GLOREN I: 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.
GLOREN I
Largest movements
- Tangible fixed assets -€80,835
down €80,835 (-20.0%), from €403,833 to €322,998
of which Leasing and similar rights: -€395,217
- Cash -€28,675
down €28,675 (-59.4%), from €48,265 to €19,590
mainly Current portion of long-term debt (-€99,560) and Debts after one year (-€49,325)
- Receivables within one year +€8,210
up €8,210 (+44.5%), from €18,434 to €26,644
of which Other amounts receivable: +€13,364
- Current portion of long-term debt -€99,560
down €99,560 (-100%), from €99,560 to €0
- Debts after one year -€49,325
down €49,325 (-100%), from €49,325 to €0
- Accrued charges and deferred income +€28,012
new in 2025: €28,012
- Reserves +€22,389
up €22,389 (+29.4%), from €76,099 to €98,488
- Investment grants -€8,956
down €8,956 (-24.7%), from €36,309 to €27,352
- Gross operating margin -€41,777
down €41,777 (-26.6%), from €157,239 to €115,462
- Purchases and services +€27,577
up €27,577 (+266%), from €10,352 to €37,929
- Turnover -€14,200
down €14,200 (-8.5%), from €167,592 to €153,392
- Taxes -€13,411
down €13,411 (-73.3%), from €18,301 to €4,890
- Financial income -€4,877
down €4,877 (-34.3%), from €14,204 to €9,327
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 | €540,898 | €440,678 | -€100,220 | -18.5% |
| Fixed assets | 21/28 | €403,833 | €322,998 | -€80,835 | -20.0% |
| Tangible fixed assets | 22/27 | €403,833 | €322,998 | -€80,835 | -20.0% |
| Land and buildings | 22 | €6,249 | €5,000 | -€1,249 | -20.0% |
| Leasing and similar rights | 25 | €395,217 | €0 | -€395,217 | -100% |
| Other tangible fixed assets | 26 | €2,367 | €317,998 | +€315,631 | +13,334% |
| Current assets | 29/58 | €137,064 | €117,680 | -€19,384 | -14.1% |
| Amounts receivable within one year | 40/41 | €18,434 | €26,644 | +€8,210 | +44.5% |
| Trade receivables | 40 | €6,048 | €894 | -€5,154 | -85.2% |
| Other amounts receivable | 41 | €12,385 | €25,749 | +€13,364 | +108% |
| Current investments | 50/53 | €70,065 | €69,220 | -€845 | -1.2% |
| Cash at bank and in hand | 54/58 | €48,265 | €19,590 | -€28,675 | -59.4% |
| Deferred charges and accrued income | 490/1 | €300 | €2,225 | +€1,925 | +641% |
| Total equity and liabilities | 10/49 | €540,898 | €440,678 | -€100,220 | -18.5% |
| Equity | 10/15 | €381,408 | €394,840 | +€13,433 | +3.5% |
| Contributions | 10/11 | €269,000 | €269,000 | = | 0.0% |
| Reserves | 13 | €76,099 | €98,488 | +€22,389 | +29.4% |
| Distributable reserves | 133 | €76,099 | €98,488 | +€22,389 | +29.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €36,309 | €27,352 | -€8,956 | -24.7% |
| Amounts payable | 17/49 | €159,490 | €45,838 | -€113,652 | -71.3% |
| Amounts payable after more than one year | 17 | €49,325 | €0 | -€49,325 | -100% |
| Financial debts | 170/4 | €49,325 | €0 | -€49,325 | -100% |
| Amounts payable within one year | 42/48 | €110,165 | €17,825 | -€92,340 | -83.8% |
| Current portion of amounts payable after more than one year | 42 | €99,560 | €0 | -€99,560 | -100% |
| Trade debts | 44 | €10,605 | €12,935 | +€2,331 | +22.0% |
| Suppliers | 440/4 | €10,605 | €12,935 | +€2,331 | +22.0% |
| Taxes, remuneration and social security | 45 | €0 | €4,890 | +€4,890 | |
| Taxes | 450/3 | €0 | €4,890 | +€4,890 | |
| Accrued charges and deferred income | 492/3 | - | €28,012 | +€28,012 | |
| Turnover | 70 | €167,592 | €153,392 | -€14,200 | -8.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €10,352 | €37,929 | +€27,577 | +266% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,213 | €80,835 | +€3,623 | +4.7% |
| Other operating charges | 640/8 | €647 | €714 | +€67 | +10.4% |
| Gross operating margin | 9900 | €157,239 | €115,462 | -€41,777 | -26.6% |
| Operating profit (loss) | 9901 | €79,380 | €33,913 | -€45,467 | -57.3% |
| Financial income | 75/76B | €14,204 | €9,327 | -€4,877 | -34.3% |
| Recurring financial income | 75 | €14,204 | €9,327 | -€4,877 | -34.3% |
| Financial charges | 65/66B | €11,467 | €15,961 | +€4,493 | +39.2% |
| Recurring financial charges | 65 | €11,467 | €15,961 | +€4,493 | +39.2% |
| Profit (loss) for the period before taxes | 9903 | €82,116 | €27,279 | -€54,837 | -66.8% |
| Income taxes | 67/77 | €18,301 | €4,890 | -€13,411 | -73.3% |
| Profit (loss) for the period | 9904 | €63,815 | €22,389 | -€41,426 | -64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,815 | €22,389 | -€41,426 | -64.9% |
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 30 October 2026 via checked.be.