Glenn Van Dael: 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 Van Dael
Largest movements
- Receivables within one year -€589,075
down €589,075 (-83.8%), from €702,961 to €113,885
of which Trade receivables: -€533,788
- Tangible fixed assets -€23,173
down €23,173 (-2.4%), from €960,917 to €937,745
of which Land and buildings: -€31,114
- Trade debts -€553,710
down €553,710 (-89.5%), from €618,476 to €64,766
- Debts after one year -€67,173
down €67,173 (-8.4%), from €795,074 to €727,901
- Other debts +€31,871
up €31,871 (+37.6%), from €84,675 to €116,546
- Reserves -€31,804
down €31,804 (-82.0%), from €38,805 to €7,002
- Gross operating margin -€37,759
down €37,759 (-29.4%), from €128,495 to €90,736
- Taxes -€13,370
down €13,370 (-38.4%), from €34,779 to €21,409
- Other operating charges +€5,947
up €5,947 (+167%), from €3,566 to €9,513
- Depreciation +€2,930
up €2,930 (+7.7%), from €37,883 to €40,813
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 | €1,692,678 | €1,064,554 | -€628,125 | -37.1% |
| Fixed assets | 21/28 | €963,167 | €939,995 | -€23,173 | -2.4% |
| Tangible fixed assets | 22/27 | €960,917 | €937,745 | -€23,173 | -2.4% |
| Land and buildings | 22 | €928,091 | €896,978 | -€31,114 | -3.4% |
| Plant, machinery and equipment | 23 | €13,847 | €9,792 | -€4,056 | -29.3% |
| Furniture and vehicles | 24 | €1,144 | €14,112 | +€12,967 | +1,133% |
| Other tangible fixed assets | 26 | €17,834 | €16,863 | -€971 | -5.4% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €729,511 | €124,559 | -€604,952 | -82.9% |
| Amounts receivable within one year | 40/41 | €702,961 | €113,885 | -€589,075 | -83.8% |
| Trade receivables | 40 | €605,858 | €72,070 | -€533,788 | -88.1% |
| Other amounts receivable | 41 | €97,103 | €41,815 | -€55,288 | -56.9% |
| Cash at bank and in hand | 54/58 | €23,923 | €8,892 | -€15,030 | -62.8% |
| Deferred charges and accrued income | 490/1 | €2,628 | €1,781 | -€846 | -32.2% |
| Total equity and liabilities | 10/49 | €1,692,678 | €1,064,554 | -€628,125 | -37.1% |
| Equity | 10/15 | €57,405 | €25,602 | -€31,804 | -55.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,805 | €7,002 | -€31,804 | -82.0% |
| Distributable reserves | 133 | €38,805 | €7,002 | -€31,804 | -82.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,635,273 | €1,038,952 | -€596,321 | -36.5% |
| Amounts payable after more than one year | 17 | €795,074 | €727,901 | -€67,173 | -8.4% |
| Financial debts | 170/4 | €795,074 | €727,901 | -€67,173 | -8.4% |
| Amounts payable within one year | 42/48 | €840,199 | €311,051 | -€529,148 | -63.0% |
| Current portion of amounts payable after more than one year | 42 | €66,314 | €67,173 | +€859 | +1.3% |
| Financial debts | 43 | €61 | €0 | -€61 | -100% |
| Credit institutions | 430/8 | €61 | €0 | -€61 | -100% |
| Trade debts | 44 | €618,476 | €64,766 | -€553,710 | -89.5% |
| Suppliers | 440/4 | €618,476 | €64,766 | -€553,710 | -89.5% |
| Taxes, remuneration and social security | 45 | €70,673 | €62,565 | -€8,107 | -11.5% |
| Taxes | 450/3 | €70,673 | €62,565 | -€8,107 | -11.5% |
| Other amounts payable | 47/48 | €84,675 | €116,546 | +€31,871 | +37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,883 | €40,813 | +€2,930 | +7.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,224 | €0 | -€1,224 | -100% |
| Other operating charges | 640/8 | €3,566 | €9,513 | +€5,947 | +167% |
| Gross operating margin | 9900 | €128,495 | €90,736 | -€37,759 | -29.4% |
| Operating profit (loss) | 9901 | €85,823 | €40,411 | -€45,412 | -52.9% |
| Financial income | 75/76B | €0 | €35 | +€35 | |
| Recurring financial income | 75 | €0 | €35 | +€35 | |
| Financial charges | 65/66B | €12,239 | €12,036 | -€203 | -1.7% |
| Recurring financial charges | 65 | €12,239 | €12,036 | -€203 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €73,584 | €28,411 | -€45,173 | -61.4% |
| Income taxes | 67/77 | €34,779 | €21,409 | -€13,370 | -38.4% |
| Profit (loss) for the period | 9904 | €38,805 | €7,002 | -€31,804 | -82.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,805 | €7,002 | -€31,804 | -82.0% |
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 31 October 2026 via checked.be.