GILSON MICHAEL: 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.
GILSON MICHAEL
Largest movements
- Stocks and contracts -€25,379
down €25,379 (-47.2%), from €53,735 to €28,356
- Tangible fixed assets -€14,817
down €14,817 (-7.2%), from €206,740 to €191,922
- Deferred charges and accrued income +€12,363
up €12,363 (+149.9%), from €8,246 to €20,609
- Cash +€5,657
up €5,657 (+249.5%), from €2,267 to €7,924
mainly Debts after one year (+€28,165) and Stocks and contracts (+€25,379)
- Trade debts -€49,928
down €49,928 (-81.9%), from €60,931 to €11,003
- Debts after one year +€28,165
up €28,165 (+22.1%), from €127,680 to €155,845
- Current portion of long-term debt +€16,296
up €16,296 (+56.0%), from €29,121 to €45,416
- Tax, wage and social debts -€13,031
down €13,031 (-63.9%), from €20,409 to €7,377
of which Taxes: -€13,031
- Profit (loss) carried forward -€4,626
down €4,626 (-7.7%), from €60,228 to €55,602
- Gross operating margin -€44,842
down €44,842 (-70.7%), from €63,429 to €18,587
- Taxes -€6,923
down €6,923 (-100.0%), from €6,923 to €0
- Other operating charges -€4,960
down €4,960 (-85.8%), from €5,779 to €819
- Depreciation +€4,253
up €4,253 (+38.5%), from €11,046 to €15,299
- Financial charges +€2,651
up €2,651 (+59.5%), from €4,453 to €7,103
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 | €306,495 | €285,543 | -€20,952 | -6.8% |
| Fixed assets | 21/28 | €206,740 | €191,922 | -€14,817 | -7.2% |
| Tangible fixed assets | 22/27 | €206,740 | €191,922 | -€14,817 | -7.2% |
| Land and buildings | 22 | €157,063 | €149,858 | -€7,205 | -4.6% |
| Plant, machinery and equipment | 23 | €436 | €687 | +€251 | +57.6% |
| Furniture and vehicles | 24 | €13,629 | €9,488 | -€4,141 | -30.4% |
| Other tangible fixed assets | 26 | €35,612 | €31,889 | -€3,723 | -10.5% |
| Current assets | 29/58 | €99,756 | €93,621 | -€6,135 | -6.1% |
| Stocks and contracts in progress | 3 | €53,735 | €28,356 | -€25,379 | -47.2% |
| Stocks | 30/36 | €53,735 | €28,356 | -€25,379 | -47.2% |
| Amounts receivable within one year | 40/41 | €35,507 | €36,731 | +€1,224 | +3.4% |
| Trade receivables | 40 | €20,442 | €6,263 | -€14,179 | -69.4% |
| Other amounts receivable | 41 | €15,065 | €30,468 | +€15,404 | +102.2% |
| Cash at bank and in hand | 54/58 | €2,267 | €7,924 | +€5,657 | +249.5% |
| Deferred charges and accrued income | 490/1 | €8,246 | €20,609 | +€12,363 | +149.9% |
| Total equity and liabilities | 10/49 | €306,495 | €285,543 | -€20,952 | -6.8% |
| Equity | 10/15 | €68,288 | €63,662 | -€4,626 | -6.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,228 | €55,602 | -€4,626 | -7.7% |
| Amounts payable | 17/49 | €238,207 | €221,881 | -€16,326 | -6.9% |
| Amounts payable after more than one year | 17 | €127,680 | €155,845 | +€28,165 | +22.1% |
| Financial debts | 170/4 | €127,680 | €155,845 | +€28,165 | +22.1% |
| Amounts payable within one year | 42/48 | €110,460 | €63,796 | -€46,664 | -42.2% |
| Current portion of amounts payable after more than one year | 42 | €29,121 | €45,416 | +€16,296 | +56.0% |
| Trade debts | 44 | €60,931 | €11,003 | -€49,928 | -81.9% |
| Suppliers | 440/4 | €60,931 | €11,003 | -€49,928 | -81.9% |
| Taxes, remuneration and social security | 45 | €20,409 | €7,377 | -€13,031 | -63.9% |
| Taxes | 450/3 | €20,409 | €7,377 | -€13,031 | -63.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €67 | €2,239 | +€2,173 | +3266.1% |
| Non-recurring operating income | 76A | - | €1,132 | +€1,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,046 | €15,299 | +€4,253 | +38.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €5,779 | €819 | -€4,960 | -85.8% |
| Gross operating margin | 9900 | €63,429 | €18,587 | -€44,842 | -70.7% |
| Operating profit (loss) | 9901 | €46,604 | €2,469 | -€44,135 | -94.7% |
| Financial income | 75/76B | €0 | €8 | +€8 | +13300.0% |
| Recurring financial income | 75 | €0 | €8 | +€8 | +13300.0% |
| Financial charges | 65/66B | €4,453 | €7,103 | +€2,651 | +59.5% |
| Recurring financial charges | 65 | €4,453 | €7,103 | +€2,651 | +59.5% |
| Profit (loss) for the period before taxes | 9903 | €42,152 | -€4,626 | -€46,778 | |
| Transfer from deferred taxes | 780 | €4 | €0 | -€4 | -100.0% |
| Income taxes | 67/77 | €6,923 | €0 | -€6,923 | -100.0% |
| Profit (loss) for the period | 9904 | €35,232 | -€4,626 | -€39,858 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,232 | -€4,626 | -€39,858 |
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 5 October 2026 via checked.be.