GLENNETH: 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.
GLENNETH
Largest movements
- Tangible fixed assets -€85,867
down €85,867 (-28.8%), from €298,558 to €212,691
of which Leasing and similar rights: -€56,619
- Receivables within one year -€56,314
down €56,314 (-23.8%), from €236,924 to €180,610
of which Trade receivables: -€56,582
- Stocks and contracts -€9,620
down €9,620 (-16.0%), from €60,126 to €50,506
- Cash +€7,355
up €7,355 (+15.9%), from €46,158 to €53,512
mainly Depreciation (+€85,867) and Net result for the year (+€60,811)
- Short-term financial debts -€75,000
down €75,000 (-100%), from €75,000 to €0
- Debts after one year -€50,617
down €50,617 (-68.1%), from €74,355 to €23,738
- Current portion of long-term debt -€23,764
down €23,764 (-32.2%), from €73,736 to €49,972
- Trade debts -€15,644
down €15,644 (-21.9%), from €71,362 to €55,719
- Other debts +€15,249
up €15,249 (+28.6%), from €53,337 to €68,585
- Gross operating margin +€65,811
up €65,811 (+56.0%), from €117,543 to €183,354
- Other operating charges +€17,439
up €17,439 (+1,174%), from €1,486 to €18,925
- Taxes +€5,613
up €5,613 (+83.3%), from €6,736 to €12,350
- Financial charges -€3,644
down €3,644 (-36.2%), from €10,077 to €6,434
- Financial income +€2,209
up €2,209 (+11,941%), from €19 to €2,228
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 | €643,622 | €498,006 | -€145,616 | -22.6% |
| Fixed assets | 21/28 | €298,558 | €212,691 | -€85,867 | -28.8% |
| Tangible fixed assets | 22/27 | €298,558 | €212,691 | -€85,867 | -28.8% |
| Land and buildings | 22 | €56,869 | €56,869 | = | 0.0% |
| Plant, machinery and equipment | 23 | €114,241 | €84,993 | -€29,248 | -25.6% |
| Leasing and similar rights | 25 | €127,448 | €70,829 | -€56,619 | -44.4% |
| Current assets | 29/58 | €345,064 | €285,315 | -€59,749 | -17.3% |
| Stocks and contracts in progress | 3 | €60,126 | €50,506 | -€9,620 | -16.0% |
| Stocks | 30/36 | €60,126 | €50,506 | -€9,620 | -16.0% |
| Amounts receivable within one year | 40/41 | €236,924 | €180,610 | -€56,314 | -23.8% |
| Trade receivables | 40 | €236,924 | €180,342 | -€56,582 | -23.9% |
| Other amounts receivable | 41 | €0 | €268 | +€268 | |
| Cash at bank and in hand | 54/58 | €46,158 | €53,512 | +€7,355 | +15.9% |
| Deferred charges and accrued income | 490/1 | €1,856 | €687 | -€1,170 | -63.0% |
| Total equity and liabilities | 10/49 | €643,622 | €498,006 | -€145,616 | -22.6% |
| Equity | 10/15 | €285,000 | €282,089 | -€2,911 | -1.0% |
| Contributions | 10/11 | €93,592 | €93,592 | = | 0.0% |
| Reserves | 13 | €191,408 | €188,497 | -€2,911 | -1.5% |
| Non-distributable reserves | 130/1 | €3,532 | €3,532 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,532 | €3,532 | = | 0.0% |
| Distributable reserves | 133 | €187,876 | €184,966 | -€2,911 | -1.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €358,622 | €215,917 | -€142,706 | -39.8% |
| Amounts payable after more than one year | 17 | €74,355 | €23,738 | -€50,617 | -68.1% |
| Financial debts | 170/4 | €74,355 | €23,738 | -€50,617 | -68.1% |
| Amounts payable within one year | 42/48 | €284,267 | €192,179 | -€92,089 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €73,736 | €49,972 | -€23,764 | -32.2% |
| Financial debts | 43 | €75,000 | €0 | -€75,000 | -100% |
| Credit institutions | 430/8 | €75,000 | €0 | -€75,000 | -100% |
| Trade debts | 44 | €71,362 | €55,719 | -€15,644 | -21.9% |
| Suppliers | 440/4 | €71,362 | €55,719 | -€15,644 | -21.9% |
| Taxes, remuneration and social security | 45 | €10,832 | €17,902 | +€7,070 | +65.3% |
| Taxes | 450/3 | €10,832 | €17,902 | +€7,070 | +65.3% |
| Other amounts payable | 47/48 | €53,337 | €68,585 | +€15,249 | +28.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,867 | €85,867 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €1,195 | +€1,195 | |
| Other operating charges | 640/8 | €1,486 | €18,925 | +€17,439 | +1,174% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €117,543 | €183,354 | +€65,811 | +56.0% |
| Operating profit (loss) | 9901 | €30,190 | €77,367 | +€47,177 | +156% |
| Financial income | 75/76B | €19 | €2,228 | +€2,209 | +11,941% |
| Recurring financial income | 75 | €19 | €2,228 | +€2,209 | +11,941% |
| Financial charges | 65/66B | €10,077 | €6,434 | -€3,644 | -36.2% |
| Recurring financial charges | 65 | €10,077 | €6,434 | -€3,644 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €20,131 | €73,161 | +€53,029 | +263% |
| Income taxes | 67/77 | €6,736 | €12,350 | +€5,613 | +83.3% |
| Profit (loss) for the period | 9904 | €13,395 | €60,811 | +€47,416 | +354% |
| Profit (loss) for the period to be appropriated | 9905 | €13,395 | €60,811 | +€47,416 | +354% |
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.