GLV Management: 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.
GLV Management
Largest movements
- Tangible fixed assets -€25,225
down €25,225 (-10.0%), from €251,209 to €225,984
of which Leasing and similar rights: -€17,185
- Cash +€16,832
up €16,832 (+217.9%), from €7,726 to €24,558
mainly Other debts (+€64,735) and Net result for the year (+€44,525)
- Receivables within one year +€3,300
up €3,300 (+11.1%), from €29,622 to €32,922
of which Trade receivables: +€2,822
- Other debts +€64,735
new in 2025: €64,735
- Reserves -€31,616
down €31,616 (-100.0%), from €31,616 to €0
- Trade debts -€26,205
down €26,205 (-96.2%), from €27,253 to €1,048
- Debts after one year -€24,509
down €24,509 (-12.6%), from €193,890 to €169,381
- Tax, wage and social debts +€11,647
up €11,647 (+129.3%), from €9,008 to €20,654
- Gross operating margin +€25,523
up €25,523 (+38.8%), from €65,711 to €91,234
- Other operating charges -€19,096
down €19,096 (-92.2%), from €20,711 to €1,615
- Taxes +€7,462
up €7,462 (+171.3%), from €4,356 to €11,818
- Financial charges +€5,058
up €5,058 (+169.0%), from €2,993 to €8,051
- Depreciation +€2,293
up €2,293 (+10.0%), from €22,932 to €25,225
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 | €290,341 | €285,634 | -€4,708 | -1.6% |
| Fixed assets | 21/28 | €251,209 | €225,984 | -€25,225 | -10.0% |
| Tangible fixed assets | 22/27 | €251,209 | €225,984 | -€25,225 | -10.0% |
| Land and buildings | 22 | €200,077 | €192,037 | -€8,040 | -4.0% |
| Leasing and similar rights | 25 | €51,131 | €33,946 | -€17,185 | -33.6% |
| Current assets | 29/58 | €39,133 | €59,650 | +€20,517 | +52.4% |
| Amounts receivable within one year | 40/41 | €29,622 | €32,922 | +€3,300 | +11.1% |
| Trade receivables | 40 | €29,416 | €32,237 | +€2,822 | +9.6% |
| Other amounts receivable | 41 | €206 | €685 | +€478 | +232.1% |
| Cash at bank and in hand | 54/58 | €7,726 | €24,558 | +€16,832 | +217.9% |
| Deferred charges and accrued income | 490/1 | €1,786 | €2,171 | +€386 | +21.6% |
| Total equity and liabilities | 10/49 | €290,341 | €285,634 | -€4,708 | -1.6% |
| Equity | 10/15 | €36,616 | €5,000 | -€31,616 | -86.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €31,616 | €0 | -€31,616 | -100.0% |
| Distributable reserves | 133 | €31,616 | €0 | -€31,616 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €253,726 | €280,634 | +€26,908 | +10.6% |
| Amounts payable after more than one year | 17 | €193,890 | €169,381 | -€24,509 | -12.6% |
| Financial debts | 170/4 | €193,890 | €169,381 | -€24,509 | -12.6% |
| Amounts payable within one year | 42/48 | €59,836 | €110,945 | +€51,109 | +85.4% |
| Current portion of amounts payable after more than one year | 42 | €23,574 | €24,508 | +€934 | +4.0% |
| Financial debts | 43 | €2 | €0 | -€2 | -100.0% |
| Credit institutions | 430/8 | €2 | €0 | -€2 | -100.0% |
| Trade debts | 44 | €27,253 | €1,048 | -€26,205 | -96.2% |
| Suppliers | 440/4 | €27,253 | €1,048 | -€26,205 | -96.2% |
| Taxes, remuneration and social security | 45 | €9,008 | €20,654 | +€11,647 | +129.3% |
| Taxes | 450/3 | €9,008 | €20,654 | +€11,647 | +129.3% |
| Other amounts payable | 47/48 | - | €64,735 | +€64,735 | |
| Accrued charges and deferred income | 492/3 | - | €308 | +€308 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,932 | €25,225 | +€2,293 | +10.0% |
| Other operating charges | 640/8 | €20,711 | €1,615 | -€19,096 | -92.2% |
| Gross operating margin | 9900 | €65,711 | €91,234 | +€25,523 | +38.8% |
| Operating profit (loss) | 9901 | €22,069 | €64,394 | +€42,325 | +191.8% |
| Financial income | 75/76B | €4 | €0 | -€4 | -100.0% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100.0% |
| Financial charges | 65/66B | €2,993 | €8,051 | +€5,058 | +169.0% |
| Recurring financial charges | 65 | €2,993 | €8,051 | +€5,058 | +169.0% |
| Profit (loss) for the period before taxes | 9903 | €19,080 | €56,343 | +€37,263 | +195.3% |
| Income taxes | 67/77 | €4,356 | €11,818 | +€7,462 | +171.3% |
| Profit (loss) for the period | 9904 | €14,724 | €44,525 | +€29,801 | +202.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,724 | €44,525 | +€29,801 | +202.4% |
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 10 October 2026 via checked.be.