GILBOROC: what changed
Two fiscal 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.
GILBOROC
Largest movements
- Receivables within one year +€214,203
up €214,203 (+42.7%), from €502,100 to €716,303
of which Other amounts receivable: +€212,305
- Current investments -€198,242
down €198,242 (-27.9%), from €709,941 to €511,699
- Cash -€129,234
down €129,234 (-69.3%), from €186,369 to €57,135
mainly Receivables within one year (-€214,203) and Other debts (-€123,966)
- Tangible fixed assets -€43,845
down €43,845 (-3.6%), from €1.2m to €1.2m
of which Land and buildings: -€43,744
- Other debts -€123,966
no longer reported in 2025 (was €123,966)
- Reserves -€27,463
down €27,463 (-5.7%), from €482,724 to €455,261
of which Distributable reserves: -€23,796
- Gross operating margin -€100,057
down €100,057 (-59.3%), from €168,672 to €68,614
- Taxes -€29,935
down €29,935 (-68.0%), from €44,016 to €14,080
- Other operating charges +€5,745
up €5,745 (+77.5%), from €7,410 to €13,155
- Financial charges -€5,578
down €5,578 (-135.6%), from -€4,112 to -€9,691
- Financial income -€2,064
down €2,064 (-5.3%), from €39,135 to €37,071
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.
Cash bridge derived
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 | €2,620,579 | €2,466,274 | -€154,305 | -5.9% |
| Fixed assets | 21/28 | €1,222,170 | €1,178,325 | -€43,845 | -3.6% |
| Tangible fixed assets | 22/27 | €1,222,170 | €1,178,325 | -€43,845 | -3.6% |
| Land and buildings | 22 | €1,219,964 | €1,176,220 | -€43,744 | -3.6% |
| Plant, machinery and equipment | 23 | €2,206 | €2,105 | -€101 | -4.6% |
| Current assets | 29/58 | €1,398,410 | €1,287,950 | -€110,460 | -7.9% |
| Amounts receivable within one year | 40/41 | €502,100 | €716,303 | +€214,203 | +42.7% |
| Trade receivables | 40 | - | €1,898 | +€1,898 | |
| Other amounts receivable | 41 | €502,100 | €714,405 | +€212,305 | +42.3% |
| Current investments | 50/53 | €709,941 | €511,699 | -€198,242 | -27.9% |
| Cash at bank and in hand | 54/58 | €186,369 | €57,135 | -€129,234 | -69.3% |
| Deferred charges and accrued income | 490/1 | - | €2,813 | +€2,813 | |
| Total equity and liabilities | 10/49 | €2,620,579 | €2,466,274 | -€154,305 | -5.9% |
| Equity | 10/15 | €2,431,084 | €2,403,622 | -€27,463 | -1.1% |
| Contributions | 10/11 | €1,683,629 | €1,683,629 | = | 0.0% |
| Capital | 10 | €1,683,629 | €1,683,629 | = | 0.0% |
| Issued capital | 100 | €1,683,629 | €1,683,629 | = | 0.0% |
| Reserves | 13 | €482,724 | €455,261 | -€27,463 | -5.7% |
| Non-distributable reserves | 130/1 | €64,708 | €66,628 | +€1,920 | +3.0% |
| Legal reserve | 130 | €61,386 | €63,306 | +€1,920 | +3.1% |
| Reserves not available under the articles | 1311 | €3,322 | €3,322 | = | 0.0% |
| Tax-exempt reserves | 132 | €116,561 | €110,974 | -€5,587 | -4.8% |
| Distributable reserves | 133 | €301,455 | €277,659 | -€23,796 | -7.9% |
| Profit (loss) carried forward | 14 | €264,731 | €264,731 | = | 0.0% |
| Provisions and deferred taxes | 16 | €60,020 | €57,143 | -€2,877 | -4.8% |
| Deferred taxes | 168 | €60,020 | €57,143 | -€2,877 | -4.8% |
| Amounts payable | 17/49 | €129,475 | €5,510 | -€123,966 | -95.7% |
| Amounts payable within one year | 42/48 | €129,475 | €5,510 | -€123,966 | -95.7% |
| Taxes, remuneration and social security | 45 | €5,510 | €5,510 | = | 0.0% |
| Taxes | 450/3 | €5,510 | €5,510 | = | 0.0% |
| Other amounts payable | 47/48 | €123,966 | - | -€123,966 | |
| Non-recurring operating income | 76A | €105,337 | €2,251 | -€103,086 | -97.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,798 | €58,197 | -€600 | -1.0% |
| Other operating charges | 640/8 | €7,410 | €13,155 | +€5,745 | +77.5% |
| Gross operating margin | 9900 | €168,672 | €68,614 | -€100,057 | -59.3% |
| Operating profit (loss) | 9901 | €102,464 | -€2,738 | -€105,202 | |
| Financial income | 75/76B | €39,135 | €37,071 | -€2,064 | -5.3% |
| Recurring financial income | 75 | €39,135 | €37,071 | -€2,064 | -5.3% |
| Financial charges | 65/66B | -€4,112 | -€9,691 | -€5,578 | -135.6% |
| Recurring financial charges | 65 | -€4,112 | -€9,691 | -€5,578 | -135.6% |
| Profit (loss) for the period before taxes | 9903 | €145,712 | €44,024 | -€101,688 | -69.8% |
| Transfer from deferred taxes | 780 | €2,877 | €2,877 | = | 0.0% |
| Income taxes | 67/77 | €44,016 | €14,080 | -€29,935 | -68.0% |
| Profit (loss) for the period | 9904 | €104,573 | €32,820 | -€71,753 | -68.6% |
| Transfer from tax-exempt reserves | 789 | €5,587 | €5,587 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €110,160 | €38,407 | -€71,753 | -65.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.