GLEX: what changed
Two fiscal 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.
GLEX
Largest movements
- Cash +€88,349
up €88,349 (+80.9%), from €109,201 to €197,550
mainly Net result for the year (+€100,813) and Other debts (+€22,210)
- Tangible fixed assets -€15,774
down €15,774 (-34.5%), from €45,784 to €30,010
of which Plant, machinery and equipment: -€8,917
- Receivables within one year +€5,728
up €5,728 (+24.1%), from €23,751 to €29,478
of which Trade receivables: +€5,384
- Current investments +€4,712
up €4,712 (+2.3%), from €203,955 to €208,668
- Reserves +€50,000
up €50,000 (+18.1%), from €276,500 to €326,500
- Other debts +€22,210
up €22,210 (+31.0%), from €71,583 to €93,793
- Profit (loss) carried forward +€10,813
up €10,813 (+264.7%), from €4,084 to €14,897
- Gross operating margin +€14,682
up €14,682 (+11.1%), from €132,763 to €147,445
- Taxes +€3,176
up €3,176 (+11.5%), from €27,526 to €30,703
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.
Cash bridge derived
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 | €385,421 | €468,053 | +€82,632 | +21.4% |
| Fixed assets | 21/28 | €45,784 | €30,010 | -€15,774 | -34.5% |
| Tangible fixed assets | 22/27 | €45,784 | €30,010 | -€15,774 | -34.5% |
| Plant, machinery and equipment | 23 | €21,805 | €12,887 | -€8,917 | -40.9% |
| Furniture and vehicles | 24 | €23,979 | €17,123 | -€6,857 | -28.6% |
| Current assets | 29/58 | €339,637 | €438,043 | +€98,406 | +29.0% |
| Amounts receivable within one year | 40/41 | €23,751 | €29,478 | +€5,728 | +24.1% |
| Trade receivables | 40 | €23,094 | €28,478 | +€5,384 | +23.3% |
| Other amounts receivable | 41 | €656 | €1,000 | +€344 | +52.4% |
| Current investments | 50/53 | €203,955 | €208,668 | +€4,712 | +2.3% |
| Cash at bank and in hand | 54/58 | €109,201 | €197,550 | +€88,349 | +80.9% |
| Deferred charges and accrued income | 490/1 | €2,730 | €2,346 | -€384 | -14.1% |
| Total equity and liabilities | 10/49 | €385,421 | €468,053 | +€82,632 | +21.4% |
| Equity | 10/15 | €289,884 | €350,697 | +€60,813 | +21.0% |
| Contributions | 10/11 | €9,300 | €9,300 | = | 0.0% |
| Reserves | 13 | €276,500 | €326,500 | +€50,000 | +18.1% |
| Distributable reserves | 133 | €276,500 | €326,500 | +€50,000 | +18.1% |
| Profit (loss) carried forward | 14 | €4,084 | €14,897 | +€10,813 | +264.7% |
| Amounts payable | 17/49 | €95,537 | €117,356 | +€21,819 | +22.8% |
| Amounts payable within one year | 42/48 | €92,599 | €112,978 | +€20,380 | +22.0% |
| Trade debts | 44 | €3,194 | €2,580 | -€614 | -19.2% |
| Suppliers | 440/4 | €3,194 | €2,580 | -€614 | -19.2% |
| Taxes, remuneration and social security | 45 | €17,822 | €16,605 | -€1,217 | -6.8% |
| Taxes | 450/3 | €17,822 | €16,605 | -€1,217 | -6.8% |
| Other amounts payable | 47/48 | €71,583 | €93,793 | +€22,210 | +31.0% |
| Accrued charges and deferred income | 492/3 | €2,938 | €4,378 | +€1,439 | +49.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,692 | €15,774 | -€918 | -5.5% |
| Other operating charges | 640/8 | €1,006 | €1,463 | +€457 | +45.4% |
| Gross operating margin | 9900 | €132,763 | €147,445 | +€14,682 | +11.1% |
| Operating profit (loss) | 9901 | €115,064 | €130,207 | +€15,143 | +13.2% |
| Financial income | 75/76B | €5,275 | €5,741 | +€466 | +8.8% |
| Recurring financial income | 75 | €5,275 | €5,741 | +€466 | +8.8% |
| Financial charges | 65/66B | €3,012 | €4,433 | +€1,421 | +47.2% |
| Recurring financial charges | 65 | €3,012 | €4,433 | +€1,421 | +47.2% |
| Profit (loss) for the period before taxes | 9903 | €117,327 | €131,515 | +€14,188 | +12.1% |
| Income taxes | 67/77 | €27,526 | €30,703 | +€3,176 | +11.5% |
| Profit (loss) for the period | 9904 | €89,801 | €100,813 | +€11,011 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €89,801 | €100,813 | +€11,011 | +12.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.