GIKIMAT: 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.
GIKIMAT
Largest movements
- Stocks and contracts +€58,385
up €58,385 (+14.0%), from €418,272 to €476,657
- Current investments -€38,703
down €38,703 (-31.1%), from €124,434 to €85,731
- Tangible fixed assets -€25,228
down €25,228 (-20.3%), from €124,083 to €98,855
of which Furniture and vehicles: -€22,026
- Cash -€21,334
down €21,334 (-75.9%), from €28,114 to €6,780
mainly Net result for the year (-€69,005) and Stocks and contracts (-€58,385)
- Receivables within one year -€14,730
down €14,730 (-61.3%), from €24,021 to €9,291
of which Trade receivables: -€9,219
- Profit (loss) carried forward -€69,005
down €69,005 (-273%), from -€25,264 to -€94,269
- Tax, wage and social debts +€54,145
up €54,145 (+114%), from €47,501 to €101,646
of which Remuneration and social security: +€50,802
- Debts after one year -€13,546
down €13,546 (-24.3%), from €55,844 to €42,298
- Trade debts -€12,039
down €12,039 (-74.9%), from €16,084 to €4,044
- Depreciation +€19,961
up €19,961 (+267%), from €7,490 to €27,452
- Gross operating margin -€17,594
down €17,594 (-95.6%), from €18,407 to €813
- Financial income -€8,802
down €8,802 (-32.8%), from €26,843 to €18,041
- Financial charges +€1,709
up €1,709 (+83.0%), from €2,060 to €3,769
- Staff costs -€1,300
down €1,300 (-2.4%), from €54,779 to €53,478
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 | €721,857 | €680,891 | -€40,966 | -5.7% |
| Fixed assets | 21/28 | €124,316 | €99,088 | -€25,228 | -20.3% |
| Tangible fixed assets | 22/27 | €124,083 | €98,855 | -€25,228 | -20.3% |
| Plant, machinery and equipment | 23 | €14,895 | €11,693 | -€3,201 | -21.5% |
| Furniture and vehicles | 24 | €109,188 | €87,162 | -€22,026 | -20.2% |
| Financial fixed assets | 28 | €233 | €233 | = | 0.0% |
| Current assets | 29/58 | €597,541 | €581,803 | -€15,739 | -2.6% |
| Stocks and contracts in progress | 3 | €418,272 | €476,657 | +€58,385 | +14.0% |
| Stocks | 30/36 | €418,272 | €476,657 | +€58,385 | +14.0% |
| Amounts receivable within one year | 40/41 | €24,021 | €9,291 | -€14,730 | -61.3% |
| Trade receivables | 40 | €18,123 | €8,905 | -€9,219 | -50.9% |
| Other amounts receivable | 41 | €5,898 | €387 | -€5,511 | -93.4% |
| Current investments | 50/53 | €124,434 | €85,731 | -€38,703 | -31.1% |
| Cash at bank and in hand | 54/58 | €28,114 | €6,780 | -€21,334 | -75.9% |
| Deferred charges and accrued income | 490/1 | €2,701 | €3,344 | +€643 | +23.8% |
| Total equity and liabilities | 10/49 | €721,857 | €680,891 | -€40,966 | -5.7% |
| Equity | 10/15 | €475,314 | €406,309 | -€69,005 | -14.5% |
| Contributions | 10/11 | €78,500 | €78,500 | = | 0.0% |
| Reserves | 13 | €422,078 | €422,078 | = | 0.0% |
| Distributable reserves | 133 | €422,078 | €422,078 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,264 | -€94,269 | -€69,005 | -273% |
| Amounts payable | 17/49 | €246,542 | €274,581 | +€28,039 | +11.4% |
| Amounts payable after more than one year | 17 | €55,844 | €42,298 | -€13,546 | -24.3% |
| Financial debts | 170/4 | €55,844 | €42,298 | -€13,546 | -24.3% |
| Amounts payable within one year | 42/48 | €190,698 | €232,283 | +€41,585 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €13,085 | €13,546 | +€461 | +3.5% |
| Trade debts | 44 | €16,084 | €4,044 | -€12,039 | -74.9% |
| Suppliers | 440/4 | €16,084 | €4,044 | -€12,039 | -74.9% |
| Advances received on contracts in progress | 46 | €59,412 | €58,170 | -€1,242 | -2.1% |
| Taxes, remuneration and social security | 45 | €47,501 | €101,646 | +€54,145 | +114% |
| Taxes | 450/3 | €541 | €3,885 | +€3,343 | +617% |
| Remuneration and social security | 454/9 | €46,960 | €97,762 | +€50,802 | +108% |
| Other amounts payable | 47/48 | €54,615 | €54,876 | +€261 | +0.5% |
| Non-recurring operating income | 76A | €22,753 | - | -€22,753 | |
| Remuneration, social security and pensions | 62 | €54,779 | €53,478 | -€1,300 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,490 | €27,452 | +€19,961 | +267% |
| Other operating charges | 640/8 | €2,533 | €2,813 | +€281 | +11.1% |
| Gross operating margin | 9900 | €18,407 | €813 | -€17,594 | -95.6% |
| Operating profit (loss) | 9901 | -€46,395 | -€82,931 | -€36,536 | -78.7% |
| Financial income | 75/76B | €26,843 | €18,041 | -€8,802 | -32.8% |
| Recurring financial income | 75 | €26,843 | €18,041 | -€8,802 | -32.8% |
| Financial charges | 65/66B | €2,060 | €3,769 | +€1,709 | +83.0% |
| Recurring financial charges | 65 | €2,060 | €3,769 | +€1,709 | +83.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,612 | -€68,658 | -€47,046 | -218% |
| Income taxes | 67/77 | €293 | €347 | +€54 | +18.2% |
| Profit (loss) for the period | 9904 | -€21,905 | -€69,005 | -€47,100 | -215% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,905 | -€69,005 | -€47,100 | -215% |
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 13 October 2026 via checked.be.