GIPCOR: 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.
GIPCOR
Largest movements
- Cash -€348,172
down €348,172 (-83.7%), from €415,737 to €67,565
mainly Current investments (-€299,620) and Investment in fixed assets (net) (-€102,010)
- Current investments +€299,620
up €299,620 (+20.7%), from €1.5m to €1.8m
- Financial fixed assets +€100,000
up €100,000 (+16.6%), from €601,441 to €701,441
- Reserves +€31,500
up €31,500 (+33.3%), from €94,697 to €126,197
of which Distributable reserves: +€31,500
- Financial income -€41,181
down €41,181 (-34.8%), from €118,410 to €77,229
- Taxes -€11,450
down €11,450 (-44.8%), from €25,548 to €14,098
- Purchases and services +€1,334
up €1,334 (+20.2%), from €6,611 to €7,945
- Turnover +€850
up €850 (+5.8%), from €14,680 to €15,530
- Gross operating margin -€485
down €485 (-6.0%), from €8,069 to €7,584
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 | €2,784,350 | €2,816,331 | +€31,981 | +1.1% |
| Fixed assets | 21/28 | €900,233 | €982,389 | +€82,156 | +9.1% |
| Tangible fixed assets | 22/27 | €298,792 | €280,948 | -€17,844 | -6.0% |
| Land and buildings | 22 | €270,573 | €262,135 | -€8,438 | -3.1% |
| Furniture and vehicles | 24 | €28,219 | €18,813 | -€9,406 | -33.3% |
| Financial fixed assets | 28 | €601,441 | €701,441 | +€100,000 | +16.6% |
| Current assets | 29/58 | €1,884,117 | €1,833,942 | -€50,175 | -2.7% |
| Amounts receivable within one year | 40/41 | €12,896 | €15,717 | +€2,821 | +21.9% |
| Trade receivables | 40 | €1,653 | €2,762 | +€1,109 | +67.1% |
| Other amounts receivable | 41 | €11,243 | €12,955 | +€1,712 | +15.2% |
| Current investments | 50/53 | €1,450,620 | €1,750,240 | +€299,620 | +20.7% |
| Cash at bank and in hand | 54/58 | €415,737 | €67,565 | -€348,172 | -83.7% |
| Deferred charges and accrued income | 490/1 | €4,864 | €420 | -€4,444 | -91.4% |
| Total equity and liabilities | 10/49 | €2,784,350 | €2,816,331 | +€31,981 | +1.1% |
| Equity | 10/15 | €2,463,319 | €2,495,068 | +€31,749 | +1.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €94,697 | €126,197 | +€31,500 | +33.3% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €88,500 | €120,000 | +€31,500 | +35.6% |
| Profit (loss) carried forward | 14 | €2,306,649 | €2,306,898 | +€249 | 0.0% |
| Amounts payable | 17/49 | €321,031 | €321,263 | +€232 | +0.1% |
| Amounts payable within one year | 42/48 | €302,055 | €302,093 | +€38 | 0.0% |
| Financial debts | 43 | €300,000 | €300,000 | = | 0.0% |
| Other loans | 439 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €53 | €60 | +€7 | +13.2% |
| Suppliers | 440/4 | €53 | €60 | +€7 | +13.2% |
| Other amounts payable | 47/48 | €2,002 | €2,033 | +€31 | +1.5% |
| Accrued charges and deferred income | 492/3 | €18,976 | €19,170 | +€194 | +1.0% |
| Turnover | 70 | €14,680 | €15,530 | +€850 | +5.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €6,611 | €7,945 | +€1,334 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,688 | €19,854 | +€166 | +0.8% |
| Other operating charges | 640/8 | €1,098 | €1,129 | +€31 | +2.8% |
| Gross operating margin | 9900 | €8,069 | €7,584 | -€485 | -6.0% |
| Operating profit (loss) | 9901 | -€12,717 | -€13,399 | -€682 | -5.4% |
| Financial income | 75/76B | €118,410 | €77,229 | -€41,181 | -34.8% |
| Recurring financial income | 75 | €118,410 | €77,229 | -€41,181 | -34.8% |
| Financial charges | 65/66B | €17,766 | €17,983 | +€217 | +1.2% |
| Recurring financial charges | 65 | €17,766 | €17,983 | +€217 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €87,927 | €45,847 | -€42,080 | -47.9% |
| Income taxes | 67/77 | €25,548 | €14,098 | -€11,450 | -44.8% |
| Profit (loss) for the period | 9904 | €62,379 | €31,749 | -€30,630 | -49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,379 | €31,749 | -€30,630 | -49.1% |
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 16 October 2026 via checked.be.