STEPHANE GILLET: 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
STEPHANE GILLET
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€61,606
2024 · €14,648+€46,959
Equity
€1.5m
2024 · €1.4m+€61,606
Cash
€139,469
2024 · €178,110-€38,641
Balance sheet total
€2.9m
2024 · €2.7m+€203,686
Largest movements
Assets
- Stocks and contracts +€277,581
up €277,581 (+305%), from €91,015 to €368,596
- Cash -€38,641
down €38,641 (-21.7%), from €178,110 to €139,469
mainly Stocks and contracts (-€277,581) and Debts after one year (-€124,491)
Equity and liabilities
- Short-term financial debts +€250,000
up €250,000 (+76.9%), from €325,000 to €575,000
- Debts after one year -€124,491
down €124,491 (-19.2%), from €648,067 to €523,576
- Current portion of long-term debt -€64,844
down €64,844 (-30.6%), from €211,667 to €146,823
- Profit (loss) carried forward +€61,606
up €61,606 (+4.6%), from €1.3m to €1.4m
- Other debts +€61,074
up €61,074 (+100%), from €60,791 to €121,865
Income statement
- Gross operating margin +€79,221
up €79,221 (+29.3%), from €270,742 to €349,962
- Taxes +€14,926
up €14,926 (+255%), from €5,857 to €20,783
- Other operating charges +€9,981
up €9,981 (+23.0%), from €43,399 to €53,381
- Staff costs +€4,079
up €4,079 (+8.0%), from €51,243 to €55,322
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
€14,648
Gross operating margin
+€79,221
Staff costs
-€4,079
Depreciation
-€2,866
Write-downs
-€3,389
Other operating charges
-€9,981
Other operating items
+€943
Financial income
-€909
Financial charges
+€2,945
Taxes
-€14,926
Result 2025
€61,606
raises the resultlowers the resultnot broken down further in the accounts
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
-€1,043
Investment
-€98,263
Financing
+€60,665
Cash 2024
€178,110
From operations (derived)
-€1,043
Net result for the year
+€61,606
Depreciation
+€123,268
Stocks and contracts
-€277,581
Receivables within one year
+€10,389
Deferred charges and accrued income
-€140
Trade debts
+€6,297
Tax, wage and social debts
+€14,179
Advances received
-€4,750
Other debts
+€61,074
Accrued charges and deferred income
+€4,614
Investment (derived)
-€98,263
Investment in fixed assets (net)
-€98,263
Financing
+€60,665
Debts after one year
-€124,491
Current portion of long-term debt
-€64,844
Short-term financial debts
+€250,000
Cash 2025
€139,469
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,709,471 | €2,913,157 | +€203,686 | +7.5% |
| Fixed assets | 21/28 | €2,414,833 | €2,389,828 | -€25,005 | -1.0% |
| Intangible fixed assets | 21 | €2,327 | €1,757 | -€570 | -24.5% |
| Tangible fixed assets | 22/27 | €2,412,369 | €2,387,935 | -€24,435 | -1.0% |
| Land and buildings | 22 | €2,327,333 | €2,309,759 | -€17,574 | -0.8% |
| Plant, machinery and equipment | 23 | €2,471 | €1,405 | -€1,066 | -43.1% |
| Furniture and vehicles | 24 | €71,831 | €72,448 | +€617 | +0.9% |
| Other tangible fixed assets | 26 | €10,734 | €4,323 | -€6,411 | -59.7% |
| Financial fixed assets | 28 | €137 | €137 | = | 0.0% |
| Current assets | 29/58 | €294,638 | €523,329 | +€228,691 | +77.6% |
| Stocks and contracts in progress | 3 | €91,015 | €368,596 | +€277,581 | +305% |
| Stocks | 30/36 | €91,015 | €368,596 | +€277,581 | +305% |
| Amounts receivable within one year | 40/41 | €16,879 | €6,490 | -€10,389 | -61.6% |
| Trade receivables | 40 | €2,581 | €6,490 | +€3,909 | +151% |
| Other amounts receivable | 41 | €14,298 | - | -€14,298 | |
| Current investments | 50/53 | €4,948 | €4,948 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €178,110 | €139,469 | -€38,641 | -21.7% |
| Deferred charges and accrued income | 490/1 | €3,686 | €3,826 | +€140 | +3.8% |
| Total equity and liabilities | 10/49 | €2,709,471 | €2,913,157 | +€203,686 | +7.5% |
| Equity | 10/15 | €1,421,391 | €1,482,998 | +€61,606 | +4.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €68,250 | €68,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €68,250 | €68,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,346,941 | €1,408,548 | +€61,606 | +4.6% |
| Amounts payable | 17/49 | €1,288,080 | €1,430,159 | +€142,080 | +11.0% |
| Amounts payable after more than one year | 17 | €648,067 | €523,576 | -€124,491 | -19.2% |
| Financial debts | 170/4 | €648,067 | €523,576 | -€124,491 | -19.2% |
| Amounts payable within one year | 42/48 | €628,329 | €890,285 | +€261,956 | +41.7% |
| Current portion of amounts payable after more than one year | 42 | €211,667 | €146,823 | -€64,844 | -30.6% |
| Financial debts | 43 | €325,000 | €575,000 | +€250,000 | +76.9% |
| Credit institutions | 430/8 | €325,000 | €575,000 | +€250,000 | +76.9% |
| Trade debts | 44 | €16,675 | €22,972 | +€6,297 | +37.8% |
| Suppliers | 440/4 | €16,675 | €22,972 | +€6,297 | +37.8% |
| Advances received on contracts in progress | 46 | €4,750 | - | -€4,750 | |
| Taxes, remuneration and social security | 45 | €9,446 | €23,625 | +€14,179 | +150% |
| Taxes | 450/3 | €2,023 | €15,353 | +€13,330 | +659% |
| Remuneration and social security | 454/9 | €7,424 | €8,272 | +€848 | +11.4% |
| Other amounts payable | 47/48 | €60,791 | €121,865 | +€61,074 | +100% |
| Accrued charges and deferred income | 492/3 | €11,685 | €16,299 | +€4,614 | +39.5% |
| Remuneration, social security and pensions | 62 | €51,243 | €55,322 | +€4,079 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,402 | €123,268 | +€2,866 | +2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,389 | +€3,389 | |
| Other operating charges | 640/8 | €43,399 | €53,381 | +€9,981 | +23.0% |
| Non-recurring operating charges | 66A | €943 | - | -€943 | |
| Gross operating margin | 9900 | €270,742 | €349,962 | +€79,221 | +29.3% |
| Operating profit (loss) | 9901 | €54,754 | €114,603 | +€59,849 | +109% |
| Financial income | 75/76B | €1,601 | €692 | -€909 | -56.8% |
| Recurring financial income | 75 | €1,601 | €692 | -€909 | -56.8% |
| Financial charges | 65/66B | €35,850 | €32,906 | -€2,945 | -8.2% |
| Recurring financial charges | 65 | €35,850 | €32,906 | -€2,945 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €20,505 | €82,389 | +€61,885 | +302% |
| Income taxes | 67/77 | €5,857 | €20,783 | +€14,926 | +255% |
| Profit (loss) for the period | 9904 | €14,648 | €61,606 | +€46,959 | +321% |
| Profit (loss) for the period to be appropriated | 9905 | €14,648 | €61,606 | +€46,959 | +321% |
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 25 October 2026 via checked.be.