GILBERT WALON: 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 WALON
Largest movements
- Cash +€49,556
up €49,556 (+30.2%), from €163,920 to €213,476
mainly Depreciation (+€123,052) and Net result for the year (+€104,526)
- Tangible fixed assets -€46,402
down €46,402 (-2.9%), from €1.6m to €1.5m
of which Land and buildings: -€25,991
- Debts after one year -€104,086
down €104,086 (-10.8%), from €962,940 to €858,854
- Other debts +€43,367
up €43,367 (+98.9%), from €43,850 to €87,217
- Tax, wage and social debts +€23,206
up €23,206 (+26.1%), from €88,978 to €112,184
of which Taxes: +€13,626
- Profit (loss) carried forward +€20,300
up €20,300 (+7.3%), from €276,791 to €297,091
- Gross operating margin +€101,154
up €101,154 (+16.7%), from €606,245 to €707,399
- Staff costs +€27,735
up €27,735 (+7.2%), from €383,321 to €411,056
- Taxes +€14,974
up €14,974 (+81.5%), from €18,366 to €33,340
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 | €1,931,776 | €1,921,416 | -€10,360 | -0.5% |
| Fixed assets | 21/28 | €1,591,786 | €1,545,384 | -€46,402 | -2.9% |
| Tangible fixed assets | 22/27 | €1,588,894 | €1,542,492 | -€46,402 | -2.9% |
| Land and buildings | 22 | €1,125,851 | €1,099,860 | -€25,991 | -2.3% |
| Plant, machinery and equipment | 23 | €57,413 | €49,150 | -€8,263 | -14.4% |
| Furniture and vehicles | 24 | €361,886 | €353,973 | -€7,913 | -2.2% |
| Leasing and similar rights | 25 | €43,744 | €39,509 | -€4,235 | -9.7% |
| Financial fixed assets | 28 | €2,892 | €2,892 | = | 0.0% |
| Current assets | 29/58 | €339,990 | €376,032 | +€36,042 | +10.6% |
| Amounts receivable within one year | 40/41 | €84,908 | €85,004 | +€96 | +0.1% |
| Trade receivables | 40 | €35,150 | €37,822 | +€2,672 | +7.6% |
| Other amounts receivable | 41 | €49,758 | €47,182 | -€2,576 | -5.2% |
| Cash at bank and in hand | 54/58 | €163,920 | €213,476 | +€49,556 | +30.2% |
| Deferred charges and accrued income | 490/1 | €91,162 | €77,552 | -€13,610 | -14.9% |
| Total equity and liabilities | 10/49 | €1,931,776 | €1,921,416 | -€10,360 | -0.5% |
| Equity | 10/15 | €706,685 | €732,211 | +€25,526 | +3.6% |
| Contributions | 10/11 | €408,390 | €408,390 | = | 0.0% |
| Capital | 10 | €408,390 | €408,390 | = | 0.0% |
| Issued capital | 100 | €408,390 | €408,390 | = | 0.0% |
| Reserves | 13 | €21,504 | €26,730 | +€5,226 | +24.3% |
| Non-distributable reserves | 130/1 | €21,504 | €26,730 | +€5,226 | +24.3% |
| Legal reserve | 130 | €21,504 | €26,730 | +€5,226 | +24.3% |
| Profit (loss) carried forward | 14 | €276,791 | €297,091 | +€20,300 | +7.3% |
| Amounts payable | 17/49 | €1,225,091 | €1,189,205 | -€35,886 | -2.9% |
| Amounts payable after more than one year | 17 | €962,940 | €858,854 | -€104,086 | -10.8% |
| Financial debts | 170/4 | €962,940 | €858,854 | -€104,086 | -10.8% |
| Amounts payable within one year | 42/48 | €262,151 | €330,351 | +€68,200 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €117,170 | €120,831 | +€3,661 | +3.1% |
| Trade debts | 44 | €8,988 | €6,499 | -€2,489 | -27.7% |
| Suppliers | 440/4 | €8,988 | €6,499 | -€2,489 | -27.7% |
| Advances received on contracts in progress | 46 | €3,165 | €3,620 | +€455 | +14.4% |
| Taxes, remuneration and social security | 45 | €88,978 | €112,184 | +€23,206 | +26.1% |
| Taxes | 450/3 | €45,734 | €59,360 | +€13,626 | +29.8% |
| Remuneration and social security | 454/9 | €43,244 | €52,824 | +€9,580 | +22.2% |
| Other amounts payable | 47/48 | €43,850 | €87,217 | +€43,367 | +98.9% |
| Non-recurring operating income | 76A | €4,901 | €12,843 | +€7,942 | +162% |
| Remuneration, social security and pensions | 62 | €383,321 | €411,056 | +€27,735 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,567 | €123,052 | +€6,485 | +5.6% |
| Other operating charges | 640/8 | €15,651 | €22,465 | +€6,814 | +43.5% |
| Non-recurring operating charges | 66A | €1,437 | - | -€1,437 | |
| Gross operating margin | 9900 | €606,245 | €707,399 | +€101,154 | +16.7% |
| Operating profit (loss) | 9901 | €89,269 | €150,826 | +€61,557 | +69.0% |
| Financial income | 75/76B | €5,711 | €2,856 | -€2,855 | -50.0% |
| Recurring financial income | 75 | €5,711 | €2,856 | -€2,855 | -50.0% |
| Financial charges | 65/66B | €20,424 | €15,816 | -€4,608 | -22.6% |
| Recurring financial charges | 65 | €20,424 | €15,816 | -€4,608 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €74,556 | €137,866 | +€63,310 | +84.9% |
| Income taxes | 67/77 | €18,366 | €33,340 | +€14,974 | +81.5% |
| Profit (loss) for the period | 9904 | €56,190 | €104,526 | +€48,336 | +86.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,190 | €104,526 | +€48,336 | +86.0% |
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 23 October 2026 via checked.be.