GLST: 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.
GLST
Largest movements
- Receivables within one year +€18,000
new in 2025: €18,000
- Tangible fixed assets -€13,689
down €13,689 (-5.8%), from €236,171 to €222,482
of which Land and buildings: -€12,231
- Cash -€10,383
down €10,383 (-4.2%), from €248,426 to €238,044
mainly Other debts (-€20,000) and Receivables within one year (-€18,000)
- Other debts -€20,000
down €20,000 (-4.3%), from €465,919 to €445,919
- Profit (loss) carried forward +€13,928
up €13,928 (+27.7%), from -€50,322 to -€36,394
- Gross operating margin +€17,070
up €17,070 (+160.9%), from €10,608 to €27,677
- Other operating charges -€4,842
no longer reported in 2025 (was €4,842)
- Depreciation +€529
up €529 (+4.0%), from €13,160 to €13,689
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 | €484,597 | €478,525 | -€6,072 | -1.3% |
| Fixed assets | 21/28 | €236,171 | €222,482 | -€13,689 | -5.8% |
| Tangible fixed assets | 22/27 | €236,171 | €222,482 | -€13,689 | -5.8% |
| Land and buildings | 22 | €223,633 | €211,402 | -€12,231 | -5.5% |
| Plant, machinery and equipment | 23 | €12,538 | €11,080 | -€1,458 | -11.6% |
| Current assets | 29/58 | €248,426 | €256,044 | +€7,617 | +3.1% |
| Amounts receivable within one year | 40/41 | - | €18,000 | +€18,000 | |
| Other amounts receivable | 41 | - | €18,000 | +€18,000 | |
| Cash at bank and in hand | 54/58 | €248,426 | €238,044 | -€10,383 | -4.2% |
| Total equity and liabilities | 10/49 | €484,597 | €478,525 | -€6,072 | -1.3% |
| Equity | 10/15 | -€30,322 | -€16,394 | +€13,928 | +45.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,322 | -€36,394 | +€13,928 | +27.7% |
| Amounts payable | 17/49 | €514,919 | €494,919 | -€20,000 | -3.9% |
| Amounts payable after more than one year | 17 | €49,000 | €49,000 | = | 0.0% |
| Financial debts | 170/4 | €49,000 | €49,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €465,919 | €445,919 | -€20,000 | -4.3% |
| Other amounts payable | 47/48 | €465,919 | €445,919 | -€20,000 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,160 | €13,689 | +€529 | +4.0% |
| Other operating charges | 640/8 | €4,842 | - | -€4,842 | |
| Gross operating margin | 9900 | €10,608 | €27,677 | +€17,070 | +160.9% |
| Operating profit (loss) | 9901 | -€7,394 | €13,988 | +€21,382 | |
| Financial charges | 65/66B | €60 | €60 | = | 0.0% |
| Recurring financial charges | 65 | €60 | €60 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€7,454 | €13,928 | +€21,382 | |
| Profit (loss) for the period | 9904 | -€7,454 | €13,928 | +€21,382 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,454 | €13,928 | +€21,382 |
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 30 September 2026 via checked.be.