Glow: 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.
Glow
Largest movements
- Cash -€134,783
down €134,783 (-74.6%), from €180,585 to €45,801
mainly Net result for the year (-€73,951) and Tax, wage and social debts (-€28,950)
- Tangible fixed assets -€17,883
down €17,883 (-5.6%), from €320,349 to €302,467
of which Other tangible fixed assets: -€12,203
- Receivables within one year +€16,577
up €16,577 (+85.9%), from €19,294 to €35,871
of which Trade receivables: +€12,605
- Intangible fixed assets -€9,000
down €9,000 (-20.3%), from €44,307 to €35,307
- Current investments +€6,000
up €6,000 (+34.3%), from €17,500 to €23,500
- Profit (loss) carried forward -€73,951
down €73,951 (-30.8%), from €240,013 to €166,063
- Tax, wage and social debts -€28,950
down €28,950 (-88.1%), from €32,843 to €3,893
of which Taxes: -€21,150
- Trade debts -€18,187
down €18,187 (-30.1%), from €60,360 to €42,172
- Debts after one year -€17,432
down €17,432 (-8.3%), from €211,299 to €193,866
- Gross operating margin -€175,129
down €175,129, from €136,131 to -€38,998
- Taxes -€20,909
down €20,909 (-99.0%), from €21,127 to €219
- Depreciation +€9,119
up €9,119 (+51.3%), from €17,764 to €26,883
- Financial charges -€5,067
down €5,067 (-44.1%), from €11,481 to €6,414
- Other operating charges -€2,515
down €2,515 (-44.7%), from €5,628 to €3,113
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 | €582,890 | €443,804 | -€139,086 | -23.9% |
| Fixed assets | 21/28 | €364,656 | €337,773 | -€26,883 | -7.4% |
| Intangible fixed assets | 21 | €44,307 | €35,307 | -€9,000 | -20.3% |
| Tangible fixed assets | 22/27 | €320,349 | €302,467 | -€17,883 | -5.6% |
| Land and buildings | 22 | €214,851 | €210,126 | -€4,725 | -2.2% |
| Furniture and vehicles | 24 | €1,824 | €869 | -€955 | -52.4% |
| Other tangible fixed assets | 26 | €103,674 | €91,471 | -€12,203 | -11.8% |
| Current assets | 29/58 | €218,234 | €106,031 | -€112,203 | -51.4% |
| Amounts receivable within one year | 40/41 | €19,294 | €35,871 | +€16,577 | +85.9% |
| Trade receivables | 40 | €3,195 | €15,800 | +€12,605 | +395% |
| Other amounts receivable | 41 | €16,099 | €20,071 | +€3,972 | +24.7% |
| Current investments | 50/53 | €17,500 | €23,500 | +€6,000 | +34.3% |
| Cash at bank and in hand | 54/58 | €180,585 | €45,801 | -€134,783 | -74.6% |
| Deferred charges and accrued income | 490/1 | €855 | €859 | +€4 | +0.4% |
| Total equity and liabilities | 10/49 | €582,890 | €443,804 | -€139,086 | -23.9% |
| Equity | 10/15 | €243,013 | €169,063 | -€73,951 | -30.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €240,013 | €166,063 | -€73,951 | -30.8% |
| Amounts payable | 17/49 | €339,877 | €274,741 | -€65,135 | -19.2% |
| Amounts payable after more than one year | 17 | €211,299 | €193,866 | -€17,432 | -8.3% |
| Financial debts | 170/4 | €211,299 | €193,866 | -€17,432 | -8.3% |
| Amounts payable within one year | 42/48 | €128,578 | €80,875 | -€47,703 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €17,172 | €17,432 | +€260 | +1.5% |
| Trade debts | 44 | €60,360 | €42,172 | -€18,187 | -30.1% |
| Suppliers | 440/4 | €60,360 | €42,172 | -€18,187 | -30.1% |
| Taxes, remuneration and social security | 45 | €32,843 | €3,893 | -€28,950 | -88.1% |
| Taxes | 450/3 | €25,043 | €3,893 | -€21,150 | -84.5% |
| Remuneration and social security | 454/9 | €7,800 | - | -€7,800 | |
| Other amounts payable | 47/48 | €18,204 | €17,378 | -€826 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,764 | €26,883 | +€9,119 | +51.3% |
| Other operating charges | 640/8 | €5,628 | €3,113 | -€2,515 | -44.7% |
| Gross operating margin | 9900 | €136,131 | -€38,998 | -€175,129 | |
| Operating profit (loss) | 9901 | €112,739 | -€68,993 | -€181,732 | |
| Financial income | 75/76B | - | €1,676 | +€1,676 | |
| Recurring financial income | 75 | - | €1,676 | +€1,676 | |
| Financial charges | 65/66B | €11,481 | €6,414 | -€5,067 | -44.1% |
| Recurring financial charges | 65 | €11,481 | €6,414 | -€5,067 | -44.1% |
| Profit (loss) for the period before taxes | 9903 | €101,258 | -€73,732 | -€174,990 | |
| Income taxes | 67/77 | €21,127 | €219 | -€20,909 | -99.0% |
| Profit (loss) for the period | 9904 | €80,131 | -€73,951 | -€154,081 | |
| Profit (loss) for the period to be appropriated | 9905 | €80,131 | -€73,951 | -€154,081 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.