GIELEN: 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.
GIELEN
Largest movements
- Current investments -€200,000
down €200,000 (-50.0%), from €400,000 to €200,000
- Tangible fixed assets +€156,968
up €156,968 (+295%), from €53,123 to €210,091
of which Furniture and vehicles: +€164,702
- Cash +€134,202
up €134,202 (+17.2%), from €780,770 to €914,972
mainly Net result for the year (+€306,442) and Current investments (+€200,000)
- Receivables within one year +€91,423
up €91,423 (+63.1%), from €144,817 to €236,239
of which Trade receivables: +€79,578
- Reserves +€196,343
up €196,343 (+16.5%), from €1.2m to €1.4m
of which Distributable reserves: +€196,343
- Tax, wage and social debts -€19,133
down €19,133 (-26.7%), from €71,681 to €52,548
of which Taxes: -€22,536
- Gross operating margin +€159,472
up €159,472 (+48.0%), from €332,561 to €492,033
- Taxes +€50,919
up €50,919 (+62.7%), from €81,252 to €132,171
- Financial income +€13,827
up €13,827 (+738%), from €1,874 to €15,701
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 | €1,387,888 | €1,569,589 | +€181,701 | +13.1% |
| Fixed assets | 21/28 | €53,123 | €210,091 | +€156,968 | +295% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €53,123 | €210,091 | +€156,968 | +295% |
| Land and buildings | 22 | €2,070 | €1,764 | -€306 | -14.8% |
| Plant, machinery and equipment | 23 | €28,705 | €21,277 | -€7,428 | -25.9% |
| Furniture and vehicles | 24 | €22,348 | €187,050 | +€164,702 | +737% |
| Current assets | 29/58 | €1,334,765 | €1,359,498 | +€24,733 | +1.9% |
| Stocks and contracts in progress | 3 | €4,981 | €6,674 | +€1,693 | +34.0% |
| Stocks | 30/36 | €4,981 | €6,674 | +€1,693 | +34.0% |
| Amounts receivable within one year | 40/41 | €144,817 | €236,239 | +€91,423 | +63.1% |
| Trade receivables | 40 | €140,342 | €219,920 | +€79,578 | +56.7% |
| Other amounts receivable | 41 | €4,475 | €16,319 | +€11,844 | +265% |
| Current investments | 50/53 | €400,000 | €200,000 | -€200,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €780,770 | €914,972 | +€134,202 | +17.2% |
| Deferred charges and accrued income | 490/1 | €4,197 | €1,613 | -€2,585 | -61.6% |
| Total equity and liabilities | 10/49 | €1,387,888 | €1,569,589 | +€181,701 | +13.1% |
| Equity | 10/15 | €1,220,409 | €1,416,751 | +€196,343 | +16.1% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €1,189,422 | €1,385,765 | +€196,343 | +16.5% |
| Tax-exempt reserves | 132 | €103,495 | €103,495 | = | 0.0% |
| Distributable reserves | 133 | €1,085,928 | €1,282,270 | +€196,343 | +18.1% |
| Amounts payable | 17/49 | €167,479 | €152,838 | -€14,642 | -8.7% |
| Amounts payable within one year | 42/48 | €167,479 | €151,275 | -€16,204 | -9.7% |
| Trade debts | 44 | €95,415 | €98,310 | +€2,895 | +3.0% |
| Suppliers | 440/4 | €95,415 | €98,310 | +€2,895 | +3.0% |
| Taxes, remuneration and social security | 45 | €71,681 | €52,548 | -€19,133 | -26.7% |
| Taxes | 450/3 | €66,096 | €43,560 | -€22,536 | -34.1% |
| Remuneration and social security | 454/9 | €5,585 | €8,988 | +€3,403 | +60.9% |
| Other amounts payable | 47/48 | €384 | €417 | +€34 | +8.8% |
| Accrued charges and deferred income | 492/3 | - | €1,562 | +€1,562 | |
| Non-recurring operating income | 76A | - | €14,480 | +€14,480 | |
| Remuneration, social security and pensions | 62 | €46,527 | €48,891 | +€2,364 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,893 | €15,106 | -€787 | -5.0% |
| Other operating charges | 640/8 | €4,199 | €4,566 | +€367 | +8.7% |
| Gross operating margin | 9900 | €332,561 | €492,033 | +€159,472 | +48.0% |
| Operating profit (loss) | 9901 | €265,943 | €423,471 | +€157,528 | +59.2% |
| Financial income | 75/76B | €1,874 | €15,701 | +€13,827 | +738% |
| Recurring financial income | 75 | €1,874 | €15,701 | +€13,827 | +738% |
| Financial charges | 65/66B | €513 | €558 | +€45 | +8.8% |
| Recurring financial charges | 65 | €513 | €558 | +€45 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €267,304 | €438,613 | +€171,309 | +64.1% |
| Income taxes | 67/77 | €81,252 | €132,171 | +€50,919 | +62.7% |
| Profit (loss) for the period | 9904 | €186,052 | €306,442 | +€120,390 | +64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €186,052 | €306,442 | +€120,390 | +64.7% |
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 18 October 2026 via checked.be.