GICO: 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.
GICO
Largest movements
- Tangible fixed assets +€42,825
up €42,825 (+52.7%), from €81,290 to €124,115
of which Furniture and vehicles: +€39,737
- Receivables within one year +€31,232
up €31,232 (+646%), from €4,838 to €36,070
- Cash -€12,639
down €12,639 (-60.5%), from €20,904 to €8,265
mainly Investment in fixed assets (net) (-€47,734) and Receivables within one year (-€31,232)
- Trade debts +€36,032
up €36,032 (+407%), from €8,861 to €44,893
- Debts after one year +€35,000
new in 2025: €35,000
- Other debts -€17,781
down €17,781 (-33.1%), from €53,674 to €35,894
- Reserves +€9,000
up €9,000 (+146%), from €6,172 to €15,172
of which Distributable reserves: +€11,500
- Profit (loss) carried forward +€8,754
up €8,754, from -€8,331 to €423
- Gross operating margin -€13,169
down €13,169 (-15.1%), from €87,216 to €74,047
- Staff costs +€4,017
up €4,017 (+10.5%), from €38,316 to €42,334
- Financial charges -€1,828
down €1,828 (-53.6%), from €3,411 to €1,583
- Taxes +€1,809
up €1,809 (+51.3%), from €3,526 to €5,335
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 | €109,138 | €170,077 | +€60,939 | +55.8% |
| Fixed assets | 21/28 | €81,290 | €124,115 | +€42,825 | +52.7% |
| Tangible fixed assets | 22/27 | €81,290 | €124,115 | +€42,825 | +52.7% |
| Land and buildings | 22 | €81,290 | €84,378 | +€3,088 | +3.8% |
| Furniture and vehicles | 24 | - | €39,737 | +€39,737 | |
| Current assets | 29/58 | €27,848 | €45,962 | +€18,114 | +65.0% |
| Stocks and contracts in progress | 3 | €2,021 | €1,539 | -€482 | -23.9% |
| Stocks | 30/36 | €2,021 | €1,539 | -€482 | -23.9% |
| Amounts receivable within one year | 40/41 | €4,838 | €36,070 | +€31,232 | +646% |
| Trade receivables | 40 | €4,838 | €36,070 | +€31,232 | +646% |
| Cash at bank and in hand | 54/58 | €20,904 | €8,265 | -€12,639 | -60.5% |
| Deferred charges and accrued income | 490/1 | €85 | €88 | +€3 | +3.4% |
| Total equity and liabilities | 10/49 | €109,138 | €170,077 | +€60,939 | +55.8% |
| Equity | 10/15 | €22,840 | €40,594 | +€17,754 | +77.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €6,172 | €15,172 | +€9,000 | +146% |
| Non-distributable reserves | 130/1 | €2,500 | - | -€2,500 | |
| Reserves not available under the articles | 1311 | €2,500 | - | -€2,500 | |
| Tax-exempt reserves | 132 | €3,672 | €3,672 | = | 0.0% |
| Distributable reserves | 133 | - | €11,500 | +€11,500 | |
| Profit (loss) carried forward | 14 | -€8,331 | €423 | +€8,754 | |
| Amounts payable | 17/49 | €86,297 | €129,483 | +€43,185 | +50.0% |
| Amounts payable after more than one year | 17 | - | €35,000 | +€35,000 | |
| Financial debts | 170/4 | - | €35,000 | +€35,000 | |
| Amounts payable within one year | 42/48 | €86,297 | €94,483 | +€8,185 | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €7,651 | - | -€7,651 | |
| Trade debts | 44 | €8,861 | €44,893 | +€36,032 | +407% |
| Suppliers | 440/4 | €8,861 | €44,893 | +€36,032 | +407% |
| Taxes, remuneration and social security | 45 | €16,111 | €13,696 | -€2,415 | -15.0% |
| Taxes | 450/3 | €10,601 | €8,000 | -€2,601 | -24.5% |
| Remuneration and social security | 454/9 | €5,510 | €5,696 | +€186 | +3.4% |
| Other amounts payable | 47/48 | €53,674 | €35,894 | -€17,781 | -33.1% |
| Remuneration, social security and pensions | 62 | €38,316 | €42,334 | +€4,017 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,545 | €4,909 | +€364 | +8.0% |
| Other operating charges | 640/8 | €2,234 | €2,132 | -€103 | -4.6% |
| Gross operating margin | 9900 | €87,216 | €74,047 | -€13,169 | -15.1% |
| Operating profit (loss) | 9901 | €42,120 | €24,672 | -€17,448 | -41.4% |
| Financial charges | 65/66B | €3,411 | €1,583 | -€1,828 | -53.6% |
| Recurring financial charges | 65 | €3,411 | €1,583 | -€1,828 | -53.6% |
| Profit (loss) for the period before taxes | 9903 | €38,709 | €23,089 | -€15,620 | -40.4% |
| Income taxes | 67/77 | €3,526 | €5,335 | +€1,809 | +51.3% |
| Profit (loss) for the period | 9904 | €35,183 | €17,754 | -€17,429 | -49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,183 | €17,754 | -€17,429 | -49.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.