DR. THOMAS GILISSEN: what changed
DR. THOMAS GILISSEN
Largest movements
- Receivables within one year +€134,856
up €134,856 (+34.5%), from €390,857 to €525,713
of which Other amounts receivable: +€134,516
- Tangible fixed assets -€48,109
down €48,109 (-18.9%), from €255,088 to €206,980
of which Leasing and similar rights: -€37,327
- Cash -€19,048
down €19,048 (-21.6%), from €88,266 to €69,219
mainly Contributions, distributions and other (-€140,000) and Receivables within one year (-€134,856)
- Reserves +€157,000
up €157,000 (+44.6%), from €352,000 to €509,000
- Other debts +€150,629
up €150,629 (+18,175%), from €829 to €151,458
- Profit (loss) carried forward -€139,655
down €139,655 (-98.0%), from €142,487 to €2,831
- Tax, wage and social debts -€70,387
down €70,387 (-89.4%), from €78,713 to €8,326
- Debts after one year -€33,077
down €33,077 (-25.9%), from €127,513 to €94,435
- Depreciation +€28,845
up €28,845 (+147%), from €19,558 to €48,403
- Gross operating margin -€25,110
down €25,110 (-8.4%), from €299,324 to €274,214
- Taxes -€10,387
down €10,387 (-13.2%), from €78,713 to €68,326
- Financial income +€3,902
up €3,902 (+181%), from €2,159 to €6,061
- Financial charges +€3,390
up €3,390 (+150%), from €2,261 to €5,652
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 | €739,631 | €807,184 | +€67,553 | +9.1% |
| Fixed assets | 21/28 | €255,968 | €207,565 | -€48,403 | -18.9% |
| Intangible fixed assets | 21 | €879 | €585 | -€295 | -33.5% |
| Tangible fixed assets | 22/27 | €255,088 | €206,980 | -€48,109 | -18.9% |
| Plant, machinery and equipment | 23 | €7,507 | €5,020 | -€2,487 | -33.1% |
| Furniture and vehicles | 24 | €371 | €0 | -€371 | -100% |
| Leasing and similar rights | 25 | €176,135 | €138,808 | -€37,327 | -21.2% |
| Other tangible fixed assets | 26 | €71,075 | €63,151 | -€7,924 | -11.1% |
| Current assets | 29/58 | €483,664 | €599,619 | +€115,956 | +24.0% |
| Amounts receivable within one year | 40/41 | €390,857 | €525,713 | +€134,856 | +34.5% |
| Trade receivables | 40 | - | €341 | +€341 | |
| Other amounts receivable | 41 | €390,857 | €525,372 | +€134,516 | +34.4% |
| Cash at bank and in hand | 54/58 | €88,266 | €69,219 | -€19,048 | -21.6% |
| Deferred charges and accrued income | 490/1 | €4,540 | €4,688 | +€147 | +3.2% |
| Total equity and liabilities | 10/49 | €739,631 | €807,184 | +€67,553 | +9.1% |
| Equity | 10/15 | €499,487 | €516,831 | +€17,345 | +3.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €352,000 | €509,000 | +€157,000 | +44.6% |
| Distributable reserves | 133 | €352,000 | €509,000 | +€157,000 | +44.6% |
| Profit (loss) carried forward | 14 | €142,487 | €2,831 | -€139,655 | -98.0% |
| Amounts payable | 17/49 | €240,145 | €290,353 | +€50,208 | +20.9% |
| Amounts payable after more than one year | 17 | €127,513 | €94,435 | -€33,077 | -25.9% |
| Financial debts | 170/4 | €127,513 | €94,435 | -€33,077 | -25.9% |
| Amounts payable within one year | 42/48 | €111,660 | €192,909 | +€81,249 | +72.8% |
| Current portion of amounts payable after more than one year | 42 | €31,875 | €33,077 | +€1,203 | +3.8% |
| Trade debts | 44 | €243 | €47 | -€196 | -80.6% |
| Suppliers | 440/4 | €243 | €47 | -€196 | -80.6% |
| Taxes, remuneration and social security | 45 | €78,713 | €8,326 | -€70,387 | -89.4% |
| Taxes | 450/3 | €78,713 | €8,326 | -€70,387 | -89.4% |
| Other amounts payable | 47/48 | €829 | €151,458 | +€150,629 | +18,175% |
| Accrued charges and deferred income | 492/3 | €973 | €3,009 | +€2,037 | +209% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,558 | €48,403 | +€28,845 | +147% |
| Other operating charges | 640/8 | €2,515 | €549 | -€1,966 | -78.2% |
| Non-recurring operating charges | 66A | €12,576 | €0 | -€12,576 | -100% |
| Gross operating margin | 9900 | €299,324 | €274,214 | -€25,110 | -8.4% |
| Operating profit (loss) | 9901 | €264,674 | €225,261 | -€39,413 | -14.9% |
| Financial income | 75/76B | €2,159 | €6,061 | +€3,902 | +181% |
| Recurring financial income | 75 | €2,159 | €6,061 | +€3,902 | +181% |
| Financial charges | 65/66B | €2,261 | €5,652 | +€3,390 | +150% |
| Recurring financial charges | 65 | €2,261 | €5,652 | +€3,390 | +150% |
| Profit (loss) for the period before taxes | 9903 | €264,572 | €225,670 | -€38,902 | -14.7% |
| Income taxes | 67/77 | €78,713 | €68,326 | -€10,387 | -13.2% |
| Profit (loss) for the period | 9904 | €185,859 | €157,345 | -€28,515 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €185,859 | €157,345 | -€28,515 | -15.3% |
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 5 November 2026 via checked.be.