GIEL: what changed
Two fiscal 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.
What changed
GIEL
NACE 43.422, Screed work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€182,903
2024 · €331,599-€148,696
Equity
€1.5m
2024 · €1.5m+€6,638
Cash
€1.3m
2024 · €536,385+€742,786
Balance sheet total
€10.5m
2024 · €11.2m-€714,234
Largest movements
Assets
- Receivables within one year -€1.3m
down €1.3m (-23.0%), from €5.7m to €4.4m
of which Trade receivables: -€1.1m
- Cash +€742,786
up €742,786 (+138.5%), from €536,385 to €1.3m
mainly Depreciation (+€1.5m) and Receivables within one year (+€1.3m)
- Tangible fixed assets -€149,428
down €149,428 (-3.2%), from €4.7m to €4.6m
of which Furniture and vehicles: -€535,559
Equity and liabilities
- Trade debts -€1.0m
down €1.0m (-20.2%), from €5.0m to €4.0m
- Short-term financial debts +€125,963
new in 2025: €125,963
of which Other loans: +€105,750
Income statement
- Goods and materials +€2.4m
up €2.4m (+15.3%), from €15.8m to €18.2m
of which Purchases: +€2.3m
- Turnover +€2.3m
up €2.3m (+10.2%), from €22.8m to €25.1m
- Staff costs +€405,805
up €405,805 (+23.6%), from €1.7m to €2.1m
- Services and other goods -€302,042
down €302,042 (-8.9%), from €3.4m to €3.1m
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.
Result 2024
€331,599
Turnover
+€2.3m
Other operating income
+€121,897
Goods and materials
-€2.4m
Services and other goods
+€302,042
Staff costs
-€405,805
Depreciation
-€83,458
Write-downs
+€30,400
Other operating charges
+€11,662
Financial income
-€10,200
Financial charges
-€38,144
Taxes
-€6,526
Result 2025
€182,903
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.
From operations
+€2.0m
Investment
-€1.3m
Financing
+€104,031
Cash 2024
€536,385
From operations (derived)
+€2.0m
Net result for the year
+€182,903
Depreciation
+€1.5m
Stocks and contracts
-€11,262
Receivables within one year
+€1.3m
Deferred charges and accrued income
+€33,416
Trade debts
-€1.0m
Tax, wage and social debts
+€50,721
Advances received
+€4,075
Other debts
-€53,407
Accrued charges and deferred income
+€6,957
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
+€104,031
Debts after one year
+€43,132
Current portion of long-term debt
+€111,201
Short-term financial debts
+€125,963
Contributions, distributions and other
-€176,265
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,232,731 | €10,518,497 | -€714,234 | -6.4% |
| Fixed assets | 21/28 | €4,745,064 | €4,614,406 | -€130,658 | -2.8% |
| Tangible fixed assets | 22/27 | €4,731,246 | €4,581,818 | -€149,428 | -3.2% |
| Land and buildings | 22 | €280,948 | €245,032 | -€35,916 | -12.8% |
| Plant, machinery and equipment | 23 | €788,962 | €706,003 | -€82,960 | -10.5% |
| Furniture and vehicles | 24 | €2,091,194 | €1,555,635 | -€535,559 | -25.6% |
| Leasing and similar rights | 25 | €1,354,717 | €1,382,617 | +€27,901 | +2.1% |
| Other tangible fixed assets | 26 | €215,426 | €692,532 | +€477,106 | +221.5% |
| Financial fixed assets | 28 | €13,818 | €32,588 | +€18,770 | +135.8% |
| Other financial fixed assets | 284/8 | €13,818 | €32,588 | +€18,770 | +135.8% |
| Shares | 284 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €11,318 | €30,088 | +€18,770 | +165.8% |
| Current assets | 29/58 | €6,487,668 | €5,904,091 | -€583,577 | -9.0% |
| Stocks and contracts in progress | 3 | €155,286 | €166,548 | +€11,262 | +7.3% |
| Stocks | 30/36 | €155,286 | €166,548 | +€11,262 | +7.3% |
| Raw materials and consumables | 30/31 | €155,286 | €166,548 | +€11,262 | +7.3% |
| Amounts receivable within one year | 40/41 | €5,679,320 | €4,375,112 | -€1.3m | -23.0% |
| Trade receivables | 40 | €5,310,355 | €4,179,021 | -€1.1m | -21.3% |
| Other amounts receivable | 41 | €368,965 | €196,092 | -€172,874 | -46.9% |
| Cash at bank and in hand | 54/58 | €536,385 | €1,279,170 | +€742,786 | +138.5% |
| Deferred charges and accrued income | 490/1 | €116,677 | €83,261 | -€33,416 | -28.6% |
| Total equity and liabilities | 10/49 | €11,232,731 | €10,518,497 | -€714,234 | -6.4% |
| Equity | 10/15 | €1,519,069 | €1,525,707 | +€6,638 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,312,978 | €1,400,903 | +€87,926 | +6.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €1,237,978 | €1,325,903 | +€87,926 | +7.1% |
| Profit (loss) carried forward | 14 | €187,491 | €106,204 | -€81,287 | -43.4% |
| Amounts payable | 17/49 | €9,713,663 | €8,992,790 | -€720,873 | -7.4% |
| Amounts payable after more than one year | 17 | €3,103,863 | €3,146,996 | +€43,132 | +1.4% |
| Financial debts | 170/4 | €3,103,863 | €3,146,996 | +€43,132 | +1.4% |
| Leasing and similar obligations | 172 | €1,240,884 | €1,092,883 | -€148,001 | -11.9% |
| Credit institutions | 173 | €1,518,479 | €1,815,363 | +€296,883 | +19.6% |
| Other loans | 174 | €344,500 | €238,750 | -€105,750 | -30.7% |
| Amounts payable within one year | 42/48 | €6,593,966 | €5,823,004 | -€770,962 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €1,064,218 | €1,175,419 | +€111,201 | +10.4% |
| Financial debts | 43 | - | €125,963 | +€125,963 | |
| Credit institutions | 430/8 | - | €20,213 | +€20,213 | |
| Other loans | 439 | - | €105,750 | +€105,750 | |
| Trade debts | 44 | €4,985,931 | €3,976,416 | -€1.0m | -20.2% |
| Suppliers | 440/4 | €4,985,931 | €3,976,416 | -€1.0m | -20.2% |
| Advances received on contracts in progress | 46 | - | €4,075 | +€4,075 | |
| Taxes, remuneration and social security | 45 | €319,015 | €369,736 | +€50,721 | +15.9% |
| Taxes | 450/3 | €78,589 | €60,579 | -€18,011 | -22.9% |
| Remuneration and social security | 454/9 | €240,426 | €309,157 | +€68,731 | +28.6% |
| Other amounts payable | 47/48 | €224,802 | €171,395 | -€53,407 | -23.8% |
| Accrued charges and deferred income | 492/3 | €15,833 | €22,790 | +€6,957 | +43.9% |
| Operating income | 70/76A | €22,865,425 | €25,320,701 | +€2.5m | +10.7% |
| Turnover | 70 | €22,769,228 | €25,102,607 | +€2.3m | +10.2% |
| Other operating income | 74 | €96,197 | €218,094 | +€121,897 | +126.7% |
| Operating charges | 60/66A | €22,387,141 | €24,936,245 | +€2.5m | +11.4% |
| Goods for resale, raw materials and consumables | 60 | €15,753,776 | €18,157,720 | +€2.4m | +15.3% |
| Purchases | 600/8 | €15,826,147 | €18,168,982 | +€2.3m | +14.8% |
| Change in stocks: decrease (increase) | 609 | -€72,371 | -€11,262 | +€61,109 | +84.4% |
| Services and other goods | 61 | €3,389,911 | €3,087,869 | -€302,042 | -8.9% |
| Remuneration, social security and pensions | 62 | €1,721,803 | €2,127,608 | +€405,805 | +23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,371,459 | €1,454,917 | +€83,458 | +6.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €107,726 | €77,327 | -€30,400 | -28.2% |
| Other operating charges | 640/8 | €42,467 | €30,805 | -€11,662 | -27.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €478,283 | €384,456 | -€93,827 | -19.6% |
| Financial income | 75/76B | €38,112 | €27,912 | -€10,200 | -26.8% |
| Recurring financial income | 75 | €38,112 | €27,912 | -€10,200 | -26.8% |
| Other financial income | 752/9 | €38,112 | €27,912 | -€10,200 | -26.8% |
| Financial charges | 65/66B | €109,619 | €147,763 | +€38,144 | +34.8% |
| Recurring financial charges | 65 | €109,619 | €147,763 | +€38,144 | +34.8% |
| Debt charges | 650 | €103,196 | €133,871 | +€30,675 | +29.7% |
| Other financial charges | 652/9 | €6,423 | €13,892 | +€7,468 | +116.3% |
| Profit (loss) for the period before taxes | 9903 | €406,776 | €264,606 | -€142,171 | -35.0% |
| Income taxes | 67/77 | €75,177 | €81,702 | +€6,526 | +8.7% |
| Taxes | 670/3 | €80,000 | €85,000 | +€5,000 | +6.3% |
| Tax adjustments and reversals of tax provisions | 77 | €4,823 | €3,298 | -€1,526 | -31.6% |
| Profit (loss) for the period | 9904 | €331,599 | €182,903 | -€148,696 | -44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €331,599 | €182,903 | -€148,696 | -44.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.