Gipa: 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
Gipa
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€33,591
2024 · €13,982+€19,609
Equity
€1.2m
2024 · €1.2m+€33,591
Cash
€25,172
2024 · €10,490+€14,682
Balance sheet total
€3.9m
2024 · €4.0m-€93,803
Largest movements
Assets
- Tangible fixed assets -€107,458
down €107,458 (-2.8%), from €3.9m to €3.8m
of which Land and buildings: -€108,669
Equity and liabilities
- Debts after one year +€819,997
up €819,997 (+200.7%), from €408,565 to €1.2m
- Current portion of long-term debt -€616,638
down €616,638 (-76.5%), from €805,880 to €189,242
- Other debts -€349,804
down €349,804 (-26.2%), from €1.3m to €983,015
Income statement
- Gross operating margin +€18,950
up €18,950 (+7.6%), from €249,951 to €268,902
- Financial charges -€11,249
down €11,249 (-13.0%), from €86,502 to €75,253
- Taxes +€10,225
up €10,225 (+102.5%), from €9,974 to €20,198
- Other operating charges -€6,361
down €6,361 (-35.0%), from €18,149 to €11,788
- Financial income -€4,242
down €4,242 (-100.0%), from €4,242 to €0
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
€13,982
Gross operating margin
+€18,950
Depreciation
-€2,485
Other operating charges
+€6,361
Financial income
-€4,242
Financial charges
+€11,249
Taxes
-€10,225
Result 2025
€33,591
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
-€159,971
Investment
-€23,707
Financing
+€198,359
Cash 2024
€10,490
From operations (derived)
-€159,971
Net result for the year
+€33,591
Depreciation
+€131,164
Deferred charges and accrued income
+€1,028
Provisions
-€3,093
Trade debts
+€13,230
Tax, wage and social debts
-€2,548
Other debts
-€349,804
Accrued charges and deferred income
+€16,461
Investment (derived)
-€23,707
Investment in fixed assets (net)
-€23,707
Financing
+€198,359
Debts after one year
+€819,997
Current portion of long-term debt
-€616,638
Short-term financial debts
-€5,000
Cash 2025
€25,172
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,966,062 | €3,872,259 | -€93,803 | -2.4% |
| Fixed assets | 21/28 | €3,943,877 | €3,836,419 | -€107,458 | -2.7% |
| Tangible fixed assets | 22/27 | €3,863,091 | €3,755,633 | -€107,458 | -2.8% |
| Land and buildings | 22 | €3,863,091 | €3,754,422 | -€108,669 | -2.8% |
| Furniture and vehicles | 24 | - | €1,212 | +€1,212 | |
| Financial fixed assets | 28 | €80,786 | €80,786 | = | 0.0% |
| Current assets | 29/58 | €22,185 | €35,839 | +€13,654 | +61.5% |
| Amounts receivable within one year | 40/41 | €5,026 | €5,026 | = | 0.0% |
| Other amounts receivable | 41 | €5,026 | €5,026 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,490 | €25,172 | +€14,682 | +140.0% |
| Deferred charges and accrued income | 490/1 | €6,669 | €5,641 | -€1,028 | -15.4% |
| Total equity and liabilities | 10/49 | €3,966,062 | €3,872,259 | -€93,803 | -2.4% |
| Equity | 10/15 | €1,194,240 | €1,227,831 | +€33,591 | +2.8% |
| Contributions | 10/11 | €580,900 | €580,900 | = | 0.0% |
| Capital | 10 | €580,900 | €580,900 | = | 0.0% |
| Issued capital | 100 | €580,900 | €580,900 | = | 0.0% |
| Reserves | 13 | €352,331 | €385,922 | +€33,591 | +9.5% |
| Non-distributable reserves | 130/1 | €10,839 | €10,839 | = | 0.0% |
| Legal reserve | 130 | €10,839 | €10,839 | = | 0.0% |
| Tax-exempt reserves | 132 | €203,961 | €196,599 | -€7,362 | -3.6% |
| Distributable reserves | 133 | €137,530 | €178,483 | +€40,953 | +29.8% |
| Profit (loss) carried forward | 14 | €128,130 | €128,130 | = | 0.0% |
| Investment grants | 15 | €132,880 | €132,880 | = | 0.0% |
| Provisions and deferred taxes | 16 | €85,674 | €82,582 | -€3,093 | -3.6% |
| Deferred taxes | 168 | €85,674 | €82,582 | -€3,093 | -3.6% |
| Amounts payable | 17/49 | €2,686,147 | €2,561,845 | -€124,302 | -4.6% |
| Amounts payable after more than one year | 17 | €408,565 | €1,228,562 | +€819,997 | +200.7% |
| Financial debts | 170/4 | €408,565 | €1,228,562 | +€819,997 | +200.7% |
| Amounts payable within one year | 42/48 | €2,166,733 | €1,205,973 | -€960,760 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €805,880 | €189,242 | -€616,638 | -76.5% |
| Financial debts | 43 | €5,000 | €0 | -€5,000 | -100.0% |
| Credit institutions | 430/8 | €5,000 | €0 | -€5,000 | -100.0% |
| Trade debts | 44 | €2,787 | €16,018 | +€13,230 | +474.6% |
| Suppliers | 440/4 | €2,787 | €16,018 | +€13,230 | +474.6% |
| Taxes, remuneration and social security | 45 | €20,246 | €17,698 | -€2,548 | -12.6% |
| Taxes | 450/3 | €20,246 | €17,698 | -€2,548 | -12.6% |
| Other amounts payable | 47/48 | €1,332,819 | €983,015 | -€349,804 | -26.2% |
| Accrued charges and deferred income | 492/3 | €110,850 | €127,310 | +€16,461 | +14.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,679 | €131,164 | +€2,485 | +1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €18,149 | €11,788 | -€6,361 | -35.0% |
| Gross operating margin | 9900 | €249,951 | €268,902 | +€18,950 | +7.6% |
| Operating profit (loss) | 9901 | €103,124 | €125,950 | +€22,826 | +22.1% |
| Financial income | 75/76B | €4,242 | €0 | -€4,242 | -100.0% |
| Recurring financial income | 75 | €4,242 | €0 | -€4,242 | -100.0% |
| Financial charges | 65/66B | €86,502 | €75,253 | -€11,249 | -13.0% |
| Recurring financial charges | 65 | €86,502 | €75,253 | -€11,249 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €20,863 | €50,697 | +€29,833 | +143.0% |
| Transfer from deferred taxes | 780 | €3,093 | €3,093 | = | 0.0% |
| Income taxes | 67/77 | €9,974 | €20,198 | +€10,225 | +102.5% |
| Profit (loss) for the period | 9904 | €13,982 | €33,591 | +€19,609 | +140.2% |
| Transfer from tax-exempt reserves | 789 | €7,362 | €7,362 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,345 | €40,953 | +€19,609 | +91.9% |
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.