Dr J. Gilmaire: 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.
Dr J. Gilmaire
Largest movements
- Receivables within one year -€74,059
no longer reported in 2025 (was €74,059)
of which Trade receivables: -€48,827
- Deferred charges and accrued income +€68,923
up €68,923 (+17,110%), from €403 to €69,326
- Intangible fixed assets -€21,000
down €21,000 (-17.3%), from €121,352 to €100,352
- Cash -€9,736
down €9,736 (-39.6%), from €24,567 to €14,831
mainly Other debts (-€106,003) and Deferred charges and accrued income (-€68,923)
- Other debts -€106,003
down €106,003 (-72.2%), from €146,800 to €40,797
- Profit (loss) carried forward +€93,012
up €93,012, from -€17,537 to €75,475
- Debts after one year -€14,423
down €14,423 (-27.8%), from €51,811 to €37,388
- Tax, wage and social debts -€7,183
down €7,183 (-38.9%), from €18,470 to €11,287
- Financial charges -€79,708
down €79,708 (-98.2%), from €81,141 to €1,433
- Gross operating margin +€64,394
up €64,394 (+75.4%), from €85,436 to €149,830
- Taxes +€26,380
up €26,380 (+49,015%), from €54 to €26,434
- Other operating charges +€7,174
up €7,174 (+1,151%), from €623 to €7,797
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 | €221,315 | €185,288 | -€36,026 | -16.3% |
| Fixed assets | 21/28 | €122,286 | €101,131 | -€21,155 | -17.3% |
| Intangible fixed assets | 21 | €121,352 | €100,352 | -€21,000 | -17.3% |
| Tangible fixed assets | 22/27 | €934 | €779 | -€155 | -16.6% |
| Furniture and vehicles | 24 | €934 | €779 | -€155 | -16.6% |
| Current assets | 29/58 | €99,028 | €84,157 | -€14,871 | -15.0% |
| Amounts receivable within one year | 40/41 | €74,059 | - | -€74,059 | |
| Trade receivables | 40 | €48,827 | - | -€48,827 | |
| Other amounts receivable | 41 | €25,231 | - | -€25,231 | |
| Cash at bank and in hand | 54/58 | €24,567 | €14,831 | -€9,736 | -39.6% |
| Deferred charges and accrued income | 490/1 | €403 | €69,326 | +€68,923 | +17,110% |
| Total equity and liabilities | 10/49 | €221,315 | €185,288 | -€36,026 | -16.3% |
| Equity | 10/15 | -€13,537 | €79,475 | +€93,012 | |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,537 | €75,475 | +€93,012 | |
| Amounts payable | 17/49 | €234,851 | €105,814 | -€129,038 | -54.9% |
| Amounts payable after more than one year | 17 | €51,811 | €37,388 | -€14,423 | -27.8% |
| Financial debts | 170/4 | €51,811 | €37,388 | -€14,423 | -27.8% |
| Amounts payable within one year | 42/48 | €183,041 | €68,426 | -€114,615 | -62.6% |
| Current portion of amounts payable after more than one year | 42 | €14,128 | €14,423 | +€295 | +2.1% |
| Trade debts | 44 | €3,643 | €1,920 | -€1,723 | -47.3% |
| Suppliers | 440/4 | €3,643 | €1,920 | -€1,723 | -47.3% |
| Taxes, remuneration and social security | 45 | €18,470 | €11,287 | -€7,183 | -38.9% |
| Taxes | 450/3 | €18,470 | €11,287 | -€7,183 | -38.9% |
| Other amounts payable | 47/48 | €146,800 | €40,797 | -€106,003 | -72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,155 | €21,155 | = | 0.0% |
| Other operating charges | 640/8 | €623 | €7,797 | +€7,174 | +1,151% |
| Gross operating margin | 9900 | €85,436 | €149,830 | +€64,394 | +75.4% |
| Operating profit (loss) | 9901 | €63,658 | €120,878 | +€57,220 | +89.9% |
| Financial charges | 65/66B | €81,141 | €1,433 | -€79,708 | -98.2% |
| Recurring financial charges | 65 | €81,141 | €1,433 | -€79,708 | -98.2% |
| Profit (loss) for the period before taxes | 9903 | -€17,483 | €119,445 | +€136,929 | |
| Income taxes | 67/77 | €54 | €26,434 | +€26,380 | +49,015% |
| Profit (loss) for the period | 9904 | -€17,537 | €93,012 | +€110,549 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,537 | €93,012 | +€110,549 |
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 30 October 2026 via checked.be.