GLUNDER: 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.
GLUNDER
Largest movements
- Receivables within one year -€8,969
down €8,969 (-49.4%), from €18,148 to €9,179
of which Trade receivables: -€10,837
- Tangible fixed assets -€6,337
down €6,337 (-33.0%), from €19,228 to €12,891
of which Leasing and similar rights: -€5,694
- Cash +€4,116
up €4,116 (+9.9%), from €41,769 to €45,885
mainly Receivables within one year (+€8,969) and Depreciation (+€6,337)
- Debts after one year -€6,681
down €6,681 (-85.4%), from €7,820 to €1,139
- Profit (loss) carried forward -€5,325
down €5,325 (-11.5%), from -€46,200 to -€51,525
- Other debts +€1,077
up €1,077 (+5.6%), from €19,160 to €20,237
- Gross operating margin +€40,053
up €40,053, from -€37,057 to €2,996
- Depreciation -€472
down €472 (-6.9%), from €6,809 to €6,337
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 | €81,767 | €70,861 | -€10,906 | -13.3% |
| Fixed assets | 21/28 | €19,378 | €13,041 | -€6,337 | -32.7% |
| Tangible fixed assets | 22/27 | €19,228 | €12,891 | -€6,337 | -33.0% |
| Furniture and vehicles | 24 | €1,378 | €1,024 | -€353 | -25.7% |
| Leasing and similar rights | 25 | €16,693 | €10,998 | -€5,694 | -34.1% |
| Other tangible fixed assets | 26 | €1,157 | €868 | -€289 | -25.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €62,389 | €57,820 | -€4,569 | -7.3% |
| Amounts receivable within one year | 40/41 | €18,148 | €9,179 | -€8,969 | -49.4% |
| Trade receivables | 40 | €13,976 | €3,139 | -€10,837 | -77.5% |
| Other amounts receivable | 41 | €4,172 | €6,040 | +€1,868 | +44.8% |
| Cash at bank and in hand | 54/58 | €41,769 | €45,885 | +€4,116 | +9.9% |
| Deferred charges and accrued income | 490/1 | €2,473 | €2,757 | +€284 | +11.5% |
| Total equity and liabilities | 10/49 | €81,767 | €70,861 | -€10,906 | -13.3% |
| Equity | 10/15 | €43,924 | €38,598 | -€5,325 | -12.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €77,723 | €77,723 | = | 0.0% |
| Distributable reserves | 133 | €77,723 | €77,723 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,200 | -€51,525 | -€5,325 | -11.5% |
| Amounts payable | 17/49 | €37,843 | €32,262 | -€5,581 | -14.7% |
| Amounts payable after more than one year | 17 | €7,820 | €1,139 | -€6,681 | -85.4% |
| Financial debts | 170/4 | €7,820 | €1,139 | -€6,681 | -85.4% |
| Amounts payable within one year | 42/48 | €29,960 | €31,109 | +€1,149 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €7,195 | €6,888 | -€307 | -4.3% |
| Trade debts | 44 | €1,749 | €1,603 | -€146 | -8.3% |
| Suppliers | 440/4 | €1,749 | €1,603 | -€146 | -8.3% |
| Taxes, remuneration and social security | 45 | €1,856 | €2,381 | +€524 | +28.3% |
| Taxes | 450/3 | €1,856 | €2,381 | +€524 | +28.3% |
| Other amounts payable | 47/48 | €19,160 | €20,237 | +€1,077 | +5.6% |
| Accrued charges and deferred income | 492/3 | €63 | €15 | -€48 | -76.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,809 | €6,337 | -€472 | -6.9% |
| Other operating charges | 640/8 | €1,334 | €1,285 | -€50 | -3.7% |
| Gross operating margin | 9900 | -€37,057 | €2,996 | +€40,053 | |
| Operating profit (loss) | 9901 | -€45,200 | -€4,626 | +€40,574 | +89.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €871 | €567 | -€304 | -34.9% |
| Recurring financial charges | 65 | €871 | €567 | -€304 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | -€46,072 | -€5,193 | +€40,878 | +88.7% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€46,200 | -€5,325 | +€40,874 | +88.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,200 | -€5,325 | +€40,874 | +88.5% |
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 17 October 2026 via checked.be.