GLOTEC: 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.
GLOTEC
Largest movements
- Receivables within one year +€453,404
up €453,404 (+73.6%), from €616,239 to €1.1m
of which Trade receivables: +€455,476
- Tangible fixed assets -€394,186
down €394,186 (-24.1%), from €1.6m to €1.2m
of which Plant, machinery and equipment: -€305,928
- Cash -€110,970
down €110,970 (-78.7%), from €140,985 to €30,015
- Short-term financial debts +€1.1m
up €1.1m (+528.1%), from €200,000 to €1.3m
- Profit (loss) carried forward -€967,253
down €967,253, from €939,718 to -€27,534
- Debts after one year -€237,646
down €237,646 (-30.3%), from €784,744 to €547,098
- Trade debts +€164,031
up €164,031 (+32.8%), from €500,097 to €664,129
- Other debts -€92,593
down €92,593 (-98.9%), from €93,652 to €1,059
- Staff costs +€1.2m
up €1.2m (+89.8%), from €1.3m to €2.5m
- Gross operating margin +€493,127
up €493,127 (+26.9%), from €1.8m to €2.3m
- Depreciation +€254,381
up €254,381 (+67.8%), from €375,309 to €629,690
- Financial charges +€97,040
up €97,040 (+258.8%), from €37,499 to €134,538
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,088,627 | €3,092,783 | +€4,156 | +0.1% |
| Fixed assets | 21/28 | €1,639,036 | €1,273,309 | -€365,727 | -22.3% |
| Intangible fixed assets | 21 | €4,726 | €32,735 | +€28,009 | +592.6% |
| Tangible fixed assets | 22/27 | €1,634,309 | €1,240,124 | -€394,186 | -24.1% |
| Plant, machinery and equipment | 23 | €1,378,392 | €1,072,464 | -€305,928 | -22.2% |
| Furniture and vehicles | 24 | €128,077 | €74,051 | -€54,026 | -42.2% |
| Other tangible fixed assets | 26 | €127,841 | €93,608 | -€34,232 | -26.8% |
| Financial fixed assets | 28 | €0 | €450 | +€450 | |
| Current assets | 29/58 | €1,449,591 | €1,819,474 | +€369,883 | +25.5% |
| Stocks and contracts in progress | 3 | €675,262 | €688,859 | +€13,597 | +2.0% |
| Stocks | 30/36 | €675,262 | €688,859 | +€13,597 | +2.0% |
| Amounts receivable within one year | 40/41 | €616,239 | €1,069,643 | +€453,404 | +73.6% |
| Trade receivables | 40 | €614,167 | €1,069,643 | +€455,476 | +74.2% |
| Other amounts receivable | 41 | €2,072 | €0 | -€2,072 | -100.0% |
| Cash at bank and in hand | 54/58 | €140,985 | €30,015 | -€110,970 | -78.7% |
| Deferred charges and accrued income | 490/1 | €17,106 | €30,957 | +€13,851 | +81.0% |
| Total equity and liabilities | 10/49 | €3,088,627 | €3,092,783 | +€4,156 | +0.1% |
| Equity | 10/15 | €1,050,970 | €83,717 | -€967,253 | -92.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €49,752 | €49,752 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,782 | €16,782 | = | 0.0% |
| Distributable reserves | 133 | €26,820 | €26,820 | = | 0.0% |
| Profit (loss) carried forward | 14 | €939,718 | -€27,534 | -€967,253 | |
| Amounts payable | 17/49 | €2,037,657 | €3,009,066 | +€971,409 | +47.7% |
| Amounts payable after more than one year | 17 | €784,744 | €547,098 | -€237,646 | -30.3% |
| Financial debts | 170/4 | €784,744 | €547,098 | -€237,646 | -30.3% |
| Amounts payable within one year | 42/48 | €1,252,273 | €2,460,023 | +€1.2m | +96.4% |
| Current portion of amounts payable after more than one year | 42 | €281,625 | €334,960 | +€53,334 | +18.9% |
| Financial debts | 43 | €200,000 | €1,256,130 | +€1.1m | +528.1% |
| Credit institutions | 430/8 | €200,000 | €1,256,130 | +€1.1m | +528.1% |
| Trade debts | 44 | €500,097 | €664,129 | +€164,031 | +32.8% |
| Suppliers | 440/4 | €500,097 | €664,129 | +€164,031 | +32.8% |
| Advances received on contracts in progress | 46 | €7,993 | €0 | -€7,993 | -100.0% |
| Taxes, remuneration and social security | 45 | €168,905 | €203,745 | +€34,840 | +20.6% |
| Taxes | 450/3 | €37,263 | €46,976 | +€9,713 | +26.1% |
| Remuneration and social security | 454/9 | €131,642 | €156,770 | +€25,127 | +19.1% |
| Other amounts payable | 47/48 | €93,652 | €1,059 | -€92,593 | -98.9% |
| Accrued charges and deferred income | 492/3 | €640 | €1,944 | +€1,304 | +203.6% |
| Remuneration, social security and pensions | 62 | €1,318,590 | €2,502,175 | +€1.2m | +89.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €375,309 | €629,690 | +€254,381 | +67.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,150 | €10,380 | +€4,229 | +68.8% |
| Non-recurring operating charges | 66A | - | €14,414 | +€14,414 | |
| Gross operating margin | 9900 | €1,832,654 | €2,325,781 | +€493,127 | +26.9% |
| Operating profit (loss) | 9901 | €132,605 | -€830,878 | -€963,482 | |
| Financial income | 75/76B | €1,372 | €806 | -€566 | -41.2% |
| Recurring financial income | 75 | €1,372 | €806 | -€566 | -41.2% |
| Financial charges | 65/66B | €37,499 | €134,538 | +€97,040 | +258.8% |
| Recurring financial charges | 65 | €37,499 | €134,538 | +€97,040 | +258.8% |
| Profit (loss) for the period before taxes | 9903 | €96,478 | -€964,610 | -€1.1m | |
| Income taxes | 67/77 | €1,301 | €2,643 | +€1,342 | +103.1% |
| Profit (loss) for the period | 9904 | €95,176 | -€967,253 | -€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €95,176 | -€967,253 | -€1.1m |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.