GIELIS: 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.
GIELIS
Largest movements
- Stocks and contracts +€52,079
up €52,079 (+21.6%), from €240,711 to €292,790
- Cash -€41,879
down €41,879 (-21.8%), from €192,264 to €150,385
mainly Stocks and contracts (-€52,079) and Receivables within one year (-€29,357)
- Receivables within one year +€29,357
up €29,357 (+22.7%), from €129,127 to €158,484
of which Trade receivables: +€28,854
- Tangible fixed assets -€15,257
down €15,257 (-33.7%), from €45,332 to €30,075
of which Furniture and vehicles: -€11,233
- Reserves +€69,819
up €69,819 (+16.5%), from €423,894 to €493,713
- Tax, wage and social debts -€14,509
down €14,509 (-65.8%), from €22,042 to €7,533
of which Taxes: -€13,357
- Trade debts -€10,747
down €10,747 (-33.0%), from €32,613 to €21,867
- Debts after one year -€10,670
down €10,670 (-66.1%), from €16,138 to €5,468
- Staff costs +€10,118
up €10,118 (+128%), from €7,895 to €18,014
- Gross operating margin -€7,338
down €7,338 (-4.7%), from €157,268 to €149,930
- Taxes -€6,653
down €6,653 (-16.4%), from €40,497 to €33,844
- Write-downs +€1,957
new in 2025: €1,957
- Depreciation +€1,847
up €1,847 (+11.3%), from €16,319 to €18,165
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 | €612,395 | €642,078 | +€29,682 | +4.8% |
| Fixed assets | 21/28 | €45,467 | €34,393 | -€11,074 | -24.4% |
| Intangible fixed assets | 21 | - | €4,183 | +€4,183 | |
| Tangible fixed assets | 22/27 | €45,332 | €30,075 | -€15,257 | -33.7% |
| Plant, machinery and equipment | 23 | €12,603 | €10,579 | -€2,024 | -16.1% |
| Furniture and vehicles | 24 | €27,576 | €16,343 | -€11,233 | -40.7% |
| Other tangible fixed assets | 26 | €5,153 | €3,153 | -€2,000 | -38.8% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €566,928 | €607,684 | +€40,756 | +7.2% |
| Stocks and contracts in progress | 3 | €240,711 | €292,790 | +€52,079 | +21.6% |
| Stocks | 30/36 | €240,711 | €292,790 | +€52,079 | +21.6% |
| Amounts receivable within one year | 40/41 | €129,127 | €158,484 | +€29,357 | +22.7% |
| Trade receivables | 40 | €128,877 | €157,731 | +€28,854 | +22.4% |
| Other amounts receivable | 41 | €250 | €753 | +€503 | +201% |
| Cash at bank and in hand | 54/58 | €192,264 | €150,385 | -€41,879 | -21.8% |
| Deferred charges and accrued income | 490/1 | €4,826 | €6,025 | +€1,199 | +24.8% |
| Total equity and liabilities | 10/49 | €612,395 | €642,078 | +€29,682 | +4.8% |
| Equity | 10/15 | €442,486 | €512,305 | +€69,819 | +15.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €423,894 | €493,713 | +€69,819 | +16.5% |
| Distributable reserves | 133 | €423,894 | €493,713 | +€69,819 | +16.5% |
| Amounts payable | 17/49 | €169,910 | €129,773 | -€40,137 | -23.6% |
| Amounts payable after more than one year | 17 | €16,138 | €5,468 | -€10,670 | -66.1% |
| Financial debts | 170/4 | €16,138 | €5,468 | -€10,670 | -66.1% |
| Amounts payable within one year | 42/48 | €153,772 | €124,305 | -€29,467 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €10,323 | €10,670 | +€346 | +3.4% |
| Trade debts | 44 | €32,613 | €21,867 | -€10,747 | -33.0% |
| Suppliers | 440/4 | €32,613 | €21,867 | -€10,747 | -33.0% |
| Taxes, remuneration and social security | 45 | €22,042 | €7,533 | -€14,509 | -65.8% |
| Taxes | 450/3 | €20,300 | €6,942 | -€13,357 | -65.8% |
| Remuneration and social security | 454/9 | €1,743 | €591 | -€1,151 | -66.1% |
| Other amounts payable | 47/48 | €88,793 | €84,235 | -€4,558 | -5.1% |
| Non-recurring operating income | 76A | €7,800 | €0 | -€7,800 | -100% |
| Remuneration, social security and pensions | 62 | €7,895 | €18,014 | +€10,118 | +128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,319 | €18,165 | +€1,847 | +11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,957 | +€1,957 | |
| Other operating charges | 640/8 | €1,920 | €1,088 | -€832 | -43.3% |
| Gross operating margin | 9900 | €157,268 | €149,930 | -€7,338 | -4.7% |
| Operating profit (loss) | 9901 | €131,134 | €110,706 | -€20,428 | -15.6% |
| Financial income | 75/76B | €1 | €0 | -€1 | -99.3% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -99.3% |
| Financial charges | 65/66B | €8,329 | €7,043 | -€1,285 | -15.4% |
| Recurring financial charges | 65 | €8,329 | €7,043 | -€1,285 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €122,807 | €103,663 | -€19,144 | -15.6% |
| Income taxes | 67/77 | €40,497 | €33,844 | -€6,653 | -16.4% |
| Profit (loss) for the period | 9904 | €82,310 | €69,819 | -€12,491 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,310 | €69,819 | -€12,491 | -15.2% |
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 16 October 2026 via checked.be.