GILLAERTS - MICHIELS: 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.
GILLAERTS - MICHIELS
Largest movements
- Cash -€93,070
down €93,070 (-25.3%), from €367,867 to €274,796
mainly Contributions, distributions and other (-€70,239) and Other debts (-€23,015)
- Tangible fixed assets -€18,313
down €18,313 (-14.1%), from €129,783 to €111,470
of which Leasing and similar rights: -€12,000
- Current investments +€10,000
up €10,000 (+2.8%), from €359,510 to €369,510
- Reserves -€65,572
down €65,572 (-10.7%), from €611,659 to €546,086
of which Distributable reserves: -€65,572
- Other debts -€23,015
down €23,015 (-93.5%), from €24,609 to €1,594
- Financial income +€11,358
up €11,358 (+382%), from €2,974 to €14,332
- Taxes +€3,071
up €3,071 (+150%), from €2,041 to €5,112
- Depreciation -€818
down €818 (-4.1%), from €20,208 to €19,390
- Gross operating margin -€715
down €715 (-3.3%), from €21,647 to €20,931
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 | €860,605 | €759,611 | -€100,994 | -11.7% |
| Fixed assets | 21/28 | €129,783 | €111,470 | -€18,313 | -14.1% |
| Tangible fixed assets | 22/27 | €129,783 | €111,470 | -€18,313 | -14.1% |
| Land and buildings | 22 | €96,383 | €93,043 | -€3,340 | -3.5% |
| Plant, machinery and equipment | 23 | €1,736 | €1,369 | -€367 | -21.1% |
| Furniture and vehicles | 24 | €856 | €332 | -€525 | -61.3% |
| Leasing and similar rights | 25 | €21,173 | €9,173 | -€12,000 | -56.7% |
| Other tangible fixed assets | 26 | €9,635 | €7,554 | -€2,081 | -21.6% |
| Current assets | 29/58 | €730,822 | €648,141 | -€82,680 | -11.3% |
| Amounts receivable within one year | 40/41 | €1,351 | €1,688 | +€336 | +24.9% |
| Other amounts receivable | 41 | €1,351 | €1,688 | +€336 | +24.9% |
| Current investments | 50/53 | €359,510 | €369,510 | +€10,000 | +2.8% |
| Cash at bank and in hand | 54/58 | €367,867 | €274,796 | -€93,070 | -25.3% |
| Deferred charges and accrued income | 490/1 | €2,094 | €2,147 | +€54 | +2.6% |
| Total equity and liabilities | 10/49 | €860,605 | €759,611 | -€100,994 | -11.7% |
| Equity | 10/15 | €813,951 | €748,379 | -€65,572 | -8.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €611,659 | €546,086 | -€65,572 | -10.7% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €574,159 | €508,586 | -€65,572 | -11.4% |
| Profit (loss) carried forward | 14 | €196,092 | €196,092 | = | 0.0% |
| Amounts payable | 17/49 | €46,654 | €11,233 | -€35,421 | -75.9% |
| Amounts payable after more than one year | 17 | €8,141 | - | -€8,141 | |
| Financial debts | 170/4 | €8,141 | - | -€8,141 | |
| Amounts payable within one year | 42/48 | €38,513 | €11,233 | -€27,281 | -70.8% |
| Current portion of amounts payable after more than one year | 42 | €12,129 | €8,141 | -€3,988 | -32.9% |
| Trade debts | 44 | €1,774 | €1,498 | -€277 | -15.6% |
| Suppliers | 440/4 | €1,774 | €1,498 | -€277 | -15.6% |
| Other amounts payable | 47/48 | €24,609 | €1,594 | -€23,015 | -93.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,208 | €19,390 | -€818 | -4.1% |
| Other operating charges | 640/8 | €5,796 | €5,935 | +€140 | +2.4% |
| Gross operating margin | 9900 | €21,647 | €20,931 | -€715 | -3.3% |
| Operating profit (loss) | 9901 | -€4,358 | -€4,394 | -€36 | -0.8% |
| Financial income | 75/76B | €2,974 | €14,332 | +€11,358 | +382% |
| Recurring financial income | 75 | €2,974 | €14,332 | +€11,358 | +382% |
| Financial charges | 65/66B | €277 | €159 | -€118 | -42.7% |
| Recurring financial charges | 65 | €277 | €159 | -€118 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,660 | €9,779 | +€11,439 | |
| Income taxes | 67/77 | €2,041 | €5,112 | +€3,071 | +150% |
| Profit (loss) for the period | 9904 | -€3,701 | €4,667 | +€8,368 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,701 | €4,667 | +€8,368 |
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.