GINV BEHEER: 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.
GINV BEHEER
Largest movements
- Current investments +€2.8m
up €2.8m (+276%), from €1.0m to €3.8m
- Cash -€2.2m
down €2.2m (-95.3%), from €2.3m to €107,880
mainly Current investments (-€2.8m) and Investment in fixed assets (net) (-€101,278)
- Other debts +€657,138
up €657,138 (+26.3%), from €2.5m to €3.2m
- Depreciation +€20,256
up €20,256 (+42.9%), from €47,200 to €67,456
- Financial income +€16,448
up €16,448 (+49.9%), from €32,978 to €49,425
- Gross operating margin +€10,150
up €10,150, from -€1,634 to €8,516
- Financial charges +€5,844
up €5,844 (+29.6%), from €19,771 to €25,615
- Taxes +€1,497
up €1,497 (+249%), from €602 to €2,099
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 | €4,241,868 | €4,860,332 | +€618,464 | +14.6% |
| Fixed assets | 21/28 | €906,580 | €940,402 | +€33,822 | +3.7% |
| Tangible fixed assets | 22/27 | €906,580 | €940,402 | +€33,822 | +3.7% |
| Land and buildings | 22 | €868,267 | €831,267 | -€37,000 | -4.3% |
| Furniture and vehicles | 24 | €38,313 | €109,136 | +€70,823 | +185% |
| Current assets | 29/58 | €3,335,288 | €3,919,930 | +€584,642 | +17.5% |
| Amounts receivable within one year | 40/41 | €9,291 | €22,020 | +€12,728 | +137% |
| Other amounts receivable | 41 | €9,291 | €22,020 | +€12,728 | +137% |
| Current investments | 50/53 | €1,007,203 | €3,790,030 | +€2.8m | +276% |
| Cash at bank and in hand | 54/58 | €2,317,795 | €107,880 | -€2.2m | -95.3% |
| Deferred charges and accrued income | 490/1 | €998 | €0 | -€998 | -100% |
| Total equity and liabilities | 10/49 | €4,241,868 | €4,860,332 | +€618,464 | +14.6% |
| Equity | 10/15 | €1,737,063 | €1,696,565 | -€40,499 | -2.3% |
| Contributions | 10/11 | €3,080,000 | €3,080,000 | = | 0.0% |
| Reserves | 13 | €14,419 | €14,419 | = | 0.0% |
| Distributable reserves | 133 | €14,419 | €14,419 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,357,355 | -€1,397,854 | -€40,499 | -3.0% |
| Amounts payable | 17/49 | €2,504,805 | €3,163,767 | +€658,963 | +26.3% |
| Amounts payable within one year | 42/48 | €2,504,805 | €3,163,767 | +€658,963 | +26.3% |
| Trade debts | 44 | €7,424 | €9,248 | +€1,824 | +24.6% |
| Suppliers | 440/4 | €7,424 | €9,248 | +€1,824 | +24.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,497,381 | €3,154,519 | +€657,138 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,200 | €67,456 | +€20,256 | +42.9% |
| Other operating charges | 640/8 | €3,164 | €3,269 | +€105 | +3.3% |
| Gross operating margin | 9900 | -€1,634 | €8,516 | +€10,150 | |
| Operating profit (loss) | 9901 | -€51,999 | -€62,210 | -€10,211 | -19.6% |
| Financial income | 75/76B | €32,978 | €49,425 | +€16,448 | +49.9% |
| Recurring financial income | 75 | €32,978 | €49,425 | +€16,448 | +49.9% |
| Financial charges | 65/66B | €19,771 | €25,615 | +€5,844 | +29.6% |
| Recurring financial charges | 65 | €19,771 | €25,615 | +€5,844 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | -€38,792 | -€38,399 | +€393 | +1.0% |
| Income taxes | 67/77 | €602 | €2,099 | +€1,497 | +249% |
| Profit (loss) for the period | 9904 | -€39,394 | -€40,499 | -€1,105 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,394 | -€40,499 | -€1,105 | -2.8% |
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 28 October 2026 via checked.be.