GINCO PROJECTS: 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.
GINCO PROJECTS
Largest movements
- Stocks and contracts +€1.4m
up €1.4m (+74.5%), from €1.9m to €3.3m
- Receivables within one year -€376,056
down €376,056 (-48.0%), from €783,689 to €407,632
of which Trade receivables: -€485,346
- Other debts +€574,789
up €574,789 (+21.7%), from €2.6m to €3.2m
- Trade debts +€453,837
up €453,837 (+677.6%), from €66,975 to €520,813
- Reserves +€45,222
up €45,222 (+452.2%), from €10,000 to €55,222
of which Distributable reserves: +€45,222
- Profit (loss) carried forward -€42,740
no longer reported in 2025 (was €42,740)
- Gross operating margin +€71,835
up €71,835, from -€716 to €71,119
- Financial income -€32,426
down €32,426 (-51.1%), from €63,470 to €31,044
- Depreciation +€17,406
up €17,406 (+274.9%), from €6,331 to €23,736
- Other operating charges +€12,799
up €12,799 (+189.2%), from €6,765 to €19,564
- Staff costs +€5,020
up €5,020 (+13.6%), from €36,918 to €41,938
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 | €2,886,525 | €3,910,981 | +€1.0m | +35.5% |
| Fixed assets | 21/28 | €196,546 | €174,806 | -€21,740 | -11.1% |
| Tangible fixed assets | 22/27 | €196,546 | €174,806 | -€21,740 | -11.1% |
| Plant, machinery and equipment | 23 | €176,776 | €158,887 | -€17,889 | -10.1% |
| Furniture and vehicles | 24 | €19,770 | €15,919 | -€3,851 | -19.5% |
| Current assets | 29/58 | €2,689,980 | €3,736,176 | +€1.0m | +38.9% |
| Stocks and contracts in progress | 3 | €1,905,261 | €3,325,332 | +€1.4m | +74.5% |
| Stocks | 30/36 | €1,905,261 | €3,325,332 | +€1.4m | +74.5% |
| Amounts receivable within one year | 40/41 | €783,689 | €407,632 | -€376,056 | -48.0% |
| Trade receivables | 40 | €783,601 | €298,255 | -€485,346 | -61.9% |
| Other amounts receivable | 41 | €87 | €109,377 | +€109,290 | +125045.3% |
| Cash at bank and in hand | 54/58 | €1,030 | €114 | -€915 | -88.9% |
| Deferred charges and accrued income | 490/1 | - | €3,097 | +€3,097 | |
| Total equity and liabilities | 10/49 | €2,886,525 | €3,910,981 | +€1.0m | +35.5% |
| Equity | 10/15 | €152,740 | €155,222 | +€2,482 | +1.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €55,222 | +€45,222 | +452.2% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | - | €45,222 | +€45,222 | |
| Profit (loss) carried forward | 14 | €42,740 | - | -€42,740 | |
| Amounts payable | 17/49 | €2,733,785 | €3,755,760 | +€1.0m | +37.4% |
| Amounts payable within one year | 42/48 | €2,733,785 | €3,755,760 | +€1.0m | +37.4% |
| Trade debts | 44 | €66,975 | €520,813 | +€453,837 | +677.6% |
| Suppliers | 440/4 | €66,975 | €520,813 | +€453,837 | +677.6% |
| Taxes, remuneration and social security | 45 | €22,401 | €15,749 | -€6,652 | -29.7% |
| Taxes | 450/3 | €22,401 | €15,749 | -€6,652 | -29.7% |
| Other amounts payable | 47/48 | €2,644,409 | €3,219,198 | +€574,789 | +21.7% |
| Remuneration, social security and pensions | 62 | €36,918 | €41,938 | +€5,020 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,331 | €23,736 | +€17,406 | +274.9% |
| Other operating charges | 640/8 | €6,765 | €19,564 | +€12,799 | +189.2% |
| Gross operating margin | 9900 | -€716 | €71,119 | +€71,835 | |
| Operating profit (loss) | 9901 | -€50,731 | -€14,119 | +€36,611 | +72.2% |
| Financial income | 75/76B | €63,470 | €31,044 | -€32,426 | -51.1% |
| Recurring financial income | 75 | €63,470 | €31,044 | -€32,426 | -51.1% |
| Financial charges | 65/66B | €7,235 | €5,868 | -€1,367 | -18.9% |
| Recurring financial charges | 65 | €7,235 | €5,868 | -€1,367 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €5,504 | €11,057 | +€5,552 | +100.9% |
| Income taxes | 67/77 | €5,236 | €8,575 | +€3,339 | +63.8% |
| Profit (loss) for the period | 9904 | €268 | €2,482 | +€2,214 | +825.6% |
| Profit (loss) for the period to be appropriated | 9905 | €268 | €2,482 | +€2,214 | +825.6% |
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 29 September 2026 via checked.be.