GLENCO: 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.
GLENCO
Largest movements
- Tangible fixed assets -€122,612
down €122,612 (-11.2%), from €1.1m to €976,779
of which Plant, machinery and equipment: -€61,600
- Current investments -€107,547
down €107,547 (-76.3%), from €141,000 to €33,452
- Cash +€58,956
up €58,956 (+126.5%), from €46,595 to €105,551
mainly Depreciation (+€138,968) and Net result for the year (+€130,039)
- Receivables within one year -€35,005
down €35,005 (-13.5%), from €258,663 to €223,658
of which Trade receivables: -€25,971
- Other debts -€100,625
down €100,625 (-44.3%), from €226,950 to €126,325
- Debts after one year -€80,814
down €80,814 (-11.2%), from €724,341 to €643,527
of which Financial debts: -€80,814
- Current portion of long-term debt -€48,189
down €48,189 (-37.4%), from €129,003 to €80,814
- Reserves +€24,503
up €24,503 (+4.6%), from €528,324 to €552,827
- Staff costs -€74,323
down €74,323 (-23.2%), from €320,645 to €246,322
- Gross operating margin -€47,191
down €47,191 (-7.8%), from €606,605 to €559,414
- Financial income +€26,190
up €26,190 (+1192.8%), from €2,196 to €28,386
- Taxes +€17,317
up €17,317 (+60.9%), from €28,452 to €45,769
- Depreciation -€9,872
down €9,872 (-6.6%), from €148,839 to €138,968
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 | €1,746,821 | €1,541,240 | -€205,581 | -11.8% |
| Fixed assets | 21/28 | €1,116,198 | €988,709 | -€127,490 | -11.4% |
| Intangible fixed assets | 21 | €16,807 | €11,929 | -€4,878 | -29.0% |
| Tangible fixed assets | 22/27 | €1,099,391 | €976,779 | -€122,612 | -11.2% |
| Land and buildings | 22 | €830,222 | €784,528 | -€45,694 | -5.5% |
| Plant, machinery and equipment | 23 | €222,916 | €161,316 | -€61,600 | -27.6% |
| Furniture and vehicles | 24 | €46,254 | €30,936 | -€15,318 | -33.1% |
| Current assets | 29/58 | €630,622 | €552,532 | -€78,091 | -12.4% |
| Stocks and contracts in progress | 3 | €147,302 | €152,638 | +€5,336 | +3.6% |
| Stocks | 30/36 | €147,302 | €152,638 | +€5,336 | +3.6% |
| Amounts receivable within one year | 40/41 | €258,663 | €223,658 | -€35,005 | -13.5% |
| Trade receivables | 40 | €183,214 | €157,243 | -€25,971 | -14.2% |
| Other amounts receivable | 41 | €75,449 | €66,415 | -€9,034 | -12.0% |
| Current investments | 50/53 | €141,000 | €33,452 | -€107,547 | -76.3% |
| Cash at bank and in hand | 54/58 | €46,595 | €105,551 | +€58,956 | +126.5% |
| Deferred charges and accrued income | 490/1 | €37,063 | €37,233 | +€170 | +0.5% |
| Total equity and liabilities | 10/49 | €1,746,821 | €1,541,240 | -€205,581 | -11.8% |
| Equity | 10/15 | €553,324 | €577,827 | +€24,503 | +4.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €528,324 | €552,827 | +€24,503 | +4.6% |
| Distributable reserves | 133 | €528,324 | €552,827 | +€24,503 | +4.6% |
| Amounts payable | 17/49 | €1,193,497 | €963,413 | -€230,084 | -19.3% |
| Amounts payable after more than one year | 17 | €724,341 | €643,527 | -€80,814 | -11.2% |
| Financial debts | 170/4 | €396,683 | €315,869 | -€80,814 | -20.4% |
| Other amounts payable | 178/9 | €327,657 | €327,657 | = | 0.0% |
| Amounts payable within one year | 42/48 | €466,378 | €316,451 | -€149,927 | -32.1% |
| Current portion of amounts payable after more than one year | 42 | €129,003 | €80,814 | -€48,189 | -37.4% |
| Trade debts | 44 | €42,823 | €36,275 | -€6,547 | -15.3% |
| Suppliers | 440/4 | €42,823 | €36,275 | -€6,547 | -15.3% |
| Taxes, remuneration and social security | 45 | €67,602 | €73,036 | +€5,434 | +8.0% |
| Taxes | 450/3 | €45,354 | €55,969 | +€10,615 | +23.4% |
| Remuneration and social security | 454/9 | €22,248 | €17,067 | -€5,181 | -23.3% |
| Other amounts payable | 47/48 | €226,950 | €126,325 | -€100,625 | -44.3% |
| Accrued charges and deferred income | 492/3 | €2,778 | €3,435 | +€657 | +23.7% |
| Remuneration, social security and pensions | 62 | €320,645 | €246,322 | -€74,323 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,839 | €138,968 | -€9,872 | -6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €382 | +€382 | |
| Other operating charges | 640/8 | €10,780 | €11,387 | +€607 | +5.6% |
| Gross operating margin | 9900 | €606,605 | €559,414 | -€47,191 | -7.8% |
| Operating profit (loss) | 9901 | €126,340 | €162,355 | +€36,015 | +28.5% |
| Financial income | 75/76B | €2,196 | €28,386 | +€26,190 | +1192.8% |
| Recurring financial income | 75 | €2,196 | €28,386 | +€26,190 | +1192.8% |
| Financial charges | 65/66B | €19,441 | €14,933 | -€4,508 | -23.2% |
| Recurring financial charges | 65 | €19,441 | €14,933 | -€4,508 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €109,094 | €175,808 | +€66,713 | +61.2% |
| Income taxes | 67/77 | €28,452 | €45,769 | +€17,317 | +60.9% |
| Profit (loss) for the period | 9904 | €80,643 | €130,039 | +€49,396 | +61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €80,643 | €130,039 | +€49,396 | +61.3% |
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 9 October 2026 via checked.be.