GILDEBAT: 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
GILDEBAT
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€610,011
2024 · €653,466-€43,455
Equity
€3.0m
2024 · €3.0m+€9,411
Cash
€774,519
2024 · €781,112-€6,593
Balance sheet total
€4.1m
2024 · €4.3m-€219,063
Largest movements
Assets
- Tangible fixed assets -€267,457
down €267,457 (-9.5%), from €2.8m to €2.5m
of which Land and buildings: -€221,292
- Deferred charges and accrued income +€55,388
up €55,388 (+31.5%), from €175,760 to €231,148
Equity and liabilities
- Current portion of long-term debt -€138,303
down €138,303 (-55.7%), from €248,446 to €110,143
- Debts after one year -€110,143
down €110,143 (-50.4%), from €218,636 to €108,493
Income statement
- Staff costs +€37,640
up €37,640 (+49.1%), from €76,628 to €114,268
- Other operating charges +€15,512
up €15,512 (+6.1%), from €253,272 to €268,785
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
€653,466
Gross operating margin
-€10,395
Staff costs
-€37,640
Depreciation
-€4,479
Other operating charges
-€15,512
Financial income
+€2
Financial charges
+€9,278
Taxes
+€15,292
Result 2025
€610,011
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
+€867,136
Investment
-€27,797
Financing
-€845,931
Cash 2024
€781,112
From operations (derived)
+€867,136
Net result for the year
+€610,011
Depreciation
+€295,255
Smaller working-capital items
-€582
Deferred charges and accrued income
-€55,388
Tax, wage and social debts
+€39,289
Accrued charges and deferred income
-€21,448
Investment (derived)
-€27,797
Investment in fixed assets (net)
-€27,797
Financing
-€845,931
Debts after one year
-€110,143
Current portion of long-term debt
-€138,303
Short-term financial debts
+€3,115
Contributions, distributions and other
-€600,600
Cash 2025
€774,519
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,331,260 | €4,112,198 | -€219,063 | -5.1% |
| Fixed assets | 21/28 | €2,814,005 | €2,546,548 | -€267,457 | -9.5% |
| Tangible fixed assets | 22/27 | €2,811,638 | €2,544,181 | -€267,457 | -9.5% |
| Land and buildings | 22 | €2,620,657 | €2,399,366 | -€221,292 | -8.4% |
| Plant, machinery and equipment | 23 | €29,265 | €26,031 | -€3,234 | -11.1% |
| Furniture and vehicles | 24 | €161,716 | €118,785 | -€42,931 | -26.5% |
| Financial fixed assets | 28 | €2,367 | €2,367 | = | 0.0% |
| Current assets | 29/58 | €1,517,255 | €1,565,650 | +€48,395 | +3.2% |
| Amounts receivable within one year | 40/41 | €560,383 | €559,983 | -€401 | -0.1% |
| Trade receivables | 40 | €701 | - | -€701 | |
| Other amounts receivable | 41 | €559,682 | €559,983 | +€300 | +0.1% |
| Cash at bank and in hand | 54/58 | €781,112 | €774,519 | -€6,593 | -0.8% |
| Deferred charges and accrued income | 490/1 | €175,760 | €231,148 | +€55,388 | +31.5% |
| Total equity and liabilities | 10/49 | €4,331,260 | €4,112,198 | -€219,063 | -5.1% |
| Equity | 10/15 | €3,032,917 | €3,042,328 | +€9,411 | +0.3% |
| Contributions | 10/11 | €1,538,306 | €1,538,306 | = | 0.0% |
| Capital | 10 | €574,000 | €574,000 | = | 0.0% |
| Issued capital | 100 | €574,000 | €574,000 | = | 0.0% |
| Contributions outside capital | 11 | €964,306 | €964,306 | = | 0.0% |
| Share premium | 1100/10 | €964,306 | €964,306 | = | 0.0% |
| Revaluation surpluses | 12 | €37,695 | €37,695 | = | 0.0% |
| Reserves | 13 | €1,456,917 | €1,466,328 | +€9,411 | +0.6% |
| Non-distributable reserves | 130/1 | €57,400 | €57,400 | = | 0.0% |
| Legal reserve | 130 | €57,400 | €57,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,380,767 | €1,390,178 | +€9,411 | +0.7% |
| Amounts payable | 17/49 | €1,298,343 | €1,069,870 | -€228,474 | -17.6% |
| Amounts payable after more than one year | 17 | €218,636 | €108,493 | -€110,143 | -50.4% |
| Financial debts | 170/4 | €218,636 | €108,493 | -€110,143 | -50.4% |
| Amounts payable within one year | 42/48 | €1,047,181 | €950,299 | -€96,882 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €248,446 | €110,143 | -€138,303 | -55.7% |
| Financial debts | 43 | €57,841 | €60,955 | +€3,115 | +5.4% |
| Credit institutions | 430/8 | €57,841 | €60,955 | +€3,115 | +5.4% |
| Trade debts | 44 | €15,461 | €14,478 | -€983 | -6.4% |
| Suppliers | 440/4 | €15,461 | €14,478 | -€983 | -6.4% |
| Taxes, remuneration and social security | 45 | €236,040 | €275,329 | +€39,289 | +16.6% |
| Taxes | 450/3 | €226,217 | €261,292 | +€35,076 | +15.5% |
| Remuneration and social security | 454/9 | €9,823 | €14,036 | +€4,213 | +42.9% |
| Other amounts payable | 47/48 | €489,394 | €489,394 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €32,526 | €11,078 | -€21,448 | -65.9% |
| Remuneration, social security and pensions | 62 | €76,628 | €114,268 | +€37,640 | +49.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €290,776 | €295,255 | +€4,479 | +1.5% |
| Other operating charges | 640/8 | €253,272 | €268,785 | +€15,512 | +6.1% |
| Gross operating margin | 9900 | €1,542,667 | €1,532,272 | -€10,395 | -0.7% |
| Operating profit (loss) | 9901 | €921,991 | €853,964 | -€68,026 | -7.4% |
| Financial income | 75/76B | €0 | €2 | +€2 | +2122.2% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +2122.2% |
| Financial charges | 65/66B | €26,708 | €17,430 | -€9,278 | -34.7% |
| Recurring financial charges | 65 | €26,708 | €17,430 | -€9,278 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €895,283 | €836,536 | -€58,747 | -6.6% |
| Income taxes | 67/77 | €241,817 | €226,525 | -€15,292 | -6.3% |
| Profit (loss) for the period | 9904 | €653,466 | €610,011 | -€43,455 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €653,466 | €610,011 | -€43,455 | -6.6% |
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 9 October 2026 via checked.be.