GIL'ART: 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.
GIL'ART
Largest movements
- Tangible fixed assets -€64,949
down €64,949 (-38.3%), from €169,695 to €104,746
of which Land and buildings: -€61,394
- Receivables within one year -€32,840
down €32,840 (-97.0%), from €33,872 to €1,032
of which Trade receivables: -€33,830
- Financial fixed assets -€6,980
down €6,980 (-100%), from €6,980 to €0
- Cash -€4,935
down €4,935 (-95.1%), from €5,191 to €256
mainly Net result for the year (-€192,179) and Current portion of long-term debt (-€67,316)
- Profit (loss) carried forward -€192,179
down €192,179 (-2.4%), from -€8.0m to -€8.1m
- Other debts +€181,387
up €181,387 (+4,766%), from €3,806 to €185,193
- Current portion of long-term debt -€67,316
down €67,316 (-100%), from €67,316 to €0
- Trade debts -€19,945
down €19,945 (-93.8%), from €21,258 to €1,313
- Tax, wage and social debts -€11,818
down €11,818 (-100%), from €11,818 to €0
- Financial charges +€236,079
up €236,079, from -€220,391 to €15,688
- Gross operating margin +€134,661
up €134,661 (+56.2%), from -€239,678 to -€105,017
- Depreciation +€43,816
up €43,816 (+233%), from €18,788 to €62,604
- Financial income +€8,392
up €8,392 (+86.9%), from €9,653 to €18,045
of which Non-recurring financial income: +€18,020
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 | €215,904 | €106,034 | -€109,871 | -50.9% |
| Fixed assets | 21/28 | €176,675 | €104,746 | -€71,930 | -40.7% |
| Tangible fixed assets | 22/27 | €169,695 | €104,746 | -€64,949 | -38.3% |
| Land and buildings | 22 | €166,140 | €104,746 | -€61,394 | -37.0% |
| Plant, machinery and equipment | 23 | €2,466 | €0 | -€2,466 | -100% |
| Furniture and vehicles | 24 | €1,089 | €0 | -€1,089 | -100% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €6,980 | €0 | -€6,980 | -100% |
| Current assets | 29/58 | €39,229 | €1,288 | -€37,941 | -96.7% |
| Amounts receivable within one year | 40/41 | €33,872 | €1,032 | -€32,840 | -97.0% |
| Trade receivables | 40 | €33,872 | €43 | -€33,830 | -99.9% |
| Other amounts receivable | 41 | €0 | €989 | +€989 | |
| Cash at bank and in hand | 54/58 | €5,191 | €256 | -€4,935 | -95.1% |
| Deferred charges and accrued income | 490/1 | €166 | €0 | -€166 | -100% |
| Total equity and liabilities | 10/49 | €215,904 | €106,034 | -€109,871 | -50.9% |
| Equity | 10/15 | €111,706 | -€80,473 | -€192,179 | |
| Contributions | 10/11 | €8,063,664 | €8,063,664 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,951,957 | -€8,144,136 | -€192,179 | -2.4% |
| Amounts payable | 17/49 | €104,198 | €186,506 | +€82,308 | +79.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €104,198 | €186,506 | +€82,308 | +79.0% |
| Current portion of amounts payable after more than one year | 42 | €67,316 | €0 | -€67,316 | -100% |
| Trade debts | 44 | €21,258 | €1,313 | -€19,945 | -93.8% |
| Suppliers | 440/4 | €21,258 | €1,313 | -€19,945 | -93.8% |
| Taxes, remuneration and social security | 45 | €11,818 | €0 | -€11,818 | -100% |
| Taxes | 450/3 | €11,818 | €0 | -€11,818 | -100% |
| Other amounts payable | 47/48 | €3,806 | €185,193 | +€181,387 | +4,766% |
| Non-recurring operating income | 76A | €3,460 | €9,150 | +€5,690 | +164% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,788 | €62,604 | +€43,816 | +233% |
| Other operating charges | 640/8 | €8,363 | €7,840 | -€523 | -6.3% |
| Non-recurring operating charges | 66A | €156,022 | €19,075 | -€136,948 | -87.8% |
| Gross operating margin | 9900 | -€239,678 | -€105,017 | +€134,661 | +56.2% |
| Operating profit (loss) | 9901 | -€422,851 | -€194,536 | +€228,316 | +54.0% |
| Financial income | 75/76B | €9,653 | €18,045 | +€8,392 | +86.9% |
| Recurring financial income | 75 | €9,653 | €25 | -€9,628 | -99.7% |
| Non-recurring financial income | 76B | - | €18,020 | +€18,020 | |
| Financial charges | 65/66B | -€220,391 | €15,688 | +€236,079 | |
| Recurring financial charges | 65 | -€220,391 | €15,688 | +€236,079 | |
| Profit (loss) for the period before taxes | 9903 | -€192,807 | -€192,179 | +€628 | +0.3% |
| Profit (loss) for the period | 9904 | -€192,807 | -€192,179 | +€628 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€192,807 | -€192,179 | +€628 | +0.3% |
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.