GLOREN M: 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 M
Largest movements
- Tangible fixed assets -€73,525
down €73,525 (-13.2%), from €557,565 to €484,040
of which Other tangible fixed assets: -€73,247
- Current investments -€54,448
down €54,448 (-100%), from €54,448 to €0
- Cash +€19,240
up €19,240 (+432%), from €4,454 to €23,694
mainly Other debts (+€91,673) and Depreciation (+€73,525)
- Other debts +€91,673
up €91,673 (+951%), from €9,635 to €101,308
- Current portion of long-term debt -€89,998
down €89,998 (-100%), from €89,998 to €0
- Debts after one year -€87,292
down €87,292 (-31.5%), from €277,292 to €190,000
- Reserves -€22,243
down €22,243 (-53.9%), from €41,258 to €19,016
of which Distributable reserves: -€22,243
- Tax, wage and social debts +€6,294
up €6,294 (+115%), from €5,483 to €11,777
- Gross operating margin +€22,244
up €22,244 (+17.9%), from €124,057 to €146,301
- Financial income +€19,470
up €19,470 (+2,116,355%), from €1 to €19,471
- Taxes +€10,370
up €10,370 (+142%), from €7,301 to €17,670
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 | €629,057 | €515,716 | -€113,342 | -18.0% |
| Fixed assets | 21/28 | €557,565 | €484,040 | -€73,525 | -13.2% |
| Tangible fixed assets | 22/27 | €557,565 | €484,040 | -€73,525 | -13.2% |
| Land and buildings | 22 | €2,106 | €1,829 | -€278 | -13.2% |
| Other tangible fixed assets | 26 | €555,459 | €482,211 | -€73,247 | -13.2% |
| Current assets | 29/58 | €71,493 | €31,676 | -€39,817 | -55.7% |
| Amounts receivable within one year | 40/41 | €12,591 | €7,982 | -€4,609 | -36.6% |
| Trade receivables | 40 | €4,892 | €7,982 | +€3,091 | +63.2% |
| Other amounts receivable | 41 | €7,699 | €0 | -€7,699 | -100% |
| Current investments | 50/53 | €54,448 | €0 | -€54,448 | -100% |
| Cash at bank and in hand | 54/58 | €4,454 | €23,694 | +€19,240 | +432% |
| Total equity and liabilities | 10/49 | €629,057 | €515,716 | -€113,342 | -18.0% |
| Equity | 10/15 | €231,258 | €209,016 | -€22,243 | -9.6% |
| Contributions | 10/11 | €190,000 | €190,000 | = | 0.0% |
| Reserves | 13 | €41,258 | €19,016 | -€22,243 | -53.9% |
| Non-distributable reserves | 130/1 | €19,000 | €19,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,000 | €19,000 | = | 0.0% |
| Distributable reserves | 133 | €22,258 | €16 | -€22,243 | -99.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €397,799 | €306,700 | -€91,099 | -22.9% |
| Amounts payable after more than one year | 17 | €277,292 | €190,000 | -€87,292 | -31.5% |
| Financial debts | 170/4 | €277,292 | €190,000 | -€87,292 | -31.5% |
| Amounts payable within one year | 42/48 | €116,707 | €116,700 | -€7 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €89,998 | €0 | -€89,998 | -100% |
| Financial debts | 43 | €6,018 | €0 | -€6,018 | -100% |
| Credit institutions | 430/8 | €6,018 | €0 | -€6,018 | -100% |
| Trade debts | 44 | €5,573 | €3,615 | -€1,958 | -35.1% |
| Suppliers | 440/4 | €5,573 | €3,615 | -€1,958 | -35.1% |
| Taxes, remuneration and social security | 45 | €5,483 | €11,777 | +€6,294 | +115% |
| Taxes | 450/3 | €5,483 | €11,777 | +€6,294 | +115% |
| Other amounts payable | 47/48 | €9,635 | €101,308 | +€91,673 | +951% |
| Accrued charges and deferred income | 492/3 | €3,800 | €0 | -€3,800 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,525 | €73,525 | = | 0.0% |
| Other operating charges | 640/8 | €925 | €544 | -€381 | -41.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €124,057 | €146,301 | +€22,244 | +17.9% |
| Operating profit (loss) | 9901 | €49,607 | €72,232 | +€22,626 | +45.6% |
| Financial income | 75/76B | €1 | €19,471 | +€19,470 | +2,116,355% |
| Recurring financial income | 75 | €1 | €19,471 | +€19,470 | +2,116,355% |
| Financial charges | 65/66B | €20,405 | €21,276 | +€871 | +4.3% |
| Recurring financial charges | 65 | €20,405 | €21,276 | +€871 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €29,202 | €70,428 | +€41,225 | +141% |
| Income taxes | 67/77 | €7,301 | €17,670 | +€10,370 | +142% |
| Profit (loss) for the period | 9904 | €21,902 | €52,757 | +€30,855 | +141% |
| Profit (loss) for the period to be appropriated | 9905 | €21,902 | €52,757 | +€30,855 | +141% |
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 20 October 2026 via checked.be.