GLM Invest: what changed
What changed
GLM Invest
NACE 47.770, Retail sale of watches and jewellery
filed annual accounts (NBB)
Net result for the year
€42,941
2024 · €35,087+€7,854
Equity
€249,679
2024 · €206,739+€42,941
Cash
€68,314
2024 · €66,215+€2,099
Balance sheet total
€279,463
2024 · €254,920+€24,544
Largest movements
Assets
- Stocks and contracts +€34,719
up €34,719 (+26.0%), from €133,457 to €168,177
- Receivables within one year -€14,661
down €14,661 (-52.4%), from €27,993 to €13,332
of which Trade receivables: -€17,650
Equity and liabilities
- Profit (loss) carried forward +€42,941
up €42,941 (+23.1%), from €186,279 to €229,219
- Accrued charges and deferred income -€24,417
no longer reported in 2025 (was €24,417)
- Tax, wage and social debts +€4,773
up €4,773 (+25.6%), from €18,627 to €23,400
of which Taxes: +€2,470
Income statement
- Gross operating margin +€13,043
up €13,043 (+18.8%), from €69,322 to €82,366
- Staff costs +€2,381
up €2,381 (+20.8%), from €11,465 to €13,846
- Financial charges +€1,487
up €1,487 (+48.2%), from €3,084 to €4,571
- Financial income -€1,111
down €1,111 (-83.1%), from €1,337 to €226
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€35,087
Gross operating margin
+€13,043
Staff costs
-€2,381
Depreciation
+€139
Other operating charges
-€613
Other operating items
+€660
Financial income
-€1,111
Financial charges
-€1,487
Taxes
-€396
Result 2025
€42,941
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€9,555
Investment
-€7,456
Financing
€0
Cash 2024
€66,215
From operations (derived)
+€9,555
Net result for the year
+€42,941
Depreciation
+€6,660
Stocks and contracts
-€34,719
Receivables within one year
+€14,661
Deferred charges and accrued income
-€1,591
Trade debts
+€1,247
Tax, wage and social debts
+€4,773
Accrued charges and deferred income
-€24,417
Investment (derived)
-€7,456
Investment in fixed assets (net)
-€7,456
Cash 2025
€68,314
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €254,920 | €279,463 | +€24,544 | +9.6% |
| Formation expenses | 20 | €132 | €39 | -€93 | -70.6% |
| Fixed assets | 21/28 | €27,020 | €27,909 | +€889 | +3.3% |
| Tangible fixed assets | 22/27 | €27,020 | €27,909 | +€889 | +3.3% |
| Plant, machinery and equipment | 23 | €4,835 | €5,953 | +€1,118 | +23.1% |
| Furniture and vehicles | 24 | €22,185 | €21,956 | -€229 | -1.0% |
| Current assets | 29/58 | €227,768 | €251,516 | +€23,748 | +10.4% |
| Stocks and contracts in progress | 3 | €133,457 | €168,177 | +€34,719 | +26.0% |
| Stocks | 30/36 | €133,457 | €168,177 | +€34,719 | +26.0% |
| Amounts receivable within one year | 40/41 | €27,993 | €13,332 | -€14,661 | -52.4% |
| Trade receivables | 40 | €24,417 | €6,767 | -€17,650 | -72.3% |
| Other amounts receivable | 41 | €3,576 | €6,564 | +€2,988 | +83.6% |
| Cash at bank and in hand | 54/58 | €66,215 | €68,314 | +€2,099 | +3.2% |
| Deferred charges and accrued income | 490/1 | €102 | €1,693 | +€1,591 | +1,559% |
| Total equity and liabilities | 10/49 | €254,920 | €279,463 | +€24,544 | +9.6% |
| Equity | 10/15 | €206,739 | €249,679 | +€42,941 | +20.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €186,279 | €229,219 | +€42,941 | +23.1% |
| Amounts payable | 17/49 | €48,181 | €29,784 | -€18,397 | -38.2% |
| Amounts payable within one year | 42/48 | €23,764 | €29,784 | +€6,020 | +25.3% |
| Trade debts | 44 | €5,137 | €6,384 | +€1,247 | +24.3% |
| Suppliers | 440/4 | €5,137 | €6,384 | +€1,247 | +24.3% |
| Taxes, remuneration and social security | 45 | €18,627 | €23,400 | +€4,773 | +25.6% |
| Taxes | 450/3 | €18,048 | €20,519 | +€2,470 | +13.7% |
| Remuneration and social security | 454/9 | €579 | €2,882 | +€2,303 | +398% |
| Accrued charges and deferred income | 492/3 | €24,417 | - | -€24,417 | |
| Remuneration, social security and pensions | 62 | €11,465 | €13,846 | +€2,381 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,799 | €6,660 | -€139 | -2.0% |
| Other operating charges | 640/8 | €1,281 | €1,894 | +€613 | +47.8% |
| Non-recurring operating charges | 66A | €660 | - | -€660 | |
| Gross operating margin | 9900 | €69,322 | €82,366 | +€13,043 | +18.8% |
| Operating profit (loss) | 9901 | €49,117 | €59,966 | +€10,848 | +22.1% |
| Financial income | 75/76B | €1,337 | €226 | -€1,111 | -83.1% |
| Recurring financial income | 75 | €1,337 | €226 | -€1,111 | -83.1% |
| Financial charges | 65/66B | €3,084 | €4,571 | +€1,487 | +48.2% |
| Recurring financial charges | 65 | €3,084 | €4,571 | +€1,487 | +48.2% |
| Profit (loss) for the period before taxes | 9903 | €47,371 | €55,621 | +€8,250 | +17.4% |
| Income taxes | 67/77 | €12,284 | €12,680 | +€396 | +3.2% |
| Profit (loss) for the period | 9904 | €35,087 | €42,941 | +€7,854 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,087 | €42,941 | +€7,854 | +22.4% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.