di Gerardi: what changed
What changed
di Gerardi
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€38,231
2024 · €963,857-€925,625
Equity
€1.3m
2024 · €1.5m-€238,399
Cash
€259,010
2024 · €15,140+€243,870
Balance sheet total
€4.9m
2024 · €5.1m-€195,736
Largest movements
Assets
- Tangible fixed assets -€678,278
down €678,278 (-16.0%), from €4.2m to €3.6m
of which Land and buildings: -€620,260
- Financial fixed assets +€450,000
up €450,000 (+1,125,000%), from €40 to €450,040
- Cash +€243,870
up €243,870 (+1,611%), from €15,140 to €259,010
mainly Short-term financial debts (+€450,000) and Receivables within one year (+€213,128)
- Receivables within one year -€213,128
down €213,128 (-26.0%), from €821,186 to €608,058
of which Other amounts receivable: -€244,942
Equity and liabilities
- Debts after one year -€634,779
down €634,779 (-21.7%), from €2.9m to €2.3m
- Short-term financial debts +€450,000
up €450,000 (+138%), from €325,000 to €775,000
- Tax, wage and social debts +€193,338
up €193,338 (+160%), from €121,061 to €314,399
- Reserves -€123,871
down €123,871 (-8.2%), from €1.5m to €1.4m
of which Distributable reserves: -€276,630
- Profit (loss) carried forward -€114,528
new in 2025: -€114,528
Income statement
- Financial income -€982,442
down €982,442 (-96.6%), from €1.0m to €34,236
of which Non-recurring financial income: -€982,386
- Gross operating margin +€67,970
up €67,970 (+20.0%), from €339,266 to €407,236
- Depreciation -€38,440
down €38,440 (-22.9%), from €167,565 to €129,126
- Taxes -€17,107
down €17,107 (-17.6%), from €97,366 to €80,260
- Other operating charges +€15,063
up €15,063 (+110%), from €13,693 to €28,756
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€963,857
Gross operating margin
+€67,970
Depreciation
+€38,440
Other operating charges
-€15,063
Financial income
-€982,442
Financial charges
-€717
Taxes
+€17,107
Deferred taxes and other
-€50,920
Result 2025
€38,231
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€622,748
Investment
+€99,152
Financing
-€478,031
Cash 2024
€15,140
From operations (derived)
+€622,748
Net result for the year
+€38,231
Depreciation
+€129,126
Receivables within one year
+€213,128
Deferred charges and accrued income
-€1,801
Provisions
+€50,920
Trade debts
-€497
Tax, wage and social debts
+€193,338
Other debts
+€5,382
Accrued charges and deferred income
-€5,079
Investment (derived)
+€99,152
Investment in fixed assets (net)
+€99,152
Financing
-€478,031
Debts after one year
-€634,779
Current portion of long-term debt
-€16,622
Short-term financial debts
+€450,000
Contributions, distributions and other
-€276,630
Cash 2025
€259,010
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,088,193 | €4,892,457 | -€195,736 | -3.8% |
| Fixed assets | 21/28 | €4,247,390 | €4,019,112 | -€228,278 | -5.4% |
| Tangible fixed assets | 22/27 | €4,247,350 | €3,569,072 | -€678,278 | -16.0% |
| Land and buildings | 22 | €3,562,417 | €2,942,157 | -€620,260 | -17.4% |
| Plant, machinery and equipment | 23 | €2,511 | €1,829 | -€682 | -27.2% |
| Furniture and vehicles | 24 | €231,068 | €181,946 | -€49,122 | -21.3% |
| Leasing and similar rights | 25 | €25,719 | €25,719 | = | 0.0% |
| Other tangible fixed assets | 26 | €425,636 | €417,422 | -€8,214 | -1.9% |
| Financial fixed assets | 28 | €40 | €450,040 | +€450,000 | +1,125,000% |
| Current assets | 29/58 | €840,803 | €873,345 | +€32,542 | +3.9% |
| Amounts receivable within one year | 40/41 | €821,186 | €608,058 | -€213,128 | -26.0% |
| Trade receivables | 40 | €47,642 | €79,456 | +€31,814 | +66.8% |
| Other amounts receivable | 41 | €773,545 | €528,602 | -€244,942 | -31.7% |
| Cash at bank and in hand | 54/58 | €15,140 | €259,010 | +€243,870 | +1,611% |
| Deferred charges and accrued income | 490/1 | €4,476 | €6,277 | +€1,801 | +40.2% |
| Total equity and liabilities | 10/49 | €5,088,193 | €4,892,457 | -€195,736 | -3.8% |
| Equity | 10/15 | €1,516,172 | €1,277,773 | -€238,399 | -15.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,509,972 | €1,386,101 | -€123,871 | -8.2% |
| Tax-exempt reserves | 132 | €676 | €153,435 | +€152,759 | +22,581% |
| Distributable reserves | 133 | €1,509,295 | €1,232,665 | -€276,630 | -18.3% |
| Profit (loss) carried forward | 14 | - | -€114,528 | -€114,528 | |
| Provisions and deferred taxes | 16 | - | €50,920 | +€50,920 | |
| Deferred taxes | 168 | - | €50,920 | +€50,920 | |
| Amounts payable | 17/49 | €3,572,021 | €3,563,764 | -€8,256 | -0.2% |
| Amounts payable after more than one year | 17 | €2,929,319 | €2,294,541 | -€634,779 | -21.7% |
| Financial debts | 170/4 | €2,929,319 | €2,294,541 | -€634,779 | -21.7% |
| Amounts payable within one year | 42/48 | €635,813 | €1,267,414 | +€631,601 | +99.3% |
| Current portion of amounts payable after more than one year | 42 | €173,512 | €156,890 | -€16,622 | -9.6% |
| Financial debts | 43 | €325,000 | €775,000 | +€450,000 | +138% |
| Credit institutions | 430/8 | €325,000 | €775,000 | +€450,000 | +138% |
| Trade debts | 44 | €16,240 | €15,743 | -€497 | -3.1% |
| Suppliers | 440/4 | €16,240 | €15,743 | -€497 | -3.1% |
| Taxes, remuneration and social security | 45 | €121,061 | €314,399 | +€193,338 | +160% |
| Taxes | 450/3 | €121,061 | €314,399 | +€193,338 | +160% |
| Other amounts payable | 47/48 | - | €5,382 | +€5,382 | |
| Accrued charges and deferred income | 492/3 | €6,889 | €1,810 | -€5,079 | -73.7% |
| Non-recurring operating income | 76A | - | €283,797 | +€283,797 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,565 | €129,126 | -€38,440 | -22.9% |
| Other operating charges | 640/8 | €13,693 | €28,756 | +€15,063 | +110% |
| Gross operating margin | 9900 | €339,266 | €407,236 | +€67,970 | +20.0% |
| Operating profit (loss) | 9901 | €158,008 | €249,354 | +€91,347 | +57.8% |
| Financial income | 75/76B | €1,016,677 | €34,236 | -€982,442 | -96.6% |
| Recurring financial income | 75 | €34,291 | €34,236 | -€56 | -0.2% |
| Non-recurring financial income | 76B | €982,386 | - | -€982,386 | |
| Financial charges | 65/66B | €113,462 | €114,179 | +€717 | +0.6% |
| Recurring financial charges | 65 | €113,462 | €114,179 | +€717 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €1,061,223 | €169,410 | -€891,812 | -84.0% |
| Transfer from deferred taxes | 780 | - | €4,036 | +€4,036 | |
| Transfer to deferred taxes | 680 | - | €54,955 | +€54,955 | |
| Income taxes | 67/77 | €97,366 | €80,260 | -€17,107 | -17.6% |
| Profit (loss) for the period | 9904 | €963,857 | €38,231 | -€925,625 | -96.0% |
| Transfer from tax-exempt reserves | 789 | - | €12,107 | +€12,107 | |
| Transfer to tax-exempt reserves | 689 | - | €164,866 | +€164,866 | |
| Profit (loss) for the period to be appropriated | 9905 | €963,857 | -€114,528 | -€1.1m |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.