Bert Gillis: 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.
Bert Gillis
Largest movements
- Tangible fixed assets -€298,688
down €298,688 (-17.6%), from €1.7m to €1.4m
of which Plant, machinery and equipment: -€229,795
- Receivables within one year +€34,756
up €34,756 (+22.0%), from €157,947 to €192,702
of which Trade receivables: +€28,629
- Debts after one year -€203,660
down €203,660 (-17.2%), from €1.2m to €980,515
- Current portion of long-term debt -€85,679
down €85,679 (-29.3%), from €292,316 to €206,637
- Other debts +€75,772
up €75,772 (+11.9%), from €636,442 to €712,214
- Short-term financial debts -€46,260
down €46,260 (-75.9%), from €60,977 to €14,716
- Depreciation -€65,079
down €65,079 (-20.8%), from €312,995 to €247,917
- Gross operating margin -€21,603
down €21,603 (-5.5%), from €390,461 to €368,858
- Taxes +€14,555
up €14,555 (+3175.4%), from €458 to €15,013
- Other operating charges -€6,789
down €6,789 (-42.6%), from €15,937 to €9,147
- Financial charges -€6,686
down €6,686 (-11.8%), from €56,890 to €50,204
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.
Cash bridge derived
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 | €2,217,450 | €1,962,777 | -€254,673 | -11.5% |
| Fixed assets | 21/28 | €1,697,140 | €1,398,587 | -€298,553 | -17.6% |
| Tangible fixed assets | 22/27 | €1,696,990 | €1,398,302 | -€298,688 | -17.6% |
| Land and buildings | 22 | €1,017,000 | €986,500 | -€30,500 | -3.0% |
| Plant, machinery and equipment | 23 | €633,791 | €403,996 | -€229,795 | -36.3% |
| Furniture and vehicles | 24 | €46,199 | €7,806 | -€38,393 | -83.1% |
| Financial fixed assets | 28 | €150 | €285 | +€135 | +90.0% |
| Current assets | 29/58 | €520,310 | €564,190 | +€43,879 | +8.4% |
| Stocks and contracts in progress | 3 | €352,482 | €355,415 | +€2,934 | +0.8% |
| Stocks | 30/36 | €324,982 | €330,415 | +€5,434 | +1.7% |
| Contracts in progress | 37 | €27,500 | €25,000 | -€2,500 | -9.1% |
| Amounts receivable within one year | 40/41 | €157,947 | €192,702 | +€34,756 | +22.0% |
| Trade receivables | 40 | €155,809 | €184,438 | +€28,629 | +18.4% |
| Other amounts receivable | 41 | €2,138 | €8,265 | +€6,127 | +286.6% |
| Cash at bank and in hand | 54/58 | €5,230 | €14,428 | +€9,198 | +175.9% |
| Deferred charges and accrued income | 490/1 | €4,652 | €1,644 | -€3,008 | -64.7% |
| Total equity and liabilities | 10/49 | €2,217,450 | €1,962,777 | -€254,673 | -11.5% |
| Equity | 10/15 | -€29,372 | -€10,229 | +€19,143 | +65.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €159,288 | €159,288 | = | 0.0% |
| Tax-exempt reserves | 132 | €175 | €175 | = | 0.0% |
| Distributable reserves | 133 | €159,113 | €159,113 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€190,660 | -€171,517 | +€19,143 | +10.0% |
| Amounts payable | 17/49 | €2,246,822 | €1,973,006 | -€273,816 | -12.2% |
| Amounts payable after more than one year | 17 | €1,184,174 | €980,515 | -€203,660 | -17.2% |
| Financial debts | 170/4 | €1,184,174 | €980,515 | -€203,660 | -17.2% |
| Amounts payable within one year | 42/48 | €1,062,648 | €992,492 | -€70,156 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €292,316 | €206,637 | -€85,679 | -29.3% |
| Financial debts | 43 | €60,977 | €14,716 | -€46,260 | -75.9% |
| Credit institutions | 430/8 | €60,977 | €14,716 | -€46,260 | -75.9% |
| Trade debts | 44 | €47,081 | €41,841 | -€5,239 | -11.1% |
| Suppliers | 440/4 | €47,081 | €41,841 | -€5,239 | -11.1% |
| Taxes, remuneration and social security | 45 | €25,832 | €17,083 | -€8,749 | -33.9% |
| Taxes | 450/3 | €25,832 | €17,083 | -€8,749 | -33.9% |
| Other amounts payable | 47/48 | €636,442 | €712,214 | +€75,772 | +11.9% |
| Non-recurring operating income | 76A | €157,285 | €106,942 | -€50,343 | -32.0% |
| Remuneration, social security and pensions | 62 | - | €95 | +€95 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €312,995 | €247,917 | -€65,079 | -20.8% |
| Other operating charges | 640/8 | €15,937 | €9,147 | -€6,789 | -42.6% |
| Non-recurring operating charges | 66A | €5,326 | €27,866 | +€22,540 | +423.2% |
| Gross operating margin | 9900 | €390,461 | €368,858 | -€21,603 | -5.5% |
| Operating profit (loss) | 9901 | €56,203 | €83,833 | +€27,630 | +49.2% |
| Financial income | 75/76B | €2,561 | €528 | -€2,034 | -79.4% |
| Recurring financial income | 75 | €2,561 | €528 | -€2,034 | -79.4% |
| Financial charges | 65/66B | €56,890 | €50,204 | -€6,686 | -11.8% |
| Recurring financial charges | 65 | €56,890 | €50,204 | -€6,686 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €1,874 | €34,156 | +€32,282 | +1722.8% |
| Income taxes | 67/77 | €458 | €15,013 | +€14,555 | +3175.4% |
| Profit (loss) for the period | 9904 | €1,415 | €19,143 | +€17,727 | +1252.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,415 | €19,143 | +€17,727 | +1252.4% |
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 9 October 2026 via checked.be.