GILCOTRANS: 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.
What changed
GILCOTRANS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€12,824
2024 · €18,250-€5,426
Equity
€4.4m
2024 · €1.1m+€3.3m
Cash
€192,606
2024 · €175,900+€16,706
Balance sheet total
€4.7m
2024 · €1.3m+€3.3m
Largest movements
Assets
- Tangible fixed assets +€3.3m
up €3.3m (+639.1%), from €516,369 to €3.8m
of which Land and buildings: +€3.3m
Equity and liabilities
- Revaluation surpluses +€3.3m
new in 2025: €3.3m
Income statement
- Gross operating margin +€24,832
up €24,832 (+26.4%), from €94,201 to €119,033
- Other operating charges +€22,715
up €22,715 (+81.7%), from €27,814 to €50,529
- Financial charges +€7,610
up €7,610 (+56.8%), from €13,405 to €21,016
- Financial income +€4,100
up €4,100 (+48.1%), from €8,525 to €12,625
- Depreciation +€3,635
up €3,635 (+9.9%), from €36,685 to €40,319
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
€18,250
Gross operating margin
+€24,832
Depreciation
-€3,635
Other operating charges
-€22,715
Financial income
+€4,100
Financial charges
-€7,610
Taxes
-€397
Result 2025
€12,824
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
+€43,190
Investment
-€3.3m
Financing
+€3.3m
Cash 2024
€175,900
From operations (derived)
+€43,190
Net result for the year
+€12,824
Depreciation
+€40,319
Receivables within one year
-€22,743
Smaller working-capital items
+€2,228
Tax, wage and social debts
+€10,562
Investment (derived)
-€3.3m
Investment in fixed assets (net)
-€3.3m
Financing
+€3.3m
Contributions, distributions and other
+€3.3m
Cash 2025
€192,606
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,345,647 | €4,686,196 | +€3.3m | +248.2% |
| Fixed assets | 21/28 | €962,577 | €4,263,572 | +€3.3m | +342.9% |
| Tangible fixed assets | 22/27 | €516,369 | €3,816,363 | +€3.3m | +639.1% |
| Land and buildings | 22 | €492,385 | €3,785,072 | +€3.3m | +668.7% |
| Plant, machinery and equipment | 23 | €23,984 | €31,292 | +€7,308 | +30.5% |
| Financial fixed assets | 28 | €446,208 | €447,208 | +€1,000 | +0.2% |
| Current assets | 29/58 | €383,070 | €422,624 | +€39,554 | +10.3% |
| Amounts receivable within one year | 40/41 | €1,110 | €23,853 | +€22,743 | +2049.2% |
| Trade receivables | 40 | €661 | €17,318 | +€16,657 | +2518.1% |
| Other amounts receivable | 41 | €448 | €6,535 | +€6,086 | +1357.4% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €175,900 | €192,606 | +€16,706 | +9.5% |
| Deferred charges and accrued income | 490/1 | €6,061 | €6,165 | +€104 | +1.7% |
| Total equity and liabilities | 10/49 | €1,345,647 | €4,686,196 | +€3.3m | +248.2% |
| Equity | 10/15 | €1,101,089 | €4,428,744 | +€3.3m | +302.2% |
| Contributions | 10/11 | €105,529 | €105,529 | = | 0.0% |
| Capital | 10 | €105,494 | €105,494 | = | 0.0% |
| Issued capital | 100 | €105,494 | €105,494 | = | 0.0% |
| Outside capital | 11 | €35 | €35 | = | 0.0% |
| Share premium | 1100/10 | €35 | €35 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,311,727 | +€3.3m | |
| Reserves | 13 | €836,245 | €834,787 | -€1,457 | -0.2% |
| Non-distributable reserves | 130/1 | €29,366 | €29,366 | = | 0.0% |
| Legal reserve | 130 | €29,366 | €29,366 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,680 | €9,120 | -€4,560 | -33.3% |
| Distributable reserves | 133 | €793,199 | €796,301 | +€3,103 | +0.4% |
| Profit (loss) carried forward | 14 | €159,316 | €176,700 | +€17,384 | +10.9% |
| Provisions and deferred taxes | 16 | €4,560 | €3,040 | -€1,520 | -33.3% |
| Deferred taxes | 168 | €4,560 | €3,040 | -€1,520 | -33.3% |
| Amounts payable | 17/49 | €239,998 | €254,412 | +€14,414 | +6.0% |
| Amounts payable after more than one year | 17 | €20,350 | €20,350 | = | 0.0% |
| Other amounts payable | 178/9 | €20,350 | €20,350 | = | 0.0% |
| Amounts payable within one year | 42/48 | €215,788 | €230,890 | +€15,102 | +7.0% |
| Trade debts | 44 | €4,699 | €7,149 | +€2,450 | +52.1% |
| Suppliers | 440/4 | €4,699 | €7,149 | +€2,450 | +52.1% |
| Taxes, remuneration and social security | 45 | €7,215 | €17,777 | +€10,562 | +146.4% |
| Taxes | 450/3 | €7,215 | €17,777 | +€10,562 | +146.4% |
| Other amounts payable | 47/48 | €203,874 | €205,964 | +€2,090 | +1.0% |
| Accrued charges and deferred income | 492/3 | €3,860 | €3,172 | -€688 | -17.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,685 | €40,319 | +€3,635 | +9.9% |
| Other operating charges | 640/8 | €27,814 | €50,529 | +€22,715 | +81.7% |
| Gross operating margin | 9900 | €94,201 | €119,033 | +€24,832 | +26.4% |
| Operating profit (loss) | 9901 | €29,702 | €28,184 | -€1,518 | -5.1% |
| Financial income | 75/76B | €8,525 | €12,625 | +€4,100 | +48.1% |
| Recurring financial income | 75 | €8,525 | €12,625 | +€4,100 | +48.1% |
| Financial charges | 65/66B | €13,405 | €21,016 | +€7,610 | +56.8% |
| Recurring financial charges | 65 | €13,405 | €21,016 | +€7,610 | +56.8% |
| Profit (loss) for the period before taxes | 9903 | €24,822 | €19,793 | -€5,029 | -20.3% |
| Transfer from deferred taxes | 780 | €1,520 | €1,520 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €8,092 | €8,489 | +€397 | +4.9% |
| Profit (loss) for the period | 9904 | €18,250 | €12,824 | -€5,426 | -29.7% |
| Transfer from tax-exempt reserves | 789 | €4,560 | €4,560 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €22,810 | €17,384 | -€5,426 | -23.8% |
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 2 October 2026 via checked.be.