STIJN GILGEMYN: 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.
STIJN GILGEMYN
Largest movements
- Tangible fixed assets +€613,835
up €613,835 (+203%), from €301,800 to €915,636
of which Land and buildings: +€603,853
- Cash -€81,434
down €81,434 (-53.1%), from €153,261 to €71,827
mainly Investment in fixed assets (net) (-€707,451) and Trade debts (-€12,484)
- Other debts +€543,927
up €543,927 (+138%), from €394,393 to €938,320
- Depreciation +€24,762
up €24,762 (+38.3%), from €64,653 to €89,415
- Gross operating margin -€19,345
down €19,345 (-16.8%), from €114,829 to €95,484
- Taxes -€4,194
down €4,194 (-89.5%), from €4,684 to €490
- Other operating charges +€2,095
up €2,095 (+67.5%), from €3,105 to €5,200
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 | €739,036 | €1,272,611 | +€533,575 | +72.2% |
| Fixed assets | 21/28 | €529,600 | €1,147,636 | +€618,035 | +117% |
| Tangible fixed assets | 22/27 | €301,800 | €915,636 | +€613,835 | +203% |
| Land and buildings | 22 | €29,014 | €632,867 | +€603,853 | +2,081% |
| Plant, machinery and equipment | 23 | €174,819 | €184,804 | +€9,985 | +5.7% |
| Furniture and vehicles | 24 | €97,967 | €97,964 | -€3 | 0.0% |
| Financial fixed assets | 28 | €227,800 | €232,000 | +€4,200 | +1.8% |
| Current assets | 29/58 | €209,436 | €124,975 | -€84,461 | -40.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €54,512 | €48,101 | -€6,411 | -11.8% |
| Trade receivables | 40 | €32,215 | €21,161 | -€11,054 | -34.3% |
| Other amounts receivable | 41 | €22,297 | €26,940 | +€4,643 | +20.8% |
| Cash at bank and in hand | 54/58 | €153,261 | €71,827 | -€81,434 | -53.1% |
| Deferred charges and accrued income | 490/1 | €1,663 | €5,047 | +€3,385 | +204% |
| Total equity and liabilities | 10/49 | €739,036 | €1,272,611 | +€533,575 | +72.2% |
| Equity | 10/15 | €315,510 | €320,413 | +€4,903 | +1.6% |
| Contributions | 10/11 | €190,000 | €190,000 | = | 0.0% |
| Reserves | 13 | €125,510 | €130,413 | +€4,903 | +3.9% |
| Distributable reserves | 133 | €125,510 | €130,413 | +€4,903 | +3.9% |
| Amounts payable | 17/49 | €423,526 | €952,198 | +€528,672 | +125% |
| Amounts payable within one year | 42/48 | €423,480 | €952,116 | +€528,636 | +125% |
| Trade debts | 44 | €21,027 | €8,543 | -€12,484 | -59.4% |
| Suppliers | 440/4 | €21,027 | €8,543 | -€12,484 | -59.4% |
| Taxes, remuneration and social security | 45 | €8,060 | €5,253 | -€2,806 | -34.8% |
| Taxes | 450/3 | €8,060 | €5,253 | -€2,806 | -34.8% |
| Other amounts payable | 47/48 | €394,393 | €938,320 | +€543,927 | +138% |
| Accrued charges and deferred income | 492/3 | €46 | €82 | +€36 | +77.2% |
| Non-recurring operating income | 76A | €2,672 | €0 | -€2,672 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,653 | €89,415 | +€24,762 | +38.3% |
| Other operating charges | 640/8 | €3,105 | €5,200 | +€2,095 | +67.5% |
| Gross operating margin | 9900 | €114,829 | €95,484 | -€19,345 | -16.8% |
| Operating profit (loss) | 9901 | €47,071 | €869 | -€46,202 | -98.2% |
| Financial income | 75/76B | €4,592 | €4,835 | +€243 | +5.3% |
| Recurring financial income | 75 | €4,592 | €4,835 | +€243 | +5.3% |
| Financial charges | 65/66B | €139 | €311 | +€172 | +124% |
| Recurring financial charges | 65 | €139 | €311 | +€172 | +124% |
| Profit (loss) for the period before taxes | 9903 | €51,524 | €5,393 | -€46,131 | -89.5% |
| Income taxes | 67/77 | €4,684 | €490 | -€4,194 | -89.5% |
| Profit (loss) for the period | 9904 | €46,840 | €4,903 | -€41,937 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,840 | €4,903 | -€41,937 | -89.5% |
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 18 October 2026 via checked.be.