GIKAS: 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.
GIKAS
Largest movements
- Tangible fixed assets +€849,847
up €849,847 (+113.9%), from €745,966 to €1.6m
of which Land and buildings: +€825,289
- Receivables within one year -€47,523
down €47,523 (-94.0%), from €50,548 to €3,025
of which Trade receivables: -€41,648
- Debts after one year +€562,344
up €562,344 (+252.6%), from €222,598 to €784,942
of which Financial debts: +€560,624
- Other debts +€255,522
up €255,522 (+105.0%), from €243,434 to €498,956
- Reserves -€35,043
down €35,043 (-17.2%), from €203,396 to €168,353
of which Distributable reserves: -€26,078
- Current portion of long-term debt +€29,517
up €29,517 (+116.6%), from €25,310 to €54,828
- Depreciation +€44,712
up €44,712 (+87.1%), from €51,325 to €96,037
- Financial charges +€26,457
up €26,457 (+123.9%), from €21,356 to €47,813
- Gross operating margin +€9,386
up €9,386 (+8.7%), from €107,977 to €117,363
- Staff costs -€7,910
down €7,910 (-47.6%), from €16,632 to €8,722
- Taxes -€5,084
down €5,084 (-99.9%), from €5,091 to €7
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 | €816,808 | €1,624,684 | +€807,876 | +98.9% |
| Fixed assets | 21/28 | €746,966 | €1,596,813 | +€849,847 | +113.8% |
| Tangible fixed assets | 22/27 | €745,966 | €1,595,813 | +€849,847 | +113.9% |
| Land and buildings | 22 | €744,493 | €1,569,782 | +€825,289 | +110.9% |
| Plant, machinery and equipment | 23 | €1,375 | €715 | -€661 | -48.0% |
| Furniture and vehicles | 24 | €97 | €25,316 | +€25,219 | +25918.7% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €69,842 | €27,871 | -€41,971 | -60.1% |
| Amounts receivable within one year | 40/41 | €50,548 | €3,025 | -€47,523 | -94.0% |
| Trade receivables | 40 | €42,000 | €352 | -€41,648 | -99.2% |
| Other amounts receivable | 41 | €8,548 | €2,673 | -€5,875 | -68.7% |
| Cash at bank and in hand | 54/58 | €16,206 | €21,619 | +€5,413 | +33.4% |
| Deferred charges and accrued income | 490/1 | €3,088 | €3,227 | +€139 | +4.5% |
| Total equity and liabilities | 10/49 | €816,808 | €1,624,684 | +€807,876 | +98.9% |
| Equity | 10/15 | €253,696 | €203,956 | -€49,740 | -19.6% |
| Contributions | 10/11 | €50,300 | €50,300 | = | 0.0% |
| Outside capital | 11 | €50,300 | €50,300 | = | 0.0% |
| Other | 1109/19 | €50,300 | €50,300 | = | 0.0% |
| Reserves | 13 | €203,396 | €168,353 | -€35,043 | -17.2% |
| Tax-exempt reserves | 132 | €133,494 | €124,529 | -€8,965 | -6.7% |
| Distributable reserves | 133 | €69,902 | €43,824 | -€26,078 | -37.3% |
| Profit (loss) carried forward | 14 | - | -€14,697 | -€14,697 | |
| Provisions and deferred taxes | 16 | €52,049 | €48,553 | -€3,495 | -6.7% |
| Deferred taxes | 168 | €52,049 | €48,553 | -€3,495 | -6.7% |
| Amounts payable | 17/49 | €511,063 | €1,372,175 | +€861,112 | +168.5% |
| Amounts payable after more than one year | 17 | €222,598 | €784,942 | +€562,344 | +252.6% |
| Financial debts | 170/4 | €218,228 | €778,852 | +€560,624 | +256.9% |
| Other amounts payable | 178/9 | €4,370 | €6,090 | +€1,720 | +39.4% |
| Amounts payable within one year | 42/48 | €272,188 | €561,155 | +€288,967 | +106.2% |
| Current portion of amounts payable after more than one year | 42 | €25,310 | €54,828 | +€29,517 | +116.6% |
| Trade debts | 44 | €1,484 | €4,329 | +€2,845 | +191.8% |
| Suppliers | 440/4 | €1,484 | €4,329 | +€2,845 | +191.8% |
| Taxes, remuneration and social security | 45 | €1,960 | €3,042 | +€1,082 | +55.2% |
| Remuneration and social security | 454/9 | €1,960 | €3,042 | +€1,082 | +55.2% |
| Other amounts payable | 47/48 | €243,434 | €498,956 | +€255,522 | +105.0% |
| Accrued charges and deferred income | 492/3 | €16,277 | €26,079 | +€9,802 | +60.2% |
| Remuneration, social security and pensions | 62 | €16,632 | €8,722 | -€7,910 | -47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,325 | €96,037 | +€44,712 | +87.1% |
| Other operating charges | 640/8 | €16,175 | €18,075 | +€1,900 | +11.7% |
| Gross operating margin | 9900 | €107,977 | €117,363 | +€9,386 | +8.7% |
| Operating profit (loss) | 9901 | €23,845 | -€5,471 | -€29,317 | |
| Financial income | 75/76B | €0 | €55 | +€55 | +552100.0% |
| Recurring financial income | 75 | €0 | €55 | +€55 | +552100.0% |
| Financial charges | 65/66B | €21,356 | €47,813 | +€26,457 | +123.9% |
| Recurring financial charges | 65 | €21,356 | €47,813 | +€26,457 | +123.9% |
| Profit (loss) for the period before taxes | 9903 | €2,490 | -€53,229 | -€55,718 | |
| Transfer from deferred taxes | 780 | €3,495 | €3,495 | = | 0.0% |
| Income taxes | 67/77 | €5,091 | €7 | -€5,084 | -99.9% |
| Profit (loss) for the period | 9904 | €894 | -€49,740 | -€50,635 | |
| Transfer from tax-exempt reserves | 789 | €8,965 | €8,965 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,859 | -€40,775 | -€50,635 |
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 8 October 2026 via checked.be.