GILLARD: 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.
GILLARD
Largest movements
- Receivables within one year +€817,640
up €817,640 (+61.8%), from €1.3m to €2.1m
of which Trade receivables: +€668,524
- Receivables after one year +€750,000
new in 2025: €750,000
- Current investments +€559,714
new in 2025: €559,714
- Tangible fixed assets +€298,924
up €298,924 (+231.9%), from €128,916 to €427,839
of which Furniture and vehicles: +€173,318
- Cash -€267,605
down €267,605 (-20.7%), from €1.3m to €1.0m
mainly Receivables within one year (-€817,640) and Receivables after one year (-€750,000)
- Debts after one year +€779,197
up €779,197 (+1235.3%), from €63,077 to €842,274
- Reserves +€750,000
up €750,000 (+1315.4%), from €57,016 to €807,016
- Trade debts +€634,596
up €634,596 (+56.4%), from €1.1m to €1.8m
- Other debts +€375,000
new in 2025: €375,000
- Tax, wage and social debts -€248,621
down €248,621 (-74.8%), from €332,227 to €83,606
of which Taxes: -€223,028
- Gross operating margin -€304,752
down €304,752 (-9.5%), from €3.2m to €2.9m
- Taxes -€124,425
down €124,425 (-23.6%), from €527,501 to €403,076
- Financial charges +€67,696
up €67,696 (+224.2%), from €30,190 to €97,886
of which Financial charges: +€65,809
- Staff costs +€52,697
up €52,697 (+4.6%), from €1.2m to €1.2m
- Financial income +€48,366
up €48,366 (+222.6%), from €21,731 to €70,098
of which Financial income: +€65,755
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,064,782 | €6,462,792 | +€2.4m | +59.0% |
| Fixed assets | 21/28 | €508,523 | €772,474 | +€263,951 | +51.9% |
| Tangible fixed assets | 22/27 | €128,916 | €427,839 | +€298,924 | +231.9% |
| Land and buildings | 22 | €32,226 | €78,613 | +€46,387 | +143.9% |
| Plant, machinery and equipment | 23 | €15,218 | €57,768 | +€42,549 | +279.6% |
| Furniture and vehicles | 24 | €81,471 | €254,790 | +€173,318 | +212.7% |
| Leasing and similar rights | 25 | - | €36,669 | +€36,669 | |
| Financial fixed assets | 28 | €379,607 | €344,634 | -€34,973 | -9.2% |
| Current assets | 29/58 | €3,556,258 | €5,690,318 | +€2.1m | +60.0% |
| Amounts receivable after more than one year | 29 | - | €750,000 | +€750,000 | |
| Other amounts receivable | 291 | - | €750,000 | +€750,000 | |
| Stocks and contracts in progress | 3 | €941,192 | €1,135,290 | +€194,099 | +20.6% |
| Stocks | 30/36 | €90,617 | €95,145 | +€4,528 | +5.0% |
| Contracts in progress | 37 | €850,575 | €1,040,145 | +€189,570 | +22.3% |
| Amounts receivable within one year | 40/41 | €1,322,731 | €2,140,372 | +€817,640 | +61.8% |
| Trade receivables | 40 | €1,321,231 | €1,989,756 | +€668,524 | +50.6% |
| Other amounts receivable | 41 | €1,500 | €150,616 | +€149,116 | +9941.1% |
| Current investments | 50/53 | - | €559,714 | +€559,714 | |
| Cash at bank and in hand | 54/58 | €1,292,335 | €1,024,730 | -€267,605 | -20.7% |
| Deferred charges and accrued income | 490/1 | - | €80,211 | +€80,211 | |
| Total equity and liabilities | 10/49 | €4,064,782 | €6,462,792 | +€2.4m | +59.0% |
| Equity | 10/15 | €2,436,847 | €3,090,409 | +€653,562 | +26.8% |
| Contributions | 10/11 | €570,000 | €570,000 | = | 0.0% |
| Capital | 10 | €570,000 | €570,000 | = | 0.0% |
| Issued capital | 100 | €570,000 | €570,000 | = | 0.0% |
| Reserves | 13 | €57,016 | €807,016 | +€750,000 | +1315.4% |
| Non-distributable reserves | 130/1 | €57,016 | €807,016 | +€750,000 | +1315.4% |
| Legal reserve | 130 | €57,016 | €57,016 | = | 0.0% |
| Financial assistance | 1313 | - | €750,000 | +€750,000 | |
| Profit (loss) carried forward | 14 | €1,809,832 | €1,713,394 | -€96,438 | -5.3% |
| Amounts payable | 17/49 | €1,627,934 | €3,372,382 | +€1.7m | +107.2% |
| Amounts payable after more than one year | 17 | €63,077 | €842,274 | +€779,197 | +1235.3% |
| Financial debts | 170/4 | €63,077 | €842,274 | +€779,197 | +1235.3% |
| Amounts payable within one year | 42/48 | €1,515,524 | €2,522,068 | +€1.0m | +66.4% |
| Current portion of amounts payable after more than one year | 42 | €59,018 | €136,821 | +€77,803 | +131.8% |
| Financial debts | 43 | - | €167,767 | +€167,767 | |
| Credit institutions | 430/8 | - | €167,767 | +€167,767 | |
| Trade debts | 44 | €1,124,279 | €1,758,875 | +€634,596 | +56.4% |
| Suppliers | 440/4 | €1,124,279 | €1,758,875 | +€634,596 | +56.4% |
| Taxes, remuneration and social security | 45 | €332,227 | €83,606 | -€248,621 | -74.8% |
| Taxes | 450/3 | €245,400 | €22,372 | -€223,028 | -90.9% |
| Remuneration and social security | 454/9 | €86,827 | €61,233 | -€25,593 | -29.5% |
| Other amounts payable | 47/48 | - | €375,000 | +€375,000 | |
| Accrued charges and deferred income | 492/3 | €49,334 | €8,040 | -€41,294 | -83.7% |
| Non-recurring operating income | 76A | - | €1,084 | +€1,084 | |
| Remuneration, social security and pensions | 62 | €1,157,502 | €1,210,199 | +€52,697 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,353 | €64,451 | +€18,098 | +39.0% |
| Other operating charges | 640/8 | €15,183 | €17,152 | +€1,969 | +13.0% |
| Gross operating margin | 9900 | €3,222,848 | €2,918,096 | -€304,752 | -9.5% |
| Operating profit (loss) | 9901 | €2,003,811 | €1,626,294 | -€377,517 | -18.8% |
| Financial income | 75/76B | €21,731 | €70,098 | +€48,366 | +222.6% |
| Recurring financial income | 75 | €4,094 | €69,850 | +€65,755 | +1606.0% |
| Non-recurring financial income | 76B | €17,637 | €248 | -€17,389 | -98.6% |
| Financial charges | 65/66B | €30,190 | €97,886 | +€67,696 | +224.2% |
| Recurring financial charges | 65 | €28,687 | €94,496 | +€65,809 | +229.4% |
| Non-recurring financial charges | 66B | €1,503 | €3,389 | +€1,886 | +125.5% |
| Profit (loss) for the period before taxes | 9903 | €1,995,352 | €1,598,506 | -€396,846 | -19.9% |
| Income taxes | 67/77 | €527,501 | €403,076 | -€124,425 | -23.6% |
| Profit (loss) for the period | 9904 | €1,467,851 | €1,195,430 | -€272,421 | -18.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,467,851 | €1,195,430 | -€272,421 | -18.6% |
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.