ANTONIO GIULIANO: what changed
What changed
ANTONIO GIULIANO
filed annual accounts (NBB)
Net result for the year
€85,226
2024 · €84,481+€745
Equity
€1.6m
2024 · €1.9m-€362,463
Cash
€1,193
2024 · €424+€769
Balance sheet total
€3.5m
2024 · €3.5m-€18,407
Largest movements
Assets
- Tangible fixed assets -€90,954
down €90,954 (-3.4%), from €2.7m to €2.6m
of which Land and buildings: -€105,891
- Financial fixed assets +€37,600
up €37,600 (+5.8%), from €651,537 to €689,137
Equity and liabilities
- Reserves -€475,078
down €475,078 (-43.7%), from €1.1m to €612,892
of which Distributable reserves: -€449,461
- Other debts +€446,048
up €446,048 (+837%), from €53,287 to €499,334
- Profit (loss) carried forward +€112,616
up €112,616 (+23.5%), from -€478,306 to -€365,691
- Debts after one year -€80,829
down €80,829 (-7.1%), from €1.1m to €1.1m
Income statement
- Other operating charges +€11,542
up €11,542 (+90.7%), from €12,723 to €24,265
- Financial income +€8,283
up €8,283 (+71.9%), from €11,520 to €19,803
- Depreciation -€4,213
down €4,213 (-3.3%), from €129,254 to €125,041
- Gross operating margin -€4,163
down €4,163 (-1.9%), from €221,158 to €216,996
- Financial charges -€3,409
down €3,409 (-19.9%), from €17,105 to €13,696
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.
Result 2024
€84,481
Gross operating margin
-€4,163
Depreciation
+€4,213
Other operating charges
-€11,542
Financial income
+€8,283
Financial charges
+€3,409
Taxes
+€546
Result 2025
€85,226
raises the resultlowers the result
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.
From operations
+€581,065
Investment
-€71,687
Financing
-€508,609
Cash 2024
€424
From operations (derived)
+€581,065
Net result for the year
+€85,226
Depreciation
+€125,041
Receivables within one year
-€14,375
Deferred charges and accrued income
-€19,803
Provisions
-€11,429
Trade debts
-€29,642
Other debts
+€446,048
Investment (derived)
-€71,687
Investment in fixed assets (net)
-€71,687
Financing
-€508,609
Debts after one year
-€80,829
Current portion of long-term debt
+€25,086
Short-term financial debts
-€5,178
Contributions, distributions and other
-€447,689
Cash 2025
€1,193
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,525,304 | €3,506,897 | -€18,407 | -0.5% |
| Fixed assets | 21/28 | €3,334,767 | €3,281,414 | -€53,354 | -1.6% |
| Tangible fixed assets | 22/27 | €2,683,230 | €2,592,276 | -€90,954 | -3.4% |
| Land and buildings | 22 | €2,673,311 | €2,567,420 | -€105,891 | -4.0% |
| Plant, machinery and equipment | 23 | €5,612 | €4,644 | -€967 | -17.2% |
| Furniture and vehicles | 24 | €4,307 | €20,212 | +€15,905 | +369% |
| Financial fixed assets | 28 | €651,537 | €689,137 | +€37,600 | +5.8% |
| Current assets | 29/58 | €190,537 | €225,484 | +€34,947 | +18.3% |
| Amounts receivable within one year | 40/41 | €127,400 | €141,775 | +€14,375 | +11.3% |
| Trade receivables | 40 | €30,948 | €23,953 | -€6,995 | -22.6% |
| Other amounts receivable | 41 | €96,452 | €117,822 | +€21,370 | +22.2% |
| Cash at bank and in hand | 54/58 | €424 | €1,193 | +€769 | +181% |
| Deferred charges and accrued income | 490/1 | €62,712 | €82,515 | +€19,803 | +31.6% |
| Total equity and liabilities | 10/49 | €3,525,304 | €3,506,897 | -€18,407 | -0.5% |
| Equity | 10/15 | €1,936,968 | €1,574,505 | -€362,463 | -18.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €1,321,104 | €1,321,104 | = | 0.0% |
| Reserves | 13 | €1,087,970 | €612,892 | -€475,078 | -43.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €617,898 | €592,282 | -€25,617 | -4.1% |
| Distributable reserves | 133 | €468,211 | €18,750 | -€449,461 | -96.0% |
| Profit (loss) carried forward | 14 | -€478,306 | -€365,691 | +€112,616 | +23.5% |
| Provisions and deferred taxes | 16 | €270,942 | €259,513 | -€11,429 | -4.2% |
| Deferred taxes | 168 | €270,942 | €259,513 | -€11,429 | -4.2% |
| Amounts payable | 17/49 | €1,317,394 | €1,672,879 | +€355,485 | +27.0% |
| Amounts payable after more than one year | 17 | €1,136,158 | €1,055,329 | -€80,829 | -7.1% |
| Financial debts | 170/4 | €1,136,158 | €1,055,329 | -€80,829 | -7.1% |
| Amounts payable within one year | 42/48 | €181,236 | €617,550 | +€436,314 | +241% |
| Current portion of amounts payable after more than one year | 42 | €74,020 | €99,107 | +€25,086 | +33.9% |
| Financial debts | 43 | €13,635 | €8,457 | -€5,178 | -38.0% |
| Credit institutions | 430/8 | €13,635 | €8,457 | -€5,178 | -38.0% |
| Trade debts | 44 | €40,294 | €10,652 | -€29,642 | -73.6% |
| Suppliers | 440/4 | €40,294 | €10,652 | -€29,642 | -73.6% |
| Other amounts payable | 47/48 | €53,287 | €499,334 | +€446,048 | +837% |
| Non-recurring operating income | 76A | €89 | €6,155 | +€6,066 | +6,853% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,254 | €125,041 | -€4,213 | -3.3% |
| Other operating charges | 640/8 | €12,723 | €24,265 | +€11,542 | +90.7% |
| Gross operating margin | 9900 | €221,158 | €216,996 | -€4,163 | -1.9% |
| Operating profit (loss) | 9901 | €79,182 | €67,690 | -€11,492 | -14.5% |
| Financial income | 75/76B | €11,520 | €19,803 | +€8,283 | +71.9% |
| Recurring financial income | 75 | €11,520 | €19,803 | +€8,283 | +71.9% |
| Financial charges | 65/66B | €17,105 | €13,696 | -€3,409 | -19.9% |
| Recurring financial charges | 65 | €17,105 | €13,696 | -€3,409 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €73,597 | €73,797 | +€200 | +0.3% |
| Transfer from deferred taxes | 780 | €11,429 | €11,429 | = | 0.0% |
| Income taxes | 67/77 | €546 | - | -€546 | |
| Profit (loss) for the period | 9904 | €84,481 | €85,226 | +€745 | +0.9% |
| Transfer from tax-exempt reserves | 789 | €25,617 | €25,617 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €110,098 | €110,843 | +€745 | +0.7% |
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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 2 November 2026 via checked.be.