GIALCO: 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.
GIALCO
Largest movements
- Receivables after one year -€82,083
no longer reported in 2025 (was €82,083)
- Cash +€61,184
up €61,184 (+24.8%), from €246,444 to €307,628
mainly Receivables after one year (+€82,083) and Depreciation (+€13,705)
- Receivables within one year +€21,548
up €21,548 (+13.1%), from €164,974 to €186,522
of which Other amounts receivable: +€31,602
- Profit (loss) carried forward +€9,000
up €9,000 (+2.1%), from €431,004 to €440,004
- Financial income -€29,823
down €29,823 (-94.7%), from €31,478 to €1,655
- Taxes -€6,062
down €6,062 (-66.0%), from €9,190 to €3,128
- Gross operating margin -€3,384
down €3,384 (-11.9%), from €28,435 to €25,050
- Depreciation +€1,543
up €1,543 (+12.7%), from €12,161 to €13,705
- Other operating charges -€471
down €471 (-41.6%), from €1,131 to €660
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 | €679,632 | €683,661 | +€4,029 | +0.6% |
| Fixed assets | 21/28 | €35,201 | €38,581 | +€3,379 | +9.6% |
| Intangible fixed assets | 21 | €7,800 | €7,800 | = | 0.0% |
| Tangible fixed assets | 22/27 | €27,201 | €30,581 | +€3,379 | +12.4% |
| Land and buildings | 22 | €22,420 | €20,151 | -€2,269 | -10.1% |
| Plant, machinery and equipment | 23 | €987 | €7,986 | +€6,999 | +708.9% |
| Furniture and vehicles | 24 | €3,795 | €2,445 | -€1,350 | -35.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €644,431 | €645,080 | +€649 | +0.1% |
| Amounts receivable after more than one year | 29 | €82,083 | - | -€82,083 | |
| Trade receivables | 290 | €82,083 | - | -€82,083 | |
| Amounts receivable within one year | 40/41 | €164,974 | €186,522 | +€21,548 | +13.1% |
| Trade receivables | 40 | €54,631 | €44,577 | -€10,054 | -18.4% |
| Other amounts receivable | 41 | €110,342 | €141,944 | +€31,602 | +28.6% |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €246,444 | €307,628 | +€61,184 | +24.8% |
| Deferred charges and accrued income | 490/1 | €930 | €930 | = | 0.0% |
| Total equity and liabilities | 10/49 | €679,632 | €683,661 | +€4,029 | +0.6% |
| Equity | 10/15 | €658,988 | €667,988 | +€9,000 | +1.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €221,784 | €221,784 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,284 | €2,284 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,284 | €2,284 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,500 | €19,500 | = | 0.0% |
| Distributable reserves | 133 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €431,004 | €440,004 | +€9,000 | +2.1% |
| Amounts payable | 17/49 | €20,644 | €15,673 | -€4,971 | -24.1% |
| Amounts payable within one year | 42/48 | €20,644 | €15,673 | -€4,971 | -24.1% |
| Trade debts | 44 | €6,891 | €9,060 | +€2,170 | +31.5% |
| Suppliers | 440/4 | €6,891 | €9,060 | +€2,170 | +31.5% |
| Taxes, remuneration and social security | 45 | €10,944 | €6,613 | -€4,331 | -39.6% |
| Taxes | 450/3 | €7,221 | €5,713 | -€1,508 | -20.9% |
| Remuneration and social security | 454/9 | €3,723 | €900 | -€2,823 | -75.8% |
| Other amounts payable | 47/48 | €2,810 | - | -€2,810 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,161 | €13,705 | +€1,543 | +12.7% |
| Other operating charges | 640/8 | €1,131 | €660 | -€471 | -41.6% |
| Gross operating margin | 9900 | €28,435 | €25,050 | -€3,384 | -11.9% |
| Operating profit (loss) | 9901 | €15,142 | €10,685 | -€4,457 | -29.4% |
| Financial income | 75/76B | €31,478 | €1,655 | -€29,823 | -94.7% |
| Recurring financial income | 75 | €31,478 | €1,655 | -€29,823 | -94.7% |
| Financial charges | 65/66B | €150 | €212 | +€61 | +40.8% |
| Recurring financial charges | 65 | €150 | €212 | +€61 | +40.8% |
| Profit (loss) for the period before taxes | 9903 | €46,470 | €12,128 | -€34,342 | -73.9% |
| Income taxes | 67/77 | €9,190 | €3,128 | -€6,062 | -66.0% |
| Profit (loss) for the period | 9904 | €37,280 | €9,000 | -€28,280 | -75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,280 | €9,000 | -€28,280 | -75.9% |
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 10 October 2026 via checked.be.