GILIES: 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
GILIES
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€11,656
2024 · -€10,872-€784
Equity
€96,213
2024 · €107,869-€11,656
Cash
€5,149
2024 · €4,700+€450
Balance sheet total
€2.3m
2024 · €2.4m-€138,133
Largest movements
Assets
- Tangible fixed assets -€130,533
down €130,533 (-5.5%), from €2.4m to €2.3m
of which Land and buildings: -€130,477
Equity and liabilities
- Debts after one year -€121,477
down €121,477 (-11.9%), from €1.0m to €895,986
Income statement
- Write-downs +€8,431
new in 2025: €8,431
- Gross operating margin +€5,284
up €5,284 (+3.3%), from €162,392 to €167,676
- Financial charges -€2,285
down €2,285 (-10.6%), from €21,570 to €19,285
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
-€10,872
Gross operating margin
+€5,284
Depreciation
+€484
Write-downs
-€8,431
Other operating charges
-€406
Financial income
-€0
Financial charges
+€2,285
Result 2025
-€11,656
raises the resultlowers the result
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.
From operations
+€141,990
Investment
-€7,638
Financing
-€133,903
Cash 2024
€4,700
From operations (derived)
+€141,990
Net result for the year
-€11,656
Depreciation
+€138,171
Receivables within one year
+€8,199
Smaller working-capital items
-€151
Trade debts
+€2,201
Tax, wage and social debts
+€1,554
Other debts
+€3,672
Investment (derived)
-€7,638
Investment in fixed assets (net)
-€7,638
Financing
-€133,903
Debts after one year
-€121,477
Current portion of long-term debt
-€12,426
Cash 2025
€5,149
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,407,439 | €2,269,306 | -€138,133 | -5.7% |
| Fixed assets | 21/28 | €2,383,162 | €2,252,629 | -€130,533 | -5.5% |
| Tangible fixed assets | 22/27 | €2,383,162 | €2,252,629 | -€130,533 | -5.5% |
| Land and buildings | 22 | €2,358,106 | €2,227,629 | -€130,477 | -5.5% |
| Plant, machinery and equipment | 23 | €56 | €0 | -€56 | -100% |
| Other tangible fixed assets | 26 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €24,277 | €16,677 | -€7,600 | -31.3% |
| Amounts receivable within one year | 40/41 | €16,160 | €7,961 | -€8,199 | -50.7% |
| Trade receivables | 40 | €16,160 | €7,961 | -€8,199 | -50.7% |
| Cash at bank and in hand | 54/58 | €4,700 | €5,149 | +€450 | +9.6% |
| Deferred charges and accrued income | 490/1 | €3,416 | €3,566 | +€150 | +4.4% |
| Total equity and liabilities | 10/49 | €2,407,439 | €2,269,306 | -€138,133 | -5.7% |
| Equity | 10/15 | €107,869 | €96,213 | -€11,656 | -10.8% |
| Contributions | 10/11 | €650,000 | €650,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€542,131 | -€553,787 | -€11,656 | -2.2% |
| Amounts payable | 17/49 | €2,299,570 | €2,173,093 | -€126,477 | -5.5% |
| Amounts payable after more than one year | 17 | €1,017,463 | €895,986 | -€121,477 | -11.9% |
| Financial debts | 170/4 | €1,017,463 | €895,986 | -€121,477 | -11.9% |
| Amounts payable within one year | 42/48 | €1,279,306 | €1,274,307 | -€4,999 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €133,903 | €121,477 | -€12,426 | -9.3% |
| Trade debts | 44 | €1,393 | €3,594 | +€2,201 | +158% |
| Suppliers | 440/4 | €1,393 | €3,594 | +€2,201 | +158% |
| Taxes, remuneration and social security | 45 | €5,924 | €7,479 | +€1,554 | +26.2% |
| Taxes | 450/3 | €5,924 | €7,479 | +€1,554 | +26.2% |
| Other amounts payable | 47/48 | €1,138,085 | €1,141,757 | +€3,672 | +0.3% |
| Accrued charges and deferred income | 492/3 | €2,801 | €2,800 | -€1 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,654 | €138,171 | -€484 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,431 | +€8,431 | |
| Other operating charges | 640/8 | €13,041 | €13,446 | +€406 | +3.1% |
| Gross operating margin | 9900 | €162,392 | €167,676 | +€5,284 | +3.3% |
| Operating profit (loss) | 9901 | €10,697 | €7,628 | -€3,069 | -28.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -71.4% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -71.4% |
| Financial charges | 65/66B | €21,570 | €19,285 | -€2,285 | -10.6% |
| Recurring financial charges | 65 | €21,570 | €19,285 | -€2,285 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | -€10,872 | -€11,656 | -€784 | -7.2% |
| Profit (loss) for the period | 9904 | -€10,872 | -€11,656 | -€784 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,872 | -€11,656 | -€784 | -7.2% |
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 20 October 2026 via checked.be.