G.D.L.: 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.
What changed
G.D.L.
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €511,719+€836,232
Equity
€2.9m
2024 · €1.7m+€1.2m
Cash
€28,298
2024 · €119,688-€91,390
Balance sheet total
€4.7m
2024 · €5.0m-€351,688
Largest movements
Assets
- Receivables within one year -€298,827
down €298,827 (-54.2%), from €551,470 to €252,642
of which Trade receivables: -€376,756
- Cash -€91,390
down €91,390 (-76.4%), from €119,688 to €28,298
mainly Other debts (-€1.0m) and Short-term financial debts (-€239,094)
Equity and liabilities
- Reserves +€1.2m
up €1.2m (+92.5%), from €1.3m to €2.5m
of which Distributable reserves: +€1.2m
- Other debts -€1.0m
down €1.0m (-90.2%), from €1.1m to €110,825
- Short-term financial debts -€239,094
down €239,094 (-57.7%), from €414,094 to €175,000
- Debts after one year -€212,921
down €212,921 (-18.0%), from €1.2m to €970,158
- Tax, wage and social debts -€107,457
down €107,457 (-37.4%), from €287,106 to €179,649
of which Taxes: -€111,584
Income statement
- Financial income +€1.0m
up €1.0m, from €0 to €1.0m
- Other operating income +€553,127
up €553,127 (+47.1%), from €1.2m to €1.7m
- Turnover -€366,135
down €366,135 (-78.5%), from €466,140 to €100,005
- Services and other goods +€352,658
up €352,658 (+60.7%), from €580,944 to €933,602
- Staff costs -€129,764
down €129,764 (-59.2%), from €219,322 to €89,558
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
€511,719
Turnover
-€366,135
Other operating income
+€553,127
Goods and materials
+€1,727
Services and other goods
-€352,658
Staff costs
+€129,764
Depreciation
+€55,134
Write-downs
-€1,563
Other operating charges
+€25,921
Other operating items
-€265,919
Financial income
+€1.0m
Financial charges
+€16,720
Taxes
+€40,109
Result 2025
€1.3m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€715,193
Investment
-€213,953
Financing
-€592,630
Cash 2024
€119,688
From operations (derived)
+€715,193
Net result for the year
+€1.3m
Depreciation
+€197,461
Receivables within one year
+€298,827
Deferred charges and accrued income
-€22,036
Trade debts
+€26,094
Tax, wage and social debts
-€107,457
Other debts
-€1.0m
Accrued charges and deferred income
-€2,248
Investment (derived)
-€213,953
Investment in fixed assets (net)
-€213,953
Financing
-€592,630
Debts after one year
-€212,921
Current portion of long-term debt
+€2,385
Short-term financial debts
-€239,094
Contributions, distributions and other
-€143,000
Cash 2025
€28,298
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,044,356 | €4,692,668 | -€351,688 | -7.0% |
| Fixed assets | 21/28 | €4,362,738 | €4,379,230 | +€16,493 | +0.4% |
| Intangible fixed assets | 21 | €1,631 | €3,220 | +€1,589 | +97.4% |
| Tangible fixed assets | 22/27 | €3,992,204 | €4,007,108 | +€14,904 | +0.4% |
| Land and buildings | 22 | €2,556,730 | €2,558,097 | +€1,367 | +0.1% |
| Plant, machinery and equipment | 23 | €1,435,474 | €1,449,011 | +€13,537 | +0.9% |
| Financial fixed assets | 28 | €368,903 | €368,903 | = | 0.0% |
| Affiliated companies | 280/1 | €360,090 | €360,090 | = | 0.0% |
| Participating interests | 280 | €360,090 | €360,090 | = | 0.0% |
| Other financial fixed assets | 284/8 | €8,813 | €8,813 | = | 0.0% |
| Shares | 284 | €2,913 | €2,913 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €5,900 | €5,900 | = | 0.0% |
| Current assets | 29/58 | €681,619 | €313,438 | -€368,181 | -54.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €551,470 | €252,642 | -€298,827 | -54.2% |
| Trade receivables | 40 | €544,355 | €167,599 | -€376,756 | -69.2% |
| Other amounts receivable | 41 | €7,114 | €85,043 | +€77,929 | +1,095% |
| Cash at bank and in hand | 54/58 | €119,688 | €28,298 | -€91,390 | -76.4% |
| Deferred charges and accrued income | 490/1 | €10,461 | €32,498 | +€22,036 | +211% |
| Total equity and liabilities | 10/49 | €5,044,356 | €4,692,668 | -€351,688 | -7.0% |
| Equity | 10/15 | €1,677,554 | €2,882,505 | +€1.2m | +71.8% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Capital | 10 | €375,000 | €375,000 | = | 0.0% |
| Issued capital | 100 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €1,302,554 | €2,507,505 | +€1.2m | +92.5% |
| Non-distributable reserves | 130/1 | €37,500 | €37,500 | = | 0.0% |
| Legal reserve | 130 | €37,500 | €37,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €412,078 | €412,078 | = | 0.0% |
| Distributable reserves | 133 | €852,975 | €2,057,927 | +€1.2m | +141% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €3,366,803 | €1,810,163 | -€1.6m | -46.2% |
| Amounts payable after more than one year | 17 | €1,183,079 | €970,158 | -€212,921 | -18.0% |
| Financial debts | 170/4 | €1,183,079 | €970,158 | -€212,921 | -18.0% |
| Credit institutions | 173 | €1,183,079 | €970,158 | -€212,921 | -18.0% |
| Amounts payable within one year | 42/48 | €2,130,467 | €788,996 | -€1.3m | -63.0% |
| Current portion of amounts payable after more than one year | 42 | €210,536 | €212,921 | +€2,385 | +1.1% |
| Financial debts | 43 | €414,094 | €175,000 | -€239,094 | -57.7% |
| Credit institutions | 430/8 | €414,094 | €175,000 | -€239,094 | -57.7% |
| Trade debts | 44 | €84,507 | €110,601 | +€26,094 | +30.9% |
| Suppliers | 440/4 | €84,507 | €110,601 | +€26,094 | +30.9% |
| Taxes, remuneration and social security | 45 | €287,106 | €179,649 | -€107,457 | -37.4% |
| Taxes | 450/3 | €282,253 | €170,669 | -€111,584 | -39.5% |
| Remuneration and social security | 454/9 | €4,853 | €8,980 | +€4,128 | +85.1% |
| Other amounts payable | 47/48 | €1,134,225 | €110,825 | -€1.0m | -90.2% |
| Accrued charges and deferred income | 492/3 | €53,256 | €51,009 | -€2,248 | -4.2% |
| Operating income | 70/76A | €1,906,778 | €1,827,851 | -€78,927 | -4.1% |
| Turnover | 70 | €466,140 | €100,005 | -€366,135 | -78.5% |
| Other operating income | 74 | €1,174,719 | €1,727,846 | +€553,127 | +47.1% |
| Non-recurring operating income | 76A | €265,919 | €0 | -€265,919 | -100% |
| Operating charges | 60/66A | €1,167,898 | €1,309,573 | +€141,676 | +12.1% |
| Goods for resale, raw materials and consumables | 60 | €1,727 | €0 | -€1,727 | -100% |
| Purchases | 600/8 | €1,727 | €0 | -€1,727 | -100% |
| Services and other goods | 61 | €580,944 | €933,602 | +€352,658 | +60.7% |
| Remuneration, social security and pensions | 62 | €219,322 | €89,558 | -€129,764 | -59.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €252,595 | €197,461 | -€55,134 | -21.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,563 | €0 | +€1,563 | |
| Other operating charges | 640/8 | €114,874 | €88,953 | -€25,921 | -22.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €738,880 | €518,278 | -€220,602 | -29.9% |
| Financial income | 75/76B | €0 | €1,000,006 | +€1.0m | |
| Recurring financial income | 75 | €0 | €1,000,006 | +€1.0m | |
| Income from financial fixed assets | 750 | - | €1,000,000 | +€1.0m | |
| Income from current assets | 751 | - | €6 | +€6 | |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €67,956 | €51,236 | -€16,720 | -24.6% |
| Recurring financial charges | 65 | €67,956 | €51,236 | -€16,720 | -24.6% |
| Debt charges | 650 | €49,137 | €38,994 | -€10,143 | -20.6% |
| Other financial charges | 652/9 | €18,819 | €12,242 | -€6,577 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €670,924 | €1,467,047 | +€796,123 | +119% |
| Income taxes | 67/77 | €159,205 | €119,096 | -€40,109 | -25.2% |
| Taxes | 670/3 | €159,205 | €119,096 | -€40,109 | -25.2% |
| Profit (loss) for the period | 9904 | €511,719 | €1,347,952 | +€836,232 | +163% |
| Profit (loss) for the period to be appropriated | 9905 | €511,719 | €1,347,952 | +€836,232 | +163% |
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 26 October 2026 via checked.be.