GINCO PROPERTIES: 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
GINCO PROPERTIES
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€4,019
2024 · €1.3m-€1.3m
Equity
€4.5m
2024 · €4.5m-€4,019
Cash
€37,469
2024 · €6,414+€31,055
Balance sheet total
€14.5m
2024 · €14.0m+€513,983
Largest movements
Assets
- Receivables within one year +€1.5m
up €1.5m (+52.1%), from €3.0m to €4.5m
of which Other amounts receivable: +€1.4m
- Stocks and contracts -€993,188
down €993,188 (-42.8%), from €2.3m to €1.3m
Equity and liabilities
- Short-term financial debts +€1.2m
up €1.2m (+20.3%), from €6.0m to €7.2m
- Trade debts -€348,713
down €348,713 (-99.1%), from €352,055 to €3,342
- Other debts -€184,838
down €184,838 (-16.7%), from €1.1m to €921,981
- Debts after one year -€162,224
down €162,224 (-9.7%), from €1.7m to €1.5m
Income statement
- Financial income -€1.9m
down €1.9m (-93.9%), from €2.1m to €125,001
- Gross operating margin +€386,283
up €386,283 (+277%), from €139,460 to €525,744
- Other operating charges -€253,273
down €253,273 (-80.4%), from €314,856 to €61,584
- Taxes -€100,000
no longer reported in 2025 (was €100,000)
- Financial charges +€89,477
up €89,477 (+25.9%), from €345,502 to €434,979
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
€1.3m
Gross operating margin
+€386,283
Other operating charges
+€253,273
Financial income
-€1.9m
Financial charges
-€89,477
Taxes
+€100,000
Result 2025
-€4,019
raises the resultlowers the result
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
-€924,459
Investment
-€98,609
Financing
+€1.1m
Cash 2024
€6,414
From operations (derived)
-€924,459
Net result for the year
-€4,019
Depreciation
+€163,264
Stocks and contracts
+€993,188
Receivables within one year
-€1.5m
Smaller working-capital items
+€786
Provisions
-€5,063
Trade debts
-€348,713
Other debts
-€184,838
Investment (derived)
-€98,609
Investment in fixed assets (net)
-€98,729
Current investments
+€120
Financing
+€1.1m
Debts after one year
-€162,224
Current portion of long-term debt
+€3,258
Short-term financial debts
+€1.2m
Cash 2025
€37,469
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,959,414 | €14,473,397 | +€513,983 | +3.7% |
| Fixed assets | 21/28 | €8,680,282 | €8,615,747 | -€64,535 | -0.7% |
| Tangible fixed assets | 22/27 | €8,670,858 | €8,592,447 | -€78,411 | -0.9% |
| Land and buildings | 22 | €8,670,858 | €8,592,447 | -€78,411 | -0.9% |
| Financial fixed assets | 28 | €9,424 | €23,300 | +€13,876 | +147% |
| Current assets | 29/58 | €5,279,132 | €5,857,650 | +€578,518 | +11.0% |
| Stocks and contracts in progress | 3 | €2,319,580 | €1,326,393 | -€993,188 | -42.8% |
| Stocks | 30/36 | €2,319,580 | €1,326,393 | -€993,188 | -42.8% |
| Amounts receivable within one year | 40/41 | €2,953,017 | €4,492,081 | +€1.5m | +52.1% |
| Trade receivables | 40 | - | €180,000 | +€180,000 | |
| Other amounts receivable | 41 | €2,953,017 | €4,312,081 | +€1.4m | +46.0% |
| Current investments | 50/53 | €120 | - | -€120 | |
| Cash at bank and in hand | 54/58 | €6,414 | €37,469 | +€31,055 | +484% |
| Deferred charges and accrued income | 490/1 | - | €1,708 | +€1,708 | |
| Total equity and liabilities | 10/49 | €13,959,414 | €14,473,397 | +€513,983 | +3.7% |
| Equity | 10/15 | €4,454,952 | €4,450,933 | -€4,019 | -0.1% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Capital | 10 | €450,000 | €450,000 | = | 0.0% |
| Issued capital | 100 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €4,004,952 | €4,000,933 | -€4,019 | -0.1% |
| Non-distributable reserves | 130/1 | €45,000 | €45,000 | = | 0.0% |
| Legal reserve | 130 | €45,000 | €45,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,327,048 | €2,317,220 | -€9,828 | -0.4% |
| Distributable reserves | 133 | €1,632,905 | €1,638,714 | +€5,809 | +0.4% |
| Provisions and deferred taxes | 16 | €125,161 | €120,098 | -€5,063 | -4.0% |
| Deferred taxes | 168 | €125,161 | €120,098 | -€5,063 | -4.0% |
| Amounts payable | 17/49 | €9,379,300 | €9,902,365 | +€523,064 | +5.6% |
| Amounts payable after more than one year | 17 | €1,679,843 | €1,517,620 | -€162,224 | -9.7% |
| Financial debts | 170/4 | €1,679,843 | €1,517,620 | -€162,224 | -9.7% |
| Amounts payable within one year | 42/48 | €7,699,457 | €8,384,745 | +€685,288 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €170,910 | €174,168 | +€3,258 | +1.9% |
| Financial debts | 43 | €5,961,468 | €7,174,556 | +€1.2m | +20.3% |
| Credit institutions | 430/8 | €5,961,468 | €7,174,556 | +€1.2m | +20.3% |
| Trade debts | 44 | €352,055 | €3,342 | -€348,713 | -99.1% |
| Suppliers | 440/4 | €352,055 | €3,342 | -€348,713 | -99.1% |
| Taxes, remuneration and social security | 45 | €108,204 | €110,698 | +€2,493 | +2.3% |
| Taxes | 450/3 | €108,204 | €110,698 | +€2,493 | +2.3% |
| Other amounts payable | 47/48 | €1,106,819 | €921,981 | -€184,838 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,264 | €163,264 | = | 0.0% |
| Other operating charges | 640/8 | €314,856 | €61,584 | -€253,273 | -80.4% |
| Gross operating margin | 9900 | €139,460 | €525,744 | +€386,283 | +277% |
| Operating profit (loss) | 9901 | -€338,660 | €300,896 | +€639,556 | |
| Financial income | 75/76B | €2,050,034 | €125,001 | -€1.9m | -93.9% |
| Recurring financial income | 75 | €2,050,034 | €125,001 | -€1.9m | -93.9% |
| Financial charges | 65/66B | €345,502 | €434,979 | +€89,477 | +25.9% |
| Recurring financial charges | 65 | €345,502 | €434,979 | +€89,477 | +25.9% |
| Profit (loss) for the period before taxes | 9903 | €1,365,872 | -€9,081 | -€1.4m | |
| Transfer from deferred taxes | 780 | €5,063 | €5,063 | = | 0.0% |
| Income taxes | 67/77 | €100,000 | - | -€100,000 | |
| Profit (loss) for the period | 9904 | €1,270,935 | -€4,019 | -€1.3m | |
| Transfer from tax-exempt reserves | 789 | €9,828 | €9,828 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,280,763 | €5,809 | -€1.3m | -99.5% |
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 25 October 2026 via checked.be.