Group GL: 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.
What changed
Group GL
NACE 68.122, Development of non-residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €10.1m-€8.9m
Equity
€32.5m
2024 · €31.2m+€1.2m
Cash
€15,922
2024 · €224,629-€208,708
Balance sheet total
€55.0m
2024 · €56.6m-€1.6m
Largest movements
Assets
- Receivables within one year -€1.8m
down €1.8m (-4.7%), from €38.9m to €37.1m
of which Other amounts receivable: -€1.8m
Equity and liabilities
- Short-term financial debts -€4.4m
down €4.4m (-81.3%), from €5.4m to €1.0m
- Other debts +€3.6m
up €3.6m (+38.2%), from €9.4m to €13.0m
- Trade debts -€1.3m
down €1.3m (-40.8%), from €3.3m to €1.9m
- Profit (loss) carried forward +€1.2m
up €1.2m (+4.0%), from €31.0m to €32.2m
Income statement
- Financial income -€19.1m
down €19.1m (-92.6%), from €20.7m to €1.5m
of which Non-recurring financial income: -€16.9m
- Financial charges -€10.7m
down €10.7m (-97.0%), from €11.0m to €326,462
of which Non-recurring financial charges: -€10.5m
- Goods and materials -€1.4m
down €1.4m (-43.8%), from €3.1m to €1.8m
- Turnover -€665,951
down €665,951 (-21.2%), from €3.1m to €2.5m
- Write-downs +€250,000
no longer reported in 2025 (was -€250,000)
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.
Result 2024
€10.1m
Turnover
-€665,951
Other operating income
-€99,492
Goods and materials
+€1.4m
Services and other goods
+€57,521
Depreciation
+€442
Write-downs
-€250,000
Other operating charges
+€218,127
Other operating items
-€1.1m
Financial income
-€19.1m
Financial charges
+€10.7m
Taxes
+€80,702
Result 2025
€1.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.8m
Investment
-€427,000
Financing
-€4.5m
Cash 2024
€224,629
From operations (derived)
+€4.8m
Net result for the year
+€1.2m
Depreciation
+€47,037
Stocks and contracts
-€37,019
Receivables within one year
+€1.8m
Smaller working-capital items
-€5,261
Provisions
-€298,764
Trade debts
-€1.3m
Advances received
-€236,825
Other debts
+€3.6m
Accrued charges and deferred income
-€14,624
Investment (derived)
-€427,000
Investment in fixed assets (net)
-€31,000
Current investments
-€396,000
Financing
-€4.5m
Debts after one year
-€118,489
Current portion of long-term debt
-€73,488
Short-term financial debts
-€4.4m
Cash 2025
€15,922
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,587,665 | €54,987,024 | -€1.6m | -2.8% |
| Fixed assets | 21/28 | €7,417,646 | €7,401,609 | -€16,037 | -0.2% |
| Tangible fixed assets | 22/27 | €759,114 | €712,077 | -€47,037 | -6.2% |
| Land and buildings | 22 | €759,114 | €712,077 | -€47,037 | -6.2% |
| Financial fixed assets | 28 | €6,658,532 | €6,689,532 | +€31,000 | +0.5% |
| Affiliated companies | 280/1 | €6,658,532 | €6,689,532 | +€31,000 | +0.5% |
| Participating interests | 280 | €6,658,532 | €6,689,532 | +€31,000 | +0.5% |
| Current assets | 29/58 | €49,170,019 | €47,585,415 | -€1.6m | -3.2% |
| Amounts receivable after more than one year | 29 | €10,589 | €10,589 | = | 0.0% |
| Other amounts receivable | 291 | €10,589 | €10,589 | = | 0.0% |
| Stocks and contracts in progress | 3 | €9,699,218 | €9,736,237 | +€37,019 | +0.4% |
| Contracts in progress | 37 | €9,699,218 | €9,736,237 | +€37,019 | +0.4% |
| Amounts receivable within one year | 40/41 | €38,869,418 | €37,052,768 | -€1.8m | -4.7% |
| Trade receivables | 40 | €71,949 | €91,134 | +€19,185 | +26.7% |
| Other amounts receivable | 41 | €38,797,469 | €36,961,634 | -€1.8m | -4.7% |
| Current investments | 50/53 | €304,456 | €700,456 | +€396,000 | +130% |
| Other investments | 51/53 | €304,456 | €700,456 | +€396,000 | +130% |
| Cash at bank and in hand | 54/58 | €224,629 | €15,922 | -€208,708 | -92.9% |
| Deferred charges and accrued income | 490/1 | €61,709 | €69,443 | +€7,734 | +12.5% |
| Total equity and liabilities | 10/49 | €56,587,665 | €54,987,024 | -€1.6m | -2.8% |
| Equity | 10/15 | €31,248,413 | €32,490,152 | +€1.2m | +4.0% |
| Contributions | 10/11 | €240,000 | €240,000 | = | 0.0% |
| Capital | 10 | €240,000 | €240,000 | = | 0.0% |
| Issued capital | 100 | €240,000 | €240,000 | = | 0.0% |
| Reserves | 13 | €24,000 | €24,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,000 | €24,000 | = | 0.0% |
| Legal reserve | 130 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,984,413 | €32,226,152 | +€1.2m | +4.0% |
| Provisions and deferred taxes | 16 | €298,764 | - | -€298,764 | |
| Provisions for liabilities and charges | 160/5 | €298,764 | - | -€298,764 | |
| Other liabilities and charges | 164/5 | €298,764 | - | -€298,764 | |
| Amounts payable | 17/49 | €25,040,488 | €22,496,872 | -€2.5m | -10.2% |
| Amounts payable after more than one year | 17 | €6,504,178 | €6,385,689 | -€118,489 | -1.8% |
| Financial debts | 170/4 | €6,504,178 | €6,385,689 | -€118,489 | -1.8% |
| Credit institutions | 173 | €7,342 | - | -€7,342 | |
| Other loans | 174 | €6,496,836 | €6,385,689 | -€111,147 | -1.7% |
| Amounts payable within one year | 42/48 | €18,516,816 | €16,106,312 | -€2.4m | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €199,693 | €126,205 | -€73,488 | -36.8% |
| Financial debts | 43 | €5,351,343 | €1,000,000 | -€4.4m | -81.3% |
| Credit institutions | 430/8 | €5,351,343 | €1,000,000 | -€4.4m | -81.3% |
| Trade debts | 44 | €3,279,420 | €1,939,861 | -€1.3m | -40.8% |
| Suppliers | 440/4 | €3,279,420 | €1,939,861 | -€1.3m | -40.8% |
| Advances received on contracts in progress | 46 | €236,825 | - | -€236,825 | |
| Taxes, remuneration and social security | 45 | €60,606 | €63,080 | +€2,473 | +4.1% |
| Taxes | 450/3 | €60,606 | €63,080 | +€2,473 | +4.1% |
| Other amounts payable | 47/48 | €9,388,929 | €12,977,167 | +€3.6m | +38.2% |
| Accrued charges and deferred income | 492/3 | €19,494 | €4,870 | -€14,624 | -75.0% |
| Operating income | 70/76A | €4,428,791 | €2,530,195 | -€1.9m | -42.9% |
| Turnover | 70 | €3,146,590 | €2,480,639 | -€665,951 | -21.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,170,173 | €37,019 | -€1.1m | -96.8% |
| Other operating income | 74 | €112,028 | €12,536 | -€99,492 | -88.8% |
| Operating charges | 60/66A | €3,613,552 | €2,215,547 | -€1.4m | -38.7% |
| Goods for resale, raw materials and consumables | 60 | €3,131,255 | €1,759,340 | -€1.4m | -43.8% |
| Purchases | 600/8 | €3,131,255 | €1,759,340 | -€1.4m | -43.8% |
| Services and other goods | 61 | €436,544 | €379,023 | -€57,521 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,479 | €47,037 | -€442 | -0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€250,000 | - | +€250,000 | |
| Other operating charges | 640/8 | €248,274 | €30,146 | -€218,127 | -87.9% |
| Operating profit (loss) | 9901 | €815,239 | €314,647 | -€500,591 | -61.4% |
| Financial income | 75/76B | €20,664,631 | €1,520,742 | -€19.1m | -92.6% |
| Recurring financial income | 75 | €3,797,722 | €1,520,742 | -€2.3m | -60.0% |
| Income from financial fixed assets | 750 | €2,500,000 | €125,000 | -€2.4m | -95.0% |
| Income from current assets | 751 | €1,272,875 | €1,395,031 | +€122,155 | +9.6% |
| Other financial income | 752/9 | €24,847 | €712 | -€24,135 | -97.1% |
| Non-recurring financial income | 76B | €16,866,909 | - | -€16.9m | |
| Financial charges | 65/66B | €11,031,255 | €326,462 | -€10.7m | -97.0% |
| Recurring financial charges | 65 | €396,631 | €220,748 | -€175,883 | -44.3% |
| Debt charges | 650 | €894,724 | €512,422 | -€382,302 | -42.7% |
| Other financial charges | 652/9 | -€498,093 | -€291,674 | +€206,419 | +41.4% |
| Non-recurring financial charges | 66B | €10,634,624 | €105,713 | -€10.5m | -99.0% |
| Profit (loss) for the period before taxes | 9903 | €10,448,614 | €1,508,928 | -€8.9m | -85.6% |
| Income taxes | 67/77 | €347,891 | €267,189 | -€80,702 | -23.2% |
| Taxes | 670/3 | €355,744 | €307,276 | -€48,468 | -13.6% |
| Tax adjustments and reversals of tax provisions | 77 | €7,853 | €40,087 | +€32,234 | +410% |
| Profit (loss) for the period | 9904 | €10,100,723 | €1,241,739 | -€8.9m | -87.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,100,723 | €1,241,739 | -€8.9m | -87.7% |
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 14 October 2026 via checked.be.