GLOED: 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.
GLOED
Largest movements
- Stocks and contracts -€14,635
down €14,635 (-68.2%), from €21,455 to €6,819
- Receivables within one year -€5,661
down €5,661 (-30.5%), from €18,559 to €12,898
of which Trade receivables: -€4,416
- Tangible fixed assets +€4,790
up €4,790 (+955.6%), from €501 to €5,291
of which Furniture and vehicles: +€5,028
- Cash +€464
up €464 (+10.9%), from €4,256 to €4,720
mainly Stocks and contracts (+€14,635) and Receivables within one year (+€5,661)
- Profit (loss) carried forward -€24,962
down €24,962, from €20,022 to -€4,940
- Tax, wage and social debts +€3,372
up €3,372 (+3524.7%), from €96 to €3,468
of which Taxes: +€3,372
- Other debts +€3,357
up €3,357 (+30.4%), from €11,047 to €14,404
- Current portion of long-term debt +€2,765
up €2,765 (+242.1%), from €1,142 to €3,908
- Accrued charges and deferred income +€1,037
new in 2025: €1,037
- Gross operating margin -€33,023
down €33,023, from €10,814 to -€22,209
- Taxes -€1,683
down €1,683 (-86.2%), from €1,953 to €270
- Financial charges -€449
down €449 (-42.7%), from €1,054 to €604
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 | €44,834 | €29,968 | -€14,867 | -33.2% |
| Formation expenses | 20 | €21 | €0 | -€21 | -100.0% |
| Fixed assets | 21/28 | €501 | €5,291 | +€4,790 | +955.6% |
| Tangible fixed assets | 22/27 | €501 | €5,291 | +€4,790 | +955.6% |
| Plant, machinery and equipment | 23 | €501 | €263 | -€238 | -47.5% |
| Furniture and vehicles | 24 | - | €5,028 | +€5,028 | |
| Current assets | 29/58 | €44,313 | €24,677 | -€19,636 | -44.3% |
| Stocks and contracts in progress | 3 | €21,455 | €6,819 | -€14,635 | -68.2% |
| Stocks | 30/36 | €21,455 | €6,819 | -€14,635 | -68.2% |
| Amounts receivable within one year | 40/41 | €18,559 | €12,898 | -€5,661 | -30.5% |
| Trade receivables | 40 | €14,314 | €9,898 | -€4,416 | -30.9% |
| Other amounts receivable | 41 | €4,245 | €3,000 | -€1,245 | -29.3% |
| Cash at bank and in hand | 54/58 | €4,256 | €4,720 | +€464 | +10.9% |
| Deferred charges and accrued income | 490/1 | €43 | €240 | +€197 | +452.4% |
| Total equity and liabilities | 10/49 | €44,834 | €29,968 | -€14,867 | -33.2% |
| Equity | 10/15 | €25,022 | €60 | -€24,962 | -99.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,022 | -€4,940 | -€24,962 | |
| Amounts payable | 17/49 | €19,813 | €29,908 | +€10,095 | +51.0% |
| Amounts payable after more than one year | 17 | €4,108 | €4,331 | +€224 | +5.4% |
| Financial debts | 170/4 | €4,108 | €4,331 | +€224 | +5.4% |
| Amounts payable within one year | 42/48 | €15,705 | €24,539 | +€8,834 | +56.3% |
| Current portion of amounts payable after more than one year | 42 | €1,142 | €3,908 | +€2,765 | +242.1% |
| Financial debts | 43 | €1,691 | €1,012 | -€679 | -40.2% |
| Credit institutions | 430/8 | €1,691 | €1,012 | -€679 | -40.2% |
| Trade debts | 44 | €1,728 | €1,748 | +€19 | +1.1% |
| Suppliers | 440/4 | €1,728 | €1,748 | +€19 | +1.1% |
| Taxes, remuneration and social security | 45 | €96 | €3,468 | +€3,372 | +3524.7% |
| Taxes | 450/3 | €96 | €3,468 | +€3,372 | +3524.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €11,047 | €14,404 | +€3,357 | +30.4% |
| Accrued charges and deferred income | 492/3 | - | €1,037 | +€1,037 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €814 | €991 | +€177 | +21.8% |
| Other operating charges | 640/8 | €1,050 | €888 | -€162 | -15.4% |
| Gross operating margin | 9900 | €10,814 | -€22,209 | -€33,023 | |
| Operating profit (loss) | 9901 | €8,951 | -€24,088 | -€33,038 | |
| Financial charges | 65/66B | €1,054 | €604 | -€449 | -42.7% |
| Recurring financial charges | 65 | €1,054 | €604 | -€449 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €7,897 | -€24,692 | -€32,589 | |
| Income taxes | 67/77 | €1,953 | €270 | -€1,683 | -86.2% |
| Profit (loss) for the period | 9904 | €5,944 | -€24,962 | -€30,906 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,944 | -€24,962 | -€30,906 |
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 6 October 2026 via checked.be.