GICOM: 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.
GICOM
Largest movements
- Cash -€438,946
down €438,946 (-27.9%), from €1.6m to €1.1m
mainly Contributions, distributions and other (-€685,000) and Advances received (-€273,772)
- Receivables within one year -€343,071
down €343,071 (-34.8%), from €985,804 to €642,733
of which Trade receivables: -€375,169
- Deferred charges and accrued income +€56,270
up €56,270 (+219%), from €25,691 to €81,961
- Stocks and contracts -€43,070
no longer reported in 2025 (was €43,070)
- Reserves -€487,569
down €487,569 (-54.5%), from €894,439 to €406,870
of which Distributable reserves: -€487,569
- Advances received -€273,772
down €273,772 (-65.7%), from €416,672 to €142,900
- Gross operating margin -€227,744
down €227,744 (-7.4%), from €3.1m to €2.8m
- Other operating charges -€109,125
down €109,125 (-5.9%), from €1.9m to €1.8m
- Taxes -€59,152
down €59,152 (-43.5%), from €135,995 to €76,843
- Staff costs +€50,420
up €50,420 (+7.0%), from €719,710 to €770,130
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 | €2,701,659 | €1,931,694 | -€769,965 | -28.5% |
| Fixed assets | 21/28 | €73,441 | €72,293 | -€1,148 | -1.6% |
| Tangible fixed assets | 22/27 | €35,573 | €57,375 | +€21,802 | +61.3% |
| Plant, machinery and equipment | 23 | €27,353 | €25,981 | -€1,372 | -5.0% |
| Furniture and vehicles | 24 | €8,220 | €31,394 | +€23,174 | +282% |
| Financial fixed assets | 28 | €37,868 | €14,918 | -€22,950 | -60.6% |
| Current assets | 29/58 | €2,628,218 | €1,859,401 | -€768,817 | -29.3% |
| Stocks and contracts in progress | 3 | €43,070 | - | -€43,070 | |
| Contracts in progress | 37 | €43,070 | - | -€43,070 | |
| Amounts receivable within one year | 40/41 | €985,804 | €642,733 | -€343,071 | -34.8% |
| Trade receivables | 40 | €982,933 | €607,764 | -€375,169 | -38.2% |
| Other amounts receivable | 41 | €2,871 | €34,969 | +€32,098 | +1,118% |
| Cash at bank and in hand | 54/58 | €1,573,653 | €1,134,707 | -€438,946 | -27.9% |
| Deferred charges and accrued income | 490/1 | €25,691 | €81,961 | +€56,270 | +219% |
| Total equity and liabilities | 10/49 | €2,701,659 | €1,931,694 | -€769,965 | -28.5% |
| Equity | 10/15 | €948,078 | €460,509 | -€487,569 | -51.4% |
| Contributions | 10/11 | €53,639 | €53,639 | = | 0.0% |
| Reserves | 13 | €894,439 | €406,870 | -€487,569 | -54.5% |
| Non-distributable reserves | 130/1 | €5,364 | €5,364 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,364 | €5,364 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,673 | €12,673 | = | 0.0% |
| Distributable reserves | 133 | €876,402 | €388,833 | -€487,569 | -55.6% |
| Amounts payable | 17/49 | €1,753,581 | €1,471,185 | -€282,396 | -16.1% |
| Amounts payable after more than one year | 17 | - | €16,388 | +€16,388 | |
| Financial debts | 170/4 | - | €16,388 | +€16,388 | |
| Amounts payable within one year | 42/48 | €1,734,034 | €1,444,597 | -€289,437 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | - | €7,161 | +€7,161 | |
| Trade debts | 44 | €1,078,956 | €1,063,517 | -€15,439 | -1.4% |
| Suppliers | 440/4 | €1,078,956 | €1,063,517 | -€15,439 | -1.4% |
| Advances received on contracts in progress | 46 | €416,672 | €142,900 | -€273,772 | -65.7% |
| Taxes, remuneration and social security | 45 | €224,047 | €231,019 | +€6,972 | +3.1% |
| Taxes | 450/3 | €145,473 | €136,230 | -€9,243 | -6.4% |
| Remuneration and social security | 454/9 | €78,574 | €94,789 | +€16,215 | +20.6% |
| Other amounts payable | 47/48 | €14,359 | - | -€14,359 | |
| Accrued charges and deferred income | 492/3 | €19,547 | €10,200 | -€9,347 | -47.8% |
| Remuneration, social security and pensions | 62 | €719,710 | €770,130 | +€50,420 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,025 | €35,746 | +€16,721 | +87.9% |
| Other operating charges | 640/8 | €1,864,457 | €1,755,332 | -€109,125 | -5.9% |
| Gross operating margin | 9900 | €3,064,246 | €2,836,502 | -€227,744 | -7.4% |
| Operating profit (loss) | 9901 | €461,054 | €275,294 | -€185,760 | -40.3% |
| Financial income | 75/76B | €2,316 | €3,098 | +€782 | +33.8% |
| Recurring financial income | 75 | €2,316 | €3,098 | +€782 | +33.8% |
| Financial charges | 65/66B | €4,569 | €4,118 | -€451 | -9.9% |
| Recurring financial charges | 65 | €4,569 | €4,118 | -€451 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €458,801 | €274,274 | -€184,527 | -40.2% |
| Income taxes | 67/77 | €135,995 | €76,843 | -€59,152 | -43.5% |
| Profit (loss) for the period | 9904 | €322,806 | €197,431 | -€125,375 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €322,806 | €197,431 | -€125,375 | -38.8% |
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 19 October 2026 via checked.be.