GILCAP: what changed
What changed
GILCAP
NACE 77.399, Renting and leasing of other machinery, equipment and tangible goods
filed annual accounts (NBB)
Net result for the year
€28,474
2024 · €9,828+€18,646
Equity
€732,755
2024 · €704,281+€28,474
Cash
€18,086
2024 · €61,277-€43,190
Balance sheet total
€4.4m
2024 · €3.4m+€1.0m
Largest movements
Assets
- Receivables within one year +€871,859
up €871,859 (+31.9%), from €2.7m to €3.6m
of which Trade receivables: +€1.0m
- Tangible fixed assets +€238,743
up €238,743 (+49.3%), from €484,300 to €723,043
of which Leasing and similar rights: +€194,564
- Deferred charges and accrued income -€89,373
down €89,373 (-63.9%), from €139,888 to €50,515
Equity and liabilities
- Other debts +€1.6m
up €1.6m (+9,692%), from €16,899 to €1.7m
- Trade debts -€697,802
down €697,802 (-35.3%), from €2.0m to €1.3m
- Debts after one year +€227,797
up €227,797 (+109%), from €208,296 to €436,093
- Accrued charges and deferred income -€185,530
down €185,530 (-93.0%), from €199,402 to €13,872
Income statement
- Gross operating margin +€91,458
up €91,458 (+4.6%), from €2.0m to €2.1m
- Write-downs -€76,572
new in 2025: -€76,572
- Staff costs +€65,534
up €65,534 (+4.2%), from €1.6m to €1.6m
- Depreciation -€25,785
down €25,785 (-6.6%), from €391,713 to €365,928
- Financial charges +€22,158
up €22,158 (+195%), from €11,386 to €33,544
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€9,828
Gross operating margin
+€91,458
Staff costs
-€65,534
Depreciation
+€25,785
Write-downs
+€76,572
Other operating charges
-€439
Other operating items
-€86,981
Financial income
-€288
Financial charges
-€22,158
Taxes
+€233
Result 2025
€28,474
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€364,308
Investment
-€604,671
Financing
+€197,173
Cash 2024
€61,277
From operations (derived)
+€364,308
Net result for the year
+€28,474
Depreciation
+€365,928
Stocks and contracts
-€28,985
Receivables within one year
-€871,859
Deferred charges and accrued income
+€89,373
Trade debts
-€697,802
Tax, wage and social debts
+€26,777
Other debts
+€1.6m
Accrued charges and deferred income
-€185,530
Investment (derived)
-€604,671
Investment in fixed assets (net)
-€604,671
Financing
+€197,173
Debts after one year
+€227,797
Current portion of long-term debt
-€30,625
Contributions, distributions and other
-€0
Cash 2025
€18,086
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,416,778 | €4,423,802 | +€1.0m | +29.5% |
| Fixed assets | 21/28 | €484,350 | €723,092 | +€238,743 | +49.3% |
| Tangible fixed assets | 22/27 | €484,300 | €723,043 | +€238,743 | +49.3% |
| Land and buildings | 22 | €74,006 | €74,006 | = | 0.0% |
| Plant, machinery and equipment | 23 | €34,667 | €89,284 | +€54,617 | +158% |
| Furniture and vehicles | 24 | €42,474 | €32,035 | -€10,438 | -24.6% |
| Leasing and similar rights | 25 | €333,154 | €527,718 | +€194,564 | +58.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €2,932,429 | €3,700,710 | +€768,281 | +26.2% |
| Stocks and contracts in progress | 3 | - | €28,985 | +€28,985 | |
| Stocks | 30/36 | - | €28,985 | +€28,985 | |
| Amounts receivable within one year | 40/41 | €2,731,264 | €3,603,123 | +€871,859 | +31.9% |
| Trade receivables | 40 | €2,540,818 | €3,572,273 | +€1.0m | +40.6% |
| Other amounts receivable | 41 | €190,446 | €30,851 | -€159,596 | -83.8% |
| Cash at bank and in hand | 54/58 | €61,277 | €18,086 | -€43,190 | -70.5% |
| Deferred charges and accrued income | 490/1 | €139,888 | €50,515 | -€89,373 | -63.9% |
| Total equity and liabilities | 10/49 | €3,416,778 | €4,423,802 | +€1.0m | +29.5% |
| Equity | 10/15 | €704,281 | €732,755 | +€28,474 | +4.0% |
| Contributions | 10/11 | €65,000 | €65,000 | -€0 | 0.0% |
| Capital | 10 | €65,000 | €65,000 | -€0 | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | -€0 | 0.0% |
| Reserves | 13 | €639,281 | €667,755 | +€28,474 | +4.5% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,741 | €15,741 | = | 0.0% |
| Distributable reserves | 133 | €617,040 | €645,514 | +€28,474 | +4.6% |
| Amounts payable | 17/49 | €2,712,497 | €3,691,047 | +€978,549 | +36.1% |
| Amounts payable after more than one year | 17 | €208,296 | €436,093 | +€227,797 | +109% |
| Financial debts | 170/4 | €208,296 | €436,093 | +€227,797 | +109% |
| Amounts payable within one year | 42/48 | €2,304,799 | €3,241,082 | +€936,282 | +40.6% |
| Current portion of amounts payable after more than one year | 42 | €253,020 | €222,396 | -€30,625 | -12.1% |
| Trade debts | 44 | €1,978,602 | €1,280,800 | -€697,802 | -35.3% |
| Suppliers | 440/4 | €1,978,602 | €1,280,800 | -€697,802 | -35.3% |
| Taxes, remuneration and social security | 45 | €56,277 | €83,054 | +€26,777 | +47.6% |
| Taxes | 450/3 | €1,101 | €4,960 | +€3,859 | +350% |
| Remuneration and social security | 454/9 | €55,176 | €78,095 | +€22,919 | +41.5% |
| Other amounts payable | 47/48 | €16,899 | €1,654,832 | +€1.6m | +9,692% |
| Accrued charges and deferred income | 492/3 | €199,402 | €13,872 | -€185,530 | -93.0% |
| Non-recurring operating income | 76A | €111,000 | €49,971 | -€61,029 | -55.0% |
| Remuneration, social security and pensions | 62 | €1,562,878 | €1,628,413 | +€65,534 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €391,713 | €365,928 | -€25,785 | -6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€76,572 | -€76,572 | |
| Other operating charges | 640/8 | €31,884 | €32,323 | +€439 | +1.4% |
| Non-recurring operating charges | 66A | €1,831 | €88,812 | +€86,981 | +4,750% |
| Gross operating margin | 9900 | €2,009,997 | €2,101,455 | +€91,458 | +4.6% |
| Operating profit (loss) | 9901 | €21,691 | €62,551 | +€40,860 | +188% |
| Financial income | 75/76B | €288 | €0 | -€288 | -100% |
| Recurring financial income | 75 | €288 | €0 | -€288 | -100% |
| Financial charges | 65/66B | €11,386 | €33,544 | +€22,158 | +195% |
| Recurring financial charges | 65 | €11,386 | €33,544 | +€22,158 | +195% |
| Profit (loss) for the period before taxes | 9903 | €10,593 | €29,006 | +€18,414 | +174% |
| Income taxes | 67/77 | €765 | €532 | -€233 | -30.4% |
| Profit (loss) for the period | 9904 | €9,828 | €28,474 | +€18,646 | +190% |
| Profit (loss) for the period to be appropriated | 9905 | €9,828 | €28,474 | +€18,646 | +190% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.