GICA-PROJECTS: 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.
GICA-PROJECTS
Largest movements
- Receivables within one year +€27,781
up €27,781 (+158.3%), from €17,550 to €45,331
of which Trade receivables: +€25,075
- Tangible fixed assets -€20,691
down €20,691 (-14.8%), from €139,736 to €119,045
of which Furniture and vehicles: -€14,773
- Cash +€18,943
up €18,943 (+25.1%), from €75,473 to €94,416
mainly Net result for the year (+€53,840) and Other debts (+€50,117)
- Other debts +€50,117
up €50,117 (+1103.3%), from €4,542 to €54,659
- Tax, wage and social debts -€12,394
down €12,394 (-43.0%), from €28,848 to €16,454
- Reserves -€6,160
down €6,160 (-4.5%), from €137,151 to €130,990
- Debts after one year -€4,018
down €4,018 (-18.7%), from €21,537 to €17,518
- Gross operating margin +€19,722
up €19,722 (+25.9%), from €76,025 to €95,747
- Taxes +€7,748
up €7,748 (+69.0%), from €11,227 to €18,975
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €233,676 | €259,141 | +€25,465 | +10.9% |
| Fixed assets | 21/28 | €139,736 | €119,045 | -€20,691 | -14.8% |
| Tangible fixed assets | 22/27 | €139,736 | €119,045 | -€20,691 | -14.8% |
| Land and buildings | 22 | €116,656 | €110,738 | -€5,918 | -5.1% |
| Furniture and vehicles | 24 | €23,080 | €8,307 | -€14,773 | -64.0% |
| Current assets | 29/58 | €93,940 | €140,096 | +€46,156 | +49.1% |
| Amounts receivable within one year | 40/41 | €17,550 | €45,331 | +€27,781 | +158.3% |
| Trade receivables | 40 | €17,550 | €42,625 | +€25,075 | +142.9% |
| Other amounts receivable | 41 | - | €2,706 | +€2,706 | |
| Cash at bank and in hand | 54/58 | €75,473 | €94,416 | +€18,943 | +25.1% |
| Deferred charges and accrued income | 490/1 | €918 | €349 | -€569 | -62.0% |
| Total equity and liabilities | 10/49 | €233,676 | €259,141 | +€25,465 | +10.9% |
| Equity | 10/15 | €172,151 | €165,990 | -€6,160 | -3.6% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €137,151 | €130,990 | -€6,160 | -4.5% |
| Distributable reserves | 133 | €137,151 | €130,990 | -€6,160 | -4.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €61,525 | €93,151 | +€31,625 | +51.4% |
| Amounts payable after more than one year | 17 | €21,537 | €17,518 | -€4,018 | -18.7% |
| Financial debts | 170/4 | €21,537 | €17,518 | -€4,018 | -18.7% |
| Amounts payable within one year | 42/48 | €39,989 | €75,632 | +€35,644 | +89.1% |
| Current portion of amounts payable after more than one year | 42 | €6,599 | €4,018 | -€2,580 | -39.1% |
| Trade debts | 44 | €0 | €501 | +€501 | |
| Suppliers | 440/4 | €0 | €501 | +€501 | |
| Taxes, remuneration and social security | 45 | €28,848 | €16,454 | -€12,394 | -43.0% |
| Taxes | 450/3 | €28,848 | €16,454 | -€12,394 | -43.0% |
| Other amounts payable | 47/48 | €4,542 | €54,659 | +€50,117 | +1103.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,382 | €20,691 | +€309 | +1.5% |
| Other operating charges | 640/8 | €648 | €1,557 | +€908 | +140.1% |
| Gross operating margin | 9900 | €76,025 | €95,747 | +€19,722 | +25.9% |
| Operating profit (loss) | 9901 | €54,995 | €73,500 | +€18,505 | +33.6% |
| Financial income | 75/76B | €588 | €0 | -€588 | -100.0% |
| Recurring financial income | 75 | €588 | €0 | -€588 | -100.0% |
| Financial charges | 65/66B | €907 | €685 | -€222 | -24.4% |
| Recurring financial charges | 65 | €907 | €685 | -€222 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €54,675 | €72,814 | +€18,139 | +33.2% |
| Income taxes | 67/77 | €11,227 | €18,975 | +€7,748 | +69.0% |
| Profit (loss) for the period | 9904 | €43,448 | €53,840 | +€10,391 | +23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,448 | €53,840 | +€10,391 | +23.9% |
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 9 October 2026 via checked.be.