GLOW: 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.
GLOW
Largest movements
- Receivables within one year -€46,911
down €46,911 (-47.8%), from €98,051 to €51,140
of which Trade receivables: -€49,154
- Cash +€35,723
up €35,723 (+994%), from €3,593 to €39,316
mainly Receivables within one year (+€46,911) and Depreciation (+€21,800)
- Tangible fixed assets -€21,355
down €21,355 (-47.1%), from €45,367 to €24,012
- Receivables after one year -€15,000
down €15,000 (-100%), from €15,000 to €0
- Debts after one year -€29,342
down €29,342 (-60.5%), from €48,465 to €19,123
of which Financial debts: -€28,702
- Profit (loss) carried forward -€24,932
down €24,932 (-57.1%), from -€43,674 to -€68,606
- Trade debts +€4,209
up €4,209 (+6.7%), from €62,724 to €66,933
- Tax, wage and social debts +€3,841
up €3,841 (+38.5%), from €9,976 to €13,817
of which Remuneration and social security: +€2,992
- Other debts -€3,809
down €3,809 (-100%), from €3,809 to €0
- Gross operating margin -€24,139
down €24,139 (-49.4%), from €48,873 to €24,734
- Other operating charges -€2,822
down €2,822 (-79.5%), from €3,550 to €728
- Financial income +€1,000
up €1,000 (+3,946%), from €25 to €1,025
- Financial charges -€886
down €886 (-14.5%), from €6,112 to €5,226
- Depreciation -€504
down €504 (-2.3%), from €22,304 to €21,800
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 | €163,315 | €114,896 | -€48,419 | -29.6% |
| Fixed assets | 21/28 | €45,671 | €24,316 | -€21,355 | -46.8% |
| Tangible fixed assets | 22/27 | €45,367 | €24,012 | -€21,355 | -47.1% |
| Land and buildings | 22 | €21,563 | €11,253 | -€10,310 | -47.8% |
| Plant, machinery and equipment | 23 | €1,000 | €431 | -€569 | -56.9% |
| Furniture and vehicles | 24 | €1,687 | €1,324 | -€363 | -21.5% |
| Other tangible fixed assets | 26 | €21,117 | €11,003 | -€10,113 | -47.9% |
| Financial fixed assets | 28 | €304 | €304 | = | 0.0% |
| Current assets | 29/58 | €117,644 | €90,580 | -€27,064 | -23.0% |
| Amounts receivable after more than one year | 29 | €15,000 | €0 | -€15,000 | -100% |
| Other amounts receivable | 291 | €15,000 | €0 | -€15,000 | -100% |
| Amounts receivable within one year | 40/41 | €98,051 | €51,140 | -€46,911 | -47.8% |
| Trade receivables | 40 | €93,022 | €43,868 | -€49,154 | -52.8% |
| Other amounts receivable | 41 | €5,029 | €7,273 | +€2,244 | +44.6% |
| Cash at bank and in hand | 54/58 | €3,593 | €39,316 | +€35,723 | +994% |
| Deferred charges and accrued income | 490/1 | €1,000 | €124 | -€876 | -87.6% |
| Total equity and liabilities | 10/49 | €163,315 | €114,896 | -€48,419 | -29.6% |
| Equity | 10/15 | -€25,474 | -€50,406 | -€24,932 | -97.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,674 | -€68,606 | -€24,932 | -57.1% |
| Provisions and deferred taxes | 16 | €36,343 | €36,343 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €36,343 | €36,343 | = | 0.0% |
| Pensions and similar obligations | 160 | €36,343 | €36,343 | = | 0.0% |
| Amounts payable | 17/49 | €152,446 | €128,959 | -€23,487 | -15.4% |
| Amounts payable after more than one year | 17 | €48,465 | €19,123 | -€29,342 | -60.5% |
| Financial debts | 170/4 | €42,735 | €14,033 | -€28,702 | -67.2% |
| Other amounts payable | 178/9 | €5,730 | €5,090 | -€640 | -11.2% |
| Amounts payable within one year | 42/48 | €103,597 | €109,452 | +€5,855 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €27,088 | €28,702 | +€1,614 | +6.0% |
| Trade debts | 44 | €62,724 | €66,933 | +€4,209 | +6.7% |
| Suppliers | 440/4 | €62,724 | €66,933 | +€4,209 | +6.7% |
| Taxes, remuneration and social security | 45 | €9,976 | €13,817 | +€3,841 | +38.5% |
| Taxes | 450/3 | €6,684 | €7,533 | +€849 | +12.7% |
| Remuneration and social security | 454/9 | €3,292 | €6,284 | +€2,992 | +90.9% |
| Other amounts payable | 47/48 | €3,809 | €0 | -€3,809 | -100% |
| Accrued charges and deferred income | 492/3 | €384 | €384 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €22,758 | €22,741 | -€17 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,304 | €21,800 | -€504 | -2.3% |
| Other operating charges | 640/8 | €3,550 | €728 | -€2,822 | -79.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €48,873 | €24,734 | -€24,139 | -49.4% |
| Operating profit (loss) | 9901 | €260 | -€20,536 | -€20,796 | |
| Financial income | 75/76B | €25 | €1,025 | +€1,000 | +3,946% |
| Recurring financial income | 75 | €25 | €1,025 | +€1,000 | +3,946% |
| Financial charges | 65/66B | €6,112 | €5,226 | -€886 | -14.5% |
| Recurring financial charges | 65 | €6,112 | €5,226 | -€886 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,826 | -€24,736 | -€18,910 | -325% |
| Income taxes | 67/77 | €206 | €196 | -€11 | -5.2% |
| Profit (loss) for the period | 9904 | -€6,033 | -€24,932 | -€18,899 | -313% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,033 | -€24,932 | -€18,899 | -313% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.