Glenn Vreys: 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 Vreys
Largest movements
- Tangible fixed assets +€15,800
new in 2025: €15,800
- Deferred charges and accrued income -€12,704
down €12,704 (-100%), from €12,704 to €0
- Cash +€9,179
up €9,179 (+120%), from €7,680 to €16,860
mainly Net result for the year (+€17,946) and Deferred charges and accrued income (+€12,704)
- Receivables within one year -€4,038
down €4,038 (-60.0%), from €6,731 to €2,693
of which Trade receivables: -€4,038
- Profit (loss) carried forward +€17,946
new in 2025: €17,946
- Trade debts -€12,437
down €12,437 (-97.5%), from €12,759 to €322
- Current portion of long-term debt +€4,724
up €4,724 (+46.2%), from €10,222 to €14,946
- Debts after one year -€1,267
down €1,267 (-2.6%), from €48,010 to €46,743
- Gross operating margin +€8,983
up €8,983 (+43.6%), from €20,592 to €29,575
- Financial charges -€5,370
down €5,370 (-80.4%), from €6,675 to €1,305
- Depreciation +€3,950
up €3,950 (+1,550%), from €255 to €4,205
- Other operating charges +€1,120
up €1,120 (+949%), from €118 to €1,238
- Taxes -€983
down €983 (-16.8%), from €5,864 to €4,881
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 | €97,828 | €105,811 | +€7,983 | +8.2% |
| Formation expenses | 20 | €714 | €459 | -€255 | -35.7% |
| Fixed assets | 21/28 | €70,000 | €85,800 | +€15,800 | +22.6% |
| Tangible fixed assets | 22/27 | - | €15,800 | +€15,800 | |
| Furniture and vehicles | 24 | - | €15,800 | +€15,800 | |
| Financial fixed assets | 28 | €70,000 | €70,000 | = | 0.0% |
| Current assets | 29/58 | €27,115 | €19,553 | -€7,562 | -27.9% |
| Amounts receivable within one year | 40/41 | €6,731 | €2,693 | -€4,038 | -60.0% |
| Trade receivables | 40 | €6,731 | €2,693 | -€4,038 | -60.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €7,680 | €16,860 | +€9,179 | +120% |
| Deferred charges and accrued income | 490/1 | €12,704 | €0 | -€12,704 | -100% |
| Total equity and liabilities | 10/49 | €97,828 | €105,811 | +€7,983 | +8.2% |
| Equity | 10/15 | €14,481 | €32,428 | +€17,946 | +124% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €12,481 | €12,481 | = | 0.0% |
| Distributable reserves | 133 | €12,481 | €12,481 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €17,946 | +€17,946 | |
| Amounts payable | 17/49 | €83,347 | €73,384 | -€9,963 | -12.0% |
| Amounts payable after more than one year | 17 | €48,010 | €46,743 | -€1,267 | -2.6% |
| Financial debts | 170/4 | €48,010 | €46,743 | -€1,267 | -2.6% |
| Amounts payable within one year | 42/48 | €35,337 | €26,641 | -€8,696 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €10,222 | €14,946 | +€4,724 | +46.2% |
| Trade debts | 44 | €12,759 | €322 | -€12,437 | -97.5% |
| Suppliers | 440/4 | €12,759 | €322 | -€12,437 | -97.5% |
| Taxes, remuneration and social security | 45 | €6,954 | €5,971 | -€983 | -14.1% |
| Taxes | 450/3 | €6,954 | €5,971 | -€983 | -14.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,402 | €5,402 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €255 | €4,205 | +€3,950 | +1,550% |
| Other operating charges | 640/8 | €118 | €1,238 | +€1,120 | +949% |
| Gross operating margin | 9900 | €20,592 | €29,575 | +€8,983 | +43.6% |
| Operating profit (loss) | 9901 | €20,220 | €24,132 | +€3,913 | +19.4% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | €6,675 | €1,305 | -€5,370 | -80.4% |
| Recurring financial charges | 65 | €6,675 | €1,305 | -€5,370 | -80.4% |
| Profit (loss) for the period before taxes | 9903 | €13,547 | €22,827 | +€9,279 | +68.5% |
| Income taxes | 67/77 | €5,864 | €4,881 | -€983 | -16.8% |
| Profit (loss) for the period | 9904 | €7,684 | €17,946 | +€10,263 | +134% |
| Profit (loss) for the period to be appropriated | 9905 | €7,684 | €17,946 | +€10,263 | +134% |
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 14 October 2026 via checked.be.