GLUE: 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.
GLUE
Largest movements
- Cash -€98,391
down €98,391 (-26.0%), from €378,021 to €279,630
mainly Trade debts (-€181,941) and Receivables within one year (-€40,738)
- Receivables within one year +€40,738
up €40,738 (+16.4%), from €248,427 to €289,165
of which Trade receivables: +€105,355
- Deferred charges and accrued income +€10,304
up €10,304 (+105.4%), from €9,778 to €20,081
- Financial fixed assets +€9,640
new in 2025: €9,640
- Tangible fixed assets -€8,581
down €8,581 (-13.0%), from €65,951 to €57,370
of which Furniture and vehicles: -€6,092
- Trade debts -€181,941
down €181,941 (-82.6%), from €220,251 to €38,310
- Reserves +€125,228
up €125,228 (+46.6%), from €268,752 to €393,979
of which Distributable reserves: +€125,228
- Tax, wage and social debts +€26,951
up €26,951 (+28.1%), from €95,991 to €122,942
of which Taxes: +€42,105
- Other debts -€14,019
down €14,019 (-18.8%), from €74,563 to €60,544
- Gross operating margin +€80,579
up €80,579 (+14.2%), from €567,303 to €647,883
- Staff costs -€72,939
down €72,939 (-14.1%), from €516,492 to €443,554
- Taxes +€37,653
up €37,653 (+458.3%), from €8,215 to €45,869
- Write-downs +€15,188
new in 2025: €15,188
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 | €702,176 | €655,885 | -€46,291 | -6.6% |
| Fixed assets | 21/28 | €65,951 | €67,010 | +€1,059 | +1.6% |
| Tangible fixed assets | 22/27 | €65,951 | €57,370 | -€8,581 | -13.0% |
| Land and buildings | 22 | €2,381 | €0 | -€2,381 | -100.0% |
| Plant, machinery and equipment | 23 | €35,194 | €35,086 | -€108 | -0.3% |
| Furniture and vehicles | 24 | €28,376 | €22,284 | -€6,092 | -21.5% |
| Financial fixed assets | 28 | - | €9,640 | +€9,640 | |
| Current assets | 29/58 | €636,225 | €588,875 | -€47,350 | -7.4% |
| Amounts receivable within one year | 40/41 | €248,427 | €289,165 | +€40,738 | +16.4% |
| Trade receivables | 40 | €181,178 | €286,533 | +€105,355 | +58.1% |
| Other amounts receivable | 41 | €67,248 | €2,631 | -€64,617 | -96.1% |
| Cash at bank and in hand | 54/58 | €378,021 | €279,630 | -€98,391 | -26.0% |
| Deferred charges and accrued income | 490/1 | €9,778 | €20,081 | +€10,304 | +105.4% |
| Total equity and liabilities | 10/49 | €702,176 | €655,885 | -€46,291 | -6.6% |
| Equity | 10/15 | €293,552 | €418,779 | +€125,228 | +42.7% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €268,752 | €393,979 | +€125,228 | +46.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €280 | €280 | = | 0.0% |
| Distributable reserves | 133 | €266,612 | €391,839 | +€125,228 | +47.0% |
| Amounts payable | 17/49 | €408,624 | €237,106 | -€171,518 | -42.0% |
| Amounts payable within one year | 42/48 | €403,688 | €234,654 | -€169,034 | -41.9% |
| Current portion of amounts payable after more than one year | 42 | €12,883 | €12,857 | -€26 | -0.2% |
| Trade debts | 44 | €220,251 | €38,310 | -€181,941 | -82.6% |
| Suppliers | 440/4 | €220,251 | €38,310 | -€181,941 | -82.6% |
| Taxes, remuneration and social security | 45 | €95,991 | €122,942 | +€26,951 | +28.1% |
| Taxes | 450/3 | €4,887 | €46,992 | +€42,105 | +861.6% |
| Remuneration and social security | 454/9 | €91,104 | €75,950 | -€15,154 | -16.6% |
| Other amounts payable | 47/48 | €74,563 | €60,544 | -€14,019 | -18.8% |
| Accrued charges and deferred income | 492/3 | €4,937 | €2,452 | -€2,485 | -50.3% |
| Non-recurring operating income | 76A | €0 | €3,834 | +€3,834 | |
| Remuneration, social security and pensions | 62 | €516,492 | €443,554 | -€72,939 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,850 | €12,860 | -€3,990 | -23.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €15,188 | +€15,188 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €5,790 | €1,821 | -€3,969 | -68.6% |
| Non-recurring operating charges | 66A | €1,623 | €0 | -€1,623 | -100.0% |
| Gross operating margin | 9900 | €567,303 | €647,883 | +€80,579 | +14.2% |
| Operating profit (loss) | 9901 | €26,548 | €174,460 | +€147,913 | +557.2% |
| Financial income | 75/76B | €171 | €1,963 | +€1,792 | +1046.6% |
| Recurring financial income | 75 | €171 | €1,963 | +€1,792 | +1046.6% |
| Financial charges | 65/66B | €7,116 | €5,327 | -€1,789 | -25.1% |
| Recurring financial charges | 65 | €7,116 | €5,327 | -€1,789 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €19,603 | €171,096 | +€151,493 | +772.8% |
| Income taxes | 67/77 | €8,215 | €45,869 | +€37,653 | +458.3% |
| Profit (loss) for the period | 9904 | €11,388 | €125,228 | +€113,840 | +999.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,388 | €125,228 | +€113,840 | +999.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.