GLENN MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€216,681
up €216,681 (+11.7%), from €1.9m to €2.1m
of which Land and buildings: +€218,367
- Current investments -€120,000
no longer reported in 2025 (was €120,000)
- Receivables within one year +€95,994
up €95,994 (+1,990%), from €4,824 to €100,818
of which Trade receivables: +€99,900
- Cash +€74,355
up €74,355 (+382%), from €19,471 to €93,826
mainly Debts after one year (+€600,450) and Net result for the year (+€138,456)
- Debts after one year +€600,450
up €600,450 (+58.3%), from €1.0m to €1.6m
of which Other amounts payable: +€700,000
- Other debts -€486,630
down €486,630 (-76.7%), from €634,745 to €148,116
- Reserves +€137,623
up €137,623 (+100%), from €137,285 to €274,907
- Gross operating margin +€84,885
up €84,885 (+31.8%), from €266,683 to €351,568
- Taxes +€24,921
up €24,921 (+71.3%), from €34,951 to €59,872
- Financial charges +€8,856
up €8,856 (+29.8%), from €29,704 to €38,560
- Depreciation +€8,115
up €8,115 (+8.1%), from €100,171 to €108,286
- Financial income -€3,976
down €3,976 (-65.6%), from €6,064 to €2,088
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 | €2,002,921 | €2,269,433 | +€266,512 | +13.3% |
| Fixed assets | 21/28 | €1,852,739 | €2,069,498 | +€216,758 | +11.7% |
| Tangible fixed assets | 22/27 | €1,852,739 | €2,069,421 | +€216,681 | +11.7% |
| Land and buildings | 22 | €1,848,679 | €2,067,046 | +€218,367 | +11.8% |
| Furniture and vehicles | 24 | €4,060 | €2,375 | -€1,685 | -41.5% |
| Financial fixed assets | 28 | - | €77 | +€77 | |
| Current assets | 29/58 | €150,182 | €199,935 | +€49,754 | +33.1% |
| Amounts receivable within one year | 40/41 | €4,824 | €100,818 | +€95,994 | +1,990% |
| Trade receivables | 40 | €658 | €100,558 | +€99,900 | +15,180% |
| Other amounts receivable | 41 | €4,166 | €260 | -€3,905 | -93.8% |
| Current investments | 50/53 | €120,000 | - | -€120,000 | |
| Cash at bank and in hand | 54/58 | €19,471 | €93,826 | +€74,355 | +382% |
| Deferred charges and accrued income | 490/1 | €5,886 | €5,291 | -€595 | -10.1% |
| Total equity and liabilities | 10/49 | €2,002,921 | €2,269,433 | +€266,512 | +13.3% |
| Equity | 10/15 | €162,285 | €299,907 | +€137,623 | +84.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €137,285 | €274,907 | +€137,623 | +100% |
| Distributable reserves | 133 | €137,285 | €274,907 | +€137,623 | +100% |
| Amounts payable | 17/49 | €1,840,636 | €1,969,526 | +€128,889 | +7.0% |
| Amounts payable after more than one year | 17 | €1,030,416 | €1,630,866 | +€600,450 | +58.3% |
| Financial debts | 170/4 | €830,416 | €730,866 | -€99,550 | -12.0% |
| Other amounts payable | 178/9 | €200,000 | €900,000 | +€700,000 | +350% |
| Amounts payable within one year | 42/48 | €789,321 | €311,882 | -€477,439 | -60.5% |
| Current portion of amounts payable after more than one year | 42 | €98,652 | €99,550 | +€898 | +0.9% |
| Trade debts | 44 | €21,493 | €8,416 | -€13,077 | -60.8% |
| Suppliers | 440/4 | €21,493 | €8,416 | -€13,077 | -60.8% |
| Taxes, remuneration and social security | 45 | €34,431 | €55,801 | +€21,369 | +62.1% |
| Taxes | 450/3 | €34,431 | €55,801 | +€21,369 | +62.1% |
| Other amounts payable | 47/48 | €634,745 | €148,116 | -€486,630 | -76.7% |
| Accrued charges and deferred income | 492/3 | €20,899 | €26,778 | +€5,878 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,171 | €108,286 | +€8,115 | +8.1% |
| Other operating charges | 640/8 | €11,588 | €8,482 | -€3,107 | -26.8% |
| Gross operating margin | 9900 | €266,683 | €351,568 | +€84,885 | +31.8% |
| Operating profit (loss) | 9901 | €154,924 | €234,800 | +€79,876 | +51.6% |
| Financial income | 75/76B | €6,064 | €2,088 | -€3,976 | -65.6% |
| Recurring financial income | 75 | €6,064 | €2,088 | -€3,976 | -65.6% |
| Financial charges | 65/66B | €29,704 | €38,560 | +€8,856 | +29.8% |
| Recurring financial charges | 65 | €29,704 | €38,560 | +€8,856 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €131,284 | €198,328 | +€67,044 | +51.1% |
| Income taxes | 67/77 | €34,951 | €59,872 | +€24,921 | +71.3% |
| Profit (loss) for the period | 9904 | €96,333 | €138,456 | +€42,123 | +43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €96,333 | €138,456 | +€42,123 | +43.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.