GLTA MANAGEMENT: 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.
GLTA MANAGEMENT
Largest movements
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash -€119,864
down €119,864 (-83.4%), from €143,785 to €23,920
mainly Debts after one year (-€547,422) and Investment in fixed assets (net) (-€10,000)
- Debts after one year -€547,422
down €547,422 (-15.9%), from €3.4m to €2.9m
- Profit (loss) carried forward +€283,401
up €283,401 (+11.4%), from €2.5m to €2.8m
- Financial charges +€123,706
up €123,706 (+568.4%), from €21,763 to €145,468
- Financial income -€101,249
down €101,249 (-19.9%), from €508,267 to €407,018
- Gross operating margin +€62,168
up €62,168, from -€37,920 to €24,249
- Depreciation +€861
up €861 (+838.5%), from €103 to €964
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 | €6,371,895 | €6,111,594 | -€260,301 | -4.1% |
| Fixed assets | 21/28 | €6,051,838 | €6,060,874 | +€9,036 | +0.1% |
| Tangible fixed assets | 22/27 | €2,788 | €1,825 | -€964 | -34.6% |
| Plant, machinery and equipment | 23 | €2,788 | €1,825 | -€964 | -34.6% |
| Financial fixed assets | 28 | €6,049,050 | €6,059,050 | +€10,000 | +0.2% |
| Current assets | 29/58 | €320,057 | €50,719 | -€269,337 | -84.2% |
| Amounts receivable within one year | 40/41 | €24,173 | €24,783 | +€610 | +2.5% |
| Trade receivables | 40 | €23,936 | €24,292 | +€356 | +1.5% |
| Other amounts receivable | 41 | €237 | €491 | +€254 | +107.1% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €143,785 | €23,920 | -€119,864 | -83.4% |
| Deferred charges and accrued income | 490/1 | €2,099 | €2,016 | -€83 | -4.0% |
| Total equity and liabilities | 10/49 | €6,371,895 | €6,111,594 | -€260,301 | -4.1% |
| Equity | 10/15 | €2,480,730 | €2,764,131 | +€283,401 | +11.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,475,730 | €2,759,131 | +€283,401 | +11.4% |
| Amounts payable | 17/49 | €3,891,164 | €3,347,462 | -€543,702 | -14.0% |
| Amounts payable after more than one year | 17 | €3,439,016 | €2,891,594 | -€547,422 | -15.9% |
| Financial debts | 170/4 | €3,439,016 | €2,891,594 | -€547,422 | -15.9% |
| Amounts payable within one year | 42/48 | €452,149 | €455,868 | +€3,720 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €402,429 | €402,429 | = | 0.0% |
| Trade debts | 44 | €14 | €816 | +€802 | +5803.9% |
| Suppliers | 440/4 | €14 | €816 | +€802 | +5803.9% |
| Taxes, remuneration and social security | 45 | €45,586 | €48,402 | +€2,817 | +6.2% |
| Taxes | 450/3 | €45,586 | €48,402 | +€2,817 | +6.2% |
| Other amounts payable | 47/48 | €4,120 | €4,222 | +€101 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103 | €964 | +€861 | +838.5% |
| Other operating charges | 640/8 | €1,149 | €844 | -€305 | -26.5% |
| Non-recurring operating charges | 66A | €99 | €344 | +€245 | +247.1% |
| Gross operating margin | 9900 | -€37,920 | €24,249 | +€62,168 | |
| Operating profit (loss) | 9901 | -€39,270 | €22,097 | +€61,367 | |
| Financial income | 75/76B | €508,267 | €407,018 | -€101,249 | -19.9% |
| Recurring financial income | 75 | €508,267 | €407,018 | -€101,249 | -19.9% |
| Financial charges | 65/66B | €21,763 | €145,468 | +€123,706 | +568.4% |
| Recurring financial charges | 65 | €21,763 | €145,468 | +€123,706 | +568.4% |
| Profit (loss) for the period before taxes | 9903 | €447,234 | €283,647 | -€163,587 | -36.6% |
| Income taxes | 67/77 | €244 | €246 | +€2 | +0.8% |
| Profit (loss) for the period | 9904 | €446,990 | €283,401 | -€163,589 | -36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €446,990 | €283,401 | -€163,589 | -36.6% |
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 4 October 2026 via checked.be.