GILUFASADA: 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.
GILUFASADA
Largest movements
- Cash -€14,582
down €14,582 (-33.0%), from €44,162 to €29,580
mainly Debts after one year (-€37,304) and Investment in fixed assets (net) (-€21,009)
- Debts after one year -€37,304
down €37,304 (-27.5%), from €135,861 to €98,556
- Profit (loss) carried forward +€30,782
up €30,782 (+71.5%), from -€43,052 to -€12,270
- Reserves -€7,704
down €7,704 (-12.0%), from €64,287 to €56,583
of which Tax-exempt reserves: -€7,704
- Gross operating margin +€15,280
up €15,280 (+33.4%), from €45,688 to €60,968
- Other operating charges +€1,592
up €1,592 (+14.6%), from €10,871 to €12,463
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €404,806 | €387,884 | -€16,922 | -4.2% |
| Fixed assets | 21/28 | €360,572 | €357,874 | -€2,697 | -0.7% |
| Tangible fixed assets | 22/27 | €360,393 | €357,696 | -€2,697 | -0.7% |
| Land and buildings | 22 | €297,772 | €306,573 | +€8,801 | +3.0% |
| Furniture and vehicles | 24 | €24,442 | €18,177 | -€6,265 | -25.6% |
| Other tangible fixed assets | 26 | €38,179 | €32,945 | -€5,233 | -13.7% |
| Financial fixed assets | 28 | €179 | €179 | = | 0.0% |
| Current assets | 29/58 | €44,234 | €30,009 | -€14,225 | -32.2% |
| Amounts receivable within one year | 40/41 | - | €429 | +€429 | |
| Trade receivables | 40 | - | €395 | +€395 | |
| Other amounts receivable | 41 | - | €34 | +€34 | |
| Current investments | 50/53 | €72 | - | -€72 | |
| Cash at bank and in hand | 54/58 | €44,162 | €29,580 | -€14,582 | -33.0% |
| Total equity and liabilities | 10/49 | €404,806 | €387,884 | -€16,922 | -4.2% |
| Equity | 10/15 | €187,318 | €210,396 | +€23,078 | +12.3% |
| Contributions | 10/11 | €166,083 | €166,083 | = | 0.0% |
| Capital | 10 | €166,083 | €166,083 | = | 0.0% |
| Issued capital | 100 | €166,083 | €166,083 | = | 0.0% |
| Reserves | 13 | €64,287 | €56,583 | -€7,704 | -12.0% |
| Non-distributable reserves | 130/1 | €762 | €762 | = | 0.0% |
| Legal reserve | 130 | €762 | €762 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,000 | €44,296 | -€7,704 | -14.8% |
| Distributable reserves | 133 | €11,525 | €11,525 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,052 | -€12,270 | +€30,782 | +71.5% |
| Provisions and deferred taxes | 16 | €17,333 | €14,765 | -€2,568 | -14.8% |
| Deferred taxes | 168 | €17,333 | €14,765 | -€2,568 | -14.8% |
| Amounts payable | 17/49 | €200,155 | €162,723 | -€37,432 | -18.7% |
| Amounts payable after more than one year | 17 | €135,861 | €98,556 | -€37,304 | -27.5% |
| Financial debts | 170/4 | €135,861 | €98,556 | -€37,304 | -27.5% |
| Amounts payable within one year | 42/48 | €63,734 | €63,606 | -€128 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €44,204 | €45,004 | +€800 | +1.8% |
| Trade debts | 44 | €17,131 | €16,794 | -€336 | -2.0% |
| Suppliers | 440/4 | €17,131 | €16,794 | -€336 | -2.0% |
| Other amounts payable | 47/48 | €2,400 | €1,808 | -€592 | -24.7% |
| Accrued charges and deferred income | 492/3 | €560 | €560 | = | 0.0% |
| Non-recurring operating income | 76A | - | €300 | +€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,657 | €23,707 | +€50 | +0.2% |
| Other operating charges | 640/8 | €10,871 | €12,463 | +€1,592 | +14.6% |
| Gross operating margin | 9900 | €45,688 | €60,968 | +€15,280 | +33.4% |
| Operating profit (loss) | 9901 | €11,160 | €24,799 | +€13,639 | +122% |
| Financial income | 75/76B | €1 | €4 | +€3 | +317% |
| Recurring financial income | 75 | €1 | €4 | +€3 | +317% |
| Financial charges | 65/66B | €4,402 | €4,292 | -€109 | -2.5% |
| Recurring financial charges | 65 | €4,345 | €4,168 | -€176 | -4.1% |
| Non-recurring financial charges | 66B | €57 | €124 | +€67 | +117% |
| Profit (loss) for the period before taxes | 9903 | €6,759 | €20,510 | +€13,751 | +203% |
| Transfer from deferred taxes | 780 | €2,170 | €2,568 | +€398 | +18.3% |
| Profit (loss) for the period | 9904 | €8,929 | €23,078 | +€14,149 | +158% |
| Transfer from tax-exempt reserves | 789 | €6,511 | €7,704 | +€1,193 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,440 | €30,782 | +€15,343 | +99.4% |
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 1 November 2026 via checked.be.