GLW: 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.
GLW
Largest movements
- Receivables within one year -€62,273
down €62,273 (-98.1%), from €63,473 to €1,199
- Intangible fixed assets -€38,148
down €38,148 (-20.0%), from €190,738 to €152,590
- Debts after one year -€39,707
down €39,707 (-21.5%), from €184,956 to €145,249
- Trade debts -€36,901
no longer reported in 2025 (was €36,901)
- Tax, wage and social debts -€19,708
no longer reported in 2025 (was €19,708)
- Short-term financial debts -€9,205
no longer reported in 2025 (was €9,205)
- Profit (loss) carried forward +€4,200
up €4,200 (+6.8%), from -€61,898 to -€57,698
- Financial charges -€50,877
down €50,877 (-87.6%), from €58,100 to €7,223
of which Non-recurring financial charges: -€46,700
- Gross operating margin +€7,049
up €7,049 (+16.6%), from €42,586 to €49,636
- Depreciation -€1,606
down €1,606 (-4.0%), from €39,754 to €38,148
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 | €254,550 | €153,997 | -€100,553 | -39.5% |
| Fixed assets | 21/28 | €190,738 | €152,590 | -€38,148 | -20.0% |
| Intangible fixed assets | 21 | €190,738 | €152,590 | -€38,148 | -20.0% |
| Current assets | 29/58 | €63,812 | €1,407 | -€62,405 | -97.8% |
| Amounts receivable within one year | 40/41 | €63,473 | €1,199 | -€62,273 | -98.1% |
| Other amounts receivable | 41 | €63,473 | €1,199 | -€62,273 | -98.1% |
| Cash at bank and in hand | 54/58 | €339 | €208 | -€132 | -38.8% |
| Total equity and liabilities | 10/49 | €254,550 | €153,997 | -€100,553 | -39.5% |
| Equity | 10/15 | -€37,658 | -€33,459 | +€4,200 | +11.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €4,239 | €4,239 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,239 | €2,239 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,898 | -€57,698 | +€4,200 | +6.8% |
| Amounts payable | 17/49 | €292,208 | €187,456 | -€104,753 | -35.8% |
| Amounts payable after more than one year | 17 | €184,956 | €145,249 | -€39,707 | -21.5% |
| Financial debts | 170/4 | €184,956 | €145,249 | -€39,707 | -21.5% |
| Amounts payable within one year | 42/48 | €107,253 | €42,207 | -€65,045 | -60.6% |
| Current portion of amounts payable after more than one year | 42 | €41,439 | €42,207 | +€769 | +1.9% |
| Financial debts | 43 | €9,205 | - | -€9,205 | |
| Credit institutions | 430/8 | €9,205 | - | -€9,205 | |
| Trade debts | 44 | €36,901 | - | -€36,901 | |
| Suppliers | 440/4 | €36,901 | - | -€36,901 | |
| Taxes, remuneration and social security | 45 | €19,708 | - | -€19,708 | |
| Taxes | 450/3 | €19,708 | - | -€19,708 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,754 | €38,148 | -€1,606 | -4.0% |
| Other operating charges | 640/8 | €225 | €66 | -€159 | -70.7% |
| Gross operating margin | 9900 | €42,586 | €49,636 | +€7,049 | +16.6% |
| Operating profit (loss) | 9901 | €2,608 | €11,423 | +€8,815 | +338% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €58,100 | €7,223 | -€50,877 | -87.6% |
| Recurring financial charges | 65 | €11,400 | €7,223 | -€4,177 | -36.6% |
| Non-recurring financial charges | 66B | €46,700 | - | -€46,700 | |
| Profit (loss) for the period before taxes | 9903 | -€55,492 | €4,200 | +€59,692 | |
| Income taxes | 67/77 | €131 | - | -€131 | |
| Profit (loss) for the period | 9904 | -€55,623 | €4,200 | +€59,823 | |
| Profit (loss) for the period to be appropriated | 9905 | -€55,623 | €4,200 | +€59,823 |
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 18 October 2026 via checked.be.