GILCON: 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.
GILCON
Largest movements
- Cash +€496,249
up €496,249 (+84.4%), from €587,640 to €1.1m
mainly Trade debts (+€1.1m) and Net result for the year (+€241,192)
- Stocks and contracts +€215,587
up €215,587 (+11.0%), from €2.0m to €2.2m
- Receivables within one year +€59,797
up €59,797 (+23.2%), from €257,792 to €317,589
of which Trade receivables: +€33,912
- Trade debts +€1.1m
up €1.1m (+126.5%), from €836,257 to €1.9m
- Short-term financial debts -€300,000
down €300,000 (-60.0%), from €500,000 to €200,000
- Reserves +€108,741
up €108,741 (+5.1%), from €2.1m to €2.2m
of which Distributable reserves: +€149,100
- Tax, wage and social debts -€107,542
down €107,542 (-51.0%), from €211,049 to €103,507
of which Taxes: -€115,496
- Gross operating margin -€131,412
down €131,412 (-9.0%), from €1.5m to €1.3m
- Staff costs +€78,272
up €78,272 (+13.5%), from €579,452 to €657,724
- Taxes -€51,344
down €51,344 (-28.5%), from €179,903 to €128,560
- Depreciation -€25,712
down €25,712 (-9.8%), from €262,879 to €237,167
- Financial charges -€24,817
down €24,817 (-26.2%), from €94,727 to €69,910
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 | €5,195,201 | €5,917,294 | +€722,094 | +13.9% |
| Fixed assets | 21/28 | €2,387,839 | €2,333,107 | -€54,732 | -2.3% |
| Tangible fixed assets | 22/27 | €2,387,839 | €2,333,107 | -€54,732 | -2.3% |
| Land and buildings | 22 | €1,928,825 | €1,872,335 | -€56,491 | -2.9% |
| Plant, machinery and equipment | 23 | €84,833 | €61,398 | -€23,434 | -27.6% |
| Furniture and vehicles | 24 | €374,181 | €399,374 | +€25,193 | +6.7% |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Current assets | 29/58 | €2,807,362 | €3,584,188 | +€776,826 | +27.7% |
| Stocks and contracts in progress | 3 | €1,961,929 | €2,177,516 | +€215,587 | +11.0% |
| Stocks | 30/36 | €1,961,929 | €2,177,516 | +€215,587 | +11.0% |
| Amounts receivable within one year | 40/41 | €257,792 | €317,589 | +€59,797 | +23.2% |
| Trade receivables | 40 | €257,792 | €291,704 | +€33,912 | +13.2% |
| Other amounts receivable | 41 | - | €25,885 | +€25,885 | |
| Cash at bank and in hand | 54/58 | €587,640 | €1,083,890 | +€496,249 | +84.4% |
| Deferred charges and accrued income | 490/1 | - | €5,192 | +€5,192 | |
| Total equity and liabilities | 10/49 | €5,195,201 | €5,917,294 | +€722,094 | +13.9% |
| Equity | 10/15 | €2,174,599 | €2,283,340 | +€108,741 | +5.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €2,124,599 | €2,233,340 | +€108,741 | +5.1% |
| Tax-exempt reserves | 132 | €874,603 | €834,244 | -€40,360 | -4.6% |
| Distributable reserves | 133 | €1,249,995 | €1,399,096 | +€149,100 | +11.9% |
| Provisions and deferred taxes | 16 | €214,355 | €204,266 | -€10,090 | -4.7% |
| Deferred taxes | 168 | €214,355 | €204,266 | -€10,090 | -4.7% |
| Amounts payable | 17/49 | €2,806,246 | €3,429,689 | +€623,443 | +22.2% |
| Amounts payable after more than one year | 17 | €1,088,440 | €1,062,895 | -€25,545 | -2.3% |
| Financial debts | 170/4 | €1,088,440 | €1,062,895 | -€25,545 | -2.3% |
| Amounts payable within one year | 42/48 | €1,692,825 | €2,347,765 | +€654,941 | +38.7% |
| Current portion of amounts payable after more than one year | 42 | €145,519 | €149,745 | +€4,227 | +2.9% |
| Financial debts | 43 | €500,000 | €200,000 | -€300,000 | -60.0% |
| Credit institutions | 430/8 | €500,000 | €200,000 | -€300,000 | -60.0% |
| Trade debts | 44 | €836,257 | €1,894,513 | +€1.1m | +126.5% |
| Suppliers | 440/4 | €836,257 | €1,894,513 | +€1.1m | +126.5% |
| Taxes, remuneration and social security | 45 | €211,049 | €103,507 | -€107,542 | -51.0% |
| Taxes | 450/3 | €153,835 | €38,339 | -€115,496 | -75.1% |
| Remuneration and social security | 454/9 | €57,214 | €65,168 | +€7,954 | +13.9% |
| Accrued charges and deferred income | 492/3 | €24,981 | €19,029 | -€5,952 | -23.8% |
| Non-recurring operating income | 76A | €53,119 | €45,651 | -€7,467 | -14.1% |
| Remuneration, social security and pensions | 62 | €579,452 | €657,724 | +€78,272 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €262,879 | €237,167 | -€25,712 | -9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€25,128 | -€13,073 | +€12,055 | +48.0% |
| Other operating charges | 640/8 | €29,239 | €23,756 | -€5,483 | -18.8% |
| Non-recurring operating charges | 66A | €319 | - | -€319 | |
| Gross operating margin | 9900 | €1,466,533 | €1,335,120 | -€131,412 | -9.0% |
| Operating profit (loss) | 9901 | €619,771 | €429,546 | -€190,225 | -30.7% |
| Financial income | 75/76B | €57 | €26 | -€31 | -54.1% |
| Recurring financial income | 75 | €57 | €26 | -€31 | -54.1% |
| Financial charges | 65/66B | €94,727 | €69,910 | -€24,817 | -26.2% |
| Recurring financial charges | 65 | €94,727 | €69,910 | -€24,817 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €525,101 | €359,662 | -€165,439 | -31.5% |
| Transfer from deferred taxes | 780 | €10,345 | €10,090 | -€255 | -2.5% |
| Income taxes | 67/77 | €179,903 | €128,560 | -€51,344 | -28.5% |
| Profit (loss) for the period | 9904 | €355,542 | €241,192 | -€114,350 | -32.2% |
| Transfer from tax-exempt reserves | 789 | €41,378 | €40,360 | -€1,018 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €396,921 | €281,552 | -€115,368 | -29.1% |
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 10 October 2026 via checked.be.