GIECINVEST: 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.
GIECINVEST
Largest movements
- Tangible fixed assets -€18,672
down €18,672 (-2.9%), from €649,364 to €630,692
of which Land and buildings: -€16,935
- Cash +€14,366
up €14,366 (+36.5%), from €39,351 to €53,716
mainly Net result for the year (+€21,041) and Depreciation (+€18,672)
- Debts after one year -€25,981
down €25,981 (-12.4%), from €209,943 to €183,963
- Reserves +€21,041
up €21,041 (+7.4%), from €286,072 to €307,113
- Gross operating margin +€2,200
up €2,200 (+3.8%), from €58,300 to €60,500
- Financial charges -€1,259
down €1,259 (-9.8%), from €12,803 to €11,544
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 | €688,715 | €684,409 | -€4,306 | -0.6% |
| Fixed assets | 21/28 | €649,364 | €630,692 | -€18,672 | -2.9% |
| Tangible fixed assets | 22/27 | €649,364 | €630,692 | -€18,672 | -2.9% |
| Land and buildings | 22 | €638,089 | €621,154 | -€16,935 | -2.7% |
| Other tangible fixed assets | 26 | €11,275 | €9,538 | -€1,737 | -15.4% |
| Current assets | 29/58 | €39,351 | €53,716 | +€14,366 | +36.5% |
| Cash at bank and in hand | 54/58 | €39,351 | €53,716 | +€14,366 | +36.5% |
| Total equity and liabilities | 10/49 | €688,715 | €684,409 | -€4,306 | -0.6% |
| Equity | 10/15 | €453,025 | €474,066 | +€21,041 | +4.6% |
| Contributions | 10/11 | €143,600 | €143,600 | = | 0.0% |
| Reserves | 13 | €286,072 | €307,113 | +€21,041 | +7.4% |
| Distributable reserves | 133 | €286,072 | €307,113 | +€21,041 | +7.4% |
| Investment grants | 15 | €23,353 | €23,353 | = | 0.0% |
| Amounts payable | 17/49 | €235,689 | €210,343 | -€25,347 | -10.8% |
| Amounts payable after more than one year | 17 | €209,943 | €183,963 | -€25,981 | -12.4% |
| Financial debts | 170/4 | €209,943 | €183,963 | -€25,981 | -12.4% |
| Amounts payable within one year | 42/48 | €25,746 | €26,380 | +€634 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €24,691 | €25,981 | +€1,290 | +5.2% |
| Trade debts | 44 | €1,055 | €400 | -€656 | -62.1% |
| Suppliers | 440/4 | €1,055 | €400 | -€656 | -62.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,672 | €18,672 | = | 0.0% |
| Other operating charges | 640/8 | €2,444 | €2,509 | +€65 | +2.7% |
| Gross operating margin | 9900 | €58,300 | €60,500 | +€2,200 | +3.8% |
| Operating profit (loss) | 9901 | €37,185 | €39,319 | +€2,135 | +5.7% |
| Financial charges | 65/66B | €12,803 | €11,544 | -€1,259 | -9.8% |
| Recurring financial charges | 65 | €12,803 | €11,544 | -€1,259 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €24,381 | €27,776 | +€3,394 | +13.9% |
| Income taxes | 67/77 | €6,363 | €6,735 | +€372 | +5.8% |
| Profit (loss) for the period | 9904 | €18,018 | €21,041 | +€3,022 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,018 | €21,041 | +€3,022 | +16.8% |
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 28 October 2026 via checked.be.