Gilco: 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.
Gilco
Largest movements
- Receivables within one year +€77,005
up €77,005 (+29.3%), from €262,930 to €339,936
- Tangible fixed assets -€69,849
down €69,849 (-4.7%), from €1.5m to €1.4m
of which Land and buildings: -€63,120
- Cash -€38,488
down €38,488 (-78.2%), from €49,219 to €10,731
mainly Receivables within one year (-€77,005) and Debts after one year (-€44,810)
- Current investments -€35,378
down €35,378 (-4.4%), from €808,000 to €772,622
- Debts after one year -€44,810
down €44,810 (-3.4%), from €1.3m to €1.3m
- Reserves -€41,436
down €41,436 (-4.7%), from €876,864 to €835,429
of which Tax-exempt reserves: -€41,436
- Financial income +€30,901
up €30,901 (+224.6%), from €13,755 to €44,656
- Gross operating margin +€23,793
up €23,793 (+45.6%), from €52,183 to €75,977
- Other operating charges +€17,789
up €17,789 (+251.8%), from €7,064 to €24,853
- Taxes +€11,322
up €11,322 (+168.5%), from €6,721 to €18,043
- Financial charges +€9,249
up €9,249 (+45.7%), from €20,252 to €29,501
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 | €2,596,300 | €2,529,626 | -€66,674 | -2.6% |
| Fixed assets | 21/28 | €1,475,204 | €1,405,355 | -€69,849 | -4.7% |
| Tangible fixed assets | 22/27 | €1,475,204 | €1,405,355 | -€69,849 | -4.7% |
| Land and buildings | 22 | €1,456,752 | €1,393,631 | -€63,120 | -4.3% |
| Furniture and vehicles | 24 | €18,452 | €11,724 | -€6,728 | -36.5% |
| Current assets | 29/58 | €1,121,096 | €1,124,271 | +€3,174 | +0.3% |
| Amounts receivable within one year | 40/41 | €262,930 | €339,936 | +€77,005 | +29.3% |
| Other amounts receivable | 41 | €262,930 | €339,936 | +€77,005 | +29.3% |
| Current investments | 50/53 | €808,000 | €772,622 | -€35,378 | -4.4% |
| Cash at bank and in hand | 54/58 | €49,219 | €10,731 | -€38,488 | -78.2% |
| Deferred charges and accrued income | 490/1 | €947 | €982 | +€35 | +3.7% |
| Total equity and liabilities | 10/49 | €2,596,300 | €2,529,626 | -€66,674 | -2.6% |
| Equity | 10/15 | €895,456 | €854,021 | -€41,436 | -4.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €876,864 | €835,429 | -€41,436 | -4.7% |
| Tax-exempt reserves | 132 | €875,005 | €833,569 | -€41,436 | -4.7% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €291,255 | €277,443 | -€13,812 | -4.7% |
| Deferred taxes | 168 | €291,255 | €277,443 | -€13,812 | -4.7% |
| Amounts payable | 17/49 | €1,409,589 | €1,398,162 | -€11,427 | -0.8% |
| Amounts payable after more than one year | 17 | €1,313,152 | €1,268,341 | -€44,810 | -3.4% |
| Financial debts | 170/4 | €1,313,152 | €1,268,341 | -€44,810 | -3.4% |
| Amounts payable within one year | 42/48 | €96,206 | €129,582 | +€33,376 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €44,166 | €44,810 | +€645 | +1.5% |
| Trade debts | 44 | €2,568 | €3,475 | +€907 | +35.3% |
| Suppliers | 440/4 | €2,568 | €3,475 | +€907 | +35.3% |
| Taxes, remuneration and social security | 45 | €1,720 | €11,402 | +€9,682 | +562.9% |
| Taxes | 450/3 | €1,720 | €11,402 | +€9,682 | +562.9% |
| Other amounts payable | 47/48 | €47,752 | €69,895 | +€22,143 | +46.4% |
| Accrued charges and deferred income | 492/3 | €231 | €239 | +€7 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,506 | €70,943 | +€436 | +0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €7,064 | €24,853 | +€17,789 | +251.8% |
| Gross operating margin | 9900 | €52,183 | €75,977 | +€23,793 | +45.6% |
| Operating profit (loss) | 9901 | -€25,387 | -€19,819 | +€5,568 | +21.9% |
| Financial income | 75/76B | €13,755 | €44,656 | +€30,901 | +224.6% |
| Recurring financial income | 75 | €13,755 | €44,656 | +€30,901 | +224.6% |
| Financial charges | 65/66B | €20,252 | €29,501 | +€9,249 | +45.7% |
| Recurring financial charges | 65 | €20,252 | €29,501 | +€9,249 | +45.7% |
| Profit (loss) for the period before taxes | 9903 | -€31,884 | -€4,664 | +€27,220 | +85.4% |
| Transfer from deferred taxes | 780 | €13,812 | €13,812 | = | 0.0% |
| Income taxes | 67/77 | €6,721 | €18,043 | +€11,322 | +168.5% |
| Profit (loss) for the period | 9904 | -€24,792 | -€8,895 | +€15,898 | +64.1% |
| Transfer from tax-exempt reserves | 789 | €41,436 | €41,436 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,643 | €32,541 | +€15,898 | +95.5% |
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 7 October 2026 via checked.be.