GLG PROJECTS: 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.
GLG PROJECTS
Largest movements
- Receivables within one year +€57,683
up €57,683 (+42.9%), from €134,541 to €192,225
of which Trade receivables: +€57,730
- Cash -€29,333
down €29,333 (-47.9%), from €61,240 to €31,907
mainly Receivables within one year (-€57,683) and Investment in fixed assets (net) (-€46,605)
- Tangible fixed assets +€27,799
up €27,799 (+149%), from €18,717 to €46,517
of which Furniture and vehicles: +€18,158
- Reserves +€24,245
up €24,245 (+31.2%), from €77,768 to €102,014
- Current portion of long-term debt +€16,099
new in 2025: €16,099
- Debts after one year +€12,098
new in 2025: €12,098
- Tax, wage and social debts +€9,006
up €9,006 (+39.8%), from €22,645 to €31,651
of which Taxes: +€9,006
- Trade debts -€5,299
down €5,299 (-4.8%), from €111,086 to €105,787
- Gross operating margin -€41,222
down €41,222 (-40.1%), from €102,729 to €61,506
- Depreciation +€17,531
up €17,531 (+1,376%), from €1,274 to €18,806
- Taxes -€12,138
down €12,138 (-58.5%), from €20,756 to €8,619
- Other operating charges +€4,724
up €4,724 (+158%), from €2,990 to €7,714
- Financial charges +€2,786
up €2,786 (+392%), from €711 to €3,497
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 | €214,499 | €270,649 | +€56,150 | +26.2% |
| Fixed assets | 21/28 | €18,717 | €46,517 | +€27,799 | +149% |
| Tangible fixed assets | 22/27 | €18,717 | €46,517 | +€27,799 | +149% |
| Plant, machinery and equipment | 23 | - | €9,641 | +€9,641 | |
| Furniture and vehicles | 24 | €18,717 | €36,875 | +€18,158 | +97.0% |
| Current assets | 29/58 | €195,782 | €224,132 | +€28,350 | +14.5% |
| Amounts receivable within one year | 40/41 | €134,541 | €192,225 | +€57,683 | +42.9% |
| Trade receivables | 40 | €99,679 | €157,409 | +€57,730 | +57.9% |
| Other amounts receivable | 41 | €34,863 | €34,816 | -€46 | -0.1% |
| Cash at bank and in hand | 54/58 | €61,240 | €31,907 | -€29,333 | -47.9% |
| Total equity and liabilities | 10/49 | €214,499 | €270,649 | +€56,150 | +26.2% |
| Equity | 10/15 | €80,768 | €105,014 | +€24,245 | +30.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €77,768 | €102,014 | +€24,245 | +31.2% |
| Distributable reserves | 133 | €77,768 | €102,014 | +€24,245 | +31.2% |
| Amounts payable | 17/49 | €133,731 | €165,635 | +€31,904 | +23.9% |
| Amounts payable after more than one year | 17 | - | €12,098 | +€12,098 | |
| Financial debts | 170/4 | - | €12,098 | +€12,098 | |
| Amounts payable within one year | 42/48 | €133,731 | €153,537 | +€19,806 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | - | €16,099 | +€16,099 | |
| Trade debts | 44 | €111,086 | €105,787 | -€5,299 | -4.8% |
| Suppliers | 440/4 | €111,086 | €105,787 | -€5,299 | -4.8% |
| Taxes, remuneration and social security | 45 | €22,645 | €31,651 | +€9,006 | +39.8% |
| Taxes | 450/3 | €20,845 | €29,851 | +€9,006 | +43.2% |
| Remuneration and social security | 454/9 | €1,800 | €1,800 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,274 | €18,806 | +€17,531 | +1,376% |
| Other operating charges | 640/8 | €2,990 | €7,714 | +€4,724 | +158% |
| Gross operating margin | 9900 | €102,729 | €61,506 | -€41,222 | -40.1% |
| Operating profit (loss) | 9901 | €98,465 | €34,987 | -€63,478 | -64.5% |
| Financial income | 75/76B | €771 | €1,374 | +€603 | +78.3% |
| Recurring financial income | 75 | €771 | €1,374 | +€603 | +78.3% |
| Financial charges | 65/66B | €711 | €3,497 | +€2,786 | +392% |
| Recurring financial charges | 65 | €711 | €3,497 | +€2,786 | +392% |
| Profit (loss) for the period before taxes | 9903 | €98,525 | €32,864 | -€65,660 | -66.6% |
| Income taxes | 67/77 | €20,756 | €8,619 | -€12,138 | -58.5% |
| Profit (loss) for the period | 9904 | €77,768 | €24,245 | -€53,523 | -68.8% |
| Profit (loss) for the period to be appropriated | 9905 | €77,768 | €24,245 | -€53,523 | -68.8% |
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 19 October 2026 via checked.be.