GILLET - FRERE: 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.
GILLET - FRERE
Largest movements
- Current investments +€87,661
up €87,661 (+244%), from €35,956 to €123,617
- Cash -€2,949
down €2,949 (-2.2%), from €135,471 to €132,522
- Profit (loss) carried forward +€85,645
up €85,645 (+57.7%), from €148,559 to €234,204
- Tax, wage and social debts -€2,714
no longer reported in 2025 (was €2,714)
- Financial charges -€174,729
down €174,729 (-92.1%), from €189,767 to €15,038
of which Non-recurring financial charges: -€89,701
- Gross operating margin -€132,722
down €132,722 (-69.4%), from €191,351 to €58,629
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €177,707 | €260,438 | +€82,731 | +46.6% |
| Fixed assets | 21/28 | €6,189 | €4,208 | -€1,981 | -32.0% |
| Tangible fixed assets | 22/27 | €5,954 | €3,973 | -€1,981 | -33.3% |
| Land and buildings | 22 | €5,954 | €3,973 | -€1,981 | -33.3% |
| Financial fixed assets | 28 | €235 | €235 | = | 0.0% |
| Current assets | 29/58 | €171,518 | €256,231 | +€84,712 | +49.4% |
| Amounts receivable within one year | 40/41 | €92 | €92 | = | 0.0% |
| Other amounts receivable | 41 | €92 | €92 | = | 0.0% |
| Current investments | 50/53 | €35,956 | €123,617 | +€87,661 | +244% |
| Cash at bank and in hand | 54/58 | €135,471 | €132,522 | -€2,949 | -2.2% |
| Total equity and liabilities | 10/49 | €177,707 | €260,438 | +€82,731 | +46.6% |
| Equity | 10/15 | €169,011 | €254,656 | +€85,645 | +50.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €148,559 | €234,204 | +€85,645 | +57.7% |
| Amounts payable | 17/49 | €8,696 | €5,783 | -€2,914 | -33.5% |
| Amounts payable within one year | 42/48 | €8,696 | €5,783 | -€2,914 | -33.5% |
| Taxes, remuneration and social security | 45 | €2,714 | - | -€2,714 | |
| Taxes | 450/3 | €2,714 | - | -€2,714 | |
| Other amounts payable | 47/48 | €5,983 | €5,783 | -€200 | -3.3% |
| Non-recurring operating income | 76A | €189,145 | €56,528 | -€132,617 | -70.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €991 | €991 | = | 0.0% |
| Other operating charges | 640/8 | - | €1,112 | +€1,112 | |
| Gross operating margin | 9900 | €191,351 | €58,629 | -€132,722 | -69.4% |
| Operating profit (loss) | 9901 | €190,360 | €56,527 | -€133,833 | -70.3% |
| Financial income | 75/76B | €305 | €292 | -€13 | -4.4% |
| Recurring financial income | 75 | €305 | €292 | -€13 | -4.4% |
| Financial charges | 65/66B | €189,767 | €15,038 | -€174,729 | -92.1% |
| Recurring financial charges | 65 | €86,520 | €1,493 | -€85,028 | -98.3% |
| Non-recurring financial charges | 66B | €103,246 | €13,545 | -€89,701 | -86.9% |
| Profit (loss) for the period before taxes | 9903 | €898 | €41,781 | +€40,882 | +4,550% |
| Profit (loss) for the period | 9904 | €898 | €41,781 | +€40,882 | +4,550% |
| Profit (loss) for the period to be appropriated | 9905 | €898 | €41,781 | +€40,882 | +4,550% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.