GLENCO: 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.
GLENCO
Largest movements
- Tangible fixed assets +€20,534
up €20,534 (+118.1%), from €17,380 to €37,914
- Receivables within one year +€5,762
up €5,762 (+220.5%), from €2,613 to €8,375
of which Trade receivables: +€5,741
- Cash +€2,021
up €2,021 (+30.3%), from €6,662 to €8,683
mainly Debts after one year (+€21,084) and Net result for the year (+€17,373)
- Debts after one year +€21,084
new in 2025: €21,084
- Profit (loss) carried forward +€17,373
up €17,373 (+22.1%), from -€78,510 to -€61,137
- Contributions -€17,001
down €17,001 (-17.3%), from €98,526 to €81,525
- Current portion of long-term debt +€6,288
up €6,288 (+717.9%), from €876 to €7,164
- Trade debts +€2,098
up €2,098 (+94.5%), from €2,220 to €4,318
- Depreciation -€5,824
down €5,824 (-68.6%), from €8,492 to €2,668
- Other operating charges +€5,165
up €5,165 (+1334.6%), from €387 to €5,552
- Gross operating margin +€2,916
up €2,916 (+12.5%), from €23,338 to €26,254
- Financial charges +€270
up €270 (+109.7%), from €246 to €516
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 | €26,655 | €54,972 | +€28,317 | +106.2% |
| Fixed assets | 21/28 | €17,380 | €37,914 | +€20,534 | +118.1% |
| Tangible fixed assets | 22/27 | €17,380 | €37,914 | +€20,534 | +118.1% |
| Furniture and vehicles | 24 | €17,380 | €37,914 | +€20,534 | +118.1% |
| Current assets | 29/58 | €9,275 | €17,058 | +€7,783 | +83.9% |
| Amounts receivable within one year | 40/41 | €2,613 | €8,375 | +€5,762 | +220.5% |
| Trade receivables | 40 | €2,480 | €8,221 | +€5,741 | +231.5% |
| Other amounts receivable | 41 | €133 | €153 | +€20 | +15.1% |
| Cash at bank and in hand | 54/58 | €6,662 | €8,683 | +€2,021 | +30.3% |
| Total equity and liabilities | 10/49 | €26,655 | €54,972 | +€28,317 | +106.2% |
| Equity | 10/15 | €20,016 | €20,389 | +€373 | +1.9% |
| Contributions | 10/11 | €98,526 | €81,525 | -€17,001 | -17.3% |
| Profit (loss) carried forward | 14 | -€78,510 | -€61,137 | +€17,373 | +22.1% |
| Amounts payable | 17/49 | €6,639 | €34,584 | +€27,945 | +420.9% |
| Amounts payable after more than one year | 17 | - | €21,084 | +€21,084 | |
| Financial debts | 170/4 | - | €21,084 | +€21,084 | |
| Amounts payable within one year | 42/48 | €6,639 | €13,500 | +€6,861 | +103.3% |
| Current portion of amounts payable after more than one year | 42 | €876 | €7,164 | +€6,288 | +717.9% |
| Trade debts | 44 | €2,220 | €4,318 | +€2,098 | +94.5% |
| Suppliers | 440/4 | €2,220 | €4,318 | +€2,098 | +94.5% |
| Taxes, remuneration and social security | 45 | €2,436 | €1,985 | -€451 | -18.5% |
| Taxes | 450/3 | €2,436 | €1,985 | -€451 | -18.5% |
| Other amounts payable | 47/48 | €1,107 | €32 | -€1,075 | -97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,492 | €2,668 | -€5,824 | -68.6% |
| Other operating charges | 640/8 | €387 | €5,552 | +€5,165 | +1334.6% |
| Gross operating margin | 9900 | €23,338 | €26,254 | +€2,916 | +12.5% |
| Operating profit (loss) | 9901 | €14,459 | €18,034 | +€3,575 | +24.7% |
| Financial income | 75/76B | €4 | €0 | -€4 | -98.8% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -98.8% |
| Financial charges | 65/66B | €246 | €516 | +€270 | +109.7% |
| Recurring financial charges | 65 | €246 | €516 | +€270 | +109.7% |
| Profit (loss) for the period before taxes | 9903 | €14,217 | €17,518 | +€3,301 | +23.2% |
| Income taxes | 67/77 | €128 | €145 | +€17 | +13.0% |
| Profit (loss) for the period | 9904 | €14,089 | €17,373 | +€3,284 | +23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,089 | €17,373 | +€3,284 | +23.3% |
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 5 October 2026 via checked.be.