G.G.: 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
G.G.
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€112,257
2024 · €307,861-€195,604
Equity
€7.1m
2024 · €7.0m+€112,257
Cash
€180,673
2024 · €76,429+€104,244
Balance sheet total
€8.6m
2024 · €8.6m-€49,631
Largest movements
Assets
- Tangible fixed assets -€385,771
down €385,771 (-4.9%), from €7.9m to €7.5m
of which Land and buildings: -€378,282
- Receivables within one year +€232,884
up €232,884 (+4783.6%), from €4,868 to €237,752
of which Other amounts receivable: +€232,884
- Cash +€104,244
up €104,244 (+136.4%), from €76,429 to €180,673
mainly Depreciation (+€471,496) and Net result for the year (+€112,257)
Equity and liabilities
- Profit (loss) carried forward +€149,363
up €149,363 (+4.3%), from €3.5m to €3.6m
- Other debts -€145,005
down €145,005 (-14.0%), from €1.0m to €892,500
Income statement
- Gross operating margin -€356,977
down €356,977 (-32.1%), from €1.1m to €755,668
- Financial charges -€97,530
down €97,530 (-89.3%), from €109,266 to €11,736
of which Non-recurring financial charges: -€74,738
- Taxes -€66,654
down €66,654 (-38.6%), from €172,523 to €105,869
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
€307,861
Gross operating margin
-€356,977
Depreciation
-€1,266
Other operating charges
-€4,082
Financial income
+€4,731
Financial charges
+€97,530
Taxes
+€66,654
Deferred taxes and other
-€2,192
Result 2025
€112,257
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
+€252,661
Investment
-€85,725
Financing
-€62,692
Cash 2024
€76,429
From operations (derived)
+€252,661
Net result for the year
+€112,257
Depreciation
+€471,496
Receivables within one year
-€232,884
Deferred charges and accrued income
+€987
Provisions
-€14,989
Trade debts
+€47,822
Tax, wage and social debts
+€10,869
Other debts
-€145,005
Accrued charges and deferred income
+€2,107
Investment (derived)
-€85,725
Investment in fixed assets (net)
-€85,725
Financing
-€62,692
Debts after one year
-€32,323
Current portion of long-term debt
-€30,369
Cash 2025
€180,673
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,622,120 | €8,572,489 | -€49,631 | -0.6% |
| Fixed assets | 21/28 | €7,934,182 | €7,548,411 | -€385,771 | -4.9% |
| Tangible fixed assets | 22/27 | €7,934,182 | €7,548,411 | -€385,771 | -4.9% |
| Land and buildings | 22 | €7,466,998 | €7,088,716 | -€378,282 | -5.1% |
| Plant, machinery and equipment | 23 | €451,560 | €436,866 | -€14,694 | -3.3% |
| Furniture and vehicles | 24 | €15,624 | €22,830 | +€7,206 | +46.1% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €687,938 | €1,024,078 | +€336,140 | +48.9% |
| Amounts receivable after more than one year | 29 | €595,000 | €595,000 | = | 0.0% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €595,000 | €595,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,868 | €237,752 | +€232,884 | +4783.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €4,868 | €237,752 | +€232,884 | +4783.6% |
| Cash at bank and in hand | 54/58 | €76,429 | €180,673 | +€104,244 | +136.4% |
| Deferred charges and accrued income | 490/1 | €11,640 | €10,653 | -€987 | -8.5% |
| Total equity and liabilities | 10/49 | €8,622,120 | €8,572,489 | -€49,631 | -0.6% |
| Equity | 10/15 | €7,018,666 | €7,130,923 | +€112,257 | +1.6% |
| Contributions | 10/11 | €2,684,626 | €2,684,626 | = | 0.0% |
| Capital | 10 | €2,684,626 | €2,684,626 | = | 0.0% |
| Issued capital | 100 | €2,684,626 | €2,684,626 | = | 0.0% |
| Reserves | 13 | €842,934 | €805,828 | -€37,106 | -4.4% |
| Non-distributable reserves | 130/1 | €205,108 | €212,970 | +€7,861 | +3.8% |
| Legal reserve | 130 | €205,108 | €212,970 | +€7,861 | +3.8% |
| Tax-exempt reserves | 132 | €230,747 | €185,780 | -€44,967 | -19.5% |
| Distributable reserves | 133 | €407,079 | €407,079 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,491,106 | €3,640,469 | +€149,363 | +4.3% |
| Provisions and deferred taxes | 16 | €76,916 | €61,927 | -€14,989 | -19.5% |
| Deferred taxes | 168 | €76,916 | €61,927 | -€14,989 | -19.5% |
| Amounts payable | 17/49 | €1,526,539 | €1,379,640 | -€146,899 | -9.6% |
| Amounts payable after more than one year | 17 | €77,351 | €45,028 | -€32,323 | -41.8% |
| Financial debts | 170/4 | €77,351 | €45,028 | -€32,323 | -41.8% |
| Amounts payable within one year | 42/48 | €1,280,082 | €1,163,400 | -€116,683 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €127,056 | €96,687 | -€30,369 | -23.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €82,549 | €130,372 | +€47,822 | +57.9% |
| Suppliers | 440/4 | €82,549 | €130,372 | +€47,822 | +57.9% |
| Taxes, remuneration and social security | 45 | €32,971 | €43,841 | +€10,869 | +33.0% |
| Taxes | 450/3 | €32,971 | €43,841 | +€10,869 | +33.0% |
| Other amounts payable | 47/48 | €1,037,505 | €892,500 | -€145,005 | -14.0% |
| Accrued charges and deferred income | 492/3 | €169,106 | €171,213 | +€2,107 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €470,229 | €471,496 | +€1,266 | +0.3% |
| Other operating charges | 640/8 | €86,045 | €90,128 | +€4,082 | +4.7% |
| Gross operating margin | 9900 | €1,112,645 | €755,668 | -€356,977 | -32.1% |
| Operating profit (loss) | 9901 | €556,371 | €194,045 | -€362,326 | -65.1% |
| Financial income | 75/76B | €16,097 | €20,828 | +€4,731 | +29.4% |
| Recurring financial income | 75 | €16,097 | €20,828 | +€4,731 | +29.4% |
| Financial charges | 65/66B | €109,266 | €11,736 | -€97,530 | -89.3% |
| Recurring financial charges | 65 | €34,528 | €11,736 | -€22,792 | -66.0% |
| Non-recurring financial charges | 66B | €74,738 | €0 | -€74,738 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €463,202 | €203,137 | -€260,065 | -56.1% |
| Transfer from deferred taxes | 780 | €17,181 | €14,989 | -€2,192 | -12.8% |
| Income taxes | 67/77 | €172,523 | €105,869 | -€66,654 | -38.6% |
| Profit (loss) for the period | 9904 | €307,861 | €112,257 | -€195,604 | -63.5% |
| Transfer from tax-exempt reserves | 789 | €51,544 | €44,967 | -€6,577 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €359,405 | €157,224 | -€202,180 | -56.3% |
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 5 October 2026 via checked.be.