The Glowing Beluga: what changed
The Glowing Beluga
Largest movements
- Tangible fixed assets -€1,965
down €1,965 (-19.5%), from €10,090 to €8,125
- Cash +€1,936
up €1,936 (+18.7%), from €10,362 to €12,298
mainly Other debts (+€4,835) and Depreciation (+€1,965)
- Receivables within one year +€1,331
up €1,331 (+24.7%), from €5,400 to €6,731
- Deferred charges and accrued income -€461
down €461 (-25.0%), from €1,842 to €1,381
- Other debts +€4,835
up €4,835 (+24.6%), from €19,685 to €24,520
- Profit (loss) carried forward -€4,025
down €4,025 (-23.1%), from -€17,448 to -€21,473
- Tax, wage and social debts -€2,180
down €2,180 (-32.9%), from €6,620 to €4,440
of which Remuneration and social security: -€1,374
- Accrued charges and deferred income +€1,305
new in 2025: €1,305
- Trade debts +€907
up €907 (+37.7%), from €2,404 to €3,311
- Gross operating margin +€13,550
up €13,550, from -€13,430 to €119
- Financial charges -€824
down €824 (-44.2%), from €1,867 to €1,042
- Taxes +€520
up €520, from €0 to €520
- Other operating charges +€282
up €282 (+84.4%), from €335 to €617
- Depreciation +€148
up €148 (+8.2%), from €1,817 to €1,965
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,693 | €28,535 | +€842 | +3.0% |
| Fixed assets | 21/28 | €10,090 | €8,125 | -€1,965 | -19.5% |
| Tangible fixed assets | 22/27 | €10,090 | €8,125 | -€1,965 | -19.5% |
| Furniture and vehicles | 24 | €10,090 | €8,125 | -€1,965 | -19.5% |
| Current assets | 29/58 | €17,603 | €20,410 | +€2,806 | +15.9% |
| Amounts receivable within one year | 40/41 | €5,400 | €6,731 | +€1,331 | +24.7% |
| Trade receivables | 40 | €5,400 | €6,731 | +€1,331 | +24.7% |
| Cash at bank and in hand | 54/58 | €10,362 | €12,298 | +€1,936 | +18.7% |
| Deferred charges and accrued income | 490/1 | €1,842 | €1,381 | -€461 | -25.0% |
| Total equity and liabilities | 10/49 | €27,693 | €28,535 | +€842 | +3.0% |
| Equity | 10/15 | -€1,017 | -€5,041 | -€4,025 | -396% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €6,431 | €6,431 | = | 0.0% |
| Distributable reserves | 133 | €6,431 | €6,431 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,448 | -€21,473 | -€4,025 | -23.1% |
| Amounts payable | 17/49 | €28,710 | €33,576 | +€4,866 | +16.9% |
| Amounts payable within one year | 42/48 | €28,710 | €32,271 | +€3,561 | +12.4% |
| Trade debts | 44 | €2,404 | €3,311 | +€907 | +37.7% |
| Suppliers | 440/4 | €2,404 | €3,311 | +€907 | +37.7% |
| Taxes, remuneration and social security | 45 | €6,620 | €4,440 | -€2,180 | -32.9% |
| Taxes | 450/3 | €5,096 | €4,290 | -€806 | -15.8% |
| Remuneration and social security | 454/9 | €1,524 | €150 | -€1,374 | -90.2% |
| Other amounts payable | 47/48 | €19,685 | €24,520 | +€4,835 | +24.6% |
| Accrued charges and deferred income | 492/3 | - | €1,305 | +€1,305 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,817 | €1,965 | +€148 | +8.2% |
| Other operating charges | 640/8 | €335 | €617 | +€282 | +84.4% |
| Gross operating margin | 9900 | -€13,430 | €119 | +€13,550 | |
| Operating profit (loss) | 9901 | -€15,581 | -€2,462 | +€13,119 | +84.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,867 | €1,042 | -€824 | -44.2% |
| Recurring financial charges | 65 | €1,867 | €1,042 | -€824 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | -€17,448 | -€3,505 | +€13,943 | +79.9% |
| Income taxes | 67/77 | €0 | €520 | +€520 | |
| Profit (loss) for the period | 9904 | -€17,448 | -€4,025 | +€13,423 | +76.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,448 | -€4,025 | +€13,423 | +76.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.