G.G.V.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.G.V.IMMO
Largest movements
- Stocks and contracts -€851,686
down €851,686 (-77.2%), from €1.1m to €250,973
- Cash +€209,848
up €209,848 (+2,981%), from €7,039 to €216,887
mainly Stocks and contracts (+€851,686) and Depreciation (+€101,727)
- Tangible fixed assets -€80,898
down €80,898 (-3.3%), from €2.4m to €2.3m
of which Land and buildings: -€48,532
- Short-term financial debts -€650,000
down €650,000 (-86.7%), from €750,000 to €100,000
- Debts after one year -€110,575
down €110,575 (-9.0%), from €1.2m to €1.1m
- Other debts +€89,972
up €89,972 (+8.7%), from €1.0m to €1.1m
- Trade debts -€48,403
down €48,403 (-56.4%), from €85,847 to €37,444
- Profit (loss) carried forward +€42,720
up €42,720 (+21.0%), from €203,735 to €246,455
- Gross operating margin +€49,335
up €49,335 (+25.4%), from €194,582 to €243,917
- Other operating charges +€15,879
up €15,879 (+71.3%), from €22,271 to €38,151
- Financial charges -€15,042
down €15,042 (-28.8%), from €52,200 to €37,158
- Taxes +€10,361
up €10,361 (+71.5%), from €14,483 to €24,844
- Depreciation +€4,065
up €4,065 (+4.2%), from €97,662 to €101,727
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 | €3,555,970 | €2,840,984 | -€714,986 | -20.1% |
| Fixed assets | 21/28 | €2,417,436 | €2,336,538 | -€80,898 | -3.3% |
| Tangible fixed assets | 22/27 | €2,417,436 | €2,336,538 | -€80,898 | -3.3% |
| Land and buildings | 22 | €2,305,999 | €2,257,467 | -€48,532 | -2.1% |
| Plant, machinery and equipment | 23 | €4,738 | €4,710 | -€28 | -0.6% |
| Furniture and vehicles | 24 | €106,699 | €74,362 | -€32,337 | -30.3% |
| Current assets | 29/58 | €1,138,534 | €504,445 | -€634,088 | -55.7% |
| Stocks and contracts in progress | 3 | €1,102,659 | €250,973 | -€851,686 | -77.2% |
| Stocks | 30/36 | €1,102,659 | €250,973 | -€851,686 | -77.2% |
| Amounts receivable within one year | 40/41 | €28,835 | €36,585 | +€7,750 | +26.9% |
| Trade receivables | 40 | €23,108 | €27,179 | +€4,071 | +17.6% |
| Other amounts receivable | 41 | €5,728 | €9,407 | +€3,679 | +64.2% |
| Cash at bank and in hand | 54/58 | €7,039 | €216,887 | +€209,848 | +2,981% |
| Total equity and liabilities | 10/49 | €3,555,970 | €2,840,984 | -€714,986 | -20.1% |
| Equity | 10/15 | €274,299 | €317,019 | +€42,720 | +15.6% |
| Contributions | 10/11 | €7,500 | €9,360 | +€1,860 | +24.8% |
| Reserves | 13 | €63,064 | €61,204 | -€1,860 | -2.9% |
| Tax-exempt reserves | 132 | €61,204 | €61,204 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | €203,735 | €246,455 | +€42,720 | +21.0% |
| Provisions and deferred taxes | 16 | €21,016 | €20,407 | -€610 | -2.9% |
| Deferred taxes | 168 | €21,016 | €20,407 | -€610 | -2.9% |
| Amounts payable | 17/49 | €3,260,655 | €2,503,558 | -€757,097 | -23.2% |
| Amounts payable after more than one year | 17 | €1,232,465 | €1,121,890 | -€110,575 | -9.0% |
| Financial debts | 170/4 | €1,232,465 | €1,121,890 | -€110,575 | -9.0% |
| Amounts payable within one year | 42/48 | €2,028,190 | €1,381,668 | -€646,523 | -31.9% |
| Current portion of amounts payable after more than one year | 42 | €125,179 | €115,636 | -€9,543 | -7.6% |
| Financial debts | 43 | €750,000 | €100,000 | -€650,000 | -86.7% |
| Credit institutions | 430/8 | €750,000 | €100,000 | -€650,000 | -86.7% |
| Trade debts | 44 | €85,847 | €37,444 | -€48,403 | -56.4% |
| Suppliers | 440/4 | €85,847 | €37,444 | -€48,403 | -56.4% |
| Taxes, remuneration and social security | 45 | €33,671 | €5,122 | -€28,549 | -84.8% |
| Taxes | 450/3 | €33,671 | €5,122 | -€28,549 | -84.8% |
| Other amounts payable | 47/48 | €1,033,493 | €1,123,466 | +€89,972 | +8.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €5,993 | - | -€5,993 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,662 | €101,727 | +€4,065 | +4.2% |
| Other operating charges | 640/8 | €22,271 | €38,151 | +€15,879 | +71.3% |
| Gross operating margin | 9900 | €194,582 | €243,917 | +€49,335 | +25.4% |
| Operating profit (loss) | 9901 | €74,648 | €104,039 | +€29,391 | +39.4% |
| Financial income | 75/76B | €1,907 | €74 | -€1,832 | -96.1% |
| Recurring financial income | 75 | €1,907 | €74 | -€1,832 | -96.1% |
| Financial charges | 65/66B | €52,200 | €37,158 | -€15,042 | -28.8% |
| Recurring financial charges | 65 | €52,200 | €37,158 | -€15,042 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €24,354 | €66,955 | +€42,601 | +175% |
| Transfer from deferred taxes | 780 | €610 | €610 | = | 0.0% |
| Income taxes | 67/77 | €14,483 | €24,844 | +€10,361 | +71.5% |
| Profit (loss) for the period | 9904 | €10,481 | €42,720 | +€32,240 | +308% |
| Transfer from tax-exempt reserves | 789 | €2,439 | - | -€2,439 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,919 | €42,720 | +€29,801 | +231% |
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 30 October 2026 via checked.be.