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.
GILCO
Largest movements
- Current investments -€750,431
down €750,431 (-80.8%), from €928,824 to €178,393
- Cash +€536,818
up €536,818 (+188%), from €285,532 to €822,350
mainly Current investments (+€750,431) and Net result for the year (+€326,948)
- Receivables within one year -€102,391
down €102,391 (-85.7%), from €119,502 to €17,111
of which Trade receivables: -€114,057
- Tangible fixed assets -€43,163
down €43,163 (-27.2%), from €158,698 to €115,535
of which Land and buildings: -€29,382
- Reserves -€307,608
down €307,608 (-22.6%), from €1.4m to €1.1m
- Tax, wage and social debts -€51,860
down €51,860 (-71.4%), from €72,619 to €20,759
- Gross operating margin +€159,438
up €159,438 (+42.6%), from €374,658 to €534,096
- Taxes +€34,924
up €34,924 (+30.9%), from €113,094 to €148,018
- Depreciation -€18,153
down €18,153 (-40.4%), from €44,922 to €26,769
- Financial income -€6,194
down €6,194 (-25.6%), from €24,187 to €17,992
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 | €1,498,628 | €1,135,398 | -€363,229 | -24.2% |
| Fixed assets | 21/28 | €158,698 | €115,535 | -€43,163 | -27.2% |
| Tangible fixed assets | 22/27 | €158,698 | €115,535 | -€43,163 | -27.2% |
| Land and buildings | 22 | €104,634 | €75,252 | -€29,382 | -28.1% |
| Plant, machinery and equipment | 23 | €7,304 | €5,602 | -€1,702 | -23.3% |
| Furniture and vehicles | 24 | €40,068 | €29,274 | -€10,795 | -26.9% |
| Other tangible fixed assets | 26 | €6,692 | €5,407 | -€1,284 | -19.2% |
| Current assets | 29/58 | €1,339,930 | €1,019,863 | -€320,066 | -23.9% |
| Amounts receivable within one year | 40/41 | €119,502 | €17,111 | -€102,391 | -85.7% |
| Trade receivables | 40 | €119,502 | €5,445 | -€114,057 | -95.4% |
| Other amounts receivable | 41 | - | €11,666 | +€11,666 | |
| Current investments | 50/53 | €928,824 | €178,393 | -€750,431 | -80.8% |
| Cash at bank and in hand | 54/58 | €285,532 | €822,350 | +€536,818 | +188% |
| Deferred charges and accrued income | 490/1 | €6,072 | €2,010 | -€4,062 | -66.9% |
| Total equity and liabilities | 10/49 | €1,498,628 | €1,135,398 | -€363,229 | -24.2% |
| Equity | 10/15 | €1,369,709 | €1,062,100 | -€307,608 | -22.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,363,509 | €1,055,900 | -€307,608 | -22.6% |
| Distributable reserves | 133 | €1,363,509 | €1,055,900 | -€307,608 | -22.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €43,637 | €43,637 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €43,637 | €43,637 | = | 0.0% |
| Pensions and similar obligations | 160 | €43,637 | €43,637 | = | 0.0% |
| Amounts payable | 17/49 | €85,282 | €29,661 | -€55,621 | -65.2% |
| Amounts payable within one year | 42/48 | €85,282 | €29,661 | -€55,621 | -65.2% |
| Trade debts | 44 | €6,965 | €8,903 | +€1,938 | +27.8% |
| Suppliers | 440/4 | €6,965 | €8,903 | +€1,938 | +27.8% |
| Taxes, remuneration and social security | 45 | €72,619 | €20,759 | -€51,860 | -71.4% |
| Taxes | 450/3 | €72,619 | €20,759 | -€51,860 | -71.4% |
| Other amounts payable | 47/48 | €5,699 | €0 | -€5,699 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,922 | €26,769 | -€18,153 | -40.4% |
| Other operating charges | 640/8 | €4,839 | €5,120 | +€282 | +5.8% |
| Non-recurring operating charges | 66A | - | €42,961 | +€42,961 | |
| Gross operating margin | 9900 | €374,658 | €534,096 | +€159,438 | +42.6% |
| Operating profit (loss) | 9901 | €324,897 | €459,246 | +€134,349 | +41.4% |
| Financial income | 75/76B | €24,187 | €17,992 | -€6,194 | -25.6% |
| Recurring financial income | 75 | €24,187 | €17,992 | -€6,194 | -25.6% |
| Financial charges | 65/66B | €1,036 | €2,273 | +€1,236 | +119% |
| Recurring financial charges | 65 | €1,036 | €2,273 | +€1,236 | +119% |
| Profit (loss) for the period before taxes | 9903 | €348,048 | €474,966 | +€126,919 | +36.5% |
| Income taxes | 67/77 | €113,094 | €148,018 | +€34,924 | +30.9% |
| Profit (loss) for the period | 9904 | €234,953 | €326,948 | +€91,995 | +39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €234,953 | €326,948 | +€91,995 | +39.2% |
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 16 October 2026 via checked.be.