GILFI: 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.
GILFI
Largest movements
- Current investments +€50,000
up €50,000 (+33.3%), from €150,000 to €200,000
- Tangible fixed assets -€44,640
down €44,640 (-14.2%), from €314,830 to €270,189
of which Land and buildings: -€65,868
- Receivables within one year +€43,831
up €43,831 (+14.1%), from €310,006 to €353,837
of which Trade receivables: +€47,390
- Stocks and contracts -€28,097
down €28,097 (-18.8%), from €149,351 to €121,255
- Cash +€19,500
up €19,500 (+6.9%), from €283,450 to €302,950
mainly Net result for the year (+€117,525) and Depreciation (+€105,296)
- Other debts +€59,294
up €59,294 (+19.9%), from €297,810 to €357,104
- Tax, wage and social debts -€15,916
down €15,916 (-36.8%), from €43,253 to €27,337
of which Remuneration and social security: -€18,295
- Gross operating margin -€89,111
down €89,111 (-13.8%), from €646,240 to €557,130
- Staff costs -€50,458
down €50,458 (-15.6%), from €322,647 to €272,189
- Write-downs -€16,384
down €16,384, from €12,536 to -€3,848
- Taxes -€8,737
down €8,737 (-18.0%), from €48,553 to €39,816
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 | €1,553,824 | €1,582,990 | +€29,166 | +1.9% |
| Fixed assets | 21/28 | €640,528 | €595,888 | -€44,640 | -7.0% |
| Tangible fixed assets | 22/27 | €314,830 | €270,189 | -€44,640 | -14.2% |
| Land and buildings | 22 | €239,621 | €173,752 | -€65,868 | -27.5% |
| Plant, machinery and equipment | 23 | €27,216 | €17,645 | -€9,572 | -35.2% |
| Furniture and vehicles | 24 | €47,993 | €78,792 | +€30,800 | +64.2% |
| Financial fixed assets | 28 | €325,699 | €325,699 | = | 0.0% |
| Current assets | 29/58 | €913,296 | €987,102 | +€73,806 | +8.1% |
| Stocks and contracts in progress | 3 | €149,351 | €121,255 | -€28,097 | -18.8% |
| Stocks | 30/36 | €149,351 | €121,255 | -€28,097 | -18.8% |
| Amounts receivable within one year | 40/41 | €310,006 | €353,837 | +€43,831 | +14.1% |
| Trade receivables | 40 | €292,614 | €340,005 | +€47,390 | +16.2% |
| Other amounts receivable | 41 | €17,392 | €13,832 | -€3,560 | -20.5% |
| Current investments | 50/53 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Cash at bank and in hand | 54/58 | €283,450 | €302,950 | +€19,500 | +6.9% |
| Deferred charges and accrued income | 490/1 | €20,489 | €9,061 | -€11,428 | -55.8% |
| Total equity and liabilities | 10/49 | €1,553,824 | €1,582,990 | +€29,166 | +1.9% |
| Equity | 10/15 | €534,294 | €527,440 | -€6,853 | -1.3% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €375,538 | €373,062 | -€2,475 | -0.7% |
| Non-distributable reserves | 130/1 | €360,000 | €360,000 | = | 0.0% |
| Legal reserve | 130 | €35,000 | €35,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €325,000 | €325,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,688 | €5,344 | -€5,344 | -50.0% |
| Distributable reserves | 133 | €4,849 | €7,718 | +€2,869 | +59.2% |
| Investment grants | 15 | €8,756 | €4,378 | -€4,378 | -50.0% |
| Provisions and deferred taxes | 16 | €5,504 | €2,752 | -€2,752 | -50.0% |
| Deferred taxes | 168 | €5,504 | €2,752 | -€2,752 | -50.0% |
| Amounts payable | 17/49 | €1,014,027 | €1,052,798 | +€38,771 | +3.8% |
| Amounts payable after more than one year | 17 | €474,061 | €467,108 | -€6,954 | -1.5% |
| Financial debts | 170/4 | €474,061 | €467,108 | -€6,954 | -1.5% |
| Amounts payable within one year | 42/48 | €539,966 | €585,690 | +€45,724 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €46,289 | €51,230 | +€4,941 | +10.7% |
| Trade debts | 44 | €152,615 | €150,019 | -€2,595 | -1.7% |
| Suppliers | 440/4 | €152,615 | €150,019 | -€2,595 | -1.7% |
| Taxes, remuneration and social security | 45 | €43,253 | €27,337 | -€15,916 | -36.8% |
| Taxes | 450/3 | €1,437 | €3,817 | +€2,380 | +166% |
| Remuneration and social security | 454/9 | €41,815 | €23,520 | -€18,295 | -43.8% |
| Other amounts payable | 47/48 | €297,810 | €357,104 | +€59,294 | +19.9% |
| Remuneration, social security and pensions | 62 | €322,647 | €272,189 | -€50,458 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,823 | €105,296 | +€4,472 | +4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,536 | -€3,848 | -€16,384 | |
| Other operating charges | 640/8 | €16,174 | €18,274 | +€2,100 | +13.0% |
| Non-recurring operating charges | 66A | - | €2,190 | +€2,190 | |
| Gross operating margin | 9900 | €646,240 | €557,130 | -€89,111 | -13.8% |
| Operating profit (loss) | 9901 | €194,060 | €163,028 | -€31,032 | -16.0% |
| Financial income | 75/76B | €11,229 | €8,939 | -€2,290 | -20.4% |
| Recurring financial income | 75 | €11,229 | €8,939 | -€2,290 | -20.4% |
| Financial charges | 65/66B | €18,264 | €17,378 | -€886 | -4.9% |
| Recurring financial charges | 65 | €18,264 | €17,378 | -€886 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €187,024 | €154,589 | -€32,435 | -17.3% |
| Transfer from deferred taxes | 780 | €2,752 | €2,752 | = | 0.0% |
| Income taxes | 67/77 | €48,553 | €39,816 | -€8,737 | -18.0% |
| Profit (loss) for the period | 9904 | €141,223 | €117,525 | -€23,698 | -16.8% |
| Transfer from tax-exempt reserves | 789 | €5,344 | €5,344 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €146,567 | €122,869 | -€23,698 | -16.2% |
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 30 October 2026 via checked.be.