HM Glaswerken: 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.
HM Glaswerken
Largest movements
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Cash +€37,922
up €37,922 (+65,963%), from €57 to €37,979
mainly Current investments (+€100,000) and Net result for the year (+€87,028)
- Stocks and contracts -€22,545
down €22,545 (-54.0%), from €41,758 to €19,213
- Tangible fixed assets -€19,279
down €19,279 (-6.6%), from €293,999 to €274,720
of which Land and buildings: -€13,684
- Receivables within one year -€12,968
down €12,968 (-36.3%), from €35,710 to €22,743
of which Trade receivables: -€17,523
- Other debts -€59,711
down €59,711 (-47.2%), from €126,599 to €66,888
- Trade debts -€29,551
down €29,551 (-82.3%), from €35,890 to €6,338
- Debts after one year -€13,164
down €13,164 (-5.8%), from €227,270 to €214,106
- Reserves -€12,972
down €12,972 (-23.2%), from €55,974 to €43,002
- Short-term financial debts -€5,304
down €5,304 (-41.1%), from €12,889 to €7,586
- Gross operating margin -€16,105
down €16,105 (-9.9%), from €162,266 to €146,160
- Depreciation +€8,238
up €8,238 (+74.6%), from €11,041 to €19,279
- Taxes +€3,775
up €3,775 (+14.6%), from €25,776 to €29,552
- Financial income -€3,248
down €3,248 (-72.7%), from €4,469 to €1,221
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 | €477,525 | €354,656 | -€122,870 | -25.7% |
| Fixed assets | 21/28 | €298,999 | €274,720 | -€24,279 | -8.1% |
| Tangible fixed assets | 22/27 | €293,999 | €274,720 | -€19,279 | -6.6% |
| Land and buildings | 22 | €282,745 | €269,061 | -€13,684 | -4.8% |
| Plant, machinery and equipment | 23 | €32 | €0 | -€32 | -100% |
| Furniture and vehicles | 24 | €11,223 | €5,659 | -€5,564 | -49.6% |
| Financial fixed assets | 28 | €5,000 | €0 | -€5,000 | -100% |
| Current assets | 29/58 | €178,526 | €79,935 | -€98,591 | -55.2% |
| Amounts receivable after more than one year | 29 | €1,000 | €0 | -€1,000 | -100% |
| Other amounts receivable | 291 | €1,000 | €0 | -€1,000 | -100% |
| Stocks and contracts in progress | 3 | €41,758 | €19,213 | -€22,545 | -54.0% |
| Stocks | 30/36 | €41,758 | €19,213 | -€22,545 | -54.0% |
| Amounts receivable within one year | 40/41 | €35,710 | €22,743 | -€12,968 | -36.3% |
| Trade receivables | 40 | €28,333 | €10,810 | -€17,523 | -61.8% |
| Other amounts receivable | 41 | €7,377 | €11,932 | +€4,555 | +61.7% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €57 | €37,979 | +€37,922 | +65,963% |
| Total equity and liabilities | 10/49 | €477,525 | €354,656 | -€122,870 | -25.7% |
| Equity | 10/15 | €58,474 | €45,502 | -€12,972 | -22.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €55,974 | €43,002 | -€12,972 | -23.2% |
| Distributable reserves | 133 | €55,974 | €43,002 | -€12,972 | -23.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €419,052 | €309,154 | -€109,898 | -26.2% |
| Amounts payable after more than one year | 17 | €227,270 | €214,106 | -€13,164 | -5.8% |
| Financial debts | 170/4 | €227,270 | €214,106 | -€13,164 | -5.8% |
| Amounts payable within one year | 42/48 | €190,929 | €95,048 | -€95,880 | -50.2% |
| Current portion of amounts payable after more than one year | 42 | €13,645 | €14,236 | +€591 | +4.3% |
| Financial debts | 43 | €12,889 | €7,586 | -€5,304 | -41.1% |
| Credit institutions | 430/8 | €12,889 | €7,586 | -€5,304 | -41.1% |
| Trade debts | 44 | €35,890 | €6,338 | -€29,551 | -82.3% |
| Suppliers | 440/4 | €35,890 | €6,338 | -€29,551 | -82.3% |
| Taxes, remuneration and social security | 45 | €1,906 | €0 | -€1,906 | -100% |
| Taxes | 450/3 | €1,906 | €0 | -€1,906 | -100% |
| Other amounts payable | 47/48 | €126,599 | €66,888 | -€59,711 | -47.2% |
| Accrued charges and deferred income | 492/3 | €853 | €0 | -€853 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,041 | €19,279 | +€8,238 | +74.6% |
| Other operating charges | 640/8 | €454 | €646 | +€192 | +42.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €162,266 | €146,160 | -€16,105 | -9.9% |
| Operating profit (loss) | 9901 | €150,771 | €126,235 | -€24,536 | -16.3% |
| Financial income | 75/76B | €4,469 | €1,221 | -€3,248 | -72.7% |
| Recurring financial income | 75 | €4,469 | €1,221 | -€3,248 | -72.7% |
| Financial charges | 65/66B | €10,550 | €10,877 | +€326 | +3.1% |
| Recurring financial charges | 65 | €10,550 | €10,877 | +€326 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €144,690 | €116,579 | -€28,110 | -19.4% |
| Income taxes | 67/77 | €25,776 | €29,552 | +€3,775 | +14.6% |
| Profit (loss) for the period | 9904 | €118,914 | €87,028 | -€31,886 | -26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €118,914 | €87,028 | -€31,886 | -26.8% |
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 25 October 2026 via checked.be.