GINKO: 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.
What changed
GINKO
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€15.1m
2024 · €5.5m+€9.6m
Equity
€40.7m
2024 · €26.5m+€14.2m
Cash
€225,808
2024 · €390,675-€164,867
Balance sheet total
€46.1m
2024 · €30.0m+€16.1m
Largest movements
Assets
- Financial fixed assets +€12.6m
up €12.6m (+61.2%), from €20.5m to €33.1m
- Current investments +€2.5m
up €2.5m (+74.9%), from €3.3m to €5.7m
- Tangible fixed assets +€1.1m
up €1.1m (+23.9%), from €4.7m to €5.8m
of which Plant, machinery and equipment: +€954,712
Equity and liabilities
- Profit (loss) carried forward +€15.1m
up €15.1m (+2363.9%), from €638,630 to €15.7m
- Debts after one year +€1.7m
up €1.7m (+92.8%), from €1.9m to €3.6m
of which Other amounts payable: +€1.6m
- Reserves -€880,000
down €880,000 (-6.6%), from €13.4m to €12.5m
of which Distributable reserves: -€669,500
- Other debts +€790,299
up €790,299 (+215.4%), from €366,858 to €1.2m
Income statement
- Financial income +€9.4m
up €9.4m (+160.3%), from €5.9m to €15.3m
- Taxes -€553,520
down €553,520 (-80.6%), from €686,411 to €132,891
- Gross operating margin -€202,901
down €202,901 (-27.2%), from €746,661 to €543,761
- Depreciation +€133,956
up €133,956 (+44.8%), from €299,019 to €432,975
- Financial charges +€43,604
up €43,604 (+60.8%), from €71,745 to €115,348
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
€5.5m
Gross operating margin
-€202,901
Depreciation
-€133,956
Other operating charges
+€539
Financial income
+€9.4m
Financial charges
-€43,604
Taxes
+€553,520
Result 2025
€15.1m
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.
From operations
+€15.8m
Investment
-€16.6m
Financing
+€558,214
Cash 2024
€390,675
From operations (derived)
+€15.8m
Net result for the year
+€15.1m
Depreciation
+€432,975
Smaller working-capital items
+€3,881
Receivables within one year
-€178,093
Trade debts
-€88,019
Tax, wage and social debts
-€222,243
Other debts
+€790,299
Investment (derived)
-€16.6m
Investment in fixed assets (net)
-€14.1m
Current investments
-€2.5m
Financing
+€558,214
Debts after one year
+€1.7m
Current portion of long-term debt
+€15,022
Short-term financial debts
-€325,000
Contributions, distributions and other
-€880,000
Cash 2025
€225,808
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,951,846 | €46,083,987 | +€16.1m | +53.9% |
| Formation expenses | 20 | €1,733 | €1,733 | = | 0.0% |
| Fixed assets | 21/28 | €25,188,262 | €38,858,175 | +€13.7m | +54.3% |
| Intangible fixed assets | 21 | €14,167 | €9,167 | -€5,000 | -35.3% |
| Tangible fixed assets | 22/27 | €4,657,320 | €5,770,371 | +€1.1m | +23.9% |
| Land and buildings | 22 | €3,046,533 | €3,233,806 | +€187,273 | +6.1% |
| Plant, machinery and equipment | 23 | €1,223,082 | €2,177,794 | +€954,712 | +78.1% |
| Furniture and vehicles | 24 | €82,431 | €54,246 | -€28,184 | -34.2% |
| Leasing and similar rights | 25 | €3,992 | €1,777 | -€2,214 | -55.5% |
| Other tangible fixed assets | 26 | €301,282 | €302,747 | +€1,465 | +0.5% |
| Financial fixed assets | 28 | €20,516,775 | €33,078,637 | +€12.6m | +61.2% |
| Current assets | 29/58 | €4,761,851 | €7,224,079 | +€2.5m | +51.7% |
| Amounts receivable after more than one year | 29 | €418,918 | €413,735 | -€5,183 | -1.2% |
| Other amounts receivable | 291 | €418,918 | €413,735 | -€5,183 | -1.2% |
| Amounts receivable within one year | 40/41 | €665,472 | €843,565 | +€178,093 | +26.8% |
| Trade receivables | 40 | €358,098 | €358,065 | -€33 | 0.0% |
| Other amounts receivable | 41 | €307,374 | €485,500 | +€178,126 | +58.0% |
| Current investments | 50/53 | €3,276,941 | €5,732,261 | +€2.5m | +74.9% |
| Cash at bank and in hand | 54/58 | €390,675 | €225,808 | -€164,867 | -42.2% |
| Deferred charges and accrued income | 490/1 | €9,844 | €8,709 | -€1,135 | -11.5% |
| Total equity and liabilities | 10/49 | €29,951,846 | €46,083,987 | +€16.1m | +53.9% |
| Equity | 10/15 | €26,499,417 | €40,715,744 | +€14.2m | +53.6% |
| Contributions | 10/11 | €12,509,419 | €12,509,419 | = | 0.0% |
| Reserves | 13 | €13,351,367 | €12,471,367 | -€880,000 | -6.6% |
| Tax-exempt reserves | 132 | €618,870 | €408,370 | -€210,500 | -34.0% |
| Distributable reserves | 133 | €12,732,497 | €12,062,997 | -€669,500 | -5.3% |
| Profit (loss) carried forward | 14 | €638,630 | €15,734,957 | +€15.1m | +2363.9% |
| Amounts payable | 17/49 | €3,452,429 | €5,368,243 | +€1.9m | +55.5% |
| Amounts payable after more than one year | 17 | €1,883,584 | €3,631,776 | +€1.7m | +92.8% |
| Financial debts | 170/4 | €1,882,004 | €2,051,204 | +€169,199 | +9.0% |
| Other amounts payable | 178/9 | €1,580 | €1,580,573 | +€1.6m | +99936.2% |
| Amounts payable within one year | 42/48 | €1,565,400 | €1,735,459 | +€170,059 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €109,703 | €124,725 | +€15,022 | +13.7% |
| Financial debts | 43 | €325,000 | - | -€325,000 | |
| Credit institutions | 430/8 | €325,000 | - | -€325,000 | |
| Trade debts | 44 | €388,998 | €300,979 | -€88,019 | -22.6% |
| Suppliers | 440/4 | €388,998 | €300,979 | -€88,019 | -22.6% |
| Taxes, remuneration and social security | 45 | €374,841 | €152,597 | -€222,243 | -59.3% |
| Taxes | 450/3 | €372,841 | €150,597 | -€222,243 | -59.6% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €366,858 | €1,157,157 | +€790,299 | +215.4% |
| Accrued charges and deferred income | 492/3 | €3,444 | €1,007 | -€2,437 | -70.7% |
| Non-recurring operating income | 76A | €187,046 | - | -€187,046 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €299,019 | €432,975 | +€133,956 | +44.8% |
| Other operating charges | 640/8 | €24,142 | €23,603 | -€539 | -2.2% |
| Gross operating margin | 9900 | €746,661 | €543,761 | -€202,901 | -27.2% |
| Operating profit (loss) | 9901 | €423,500 | €87,182 | -€336,317 | -79.4% |
| Financial income | 75/76B | €5,861,827 | €15,257,384 | +€9.4m | +160.3% |
| Recurring financial income | 75 | €5,861,827 | €15,257,384 | +€9.4m | +160.3% |
| Financial charges | 65/66B | €71,745 | €115,348 | +€43,604 | +60.8% |
| Recurring financial charges | 65 | €71,745 | €115,348 | +€43,604 | +60.8% |
| Profit (loss) for the period before taxes | 9903 | €6,213,582 | €15,229,218 | +€9.0m | +145.1% |
| Income taxes | 67/77 | €686,411 | €132,891 | -€553,520 | -80.6% |
| Profit (loss) for the period | 9904 | €5,527,171 | €15,096,327 | +€9.6m | +173.1% |
| Transfer from tax-exempt reserves | 789 | - | €210,500 | +€210,500 | |
| Transfer to tax-exempt reserves | 689 | €210,500 | - | -€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,316,671 | €15,306,827 | +€10.0m | +187.9% |
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 4 October 2026 via checked.be.