GILMAN: 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
GILMAN
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €1.4m+€171,869
Equity
€8.4m
2024 · €6.8m+€1.5m
Cash
€22,331
2024 · €9,890+€12,440
Balance sheet total
€12.3m
2024 · €12.5m-€209,057
Largest movements
Assets
- Tangible fixed assets -€946,147
down €946,147 (-7.7%), from €12.3m to €11.4m
of which Land and buildings: -€941,783
- Receivables within one year +€724,650
up €724,650 (+26,317%), from €2,754 to €727,403
of which Other amounts receivable: +€717,246
Equity and liabilities
- Debts after one year -€1.7m
down €1.7m (-41.1%), from €4.2m to €2.5m
- Profit (loss) carried forward +€1.5m
up €1.5m (+25.3%), from €6.1m to €7.7m
Income statement
- Turnover +€116,107
up €116,107 (+3.7%), from €3.1m to €3.3m
- Financial charges -€95,192
down €95,192 (-42.2%), from €225,504 to €130,312
- Gross operating margin +€75,082
up €75,082 (+2.4%), from €3.1m to €3.2m
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
€1.4m
Gross operating margin
+€75,082
Depreciation
+€7,257
Other operating charges
+€1,085
Financial income
+€4,315
Financial charges
+€95,192
Taxes
-€11,063
Result 2025
€1.5m
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
+€1.7m
Investment
-€4,693
Financing
-€1.7m
Cash 2024
€9,890
From operations (derived)
+€1.7m
Net result for the year
+€1.5m
Depreciation
+€950,840
Receivables within one year
-€724,650
Trade debts
-€64,919
Tax, wage and social debts
+€40,100
Accrued charges and deferred income
-€4,794
Investment (derived)
-€4,693
Investment in fixed assets (net)
-€4,693
Financing
-€1.7m
Debts after one year
-€1.7m
Cash 2025
€22,331
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,523,006 | €12,313,949 | -€209,057 | -1.7% |
| Fixed assets | 21/28 | €12,506,722 | €11,560,575 | -€946,147 | -7.6% |
| Tangible fixed assets | 22/27 | €12,331,545 | €11,385,398 | -€946,147 | -7.7% |
| Land and buildings | 22 | €12,318,387 | €11,376,604 | -€941,783 | -7.6% |
| Plant, machinery and equipment | 23 | €3,747 | €2,651 | -€1,097 | -29.3% |
| Other tangible fixed assets | 26 | €9,411 | €6,144 | -€3,267 | -34.7% |
| Financial fixed assets | 28 | €175,177 | €175,177 | = | 0.0% |
| Current assets | 29/58 | €16,284 | €753,374 | +€737,090 | +4,526% |
| Amounts receivable within one year | 40/41 | €2,754 | €727,403 | +€724,650 | +26,317% |
| Trade receivables | 40 | - | €7,403 | +€7,403 | |
| Other amounts receivable | 41 | €2,754 | €720,000 | +€717,246 | +26,048% |
| Cash at bank and in hand | 54/58 | €9,890 | €22,331 | +€12,440 | +126% |
| Deferred charges and accrued income | 490/1 | €3,640 | €3,640 | = | 0.0% |
| Total equity and liabilities | 10/49 | €12,523,006 | €12,313,949 | -€209,057 | -1.7% |
| Equity | 10/15 | €6,837,134 | €8,385,458 | +€1.5m | +22.6% |
| Contributions | 10/11 | €625,000 | €625,000 | = | 0.0% |
| Reserves | 13 | €91,748 | €91,748 | = | 0.0% |
| Non-distributable reserves | 130/1 | €66,769 | €66,769 | = | 0.0% |
| Reserves not available under the articles | 1311 | €62,500 | €62,500 | = | 0.0% |
| Other | 1319 | €4,269 | €4,269 | = | 0.0% |
| Distributable reserves | 133 | €24,979 | €24,979 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,120,386 | €7,668,710 | +€1.5m | +25.3% |
| Amounts payable | 17/49 | €5,685,873 | €3,928,492 | -€1.8m | -30.9% |
| Amounts payable after more than one year | 17 | €4,208,452 | €2,480,684 | -€1.7m | -41.1% |
| Financial debts | 170/4 | €4,208,452 | €2,480,684 | -€1.7m | -41.1% |
| Amounts payable within one year | 42/48 | €1,467,876 | €1,443,058 | -€24,819 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €1,227,768 | €1,227,768 | = | 0.0% |
| Trade debts | 44 | €92,908 | €27,990 | -€64,919 | -69.9% |
| Suppliers | 440/4 | €92,908 | €27,990 | -€64,919 | -69.9% |
| Taxes, remuneration and social security | 45 | €147,200 | €187,300 | +€40,100 | +27.2% |
| Taxes | 450/3 | €143,200 | €181,900 | +€38,700 | +27.0% |
| Remuneration and social security | 454/9 | €4,000 | €5,400 | +€1,400 | +35.0% |
| Accrued charges and deferred income | 492/3 | €9,544 | €4,750 | -€4,794 | -50.2% |
| Turnover | 70 | €3,139,158 | €3,255,265 | +€116,107 | +3.7% |
| Non-recurring operating income | 76A | - | €11,302 | +€11,302 | |
| Goods, raw materials, services and sundry goods | 60/61 | €100,618 | €108,788 | +€8,170 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €958,097 | €950,840 | -€7,257 | -0.8% |
| Other operating charges | 640/8 | €2,444 | €1,359 | -€1,085 | -44.4% |
| Gross operating margin | 9900 | €3,085,848 | €3,160,930 | +€75,082 | +2.4% |
| Operating profit (loss) | 9901 | €2,125,307 | €2,208,732 | +€83,425 | +3.9% |
| Financial income | 75/76B | €2,535 | €6,850 | +€4,315 | +170% |
| Recurring financial income | 75 | €2,535 | €6,850 | +€4,315 | +170% |
| Financial charges | 65/66B | €225,504 | €130,312 | -€95,192 | -42.2% |
| Recurring financial charges | 65 | €225,504 | €130,312 | -€95,192 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | €1,902,338 | €2,085,270 | +€182,932 | +9.6% |
| Income taxes | 67/77 | €525,883 | €536,946 | +€11,063 | +2.1% |
| Profit (loss) for the period | 9904 | €1,376,455 | €1,548,324 | +€171,869 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,376,455 | €1,548,324 | +€171,869 | +12.5% |
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 16 October 2026 via checked.be.