OLIVIER GILBERT: 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.
OLIVIER GILBERT
Largest movements
- Financial fixed assets +€100,000
up €100,000 (+58.4%), from €171,121 to €271,120
- Cash -€77,270
down €77,270 (-18.9%), from €409,316 to €332,046
mainly Investment in fixed assets (net) (-€116,987) and Debts after one year (-€16,887)
- Current investments -€50,000
down €50,000 (-11.9%), from €420,852 to €370,852
- Receivables within one year +€10,850
up €10,850 (+115%), from €9,445 to €20,296
of which Other amounts receivable: +€10,208
- Debts after one year -€16,887
down €16,887 (-92.2%), from €18,322 to €1,435
- Reserves +€16,200
up €16,200 (+1.6%), from €994,559 to €1.0m
of which Distributable reserves: +€16,200
- Gross operating margin -€322,372
down €322,372 (-93.1%), from €346,250 to €23,878
- Staff costs -€165,986
no longer reported in 2025 (was €165,986)
- Taxes -€47,465
down €47,465 (-86.2%), from €55,086 to €7,621
- Depreciation -€5,533
down €5,533 (-31.7%), from €17,478 to €11,945
- Financial charges -€4,974
down €4,974 (-70.8%), from €7,027 to €2,053
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 | €1,075,582 | €1,061,883 | -€13,699 | -1.3% |
| Fixed assets | 21/28 | €233,647 | €338,689 | +€105,042 | +45.0% |
| Tangible fixed assets | 22/27 | €62,527 | €67,569 | +€5,042 | +8.1% |
| Plant, machinery and equipment | 23 | €1,141 | €643 | -€497 | -43.6% |
| Furniture and vehicles | 24 | €61,386 | €66,925 | +€5,539 | +9.0% |
| Financial fixed assets | 28 | €171,121 | €271,120 | +€100,000 | +58.4% |
| Current assets | 29/58 | €841,935 | €723,194 | -€118,741 | -14.1% |
| Amounts receivable within one year | 40/41 | €9,445 | €20,296 | +€10,850 | +115% |
| Trade receivables | 40 | €470 | €1,112 | +€642 | +137% |
| Other amounts receivable | 41 | €8,976 | €19,184 | +€10,208 | +114% |
| Current investments | 50/53 | €420,852 | €370,852 | -€50,000 | -11.9% |
| Cash at bank and in hand | 54/58 | €409,316 | €332,046 | -€77,270 | -18.9% |
| Deferred charges and accrued income | 490/1 | €2,321 | - | -€2,321 | |
| Total equity and liabilities | 10/49 | €1,075,582 | €1,061,883 | -€13,699 | -1.3% |
| Equity | 10/15 | €1,021,412 | €1,037,634 | +€16,221 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €4,338 | €4,338 | = | 0.0% |
| Reserves | 13 | €994,559 | €1,010,759 | +€16,200 | +1.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €992,700 | €1,008,900 | +€16,200 | +1.6% |
| Profit (loss) carried forward | 14 | €3,915 | €3,936 | +€21 | +0.5% |
| Amounts payable | 17/49 | €54,170 | €24,249 | -€29,920 | -55.2% |
| Amounts payable after more than one year | 17 | €18,322 | €1,435 | -€16,887 | -92.2% |
| Financial debts | 170/4 | €18,322 | €1,435 | -€16,887 | -92.2% |
| Amounts payable within one year | 42/48 | €35,848 | €22,814 | -€13,034 | -36.4% |
| Current portion of amounts payable after more than one year | 42 | €20,555 | €16,887 | -€3,668 | -17.8% |
| Trade debts | 44 | €1,672 | €2,783 | +€1,111 | +66.4% |
| Suppliers | 440/4 | €1,672 | €2,783 | +€1,111 | +66.4% |
| Taxes, remuneration and social security | 45 | €5,706 | - | -€5,706 | |
| Taxes | 450/3 | €5,706 | - | -€5,706 | |
| Other amounts payable | 47/48 | €7,915 | €3,144 | -€4,770 | -60.3% |
| Remuneration, social security and pensions | 62 | €165,986 | - | -€165,986 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,478 | €11,945 | -€5,533 | -31.7% |
| Other operating charges | 640/8 | €2,014 | €2,050 | +€37 | +1.8% |
| Gross operating margin | 9900 | €346,250 | €23,878 | -€322,372 | -93.1% |
| Operating profit (loss) | 9901 | €160,772 | €9,883 | -€150,890 | -93.9% |
| Financial income | 75/76B | €13,539 | €16,014 | +€2,474 | +18.3% |
| Recurring financial income | 75 | €13,539 | €16,014 | +€2,474 | +18.3% |
| Financial charges | 65/66B | €7,027 | €2,053 | -€4,974 | -70.8% |
| Recurring financial charges | 65 | €7,027 | €2,053 | -€4,974 | -70.8% |
| Profit (loss) for the period before taxes | 9903 | €167,285 | €23,843 | -€143,442 | -85.7% |
| Income taxes | 67/77 | €55,086 | €7,621 | -€47,465 | -86.2% |
| Profit (loss) for the period | 9904 | €112,199 | €16,221 | -€95,977 | -85.5% |
| Profit (loss) for the period to be appropriated | 9905 | €112,199 | €16,221 | -€95,977 | -85.5% |
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 14 October 2026 via checked.be.