PATRICK GLABEKE: 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.
PATRICK GLABEKE
Largest movements
- Cash +€64,838
up €64,838 (+110%), from €58,758 to €123,596
mainly Debts after one year (+€57,012) and Depreciation (+€23,180)
- Deferred charges and accrued income -€4,544
down €4,544 (-97.8%), from €4,644 to €100
- Tangible fixed assets +€3,879
up €3,879 (+1.9%), from €201,208 to €205,087
of which Other tangible fixed assets: +€14,641
- Debts after one year +€57,012
up €57,012 (+48.0%), from €118,714 to €175,726
- Current portion of long-term debt +€7,004
up €7,004 (+50.9%), from €13,769 to €20,772
- Other debts +€4,070
up €4,070 (+21.0%), from €19,351 to €23,421
- Reserves +€3,682
up €3,682 (+3.4%), from €109,700 to €113,382
- Gross operating margin -€8,750
down €8,750 (-19.4%), from €45,121 to €36,371
- Taxes -€5,005
down €5,005 (-76.1%), from €6,579 to €1,574
- Depreciation +€3,326
up €3,326 (+16.8%), from €19,854 to €23,180
- Other operating charges +€3,126
up €3,126 (+200%), from €1,561 to €4,687
- Financial charges +€1,162
up €1,162 (+47.2%), from €2,461 to €3,623
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 | €293,275 | €362,388 | +€69,112 | +23.6% |
| Fixed assets | 21/28 | €201,208 | €205,087 | +€3,879 | +1.9% |
| Tangible fixed assets | 22/27 | €201,208 | €205,087 | +€3,879 | +1.9% |
| Land and buildings | 22 | €179,764 | €165,850 | -€13,914 | -7.7% |
| Plant, machinery and equipment | 23 | €17,723 | €21,685 | +€3,962 | +22.4% |
| Furniture and vehicles | 24 | €3,721 | €2,912 | -€810 | -21.8% |
| Other tangible fixed assets | 26 | - | €14,641 | +€14,641 | |
| Current assets | 29/58 | €92,068 | €157,301 | +€65,233 | +70.9% |
| Stocks and contracts in progress | 3 | €3,500 | €5,250 | +€1,750 | +50.0% |
| Stocks | 30/36 | €3,500 | €5,250 | +€1,750 | +50.0% |
| Amounts receivable within one year | 40/41 | €25,166 | €28,354 | +€3,189 | +12.7% |
| Trade receivables | 40 | €21,322 | €20,805 | -€517 | -2.4% |
| Other amounts receivable | 41 | €3,844 | €7,550 | +€3,705 | +96.4% |
| Cash at bank and in hand | 54/58 | €58,758 | €123,596 | +€64,838 | +110% |
| Deferred charges and accrued income | 490/1 | €4,644 | €100 | -€4,544 | -97.8% |
| Total equity and liabilities | 10/49 | €293,275 | €362,388 | +€69,112 | +23.6% |
| Equity | 10/15 | €115,900 | €119,582 | +€3,682 | +3.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €109,700 | €113,382 | +€3,682 | +3.4% |
| Distributable reserves | 133 | €109,700 | €113,382 | +€3,682 | +3.4% |
| Amounts payable | 17/49 | €177,376 | €242,806 | +€65,430 | +36.9% |
| Amounts payable after more than one year | 17 | €118,714 | €175,726 | +€57,012 | +48.0% |
| Financial debts | 170/4 | €118,714 | €175,726 | +€57,012 | +48.0% |
| Amounts payable within one year | 42/48 | €58,624 | €67,033 | +€8,409 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €13,769 | €20,772 | +€7,004 | +50.9% |
| Trade debts | 44 | €16,470 | €15,241 | -€1,229 | -7.5% |
| Suppliers | 440/4 | €16,470 | €15,241 | -€1,229 | -7.5% |
| Taxes, remuneration and social security | 45 | €9,034 | €7,598 | -€1,436 | -15.9% |
| Taxes | 450/3 | €9,034 | €7,598 | -€1,436 | -15.9% |
| Other amounts payable | 47/48 | €19,351 | €23,421 | +€4,070 | +21.0% |
| Accrued charges and deferred income | 492/3 | €38 | €47 | +€9 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,854 | €23,180 | +€3,326 | +16.8% |
| Other operating charges | 640/8 | €1,561 | €4,687 | +€3,126 | +200% |
| Gross operating margin | 9900 | €45,121 | €36,371 | -€8,750 | -19.4% |
| Operating profit (loss) | 9901 | €23,706 | €8,505 | -€15,202 | -64.1% |
| Financial income | 75/76B | €258 | €374 | +€116 | +44.9% |
| Recurring financial income | 75 | €258 | €374 | +€116 | +44.9% |
| Financial charges | 65/66B | €2,461 | €3,623 | +€1,162 | +47.2% |
| Recurring financial charges | 65 | €2,461 | €3,623 | +€1,162 | +47.2% |
| Profit (loss) for the period before taxes | 9903 | €21,503 | €5,256 | -€16,248 | -75.6% |
| Income taxes | 67/77 | €6,579 | €1,574 | -€5,005 | -76.1% |
| Profit (loss) for the period | 9904 | €14,924 | €3,682 | -€11,242 | -75.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,924 | €3,682 | -€11,242 | -75.3% |
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 26 October 2026 via checked.be.