G.D.C. IMMO: 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.
G.D.C. IMMO
Largest movements
- Current investments +€350,000
new in 2025: €350,000
- Tangible fixed assets -€181,655
down €181,655 (-25.3%), from €717,695 to €536,040
of which Land and buildings: -€174,335
- Cash -€70,044
down €70,044 (-44.8%), from €156,323 to €86,279
mainly Current investments (-€350,000) and Provisions (-€28,924)
- Reserves +€128,881
up €128,881 (+55.2%), from €233,671 to €362,552
of which Distributable reserves: +€165,000
- Provisions -€28,924
down €28,924 (-39.1%), from €73,930 to €45,006
- Debts after one year -€12,257
down €12,257 (-25.8%), from €47,515 to €35,258
of which Financial debts: -€12,257
- Gross operating margin +€173,747
up €173,747 (+362%), from €48,020 to €221,768
- Purchases and services -€49,551
no longer reported in 2025 (was €49,551)
- Taxes +€45,114
up €45,114 (+139%), from €32,561 to €77,675
- Depreciation -€6,705
down €6,705 (-17.4%), from €38,617 to €31,912
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 | €881,878 | €977,957 | +€96,079 | +10.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €719,790 | €538,135 | -€181,655 | -25.2% |
| Tangible fixed assets | 22/27 | €717,695 | €536,040 | -€181,655 | -25.3% |
| Land and buildings | 22 | €686,766 | €512,431 | -€174,335 | -25.4% |
| Plant, machinery and equipment | 23 | €30,929 | €23,609 | -€7,320 | -23.7% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €2,095 | €2,095 | = | 0.0% |
| Current assets | 29/58 | €162,088 | €439,822 | +€277,734 | +171% |
| Amounts receivable within one year | 40/41 | €5,138 | €2,197 | -€2,941 | -57.2% |
| Other amounts receivable | 41 | €5,138 | €2,197 | -€2,941 | -57.2% |
| Current investments | 50/53 | - | €350,000 | +€350,000 | |
| Cash at bank and in hand | 54/58 | €156,323 | €86,279 | -€70,044 | -44.8% |
| Deferred charges and accrued income | 490/1 | €627 | €1,345 | +€719 | +115% |
| Total equity and liabilities | 10/49 | €881,878 | €977,957 | +€96,079 | +10.9% |
| Equity | 10/15 | €738,913 | €868,362 | +€129,450 | +17.5% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €233,671 | €362,552 | +€128,881 | +55.2% |
| Non-distributable reserves | 130/1 | €22,000 | €22,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €22,000 | €22,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €120,187 | €84,068 | -€36,119 | -30.1% |
| Distributable reserves | 133 | €91,483 | €256,483 | +€165,000 | +180% |
| Profit (loss) carried forward | 14 | €285,242 | €285,811 | +€569 | +0.2% |
| Provisions and deferred taxes | 16 | €73,930 | €45,006 | -€28,924 | -39.1% |
| Deferred taxes | 168 | €73,930 | €45,006 | -€28,924 | -39.1% |
| Amounts payable | 17/49 | €69,036 | €64,589 | -€4,447 | -6.4% |
| Amounts payable after more than one year | 17 | €47,515 | €35,258 | -€12,257 | -25.8% |
| Financial debts | 170/4 | €45,665 | €33,408 | -€12,257 | -26.8% |
| Other amounts payable | 178/9 | €1,850 | €1,850 | = | 0.0% |
| Amounts payable within one year | 42/48 | €18,438 | €23,480 | +€5,042 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | €12,112 | €12,257 | +€145 | +1.2% |
| Trade debts | 44 | €2,266 | €3,525 | +€1,258 | +55.5% |
| Suppliers | 440/4 | €2,266 | €3,525 | +€1,258 | +55.5% |
| Taxes, remuneration and social security | 45 | €4,059 | €7,698 | +€3,639 | +89.6% |
| Taxes | 450/3 | €4,059 | €7,698 | +€3,639 | +89.6% |
| Accrued charges and deferred income | 492/3 | €3,082 | €5,850 | +€2,769 | +89.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €49,551 | - | -€49,551 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,617 | €31,912 | -€6,705 | -17.4% |
| Other operating charges | 640/8 | €12,361 | €11,855 | -€506 | -4.1% |
| Gross operating margin | 9900 | €48,020 | €221,768 | +€173,747 | +362% |
| Operating profit (loss) | 9901 | -€2,958 | €178,001 | +€180,959 | |
| Financial income | 75/76B | €5 | €1,218 | +€1,213 | +23,324% |
| Recurring financial income | 75 | €5 | €1,218 | +€1,213 | +23,324% |
| Financial charges | 65/66B | €1,140 | €1,018 | -€122 | -10.7% |
| Recurring financial charges | 65 | €1,140 | €1,018 | -€122 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,092 | €178,201 | +€182,293 | |
| Transfer from deferred taxes | 780 | €43,080 | €28,924 | -€14,156 | -32.9% |
| Income taxes | 67/77 | €32,561 | €77,675 | +€45,114 | +139% |
| Profit (loss) for the period | 9904 | €6,427 | €129,450 | +€123,023 | +1,914% |
| Transfer from tax-exempt reserves | 789 | €83,627 | €36,119 | -€47,508 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,054 | €165,569 | +€75,515 | +83.9% |
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 18 October 2026 via checked.be.