GLF CONSULT: 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.
GLF CONSULT
Largest movements
- Cash +€297,350
up €297,350 (+2163.3%), from €13,745 to €311,095
mainly Debts after one year (+€147,076) and Net result for the year (+€119,395)
- Tangible fixed assets +€187,881
up €187,881 (+31.6%), from €595,099 to €782,979
of which Land and buildings: +€188,818
- Current investments -€110,000
no longer reported in 2025 (was €110,000)
- Receivables after one year -€60,000
down €60,000 (-46.2%), from €130,000 to €70,000
- Receivables within one year -€45,964
down €45,964 (-91.1%), from €50,454 to €4,490
of which Other amounts receivable: -€43,455
- Debts after one year +€147,076
up €147,076 (+61.5%), from €239,094 to €386,171
- Reserves +€48,432
up €48,432 (+9.5%), from €507,317 to €555,749
of which Distributable reserves: +€53,000
- Trade debts +€34,689
up €34,689 (+1024.4%), from €3,386 to €38,075
- Tax, wage and social debts +€27,460
up €27,460 (+36.0%), from €76,372 to €103,831
- Gross operating margin +€39,340
up €39,340 (+25.4%), from €155,134 to €194,474
- Financial income +€34,228
up €34,228 (+494.1%), from €6,927 to €41,155
- Taxes +€22,205
up €22,205 (+63.6%), from €34,887 to €57,092
- Depreciation +€3,322
up €3,322 (+7.5%), from €44,142 to €47,464
- Financial charges +€2,226
up €2,226 (+53.0%), from €4,203 to €6,428
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 | €917,076 | €1,185,562 | +€268,486 | +29.3% |
| Fixed assets | 21/28 | €609,299 | €797,179 | +€187,881 | +30.8% |
| Tangible fixed assets | 22/27 | €595,099 | €782,979 | +€187,881 | +31.6% |
| Land and buildings | 22 | €593,676 | €782,494 | +€188,818 | +31.8% |
| Furniture and vehicles | 24 | €1,423 | €485 | -€937 | -65.9% |
| Financial fixed assets | 28 | €14,200 | €14,200 | = | 0.0% |
| Current assets | 29/58 | €307,777 | €388,383 | +€80,605 | +26.2% |
| Amounts receivable after more than one year | 29 | €130,000 | €70,000 | -€60,000 | -46.2% |
| Other amounts receivable | 291 | €130,000 | €70,000 | -€60,000 | -46.2% |
| Amounts receivable within one year | 40/41 | €50,454 | €4,490 | -€45,964 | -91.1% |
| Trade receivables | 40 | €2,510 | - | -€2,510 | |
| Other amounts receivable | 41 | €47,944 | €4,490 | -€43,455 | -90.6% |
| Current investments | 50/53 | €110,000 | - | -€110,000 | |
| Cash at bank and in hand | 54/58 | €13,745 | €311,095 | +€297,350 | +2163.3% |
| Deferred charges and accrued income | 490/1 | €3,578 | €2,798 | -€780 | -21.8% |
| Total equity and liabilities | 10/49 | €917,076 | €1,185,562 | +€268,486 | +29.3% |
| Equity | 10/15 | €533,883 | €583,278 | +€49,395 | +9.3% |
| Contributions | 10/11 | €12,668 | €12,668 | = | 0.0% |
| Reserves | 13 | €507,317 | €555,749 | +€48,432 | +9.5% |
| Tax-exempt reserves | 132 | €99,394 | €94,826 | -€4,568 | -4.6% |
| Distributable reserves | 133 | €407,923 | €460,923 | +€53,000 | +13.0% |
| Profit (loss) carried forward | 14 | €13,898 | €14,861 | +€963 | +6.9% |
| Provisions and deferred taxes | 16 | €24,848 | €23,706 | -€1,142 | -4.6% |
| Deferred taxes | 168 | €24,848 | €23,706 | -€1,142 | -4.6% |
| Amounts payable | 17/49 | €358,345 | €578,577 | +€220,232 | +61.5% |
| Amounts payable after more than one year | 17 | €239,094 | €386,171 | +€147,076 | +61.5% |
| Financial debts | 170/4 | €239,094 | €386,171 | +€147,076 | +61.5% |
| Amounts payable within one year | 42/48 | €119,106 | €192,253 | +€73,147 | +61.4% |
| Current portion of amounts payable after more than one year | 42 | €39,348 | €50,346 | +€10,999 | +28.0% |
| Trade debts | 44 | €3,386 | €38,075 | +€34,689 | +1024.4% |
| Suppliers | 440/4 | €3,386 | €38,075 | +€34,689 | +1024.4% |
| Taxes, remuneration and social security | 45 | €76,372 | €103,831 | +€27,460 | +36.0% |
| Taxes | 450/3 | €76,372 | €103,831 | +€27,460 | +36.0% |
| Accrued charges and deferred income | 492/3 | €145 | €154 | +€9 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,142 | €47,464 | +€3,322 | +7.5% |
| Other operating charges | 640/8 | €5,225 | €6,391 | +€1,166 | +22.3% |
| Gross operating margin | 9900 | €155,134 | €194,474 | +€39,340 | +25.4% |
| Operating profit (loss) | 9901 | €105,767 | €140,618 | +€34,852 | +33.0% |
| Financial income | 75/76B | €6,927 | €41,155 | +€34,228 | +494.1% |
| Recurring financial income | 75 | €6,927 | €41,155 | +€34,228 | +494.1% |
| Financial charges | 65/66B | €4,203 | €6,428 | +€2,226 | +53.0% |
| Recurring financial charges | 65 | €4,203 | €6,428 | +€2,226 | +53.0% |
| Profit (loss) for the period before taxes | 9903 | €108,491 | €175,345 | +€66,854 | +61.6% |
| Transfer from deferred taxes | 780 | €1,142 | €1,142 | = | 0.0% |
| Income taxes | 67/77 | €34,887 | €57,092 | +€22,205 | +63.6% |
| Profit (loss) for the period | 9904 | €74,746 | €119,395 | +€44,649 | +59.7% |
| Transfer from tax-exempt reserves | 789 | €4,568 | €4,568 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,314 | €123,963 | +€44,649 | +56.3% |
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 7 October 2026 via checked.be.