GILCO: 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.
What changed
GILCO
NACE 10.200, Manufacture of food products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €1.1m+€159,776
Equity
€5.3m
2024 · €4.3m+€963,168
Cash
€611,636
2024 · €1.4m-€775,204
Balance sheet total
€11.0m
2024 · €11.9m-€901,075
Largest movements
Assets
- Cash -€775,204
down €775,204 (-55.9%), from €1.4m to €611,636
mainly Debts after one year (-€1.1m) and Investment in fixed assets (net) (-€705,913)
- Tangible fixed assets +€492,324
up €492,324 (+30.9%), from €1.6m to €2.1m
of which Plant, machinery and equipment: +€325,404
- Stocks and contracts -€236,466
down €236,466 (-23.3%), from €1.0m to €776,776
- Financial fixed assets -€197,185
down €197,185 (-4.2%), from €4.7m to €4.5m
of which Affiliated companies: -€162,185
- Intangible fixed assets -€159,517
down €159,517 (-23.2%), from €688,113 to €528,596
Equity and liabilities
- Debts after one year -€1.1m
down €1.1m (-39.2%), from €2.7m to €1.7m
of which Other amounts payable: -€1.0m
- Reserves +€911,312
up €911,312 (+22.1%), from €4.1m to €5.0m
of which Distributable reserves: +€911,312
- Trade debts -€383,415
down €383,415 (-19.1%), from €2.0m to €1.6m
- Short-term financial debts -€382,104
down €382,104 (-20.9%), from €1.8m to €1.4m
Income statement
- Turnover -€779,323
down €779,323 (-4.5%), from €17.4m to €16.6m
- Services and other goods -€714,380
down €714,380 (-16.6%), from €4.3m to €3.6m
- Goods and materials -€500,042
down €500,042 (-5.0%), from €10.1m to €9.6m
of which Purchases: -€711,632
- Staff costs +€181,445
up €181,445 (+14.1%), from €1.3m to €1.5m
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.
Result 2024
€1.1m
Turnover
-€779,323
Other operating income
-€22,424
Goods and materials
+€500,042
Services and other goods
+€714,380
Staff costs
-€181,445
Depreciation
-€115,721
Other operating charges
+€154,955
Financial income
+€75,836
Financial charges
-€15,741
Taxes
-€170,784
Result 2025
€1.2m
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.
From operations
+€1.6m
Investment
-€705,913
Financing
-€1.7m
Cash 2024
€1.4m
From operations (derived)
+€1.6m
Net result for the year
+€1.2m
Depreciation
+€570,291
Stocks and contracts
+€236,466
Receivables within one year
+€43,957
Deferred charges and accrued income
-€18,929
Trade debts
-€383,415
Tax, wage and social debts
-€59,866
Other debts
+€100,000
Accrued charges and deferred income
-€99,234
Investment (derived)
-€705,913
Investment in fixed assets (net)
-€705,913
Financing
-€1.7m
Debts after one year
-€1.1m
Current portion of long-term debt
+€29,978
Short-term financial debts
-€382,104
Contributions, distributions and other
-€248,144
Cash 2025
€611,636
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,854,562 | €10,953,486 | -€901,075 | -7.6% |
| Fixed assets | 21/28 | €6,931,967 | €7,067,589 | +€135,622 | +2.0% |
| Intangible fixed assets | 21 | €688,113 | €528,596 | -€159,517 | -23.2% |
| Tangible fixed assets | 22/27 | €1,593,586 | €2,085,911 | +€492,324 | +30.9% |
| Land and buildings | 22 | €826,161 | €1,083,574 | +€257,414 | +31.2% |
| Plant, machinery and equipment | 23 | €543,960 | €869,364 | +€325,404 | +59.8% |
| Furniture and vehicles | 24 | €69,794 | €56,400 | -€13,394 | -19.2% |
| Leasing and similar rights | 25 | €153,671 | €76,571 | -€77,100 | -50.2% |
| Financial fixed assets | 28 | €4,650,268 | €4,453,083 | -€197,185 | -4.2% |
| Affiliated companies | 280/1 | €4,603,368 | €4,441,183 | -€162,185 | -3.5% |
| Amounts receivable | 281 | €4,603,368 | €4,441,183 | -€162,185 | -3.5% |
| Other financial fixed assets | 284/8 | €46,900 | €11,900 | -€35,000 | -74.6% |
| Amounts receivable and cash guarantees | 285/8 | €46,900 | €11,900 | -€35,000 | -74.6% |
| Current assets | 29/58 | €4,922,594 | €3,885,897 | -€1.0m | -21.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €1,013,241 | €776,776 | -€236,466 | -23.3% |
| Stocks | 30/36 | €1,013,241 | €776,776 | -€236,466 | -23.3% |
| Goods purchased for resale | 34 | €1,013,241 | €776,776 | -€236,466 | -23.3% |
| Amounts receivable within one year | 40/41 | €2,439,717 | €2,395,760 | -€43,957 | -1.8% |
| Trade receivables | 40 | €2,043,553 | €2,008,232 | -€35,321 | -1.7% |
| Other amounts receivable | 41 | €396,164 | €387,528 | -€8,636 | -2.2% |
| Cash at bank and in hand | 54/58 | €1,386,840 | €611,636 | -€775,204 | -55.9% |
| Deferred charges and accrued income | 490/1 | €82,796 | €101,726 | +€18,929 | +22.9% |
| Total equity and liabilities | 10/49 | €11,854,562 | €10,953,486 | -€901,075 | -7.6% |
| Equity | 10/15 | €4,315,812 | €5,278,980 | +€963,168 | +22.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €4,124,404 | €5,035,716 | +€911,312 | +22.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €4,099,504 | €5,010,816 | +€911,312 | +22.2% |
| Investment grants | 15 | €129,909 | €181,764 | +€51,856 | +39.9% |
| Amounts payable | 17/49 | €7,538,749 | €5,674,506 | -€1.9m | -24.7% |
| Amounts payable after more than one year | 17 | €2,727,423 | €1,657,820 | -€1.1m | -39.2% |
| Financial debts | 170/4 | €617,737 | €558,069 | -€59,668 | -9.7% |
| Leasing and similar obligations | 172 | €57,837 | €0 | -€57,837 | -100.0% |
| Credit institutions | 173 | €559,900 | €558,069 | -€1,831 | -0.3% |
| Other amounts payable | 178/9 | €2,109,686 | €1,099,751 | -€1.0m | -47.9% |
| Amounts payable within one year | 42/48 | €4,644,844 | €3,949,438 | -€695,406 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €302,196 | €332,174 | +€29,978 | +9.9% |
| Financial debts | 43 | €1,826,162 | €1,444,059 | -€382,104 | -20.9% |
| Credit institutions | 430/8 | €1,826,162 | €1,444,059 | -€382,104 | -20.9% |
| Trade debts | 44 | €2,011,379 | €1,627,964 | -€383,415 | -19.1% |
| Suppliers | 440/4 | €2,011,379 | €1,627,964 | -€383,415 | -19.1% |
| Taxes, remuneration and social security | 45 | €305,107 | €245,241 | -€59,866 | -19.6% |
| Taxes | 450/3 | €144,591 | €45,657 | -€98,934 | -68.4% |
| Remuneration and social security | 454/9 | €160,516 | €199,584 | +€39,068 | +24.3% |
| Other amounts payable | 47/48 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Accrued charges and deferred income | 492/3 | €166,483 | €67,248 | -€99,234 | -59.6% |
| Operating income | 70/76A | €17,434,269 | €16,632,521 | -€801,747 | -4.6% |
| Turnover | 70 | €17,385,071 | €16,605,748 | -€779,323 | -4.5% |
| Other operating income | 74 | €49,198 | €26,774 | -€22,424 | -45.6% |
| Operating charges | 60/66A | €16,449,544 | €15,377,333 | -€1.1m | -6.5% |
| Goods for resale, raw materials and consumables | 60 | €10,051,226 | €9,551,185 | -€500,042 | -5.0% |
| Purchases | 600/8 | €10,026,351 | €9,314,719 | -€711,632 | -7.1% |
| Change in stocks: decrease (increase) | 609 | €24,875 | €236,466 | +€211,590 | +850.6% |
| Services and other goods | 61 | €4,295,696 | €3,581,316 | -€714,380 | -16.6% |
| Remuneration, social security and pensions | 62 | €1,282,902 | €1,464,347 | +€181,445 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €454,570 | €570,291 | +€115,721 | +25.5% |
| Other operating charges | 640/8 | €365,150 | €210,194 | -€154,955 | -42.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €984,724 | €1,255,189 | +€270,464 | +27.5% |
| Financial income | 75/76B | €272,548 | €348,384 | +€75,836 | +27.8% |
| Recurring financial income | 75 | €198,146 | €348,384 | +€150,238 | +75.8% |
| Income from financial fixed assets | 750 | €169,656 | €182,477 | +€12,821 | +7.6% |
| Income from current assets | 751 | €15,421 | €17,691 | +€2,270 | +14.7% |
| Other financial income | 752/9 | €13,070 | €148,216 | +€135,146 | +1034.0% |
| Non-recurring financial income | 76B | €74,402 | €0 | -€74,402 | -100.0% |
| Financial charges | 65/66B | €247,389 | €263,130 | +€15,741 | +6.4% |
| Recurring financial charges | 65 | €247,389 | €261,110 | +€13,721 | +5.5% |
| Debt charges | 650 | €246,162 | €231,687 | -€14,475 | -5.9% |
| Other financial charges | 652/9 | €1,227 | €29,423 | +€28,196 | +2298.4% |
| Non-recurring financial charges | 66B | €0 | €2,020 | +€2,020 | |
| Profit (loss) for the period before taxes | 9903 | €1,009,883 | €1,340,443 | +€330,560 | +32.7% |
| Income taxes | 67/77 | -€41,653 | €129,131 | +€170,784 | |
| Taxes | 670/3 | €310,839 | €318,925 | +€8,086 | +2.6% |
| Tax adjustments and reversals of tax provisions | 77 | €352,492 | €189,793 | -€162,698 | -46.2% |
| Profit (loss) for the period | 9904 | €1,051,537 | €1,211,312 | +€159,776 | +15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,051,537 | €1,211,312 | +€159,776 | +15.2% |
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 12 October 2026 via checked.be.