €1,063,846 | €853,600 | -€210,246 | -19.8% |
| Amounts payable within one year | 42/48 | €331,193 | €123,526 | -€207,667 | -62.7% |
| Current portion of amounts payable after more than one year | 42 | €136,409 | €105,394 | -€31,015 | -22.7% |
| Financial debts | 43 | €191,867 | €6,791 | -€185,076 | -96.5% |
| Credit institutions | 430/8 | €191,867 | €6,791 | -€185,076 | -96.5% |
| Trade debts | 44 | €1,417 | €4,341 | +€2,924 | +206% |
| Suppliers | 440/4 | €1,417 | €4,341 | +€2,924 | +206% |
| Taxes, remuneration and social security | 45 | €1,500 | €7,000 | +€5,500 | +367% |
| Taxes | 450/3 | €1,500 | €7,000 | +€5,500 | +367% |
| Accrued charges and deferred income | 492/3 | €14,031 | €11,128 | -€2,904 | -20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,195 | €28,454 | -€33,741 | -54.3% |
| Other operating charges | 640/8 | €20,764 | €33,071 | +€12,307 | +59.3% |
| Gross operating margin | 9900 | €172,975 | €308,238 | +€135,263 | +78.2% |
| Operating profit (loss) | 9901 | €90,016 | €246,713 | +€156,697 | +174% |
| Financial income | 75/76B | - | €9,800 | +€9,800 | |
| Recurring financial income | 75 | - | €9,800 | +€9,800 | |
| Financial charges | 65/66B | €22,213 | €46,953 | +€24,739 | +111% |
| Recurring financial charges | 65 | €22,213 | €46,953 | +€24,739 | +111% |
| Profit (loss) for the period before taxes | 9903 | €67,803 | €209,560 | +€141,758 | +209% |
| Transfer from deferred taxes | 780 | - | €342 | +€342 | |
| Transfer to deferred taxes | 680 | - | €9,612 | +€9,612 | |
| Income taxes | 67/77 | €21,585 | €51,951 | +€30,365 | +141% |
| Profit (loss) for the period | 9904 | €46,217 | €148,339 | +€102,122 | +221% |
| Transfer from tax-exempt reserves | 789 | - | €1,026 | +€1,026 | |
| Transfer to tax-exempt reserves | 689 | - | €28,837 | +€28,837 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,217 | €120,528 | +€74,311 | +161% |
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.