GLENN DULLAERT: 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.
GLENN DULLAERT
Largest movements
- Tangible fixed assets -€33,338
down €33,338 (-12.1%), from €275,267 to €241,929
of which Plant, machinery and equipment: -€30,312
- Receivables within one year +€15,878
up €15,878 (+9.5%), from €166,551 to €182,429
of which Other amounts receivable: +€11,707
- Debts after one year -€18,247
down €18,247 (-8.3%), from €220,078 to €201,832
- Reserves +€15,000
up €15,000 (+8.0%), from €186,767 to €201,767
- Trade debts -€14,411
down €14,411 (-24.8%), from €58,002 to €43,590
- Depreciation -€4,431
down €4,431 (-9.7%), from €45,611 to €41,180
- Taxes +€2,488
up €2,488 (+9.6%), from €25,979 to €28,467
- Financial charges +€1,866
up €1,866 (+29.6%), from €6,311 to €8,177
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 | €531,415 | €510,172 | -€21,243 | -4.0% |
| Fixed assets | 21/28 | €344,907 | €311,530 | -€33,378 | -9.7% |
| Tangible fixed assets | 22/27 | €275,267 | €241,929 | -€33,338 | -12.1% |
| Plant, machinery and equipment | 23 | €238,662 | €208,350 | -€30,312 | -12.7% |
| Furniture and vehicles | 24 | €36,605 | €33,579 | -€3,026 | -8.3% |
| Financial fixed assets | 28 | €69,641 | €69,601 | -€40 | -0.1% |
| Current assets | 29/58 | €186,507 | €198,642 | +€12,135 | +6.5% |
| Amounts receivable within one year | 40/41 | €166,551 | €182,429 | +€15,878 | +9.5% |
| Trade receivables | 40 | €16,757 | €20,928 | +€4,172 | +24.9% |
| Other amounts receivable | 41 | €149,794 | €161,501 | +€11,707 | +7.8% |
| Cash at bank and in hand | 54/58 | €19,957 | €16,213 | -€3,744 | -18.8% |
| Total equity and liabilities | 10/49 | €531,415 | €510,172 | -€21,243 | -4.0% |
| Equity | 10/15 | €214,241 | €229,456 | +€15,214 | +7.1% |
| Contributions | 10/11 | €8,685 | €8,685 | = | 0.0% |
| Reserves | 13 | €186,767 | €201,767 | +€15,000 | +8.0% |
| Distributable reserves | 133 | €186,767 | €201,767 | +€15,000 | +8.0% |
| Profit (loss) carried forward | 14 | €18,790 | €19,004 | +€214 | +1.1% |
| Amounts payable | 17/49 | €317,174 | €280,716 | -€36,457 | -11.5% |
| Amounts payable after more than one year | 17 | €220,078 | €201,832 | -€18,247 | -8.3% |
| Financial debts | 170/4 | €220,078 | €201,832 | -€18,247 | -8.3% |
| Amounts payable within one year | 42/48 | €97,095 | €78,884 | -€18,211 | -18.8% |
| Current portion of amounts payable after more than one year | 42 | €17,870 | €18,247 | +€377 | +2.1% |
| Trade debts | 44 | €58,002 | €43,590 | -€14,411 | -24.8% |
| Suppliers | 440/4 | €58,002 | €43,590 | -€14,411 | -24.8% |
| Taxes, remuneration and social security | 45 | €21,224 | €17,047 | -€4,176 | -19.7% |
| Taxes | 450/3 | €14,199 | €17,047 | +€2,849 | +20.1% |
| Remuneration and social security | 454/9 | €7,025 | - | -€7,025 | |
| Non-recurring operating income | 76A | - | €25,545 | +€25,545 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,611 | €41,180 | -€4,431 | -9.7% |
| Other operating charges | 640/8 | €2,592 | €3,035 | +€444 | +17.1% |
| Gross operating margin | 9900 | €125,569 | €125,395 | -€174 | -0.1% |
| Operating profit (loss) | 9901 | €77,366 | €81,179 | +€3,813 | +4.9% |
| Financial income | 75/76B | €5,854 | €6,679 | +€825 | +14.1% |
| Recurring financial income | 75 | €5,854 | €6,679 | +€825 | +14.1% |
| Financial charges | 65/66B | €6,311 | €8,177 | +€1,866 | +29.6% |
| Recurring financial charges | 65 | €6,311 | €8,177 | +€1,866 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | €76,909 | €79,681 | +€2,772 | +3.6% |
| Income taxes | 67/77 | €25,979 | €28,467 | +€2,488 | +9.6% |
| Profit (loss) for the period | 9904 | €50,930 | €51,214 | +€284 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €50,930 | €51,214 | +€284 | +0.6% |
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 23 October 2026 via checked.be.