GIL ROELS: 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 ROELS
Largest movements
- Current investments -€135,545
down €135,545 (-39.0%), from €347,269 to €211,724
- Receivables within one year +€88,073
up €88,073 (+9.5%), from €927,431 to €1.0m
of which Other amounts receivable: +€88,073
- Cash -€26,260
down €26,260 (-17.0%), from €154,457 to €128,198
mainly Contributions, distributions and other (-€410,000) and Receivables within one year (-€88,073)
- Reserves -€413,500
down €413,500 (-21.8%), from €1.9m to €1.5m
- Other debts +€409,141
up €409,141 (+47,630%), from €859 to €410,000
- Tax, wage and social debts -€30,611
down €30,611 (-95.3%), from €32,121 to €1,509
- Debts after one year -€23,890
down €23,890 (-8.5%), from €282,702 to €258,812
- Gross operating margin -€17,666
down €17,666 (-203%), from -€8,709 to -€26,375
- Taxes -€4,681
down €4,681 (-95.9%), from €4,881 to €200
- Depreciation +€2,565
up €2,565 (+10.8%), from €23,669 to €26,233
- Financial charges -€776
down €776 (-15.0%), from €5,180 to €4,404
- Financial income +€471
up €471 (+0.8%), from €59,654 to €60,125
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 | €2,274,583 | €2,213,640 | -€60,943 | -2.7% |
| Fixed assets | 21/28 | €719,077 | €730,738 | +€11,661 | +1.6% |
| Tangible fixed assets | 22/27 | €719,077 | €730,738 | +€11,661 | +1.6% |
| Land and buildings | 22 | €712,333 | €689,714 | -€22,619 | -3.2% |
| Plant, machinery and equipment | 23 | €673 | €247 | -€427 | -63.4% |
| Furniture and vehicles | 24 | €1,451 | €36,628 | +€35,177 | +2,424% |
| Other tangible fixed assets | 26 | €4,619 | €4,149 | -€470 | -10.2% |
| Current assets | 29/58 | €1,555,506 | €1,482,902 | -€72,604 | -4.7% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €927,431 | €1,015,504 | +€88,073 | +9.5% |
| Trade receivables | 40 | €383 | €383 | = | 0.0% |
| Other amounts receivable | 41 | €927,047 | €1,015,120 | +€88,073 | +9.5% |
| Current investments | 50/53 | €347,269 | €211,724 | -€135,545 | -39.0% |
| Cash at bank and in hand | 54/58 | €154,457 | €128,198 | -€26,260 | -17.0% |
| Deferred charges and accrued income | 490/1 | €26,348 | €27,477 | +€1,128 | +4.3% |
| Total equity and liabilities | 10/49 | €2,274,583 | €2,213,640 | -€60,943 | -2.7% |
| Equity | 10/15 | €1,930,281 | €1,517,250 | -€413,031 | -21.4% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €1,893,500 | €1,480,000 | -€413,500 | -21.8% |
| Distributable reserves | 133 | €1,893,500 | €1,480,000 | -€413,500 | -21.8% |
| Profit (loss) carried forward | 14 | €1,781 | €2,250 | +€469 | +26.3% |
| Amounts payable | 17/49 | €344,302 | €696,390 | +€352,088 | +102% |
| Amounts payable after more than one year | 17 | €282,702 | €258,812 | -€23,890 | -8.5% |
| Financial debts | 170/4 | €282,702 | €258,812 | -€23,890 | -8.5% |
| Amounts payable within one year | 42/48 | €61,596 | €437,575 | +€375,979 | +610% |
| Current portion of amounts payable after more than one year | 42 | €23,890 | €23,890 | = | 0.0% |
| Trade debts | 44 | €4,726 | €2,175 | -€2,551 | -54.0% |
| Suppliers | 440/4 | €4,726 | €2,175 | -€2,551 | -54.0% |
| Taxes, remuneration and social security | 45 | €32,121 | €1,509 | -€30,611 | -95.3% |
| Taxes | 450/3 | €32,121 | €1,509 | -€30,611 | -95.3% |
| Other amounts payable | 47/48 | €859 | €410,000 | +€409,141 | +47,630% |
| Accrued charges and deferred income | 492/3 | €3 | €4 | +€0 | +4.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,669 | €26,233 | +€2,565 | +10.8% |
| Other operating charges | 640/8 | €5,789 | €5,946 | +€156 | +2.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€8,709 | -€26,375 | -€17,666 | -203% |
| Operating profit (loss) | 9901 | -€38,166 | -€58,553 | -€20,387 | -53.4% |
| Financial income | 75/76B | €59,654 | €60,125 | +€471 | +0.8% |
| Recurring financial income | 75 | €59,654 | €60,125 | +€471 | +0.8% |
| Financial charges | 65/66B | €5,180 | €4,404 | -€776 | -15.0% |
| Recurring financial charges | 65 | €5,180 | €4,404 | -€776 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €16,308 | -€2,832 | -€19,140 | |
| Income taxes | 67/77 | €4,881 | €200 | -€4,681 | -95.9% |
| Profit (loss) for the period | 9904 | €11,427 | -€3,031 | -€14,458 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,427 | -€3,031 | -€14,458 |
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.