GICOPA: 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.
GICOPA
Largest movements
- Cash -€65,768
down €65,768 (-81.7%), from €80,508 to €14,740
mainly Investment in fixed assets (net) (-€116,181) and Other debts (-€90,000)
- Tangible fixed assets +€57,217
up €57,217 (+17.6%), from €324,570 to €381,788
of which Furniture and vehicles: +€58,584
- Receivables within one year -€12,633
down €12,633 (-11.8%), from €107,327 to €94,694
of which Trade receivables: -€23,348
- Other debts -€90,000
down €90,000 (-44.4%), from €202,549 to €112,549
- Profit (loss) carried forward +€88,605
up €88,605 (+51.7%), from -€171,486 to -€82,881
- Trade debts -€27,862
down €27,862 (-28.7%), from €97,185 to €69,324
- Gross operating margin -€48,632
down €48,632 (-8.4%), from €581,135 to €532,503
- Staff costs +€21,037
up €21,037 (+6.1%), from €344,447 to €365,484
- Depreciation +€8,882
up €8,882 (+16.6%), from €53,482 to €62,363
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 | €708,797 | €683,396 | -€25,401 | -3.6% |
| Fixed assets | 21/28 | €338,835 | €392,652 | +€53,817 | +15.9% |
| Intangible fixed assets | 21 | €14,265 | €10,865 | -€3,400 | -23.8% |
| Tangible fixed assets | 22/27 | €324,570 | €381,788 | +€57,217 | +17.6% |
| Land and buildings | 22 | €119,829 | €111,229 | -€8,600 | -7.2% |
| Plant, machinery and equipment | 23 | €166,264 | €170,948 | +€4,684 | +2.8% |
| Furniture and vehicles | 24 | €38,478 | €97,061 | +€58,584 | +152.3% |
| Assets under construction and advance payments | 27 | - | €2,550 | +€2,550 | |
| Current assets | 29/58 | €369,962 | €290,743 | -€79,219 | -21.4% |
| Stocks and contracts in progress | 3 | €182,127 | €181,309 | -€818 | -0.4% |
| Stocks | 30/36 | €182,127 | €181,309 | -€818 | -0.4% |
| Amounts receivable within one year | 40/41 | €107,327 | €94,694 | -€12,633 | -11.8% |
| Trade receivables | 40 | €100,272 | €76,924 | -€23,348 | -23.3% |
| Other amounts receivable | 41 | €7,055 | €17,770 | +€10,715 | +151.9% |
| Cash at bank and in hand | 54/58 | €80,508 | €14,740 | -€65,768 | -81.7% |
| Total equity and liabilities | 10/49 | €708,797 | €683,396 | -€25,401 | -3.6% |
| Equity | 10/15 | €367,410 | €455,749 | +€88,339 | +24.0% |
| Contributions | 10/11 | €518,592 | €518,592 | = | 0.0% |
| Reserves | 13 | €17,334 | €17,334 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,996 | €13,996 | = | 0.0% |
| Distributable reserves | 133 | €3,338 | €3,338 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€171,486 | -€82,881 | +€88,605 | +51.7% |
| Investment grants | 15 | €2,970 | €2,704 | -€266 | -9.0% |
| Provisions and deferred taxes | 16 | €1,529 | €1,392 | -€137 | -9.0% |
| Deferred taxes | 168 | €1,529 | €1,392 | -€137 | -9.0% |
| Amounts payable | 17/49 | €339,858 | €226,254 | -€113,604 | -33.4% |
| Amounts payable within one year | 42/48 | €339,858 | €226,254 | -€113,604 | -33.4% |
| Trade debts | 44 | €97,185 | €69,324 | -€27,862 | -28.7% |
| Suppliers | 440/4 | €97,185 | €69,324 | -€27,862 | -28.7% |
| Taxes, remuneration and social security | 45 | €40,123 | €44,381 | +€4,258 | +10.6% |
| Taxes | 450/3 | €176 | €367 | +€191 | +108.4% |
| Remuneration and social security | 454/9 | €39,947 | €44,014 | +€4,067 | +10.2% |
| Other amounts payable | 47/48 | €202,549 | €112,549 | -€90,000 | -44.4% |
| Non-recurring operating income | 76A | €3,430 | - | -€3,430 | |
| Remuneration, social security and pensions | 62 | €344,447 | €365,484 | +€21,037 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,482 | €62,363 | +€8,882 | +16.6% |
| Other operating charges | 640/8 | €9,299 | €12,142 | +€2,842 | +30.6% |
| Gross operating margin | 9900 | €581,135 | €532,503 | -€48,632 | -8.4% |
| Operating profit (loss) | 9901 | €173,907 | €92,514 | -€81,393 | -46.8% |
| Financial income | 75/76B | €493 | €1,156 | +€664 | +134.7% |
| Recurring financial income | 75 | €493 | €1,156 | +€664 | +134.7% |
| Financial charges | 65/66B | €5,485 | €4,874 | -€611 | -11.1% |
| Recurring financial charges | 65 | €5,485 | €4,874 | -€611 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €168,914 | €88,796 | -€80,118 | -47.4% |
| Income taxes | 67/77 | €176 | €191 | +€15 | +8.4% |
| Profit (loss) for the period | 9904 | €168,738 | €88,605 | -€80,133 | -47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €168,738 | €88,605 | -€80,133 | -47.5% |
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 4 October 2026 via checked.be.