Glenspire Partners: 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.
Glenspire Partners
Largest movements
- Cash +€441,498
up €441,498 (+1,485%), from €29,726 to €471,223
mainly Current investments (+€300,000) and Net result for the year (+€152,050)
- Current investments -€300,000
down €300,000 (-54.8%), from €547,103 to €247,103
- Receivables within one year +€49,950
up €49,950 (+69.8%), from €71,520 to €121,470
of which Other amounts receivable: +€29,009
- Tangible fixed assets -€29,036
down €29,036 (-56.5%), from €51,354 to €22,319
of which Land and buildings: -€15,452
- Reserves +€117,418
up €117,418 (+17.5%), from €671,196 to €788,613
- Other debts +€32,901
up €32,901, from €0 to €32,901
- Tax, wage and social debts +€27,588
up €27,588 (+218%), from €12,667 to €40,255
of which Taxes: +€27,588
- Current portion of long-term debt -€11,094
down €11,094 (-100%), from €11,094 to €0
- Gross operating margin +€225,839
up €225,839 (+2,432%), from €9,288 to €235,127
- Taxes +€67,169
up €67,169 (+3,353%), from €2,004 to €69,173
- Depreciation -€8,464
down €8,464 (-36.3%), from €23,337 to €14,873
- Financial income -€3,336
down €3,336 (-31.8%), from €10,506 to €7,170
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 | €703,433 | €870,803 | +€167,370 | +23.8% |
| Fixed assets | 21/28 | €51,354 | €22,319 | -€29,036 | -56.5% |
| Tangible fixed assets | 22/27 | €51,354 | €22,319 | -€29,036 | -56.5% |
| Land and buildings | 22 | €27,905 | €12,453 | -€15,452 | -55.4% |
| Plant, machinery and equipment | 23 | €7,663 | €5,980 | -€1,683 | -22.0% |
| Furniture and vehicles | 24 | €15,787 | €3,886 | -€11,901 | -75.4% |
| Current assets | 29/58 | €652,079 | €848,485 | +€196,406 | +30.1% |
| Amounts receivable within one year | 40/41 | €71,520 | €121,470 | +€49,950 | +69.8% |
| Trade receivables | 40 | €18,785 | €39,726 | +€20,941 | +111% |
| Other amounts receivable | 41 | €52,734 | €81,744 | +€29,009 | +55.0% |
| Current investments | 50/53 | €547,103 | €247,103 | -€300,000 | -54.8% |
| Cash at bank and in hand | 54/58 | €29,726 | €471,223 | +€441,498 | +1,485% |
| Deferred charges and accrued income | 490/1 | €3,731 | €8,689 | +€4,958 | +133% |
| Total equity and liabilities | 10/49 | €703,433 | €870,803 | +€167,370 | +23.8% |
| Equity | 10/15 | €677,396 | €794,813 | +€117,418 | +17.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €671,196 | €788,613 | +€117,418 | +17.5% |
| Distributable reserves | 133 | €671,196 | €788,613 | +€117,418 | +17.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €26,037 | €75,990 | +€49,953 | +192% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €26,037 | €75,990 | +€49,953 | +192% |
| Current portion of amounts payable after more than one year | 42 | €11,094 | €0 | -€11,094 | -100% |
| Trade debts | 44 | €2,276 | €2,834 | +€558 | +24.5% |
| Suppliers | 440/4 | €2,276 | €2,834 | +€558 | +24.5% |
| Taxes, remuneration and social security | 45 | €12,667 | €40,255 | +€27,588 | +218% |
| Taxes | 450/3 | €12,667 | €40,255 | +€27,588 | +218% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €32,901 | +€32,901 | |
| Non-recurring operating income | 76A | - | €317 | +€317 | |
| Remuneration, social security and pensions | 62 | €915 | €0 | -€915 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,337 | €14,873 | -€8,464 | -36.3% |
| Other operating charges | 640/8 | €1,946 | €4,241 | +€2,295 | +118% |
| Gross operating margin | 9900 | €9,288 | €235,127 | +€225,839 | +2,432% |
| Operating profit (loss) | 9901 | -€16,910 | €216,013 | +€232,923 | |
| Financial income | 75/76B | €10,506 | €7,170 | -€3,336 | -31.8% |
| Recurring financial income | 75 | €10,506 | €7,170 | -€3,336 | -31.8% |
| Financial charges | 65/66B | €1,063 | €1,960 | +€897 | +84.4% |
| Recurring financial charges | 65 | €1,063 | €1,960 | +€897 | +84.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,467 | €221,223 | +€228,689 | |
| Income taxes | 67/77 | €2,004 | €69,173 | +€67,169 | +3,353% |
| Profit (loss) for the period | 9904 | -€9,470 | €152,050 | +€161,520 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,470 | €152,050 | +€161,520 |
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 1 November 2026 via checked.be.