GLR: what changed
Two fiscal 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.
GLR
Largest movements
- Cash -€386,491
down €386,491 (-26.1%), from €1.5m to €1.1m
mainly Trade debts (-€305,832) and Debts after one year (-€190,318)
- Tangible fixed assets -€375,231
down €375,231 (-26.9%), from €1.4m to €1.0m
of which Leasing and similar rights: -€195,524
- Receivables within one year +€135,632
up €135,632 (+30.8%), from €440,186 to €575,819
of which Other amounts receivable: +€85,001
- Stocks and contracts +€110,621
up €110,621 (+22.2%), from €498,676 to €609,297
of which Stocks: +€155,646
- Deferred charges and accrued income +€95,146
new in 2025: €95,146
- Trade debts -€305,832
down €305,832 (-53.0%), from €576,879 to €271,047
- Debts after one year -€190,318
down €190,318 (-33.3%), from €571,481 to €381,163
- Tax, wage and social debts +€65,867
up €65,867 (+20.0%), from €330,148 to €396,015
of which Remuneration and social security: +€69,460
- Gross operating margin +€215,899
up €215,899 (+9.9%), from €2.2m to €2.4m
- Staff costs +€103,904
up €103,904 (+6.1%), from €1.7m to €1.8m
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.
Cash bridge derived
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 | €3,827,727 | €3,402,888 | -€424,839 | -11.1% |
| Fixed assets | 21/28 | €1,407,981 | €1,028,233 | -€379,748 | -27.0% |
| Intangible fixed assets | 21 | €14,150 | €9,634 | -€4,517 | -31.9% |
| Tangible fixed assets | 22/27 | €1,393,707 | €1,018,476 | -€375,231 | -26.9% |
| Land and buildings | 22 | €254,574 | €234,874 | -€19,700 | -7.7% |
| Plant, machinery and equipment | 23 | €154,275 | €103,731 | -€50,544 | -32.8% |
| Furniture and vehicles | 24 | €273,602 | €164,139 | -€109,463 | -40.0% |
| Leasing and similar rights | 25 | €711,255 | €515,732 | -€195,524 | -27.5% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €2,419,746 | €2,374,655 | -€45,091 | -1.9% |
| Stocks and contracts in progress | 3 | €498,676 | €609,297 | +€110,621 | +22.2% |
| Stocks | 30/36 | €448,152 | €603,799 | +€155,646 | +34.7% |
| Contracts in progress | 37 | €50,524 | €5,499 | -€45,025 | -89.1% |
| Amounts receivable within one year | 40/41 | €440,186 | €575,819 | +€135,632 | +30.8% |
| Trade receivables | 40 | €356,402 | €407,034 | +€50,631 | +14.2% |
| Other amounts receivable | 41 | €83,784 | €168,785 | +€85,001 | +101.5% |
| Cash at bank and in hand | 54/58 | €1,480,883 | €1,094,393 | -€386,491 | -26.1% |
| Deferred charges and accrued income | 490/1 | - | €95,146 | +€95,146 | |
| Total equity and liabilities | 10/49 | €3,827,727 | €3,402,888 | -€424,839 | -11.1% |
| Equity | 10/15 | €2,119,937 | €2,136,204 | +€16,268 | +0.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €288,750 | €288,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,631,187 | €1,647,454 | +€16,268 | +1.0% |
| Provisions and deferred taxes | 16 | €20,075 | €20,075 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €20,075 | €20,075 | = | 0.0% |
| Other liabilities and charges | 164/5 | €20,075 | €20,075 | = | 0.0% |
| Amounts payable | 17/49 | €1,687,715 | €1,246,609 | -€441,106 | -26.1% |
| Amounts payable after more than one year | 17 | €571,481 | €381,163 | -€190,318 | -33.3% |
| Financial debts | 170/4 | €571,481 | €381,163 | -€190,318 | -33.3% |
| Amounts payable within one year | 42/48 | €1,116,234 | €865,446 | -€250,788 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €208,821 | €198,384 | -€10,437 | -5.0% |
| Trade debts | 44 | €576,879 | €271,047 | -€305,832 | -53.0% |
| Suppliers | 440/4 | €576,879 | €271,047 | -€305,832 | -53.0% |
| Taxes, remuneration and social security | 45 | €330,148 | €396,015 | +€65,867 | +20.0% |
| Taxes | 450/3 | €121,883 | €118,290 | -€3,593 | -2.9% |
| Remuneration and social security | 454/9 | €208,265 | €277,724 | +€69,460 | +33.4% |
| Other amounts payable | 47/48 | €386 | €0 | -€386 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,696,580 | €1,800,484 | +€103,904 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €402,993 | €403,852 | +€859 | +0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €120 | +€120 | |
| Other operating charges | 640/8 | €32,072 | €53,004 | +€20,932 | +65.3% |
| Non-recurring operating charges | 66A | €6,030 | €89,553 | +€83,523 | +1385.2% |
| Gross operating margin | 9900 | €2,184,547 | €2,400,446 | +€215,899 | +9.9% |
| Operating profit (loss) | 9901 | €46,872 | €53,434 | +€6,562 | +14.0% |
| Financial income | 75/76B | €7,926 | €11,406 | +€3,480 | +43.9% |
| Recurring financial income | 75 | €7,926 | €11,406 | +€3,480 | +43.9% |
| Financial charges | 65/66B | €33,536 | €29,473 | -€4,063 | -12.1% |
| Recurring financial charges | 65 | €33,536 | €29,473 | -€4,063 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €21,262 | €35,367 | +€14,104 | +66.3% |
| Income taxes | 67/77 | €10,411 | €19,099 | +€8,688 | +83.5% |
| Profit (loss) for the period | 9904 | €10,852 | €16,268 | +€5,416 | +49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,852 | €16,268 | +€5,416 | +49.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.