GILPACK: what changed
Two fiscal 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.
GILPACK
Largest movements
- Current investments +€250,000
new in 2025: €250,000
- Cash +€229,356
up €229,356 (+102.0%), from €224,936 to €454,292
mainly Trade debts (+€236,388) and Debts after one year (+€114,953)
- Stocks and contracts -€87,968
down €87,968 (-51.6%), from €170,384 to €82,416
- Receivables within one year -€24,720
down €24,720 (-9.8%), from €253,013 to €228,294
of which Other amounts receivable: -€52,335
- Intangible fixed assets -€15,397
down €15,397 (-19.4%), from €79,489 to €64,092
- Trade debts +€236,388
up €236,388 (+128.9%), from €183,425 to €419,813
- Debts after one year +€114,953
up €114,953 (+191.4%), from €60,051 to €175,004
of which Other amounts payable: +€100,000
- Profit (loss) carried forward +€31,548
up €31,548 (+12.2%), from €258,483 to €290,031
- Tax, wage and social debts -€27,064
down €27,064 (-19.8%), from €136,608 to €109,544
of which Remuneration and social security: -€37,444
- Accrued charges and deferred income +€18,400
new in 2025: €18,400
- Gross operating margin -€72,580
down €72,580 (-11.7%), from €619,035 to €546,455
- Depreciation -€67,392
down €67,392 (-63.4%), from €106,232 to €38,839
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 | €789,899 | €1,162,699 | +€372,801 | +47.2% |
| Fixed assets | 21/28 | €129,723 | €128,591 | -€1,132 | -0.9% |
| Intangible fixed assets | 21 | €79,489 | €64,092 | -€15,397 | -19.4% |
| Tangible fixed assets | 22/27 | €50,209 | €64,475 | +€14,266 | +28.4% |
| Furniture and vehicles | 24 | €50,209 | €64,475 | +€14,266 | +28.4% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €660,176 | €1,034,108 | +€373,932 | +56.6% |
| Stocks and contracts in progress | 3 | €170,384 | €82,416 | -€87,968 | -51.6% |
| Stocks | 30/36 | €170,384 | €82,416 | -€87,968 | -51.6% |
| Amounts receivable within one year | 40/41 | €253,013 | €228,294 | -€24,720 | -9.8% |
| Trade receivables | 40 | €200,678 | €228,294 | +€27,615 | +13.8% |
| Other amounts receivable | 41 | €52,335 | - | -€52,335 | |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €224,936 | €454,292 | +€229,356 | +102.0% |
| Deferred charges and accrued income | 490/1 | €11,842 | €19,107 | +€7,265 | +61.3% |
| Total equity and liabilities | 10/49 | €789,899 | €1,162,699 | +€372,801 | +47.2% |
| Equity | 10/15 | €351,625 | €383,173 | +€31,548 | +9.0% |
| Contributions | 10/11 | €44,600 | €44,600 | = | 0.0% |
| Reserves | 13 | €48,542 | €48,542 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,462 | €4,462 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,462 | €4,462 | = | 0.0% |
| Distributable reserves | 133 | €44,080 | €44,080 | = | 0.0% |
| Profit (loss) carried forward | 14 | €258,483 | €290,031 | +€31,548 | +12.2% |
| Amounts payable | 17/49 | €438,274 | €779,527 | +€341,253 | +77.9% |
| Amounts payable after more than one year | 17 | €60,051 | €175,004 | +€114,953 | +191.4% |
| Financial debts | 170/4 | €60,051 | €75,004 | +€14,953 | +24.9% |
| Other amounts payable | 178/9 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €378,222 | €586,123 | +€207,900 | +55.0% |
| Current portion of amounts payable after more than one year | 42 | €58,190 | €56,766 | -€1,424 | -2.4% |
| Trade debts | 44 | €183,425 | €419,813 | +€236,388 | +128.9% |
| Suppliers | 440/4 | €183,425 | €419,813 | +€236,388 | +128.9% |
| Taxes, remuneration and social security | 45 | €136,608 | €109,544 | -€27,064 | -19.8% |
| Taxes | 450/3 | €55,146 | €65,525 | +€10,379 | +18.8% |
| Remuneration and social security | 454/9 | €81,462 | €44,019 | -€37,444 | -46.0% |
| Accrued charges and deferred income | 492/3 | - | €18,400 | +€18,400 | |
| Remuneration, social security and pensions | 62 | €424,476 | €430,551 | +€6,075 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,232 | €38,839 | -€67,392 | -63.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,674 | +€1,674 | |
| Other operating charges | 640/8 | €6,009 | €10,219 | +€4,210 | +70.1% |
| Non-recurring operating charges | 66A | €1,761 | €5,232 | +€3,470 | +197.0% |
| Gross operating margin | 9900 | €619,035 | €546,455 | -€72,580 | -11.7% |
| Operating profit (loss) | 9901 | €80,556 | €59,940 | -€20,616 | -25.6% |
| Financial income | 75/76B | €376 | €3,799 | +€3,423 | +911.2% |
| Recurring financial income | 75 | €376 | €3,799 | +€3,423 | +911.2% |
| Financial charges | 65/66B | €10,827 | €10,057 | -€770 | -7.1% |
| Recurring financial charges | 65 | €10,827 | €10,057 | -€770 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €70,105 | €53,682 | -€16,424 | -23.4% |
| Income taxes | 67/77 | €27,932 | €22,134 | -€5,798 | -20.8% |
| Profit (loss) for the period | 9904 | €42,174 | €31,548 | -€10,626 | -25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,174 | €31,548 | -€10,626 | -25.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.