GLPY INVEST: 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.
GLPY INVEST
Largest movements
- Financial fixed assets +€747,736
up €747,736 (+28.3%), from €2.6m to €3.4m
- Receivables within one year +€716,652
up €716,652 (+1,088%), from €65,875 to €782,527
of which Other amounts receivable: +€670,294
- Current investments -€373,544
no longer reported in 2025 (was €373,544)
- Cash +€268,717
up €268,717 (+369%), from €72,889 to €341,605
mainly Other debts (+€1.0m) and Net result for the year (+€612,653)
- Tangible fixed assets +€228,343
up €228,343 (+11.4%), from €2.0m to €2.2m
of which Land and buildings: +€232,931
- Other debts +€1.0m
up €1.0m (+85.4%), from €1.2m to €2.2m
- Profit (loss) carried forward +€612,653
up €612,653 (+21.4%), from €2.9m to €3.5m
- Financial income +€1.1m
up €1.1m (+1,499%), from €70,106 to €1.1m
of which Financial income: +€1.1m
- Write-downs +€537,500
new in 2025: €537,500
- Other operating charges +€157,921
up €157,921 (+5,610%), from €2,815 to €160,736
- Gross operating margin -€57,870
down €57,870 (-11.2%), from €515,283 to €457,414
- Financial charges -€29,646
down €29,646 (-29.5%), from €100,579 to €70,932
of which Non-recurring financial charges: -€97,678
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 | €5,169,270 | €6,759,124 | +€1.6m | +30.8% |
| Fixed assets | 21/28 | €4,647,915 | €5,623,994 | +€976,079 | +21.0% |
| Tangible fixed assets | 22/27 | €2,008,765 | €2,237,108 | +€228,343 | +11.4% |
| Land and buildings | 22 | €1,979,305 | €2,212,235 | +€232,931 | +11.8% |
| Furniture and vehicles | 24 | €29,461 | €24,873 | -€4,588 | -15.6% |
| Financial fixed assets | 28 | €2,639,150 | €3,386,886 | +€747,736 | +28.3% |
| Current assets | 29/58 | €521,355 | €1,135,130 | +€613,775 | +118% |
| Amounts receivable within one year | 40/41 | €65,875 | €782,527 | +€716,652 | +1,088% |
| Trade receivables | 40 | €65,875 | €112,234 | +€46,359 | +70.4% |
| Other amounts receivable | 41 | - | €670,294 | +€670,294 | |
| Current investments | 50/53 | €373,544 | - | -€373,544 | |
| Cash at bank and in hand | 54/58 | €72,889 | €341,605 | +€268,717 | +369% |
| Deferred charges and accrued income | 490/1 | €9,047 | €10,997 | +€1,950 | +21.6% |
| Total equity and liabilities | 10/49 | €5,169,270 | €6,759,124 | +€1.6m | +30.8% |
| Equity | 10/15 | €3,789,217 | €4,401,870 | +€612,653 | +16.2% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €862,627 | €862,627 | = | 0.0% |
| Non-distributable reserves | 130/1 | €141,000 | €141,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €141,000 | €141,000 | = | 0.0% |
| Distributable reserves | 133 | €721,627 | €721,627 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,866,590 | €3,479,243 | +€612,653 | +21.4% |
| Amounts payable | 17/49 | €1,380,053 | €2,357,254 | +€977,201 | +70.8% |
| Amounts payable after more than one year | 17 | €64,993 | €13,632 | -€51,362 | -79.0% |
| Financial debts | 170/4 | €64,993 | €13,632 | -€51,362 | -79.0% |
| Amounts payable within one year | 42/48 | €1,315,060 | €2,343,622 | +€1.0m | +78.2% |
| Current portion of amounts payable after more than one year | 42 | €54,085 | €74,427 | +€20,342 | +37.6% |
| Trade debts | 44 | €18,802 | €5,696 | -€13,106 | -69.7% |
| Suppliers | 440/4 | €18,802 | €5,696 | -€13,106 | -69.7% |
| Taxes, remuneration and social security | 45 | €41,475 | €37,148 | -€4,327 | -10.4% |
| Taxes | 450/3 | €41,475 | €37,148 | -€4,327 | -10.4% |
| Other amounts payable | 47/48 | €1,200,699 | €2,226,352 | +€1.0m | +85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,010 | €165,836 | +€21,827 | +15.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €537,500 | +€537,500 | |
| Other operating charges | 640/8 | €2,815 | €160,736 | +€157,921 | +5,610% |
| Gross operating margin | 9900 | €515,283 | €457,414 | -€57,870 | -11.2% |
| Operating profit (loss) | 9901 | €368,458 | -€406,659 | -€775,117 | |
| Financial income | 75/76B | €70,106 | €1,121,009 | +€1.1m | +1,499% |
| Recurring financial income | 75 | €68,897 | €1,121,009 | +€1.1m | +1,527% |
| Non-recurring financial income | 76B | €1,209 | - | -€1,209 | |
| Financial charges | 65/66B | €100,579 | €70,932 | -€29,646 | -29.5% |
| Recurring financial charges | 65 | €2,901 | €70,932 | +€68,032 | +2,345% |
| Non-recurring financial charges | 66B | €97,678 | - | -€97,678 | |
| Profit (loss) for the period before taxes | 9903 | €337,986 | €643,418 | +€305,432 | +90.4% |
| Income taxes | 67/77 | €47,682 | €30,765 | -€16,917 | -35.5% |
| Profit (loss) for the period | 9904 | €290,304 | €612,653 | +€322,349 | +111% |
| Profit (loss) for the period to be appropriated | 9905 | €290,304 | €612,653 | +€322,349 | +111% |
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 21 October 2026 via checked.be.