GINC-HO: 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.
What changed
GINC-HO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · €31,539+€1.8m
Equity
€5.2m
2024 · €3.3m+€1.9m
Cash
€1,817
2024 · €737+€1,080
Balance sheet total
€9.6m
2024 · €4.3m+€5.3m
Largest movements
Assets
- Stocks and contracts +€4.1m
new in 2025: €4.1m
- Receivables after one year +€2.1m
up €2.1m (+69.7%), from €3.0m to €5.0m
- Financial fixed assets -€1.3m
down €1.3m (-100%), from €1.3m to €0
- Deferred charges and accrued income +€402,023
new in 2025: €402,023
Equity and liabilities
- Debts after one year +€2.6m
new in 2025: €2.6m
of which Financial debts: +€2.2m
- Profit (loss) carried forward +€1.9m
up €1.9m, from €0 to €1.9m
- Tax, wage and social debts +€638,436
new in 2025: €638,436
- Current portion of long-term debt +€150,000
new in 2025: €150,000
Income statement
- Gross operating margin +€2.6m
up €2.6m, from -€9,475 to €2.5m
- Taxes +€666,279
new in 2025: €666,279
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.
Result 2024
€31,539
Gross operating margin
+€2.6m
Other operating charges
-€560
Financial income
-€101
Financial charges
-€9,851
Other financial items
+€1
Taxes
-€666,279
Deferred taxes and other
-€42,265
Result 2025
€1.9m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€4.1m
Investment
+€1.3m
Financing
+€2.8m
Cash 2024
€737
From operations (derived)
-€4.1m
Net result for the year
+€1.9m
Receivables after one year
-€2.1m
Stocks and contracts
-€4.1m
Smaller working-capital items
+€8,707
Deferred charges and accrued income
-€402,023
Tax, wage and social debts
+€638,436
Investment (derived)
+€1.3m
Investment in fixed assets (net)
+€1.3m
Financing
+€2.8m
Debts after one year
+€2.6m
Current portion of long-term debt
+€150,000
Contributions, distributions and other
+€0
Cash 2025
€1,817
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,299,962 | €9,597,225 | +€5.3m | +123% |
| Fixed assets | 21/28 | €1,323,117 | €0 | -€1.3m | -100% |
| Financial fixed assets | 28 | €1,323,117 | €0 | -€1.3m | -100% |
| Current assets | 29/58 | €2,976,845 | €9,597,225 | +€6.6m | +222% |
| Amounts receivable after more than one year | 29 | €2,970,608 | €5,042,561 | +€2.1m | +69.7% |
| Other amounts receivable | 291 | €2,970,608 | €5,042,561 | +€2.1m | +69.7% |
| Stocks and contracts in progress | 3 | - | €4,148,787 | +€4.1m | |
| Stocks | 30/36 | - | €4,148,787 | +€4.1m | |
| Amounts receivable within one year | 40/41 | €5,500 | €2,037 | -€3,463 | -63.0% |
| Trade receivables | 40 | €0 | €2,037 | +€2,037 | |
| Other amounts receivable | 41 | €5,500 | €0 | -€5,500 | -100% |
| Cash at bank and in hand | 54/58 | €737 | €1,817 | +€1,080 | +147% |
| Deferred charges and accrued income | 490/1 | - | €402,023 | +€402,023 | |
| Total equity and liabilities | 10/49 | €4,299,962 | €9,597,225 | +€5.3m | +123% |
| Equity | 10/15 | €3,310,780 | €5,176,863 | +€1.9m | +56.4% |
| Contributions | 10/11 | €188,399 | €188,399 | -€0 | 0.0% |
| Reserves | 13 | €3,122,381 | €3,122,381 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €18,840 | €18,840 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,840 | €18,840 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,960,354 | €2,960,354 | +€0 | 0.0% |
| Distributable reserves | 133 | €143,187 | €143,187 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €1,866,083 | +€1.9m | |
| Provisions and deferred taxes | 16 | €986,785 | €986,785 | +€0 | 0.0% |
| Deferred taxes | 168 | €986,785 | €986,785 | +€0 | 0.0% |
| Amounts payable | 17/49 | €2,397 | €3,433,577 | +€3.4m | +143,126% |
| Amounts payable after more than one year | 17 | - | €2,637,500 | +€2.6m | |
| Financial debts | 170/4 | - | €2,237,500 | +€2.2m | |
| Other amounts payable | 178/9 | - | €400,000 | +€400,000 | |
| Amounts payable within one year | 42/48 | €2,397 | €796,077 | +€793,680 | +33,107% |
| Current portion of amounts payable after more than one year | 42 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €2,397 | €7,641 | +€5,244 | +219% |
| Suppliers | 440/4 | €2,397 | €7,641 | +€5,244 | +219% |
| Taxes, remuneration and social security | 45 | - | €638,436 | +€638,436 | |
| Taxes | 450/3 | - | €638,436 | +€638,436 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €2,577,822 | +€2.6m | |
| Other operating charges | 640/8 | €1,208 | €1,768 | +€560 | +46.4% |
| Gross operating margin | 9900 | -€9,475 | €2,544,124 | +€2.6m | |
| Operating profit (loss) | 9901 | -€10,683 | €2,542,356 | +€2.6m | |
| Financial income | 75/76B | €101 | €0 | -€101 | -100% |
| Recurring financial income | 75 | €101 | €0 | -€101 | -100% |
| Financial charges | 65/66B | €143 | €9,994 | +€9,851 | +6,868% |
| Recurring financial charges | 65 | €143 | €9,994 | +€9,851 | +6,868% |
| Profit (loss) for the period before taxes | 9903 | -€10,725 | €2,532,363 | +€2.5m | |
| Transfer from deferred taxes | 780 | €42,264 | €0 | -€42,264 | -100% |
| Income taxes | 67/77 | - | €666,279 | +€666,279 | |
| Profit (loss) for the period | 9904 | €31,539 | €1,866,083 | +€1.8m | +5,817% |
| Transfer from tax-exempt reserves | 789 | €126,791 | €0 | -€126,791 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €158,330 | €1,866,083 | +€1.7m | +1,079% |
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 22 October 2026 via checked.be.