GILBERT OLIVIER: 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.
GILBERT OLIVIER
Largest movements
- Cash +€69,787
up €69,787 (+131%), from €53,329 to €123,115
mainly Net result for the year (+€133,629) and Depreciation (+€17,569)
- Tangible fixed assets +€24,766
up €24,766 (+24.8%), from €99,903 to €124,669
of which Plant, machinery and equipment: +€30,170
- Financial fixed assets +€20,000
up €20,000 (+5.4%), from €371,129 to €391,129
- Profit (loss) carried forward +€93,629
up €93,629 (+30.1%), from €310,798 to €404,428
- Reserves +€40,000
up €40,000 (+27.2%), from €146,860 to €186,860
of which Distributable reserves: +€40,000
- Tax, wage and social debts -€13,880
down €13,880 (-47.9%), from €29,005 to €15,126
- Gross operating margin +€51,458
up €51,458 (+33.5%), from €153,791 to €205,249
- Taxes +€10,899
up €10,899 (+27.7%), from €39,300 to €50,198
- Depreciation -€2,210
down €2,210 (-11.2%), from €19,779 to €17,569
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 | €528,168 | €641,685 | +€113,517 | +21.5% |
| Fixed assets | 21/28 | €471,032 | €515,798 | +€44,766 | +9.5% |
| Tangible fixed assets | 22/27 | €99,903 | €124,669 | +€24,766 | +24.8% |
| Land and buildings | 22 | €80,206 | €76,769 | -€3,437 | -4.3% |
| Plant, machinery and equipment | 23 | €2,551 | €32,721 | +€30,170 | +1,183% |
| Furniture and vehicles | 24 | €8,140 | €8,276 | +€135 | +1.7% |
| Other tangible fixed assets | 26 | €9,006 | €6,904 | -€2,101 | -23.3% |
| Financial fixed assets | 28 | €371,129 | €391,129 | +€20,000 | +5.4% |
| Current assets | 29/58 | €57,136 | €125,886 | +€68,750 | +120% |
| Amounts receivable within one year | 40/41 | €1,197 | €1,132 | -€64 | -5.4% |
| Other amounts receivable | 41 | €1,197 | €1,132 | -€64 | -5.4% |
| Cash at bank and in hand | 54/58 | €53,329 | €123,115 | +€69,787 | +131% |
| Deferred charges and accrued income | 490/1 | €2,610 | €1,639 | -€972 | -37.2% |
| Total equity and liabilities | 10/49 | €528,168 | €641,685 | +€113,517 | +21.5% |
| Equity | 10/15 | €470,058 | €603,688 | +€133,629 | +28.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €146,860 | €186,860 | +€40,000 | +27.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €145,000 | €185,000 | +€40,000 | +27.6% |
| Profit (loss) carried forward | 14 | €310,798 | €404,428 | +€93,629 | +30.1% |
| Amounts payable | 17/49 | €58,110 | €37,997 | -€20,113 | -34.6% |
| Amounts payable after more than one year | 17 | €19,558 | €15,023 | -€4,535 | -23.2% |
| Financial debts | 170/4 | €19,558 | €15,023 | -€4,535 | -23.2% |
| Amounts payable within one year | 42/48 | €38,552 | €22,974 | -€15,578 | -40.4% |
| Current portion of amounts payable after more than one year | 42 | €7,712 | €7,673 | -€40 | -0.5% |
| Trade debts | 44 | €1,834 | €175 | -€1,659 | -90.4% |
| Suppliers | 440/4 | €1,834 | €175 | -€1,659 | -90.4% |
| Taxes, remuneration and social security | 45 | €29,005 | €15,126 | -€13,880 | -47.9% |
| Taxes | 450/3 | €29,005 | €15,126 | -€13,880 | -47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,779 | €17,569 | -€2,210 | -11.2% |
| Other operating charges | 640/8 | €2,259 | €2,881 | +€622 | +27.5% |
| Gross operating margin | 9900 | €153,791 | €205,249 | +€51,458 | +33.5% |
| Operating profit (loss) | 9901 | €131,753 | €184,799 | +€53,046 | +40.3% |
| Financial income | 75/76B | €1,689 | €242 | -€1,446 | -85.6% |
| Recurring financial income | 75 | €1,689 | €242 | -€1,446 | -85.6% |
| Financial charges | 65/66B | €1,642 | €1,214 | -€428 | -26.1% |
| Recurring financial charges | 65 | €1,642 | €1,214 | -€428 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €131,800 | €183,828 | +€52,028 | +39.5% |
| Income taxes | 67/77 | €39,300 | €50,198 | +€10,899 | +27.7% |
| Profit (loss) for the period | 9904 | €92,500 | €133,629 | +€41,129 | +44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €92,500 | €133,629 | +€41,129 | +44.5% |
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 22 October 2026 via checked.be.