GICA: what changed
Two fiscal 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
GICA
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€305,188
2024 · €268,521-€573,710
Equity
€8.8m
2024 · €9.2m-€305,188
Cash
€66,017
2024 · €51,649+€14,368
Balance sheet total
€14.5m
2024 · €14.2m+€295,197
Largest movements
Assets
- Tangible fixed assets +€630,151
up €630,151 (+20.7%), from €3.1m to €3.7m
of which Assets under construction and advance payments: +€706,911
- Current investments -€330,000
down €330,000 (-8.8%), from €3.8m to €3.4m
Equity and liabilities
- Debts after one year +€552,666
up €552,666 (+55.3%), from €1.0m to €1.6m
- Other debts +€325,261
up €325,261 (+11.3%), from €2.9m to €3.2m
- Profit (loss) carried forward -€305,188
down €305,188 (-5.2%), from €5.9m to €5.5m
- Current portion of long-term debt -€195,000
down €195,000 (-100.0%), from €195,000 to €0
Income statement
- Financial income -€403,108
down €403,108 (-93.9%), from €429,078 to €25,970
- Gross operating margin -€184,825
down €184,825 (-40.4%), from €457,226 to €272,402
- Other operating charges +€127,138
up €127,138 (+1209.7%), from €10,509 to €137,647
- Financial charges -€70,233
down €70,233 (-18.3%), from €383,924 to €313,691
- Taxes -€55,873
down €55,873 (-98.2%), from €56,919 to €1,046
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
€268,521
Gross operating margin
-€184,825
Staff costs
-€1,653
Depreciation
+€17,201
Provisions
-€294
Other operating charges
-€127,138
Financial income
-€403,108
Financial charges
+€70,233
Taxes
+€55,873
Result 2025
-€305,188
Cash bridge derived
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
+€85,205
Investment
-€428,503
Financing
+€357,666
Cash 2024
€51,649
From operations (derived)
+€85,205
Net result for the year
-€305,188
Depreciation
+€128,352
Receivables after one year
+€14,356
Stocks and contracts
-€17,700
Receivables within one year
+€23,508
Smaller working-capital items
+€568
Provisions
-€22,680
Tax, wage and social debts
-€66,269
Other debts
+€325,261
Accrued charges and deferred income
+€4,997
Investment (derived)
-€428,503
Investment in fixed assets (net)
-€758,503
Current investments
+€330,000
Financing
+€357,666
Debts after one year
+€552,666
Current portion of long-term debt
-€195,000
Cash 2025
€66,017
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,188,721 | €14,483,918 | +€295,197 | +2.1% |
| Fixed assets | 21/28 | €8,738,416 | €9,368,567 | +€630,151 | +7.2% |
| Tangible fixed assets | 22/27 | €3,050,942 | €3,681,093 | +€630,151 | +20.7% |
| Land and buildings | 22 | €2,796,368 | €2,699,091 | -€97,277 | -3.5% |
| Plant, machinery and equipment | 23 | €367 | €0 | -€367 | -100.0% |
| Furniture and vehicles | 24 | €12,514 | €11,498 | -€1,015 | -8.1% |
| Other tangible fixed assets | 26 | €203,286 | €225,186 | +€21,900 | +10.8% |
| Assets under construction and advance payments | 27 | €38,407 | €745,317 | +€706,911 | +1840.6% |
| Financial fixed assets | 28 | €5,687,474 | €5,687,474 | = | 0.0% |
| Current assets | 29/58 | €5,450,305 | €5,115,351 | -€334,954 | -6.1% |
| Amounts receivable after more than one year | 29 | €35,949 | €21,593 | -€14,356 | -39.9% |
| Other amounts receivable | 291 | €35,949 | €21,593 | -€14,356 | -39.9% |
| Stocks and contracts in progress | 3 | €645,169 | €662,869 | +€17,700 | +2.7% |
| Stocks | 30/36 | €645,169 | €662,869 | +€17,700 | +2.7% |
| Amounts receivable within one year | 40/41 | €952,923 | €929,415 | -€23,508 | -2.5% |
| Trade receivables | 40 | €319,312 | €131,700 | -€187,612 | -58.8% |
| Other amounts receivable | 41 | €633,611 | €797,715 | +€164,103 | +25.9% |
| Current investments | 50/53 | €3,761,439 | €3,431,439 | -€330,000 | -8.8% |
| Cash at bank and in hand | 54/58 | €51,649 | €66,017 | +€14,368 | +27.8% |
| Deferred charges and accrued income | 490/1 | €3,176 | €4,018 | +€843 | +26.5% |
| Total equity and liabilities | 10/49 | €14,188,721 | €14,483,918 | +€295,197 | +2.1% |
| Equity | 10/15 | €9,151,743 | €8,846,555 | -€305,188 | -3.3% |
| Contributions | 10/11 | €3,042,740 | €3,042,740 | = | 0.0% |
| Reserves | 13 | €257,143 | €257,143 | = | 0.0% |
| Distributable reserves | 133 | €257,143 | €257,143 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,851,860 | €5,546,672 | -€305,188 | -5.2% |
| Provisions and deferred taxes | 16 | €709,762 | €687,082 | -€22,680 | -3.2% |
| Provisions for liabilities and charges | 160/5 | €709,762 | €687,082 | -€22,680 | -3.2% |
| Pensions and similar obligations | 160 | €709,762 | €687,082 | -€22,680 | -3.2% |
| Amounts payable | 17/49 | €4,327,216 | €4,950,281 | +€623,065 | +14.4% |
| Amounts payable after more than one year | 17 | €1,000,000 | €1,552,666 | +€552,666 | +55.3% |
| Financial debts | 170/4 | €1,000,000 | €1,552,666 | +€552,666 | +55.3% |
| Amounts payable within one year | 42/48 | €3,249,849 | €3,315,252 | +€65,403 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €195,000 | €0 | -€195,000 | -100.0% |
| Trade debts | 44 | €36,170 | €37,581 | +€1,411 | +3.9% |
| Suppliers | 440/4 | €36,170 | €37,581 | +€1,411 | +3.9% |
| Taxes, remuneration and social security | 45 | €128,636 | €62,368 | -€66,269 | -51.5% |
| Taxes | 450/3 | €116,559 | €53,161 | -€63,398 | -54.4% |
| Remuneration and social security | 454/9 | €12,077 | €9,206 | -€2,871 | -23.8% |
| Other amounts payable | 47/48 | €2,890,043 | €3,215,304 | +€325,261 | +11.3% |
| Accrued charges and deferred income | 492/3 | €77,366 | €82,363 | +€4,997 | +6.5% |
| Non-recurring operating income | 76A | €33,773 | €0 | -€33,773 | -100.0% |
| Remuneration, social security and pensions | 62 | €43,852 | €45,505 | +€1,653 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,553 | €128,352 | -€17,201 | -11.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€22,974 | -€22,680 | +€294 | +1.3% |
| Other operating charges | 640/8 | €10,509 | €137,647 | +€127,138 | +1209.7% |
| Gross operating margin | 9900 | €457,226 | €272,402 | -€184,825 | -40.4% |
| Operating profit (loss) | 9901 | €280,286 | -€16,422 | -€296,708 | |
| Financial income | 75/76B | €429,078 | €25,970 | -€403,108 | -93.9% |
| Recurring financial income | 75 | €429,078 | €25,970 | -€403,108 | -93.9% |
| Financial charges | 65/66B | €383,924 | €313,691 | -€70,233 | -18.3% |
| Recurring financial charges | 65 | €383,924 | €313,691 | -€70,233 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €325,441 | -€304,142 | -€629,583 | |
| Income taxes | 67/77 | €56,919 | €1,046 | -€55,873 | -98.2% |
| Profit (loss) for the period | 9904 | €268,521 | -€305,188 | -€573,710 | |
| Profit (loss) for the period to be appropriated | 9905 | €268,521 | -€305,188 | -€573,710 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.