Glenn Stragier: 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 Stragier
Largest movements
- Stocks and contracts +€32,921
up €32,921 (+323%), from €10,206 to €43,128
- Receivables within one year -€5,287
down €5,287 (-27.5%), from €19,253 to €13,965
of which Trade receivables: -€5,584
- Tangible fixed assets -€1,722
down €1,722 (-2.8%), from €61,101 to €59,379
of which Plant, machinery and equipment: -€12,942
- Other debts +€22,544
up €22,544 (+102%), from €22,204 to €44,748
- Current portion of long-term debt +€3,706
up €3,706 (+35.2%), from €10,514 to €14,220
- Trade debts -€2,432
down €2,432 (-12.7%), from €19,100 to €16,668
- Tax, wage and social debts +€1,738
up €1,738 (+95.5%), from €1,819 to €3,557
- Gross operating margin -€19,016
down €19,016 (-40.1%), from €47,428 to €28,412
- Depreciation +€2,261
up €2,261 (+12.7%), from €17,813 to €20,074
- Other operating charges +€962
up €962 (+44.2%), from €2,177 to €3,139
- Financial charges -€723
down €723 (-22.3%), from €3,240 to €2,517
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 | €91,542 | €117,545 | +€26,002 | +28.4% |
| Fixed assets | 21/28 | €62,081 | €60,359 | -€1,722 | -2.8% |
| Tangible fixed assets | 22/27 | €61,101 | €59,379 | -€1,722 | -2.8% |
| Plant, machinery and equipment | 23 | €43,515 | €30,573 | -€12,942 | -29.7% |
| Furniture and vehicles | 24 | €12,843 | €28,806 | +€15,962 | +124% |
| Leasing and similar rights | 25 | €4,743 | €0 | -€4,743 | -100% |
| Financial fixed assets | 28 | €980 | €980 | = | 0.0% |
| Current assets | 29/58 | €29,461 | €57,185 | +€27,724 | +94.1% |
| Stocks and contracts in progress | 3 | €10,206 | €43,128 | +€32,921 | +323% |
| Stocks | 30/36 | €10,206 | €43,128 | +€32,921 | +323% |
| Amounts receivable within one year | 40/41 | €19,253 | €13,965 | -€5,287 | -27.5% |
| Trade receivables | 40 | €18,469 | €12,885 | -€5,584 | -30.2% |
| Other amounts receivable | 41 | €784 | €1,080 | +€297 | +37.8% |
| Cash at bank and in hand | 54/58 | €2 | €0 | -€2 | -100% |
| Deferred charges and accrued income | 490/1 | €0 | €93 | +€93 | |
| Total equity and liabilities | 10/49 | €91,542 | €117,545 | +€26,002 | +28.4% |
| Equity | 10/15 | €2,168 | €3,386 | +€1,218 | +56.2% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Reserves | 13 | - | €986 | +€986 | |
| Distributable reserves | 133 | - | €986 | +€986 | |
| Profit (loss) carried forward | 14 | -€232 | €0 | +€232 | |
| Amounts payable | 17/49 | €89,374 | €114,158 | +€24,784 | +27.7% |
| Amounts payable after more than one year | 17 | €35,737 | €34,965 | -€772 | -2.2% |
| Financial debts | 170/4 | €35,737 | €34,965 | -€772 | -2.2% |
| Amounts payable within one year | 42/48 | €53,637 | €79,193 | +€25,556 | +47.6% |
| Current portion of amounts payable after more than one year | 42 | €10,514 | €14,220 | +€3,706 | +35.2% |
| Trade debts | 44 | €19,100 | €16,668 | -€2,432 | -12.7% |
| Suppliers | 440/4 | €19,100 | €16,668 | -€2,432 | -12.7% |
| Taxes, remuneration and social security | 45 | €1,819 | €3,557 | +€1,738 | +95.5% |
| Taxes | 450/3 | €1,819 | €3,557 | +€1,738 | +95.5% |
| Other amounts payable | 47/48 | €22,204 | €44,748 | +€22,544 | +102% |
| Non-recurring operating income | 76A | €0 | €8,257 | +€8,257 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,813 | €20,074 | +€2,261 | +12.7% |
| Other operating charges | 640/8 | €2,177 | €3,139 | +€962 | +44.2% |
| Non-recurring operating charges | 66A | €1,518 | €0 | -€1,518 | -100% |
| Gross operating margin | 9900 | €47,428 | €28,412 | -€19,016 | -40.1% |
| Operating profit (loss) | 9901 | €25,920 | €5,198 | -€20,721 | -79.9% |
| Financial income | 75/76B | €45 | €0 | -€45 | -99.9% |
| Recurring financial income | 75 | €45 | €0 | -€45 | -99.9% |
| Financial charges | 65/66B | €3,240 | €2,517 | -€723 | -22.3% |
| Recurring financial charges | 65 | €3,240 | €2,517 | -€723 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €22,725 | €2,682 | -€20,043 | -88.2% |
| Income taxes | 67/77 | €1,518 | €1,464 | -€54 | -3.5% |
| Profit (loss) for the period | 9904 | €21,207 | €1,218 | -€19,989 | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,207 | €1,218 | -€19,989 | -94.3% |
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 17 October 2026 via checked.be.