GLM Trading: 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 Trading
Largest movements
- Tangible fixed assets +€593,518
up €593,518 (+5,193%), from €11,430 to €604,947
of which Land and buildings: +€566,516
- Receivables within one year +€420,381
up €420,381 (+60.8%), from €691,267 to €1.1m
of which Other amounts receivable: +€435,104
- Cash -€225,291
down €225,291 (-94.7%), from €237,803 to €12,512
mainly Investment in fixed assets (net) (-€670,490) and Receivables within one year (-€420,381)
- Debts after one year +€410,618
up €410,618 (+152%), from €270,000 to €680,618
- Reserves +€400,000
new in 2025: €400,000
- Other debts -€241,546
down €241,546 (-29.0%), from €833,227 to €591,682
- Current portion of long-term debt +€126,809
new in 2025: €126,809
- Trade debts +€56,018
up €56,018 (+198%), from €28,308 to €84,325
- Gross operating margin +€529,511
up €529,511 (+376%), from €140,939 to €670,450
- Financial income -€200,000
no longer reported in 2025 (was €200,000)
- Taxes +€154,406
up €154,406 (+521%), from €29,631 to €184,036
- Depreciation +€75,174
up €75,174 (+4,181%), from €1,798 to €76,972
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 | €1,620,125 | €2,408,734 | +€788,608 | +48.7% |
| Fixed assets | 21/28 | €691,056 | €1,284,573 | +€593,518 | +85.9% |
| Tangible fixed assets | 22/27 | €11,430 | €604,947 | +€593,518 | +5,193% |
| Land and buildings | 22 | - | €566,516 | +€566,516 | |
| Furniture and vehicles | 24 | €11,430 | €38,431 | +€27,002 | +236% |
| Financial fixed assets | 28 | €679,626 | €679,626 | = | 0.0% |
| Current assets | 29/58 | €929,070 | €1,124,160 | +€195,090 | +21.0% |
| Amounts receivable within one year | 40/41 | €691,267 | €1,111,648 | +€420,381 | +60.8% |
| Trade receivables | 40 | €22,247 | €7,524 | -€14,723 | -66.2% |
| Other amounts receivable | 41 | €669,020 | €1,104,124 | +€435,104 | +65.0% |
| Cash at bank and in hand | 54/58 | €237,803 | €12,512 | -€225,291 | -94.7% |
| Total equity and liabilities | 10/49 | €1,620,125 | €2,408,734 | +€788,608 | +48.7% |
| Equity | 10/15 | €398,392 | €801,476 | +€403,085 | +101% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €400,000 | +€400,000 | |
| Distributable reserves | 133 | - | €400,000 | +€400,000 | |
| Profit (loss) carried forward | 14 | €393,392 | €396,476 | +€3,085 | +0.8% |
| Amounts payable | 17/49 | €1,221,734 | €1,607,257 | +€385,523 | +31.6% |
| Amounts payable after more than one year | 17 | €270,000 | €680,618 | +€410,618 | +152% |
| Financial debts | 170/4 | €270,000 | €680,618 | +€410,618 | +152% |
| Amounts payable within one year | 42/48 | €951,734 | €923,138 | -€28,596 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | - | €126,809 | +€126,809 | |
| Trade debts | 44 | €28,308 | €84,325 | +€56,018 | +198% |
| Suppliers | 440/4 | €28,308 | €84,325 | +€56,018 | +198% |
| Taxes, remuneration and social security | 45 | €90,199 | €120,322 | +€30,123 | +33.4% |
| Taxes | 450/3 | €64,170 | €120,322 | +€56,151 | +87.5% |
| Remuneration and social security | 454/9 | €26,028 | - | -€26,028 | |
| Other amounts payable | 47/48 | €833,227 | €591,682 | -€241,546 | -29.0% |
| Accrued charges and deferred income | 492/3 | - | €3,501 | +€3,501 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,798 | €76,972 | +€75,174 | +4,181% |
| Other operating charges | 640/8 | €588 | €935 | +€347 | +59.1% |
| Gross operating margin | 9900 | €140,939 | €670,450 | +€529,511 | +376% |
| Operating profit (loss) | 9901 | €138,553 | €592,543 | +€453,990 | +328% |
| Financial income | 75/76B | €200,000 | - | -€200,000 | |
| Recurring financial income | 75 | €200,000 | - | -€200,000 | |
| Financial charges | 65/66B | €30 | €5,422 | +€5,392 | +17,978% |
| Recurring financial charges | 65 | €30 | €5,422 | +€5,392 | +17,978% |
| Profit (loss) for the period before taxes | 9903 | €338,523 | €587,121 | +€248,598 | +73.4% |
| Income taxes | 67/77 | €29,631 | €184,036 | +€154,406 | +521% |
| Profit (loss) for the period | 9904 | €308,892 | €403,085 | +€94,192 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €308,892 | €403,085 | +€94,192 | +30.5% |
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 14 October 2026 via checked.be.