GLM CONSTRUCT: 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.
GLM CONSTRUCT
Largest movements
- Tangible fixed assets +€2,218
new in 2025: €2,218
- Cash -€857
down €857 (-4.3%), from €19,887 to €19,030
mainly Investment in fixed assets (net) (-€2,565) and Trade debts (-€2,419)
- Receivables within one year +€723
up €723 (+406.9%), from €178 to €901
of which Trade receivables: +€901
- Profit (loss) carried forward +€2,591
up €2,591 (+96.7%), from €2,679 to €5,269
- Trade debts -€2,419
down €2,419 (-51.3%), from €4,714 to €2,295
- Tax, wage and social debts +€1,048
up €1,048 (+67.8%), from €1,545 to €2,592
- Other debts +€865
up €865 (+9.0%), from €9,628 to €10,493
- Gross operating margin -€961
down €961 (-14.4%), from €6,691 to €5,730
- Other operating charges +€484
up €484 (+197.8%), from €245 to €729
- Financial charges +€455
up €455 (+317.9%), from €143 to €599
- Depreciation +€347
new in 2025: €347
- Taxes +€117
up €117 (+8.7%), from €1,348 to €1,465
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 | €20,065 | €22,150 | +€2,084 | +10.4% |
| Fixed assets | 21/28 | - | €2,218 | +€2,218 | |
| Tangible fixed assets | 22/27 | - | €2,218 | +€2,218 | |
| Furniture and vehicles | 24 | - | €2,218 | +€2,218 | |
| Current assets | 29/58 | €20,065 | €19,931 | -€134 | -0.7% |
| Amounts receivable within one year | 40/41 | €178 | €901 | +€723 | +406.9% |
| Trade receivables | 40 | - | €901 | +€901 | |
| Other amounts receivable | 41 | €178 | - | -€178 | |
| Cash at bank and in hand | 54/58 | €19,887 | €19,030 | -€857 | -4.3% |
| Total equity and liabilities | 10/49 | €20,065 | €22,150 | +€2,084 | +10.4% |
| Equity | 10/15 | €4,179 | €6,769 | +€2,591 | +62.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,679 | €5,269 | +€2,591 | +96.7% |
| Amounts payable | 17/49 | €15,887 | €15,380 | -€506 | -3.2% |
| Amounts payable within one year | 42/48 | €15,887 | €15,380 | -€506 | -3.2% |
| Trade debts | 44 | €4,714 | €2,295 | -€2,419 | -51.3% |
| Suppliers | 440/4 | €4,714 | €2,295 | -€2,419 | -51.3% |
| Taxes, remuneration and social security | 45 | €1,545 | €2,592 | +€1,048 | +67.8% |
| Taxes | 450/3 | €1,545 | €2,592 | +€1,048 | +67.8% |
| Other amounts payable | 47/48 | €9,628 | €10,493 | +€865 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €347 | +€347 | |
| Other operating charges | 640/8 | €245 | €729 | +€484 | +197.8% |
| Gross operating margin | 9900 | €6,691 | €5,730 | -€961 | -14.4% |
| Operating profit (loss) | 9901 | €6,446 | €4,655 | -€1,791 | -27.8% |
| Financial charges | 65/66B | €143 | €599 | +€455 | +317.9% |
| Recurring financial charges | 65 | €143 | €599 | +€455 | +317.9% |
| Profit (loss) for the period before taxes | 9903 | €6,303 | €4,056 | -€2,247 | -35.7% |
| Income taxes | 67/77 | €1,348 | €1,465 | +€117 | +8.7% |
| Profit (loss) for the period | 9904 | €4,955 | €2,591 | -€2,364 | -47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,955 | €2,591 | -€2,364 | -47.7% |
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 12 October 2026 via checked.be.