Dr Y. GILON: 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 Y. GILON
Largest movements
- Current investments +€198,266
up €198,266 (+16.7%), from €1.2m to €1.4m
- Cash +€121,984
up €121,984 (+59.4%), from €205,365 to €327,349
mainly Net result for the year (+€362,218) and Other debts (+€80,781)
- Reserves +€199,270
up €199,270 (+15.2%), from €1.3m to €1.5m
- Other debts +€80,781
up €80,781 (+94.4%), from €85,549 to €166,330
- Tax, wage and social debts +€26,632
up €26,632 (+412%), from €6,465 to €33,097
- Financial income +€126,386
up €126,386 (+1,063%), from €11,892 to €138,277
- Taxes +€17,866
up €17,866 (+15.8%), from €113,420 to €131,287
- Gross operating margin +€12,291
up €12,291 (+3.5%), from €353,589 to €365,881
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 | €1,422,555 | €1,723,241 | +€300,686 | +21.1% |
| Fixed assets | 21/28 | €12,595 | €5,268 | -€7,327 | -58.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €12,595 | €5,268 | -€7,327 | -58.2% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €11,973 | €5,187 | -€6,786 | -56.7% |
| Other tangible fixed assets | 26 | €622 | €81 | -€541 | -87.0% |
| Current assets | 29/58 | €1,409,960 | €1,717,973 | +€308,013 | +21.8% |
| Amounts receivable within one year | 40/41 | €14,907 | €4,558 | -€10,350 | -69.4% |
| Trade receivables | 40 | €6,004 | €4,558 | -€1,446 | -24.1% |
| Other amounts receivable | 41 | €8,904 | - | -€8,904 | |
| Current investments | 50/53 | €1,184,574 | €1,382,840 | +€198,266 | +16.7% |
| Cash at bank and in hand | 54/58 | €205,365 | €327,349 | +€121,984 | +59.4% |
| Deferred charges and accrued income | 490/1 | €5,114 | €3,226 | -€1,887 | -36.9% |
| Total equity and liabilities | 10/49 | €1,422,555 | €1,723,241 | +€300,686 | +21.1% |
| Equity | 10/15 | €1,320,699 | €1,519,144 | +€198,445 | +15.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,306,850 | €1,506,120 | +€199,270 | +15.2% |
| Distributable reserves | 133 | €1,306,850 | €1,506,120 | +€199,270 | +15.2% |
| Profit (loss) carried forward | 14 | €1,449 | €624 | -€825 | -56.9% |
| Amounts payable | 17/49 | €101,856 | €204,097 | +€102,241 | +100% |
| Amounts payable within one year | 42/48 | €101,434 | €203,912 | +€102,478 | +101% |
| Financial debts | 43 | €82 | €89 | +€7 | +8.1% |
| Credit institutions | 430/8 | €82 | €89 | +€7 | +8.1% |
| Trade debts | 44 | €9,337 | €4,396 | -€4,942 | -52.9% |
| Suppliers | 440/4 | €9,337 | €4,396 | -€4,942 | -52.9% |
| Taxes, remuneration and social security | 45 | €6,465 | €33,097 | +€26,632 | +412% |
| Taxes | 450/3 | €6,465 | €33,097 | +€26,632 | +412% |
| Other amounts payable | 47/48 | €85,549 | €166,330 | +€80,781 | +94.4% |
| Accrued charges and deferred income | 492/3 | €423 | €185 | -€237 | -56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,129 | €7,327 | -€1,801 | -19.7% |
| Other operating charges | 640/8 | €1,536 | €1,577 | +€42 | +2.7% |
| Gross operating margin | 9900 | €353,589 | €365,881 | +€12,291 | +3.5% |
| Operating profit (loss) | 9901 | €342,925 | €356,976 | +€14,051 | +4.1% |
| Financial income | 75/76B | €11,892 | €138,277 | +€126,386 | +1,063% |
| Recurring financial income | 75 | €11,892 | €138,277 | +€126,386 | +1,063% |
| Financial charges | 65/66B | €158 | €1,749 | +€1,591 | +1,005% |
| Recurring financial charges | 65 | €158 | €1,749 | +€1,591 | +1,005% |
| Profit (loss) for the period before taxes | 9903 | €354,659 | €493,505 | +€138,846 | +39.1% |
| Income taxes | 67/77 | €113,420 | €131,287 | +€17,866 | +15.8% |
| Profit (loss) for the period | 9904 | €241,238 | €362,218 | +€120,980 | +50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €241,238 | €362,218 | +€120,980 | +50.1% |
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 15 October 2026 via checked.be.