G & T: 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 & T
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€230,868
2025 · -€33,320+€264,188
Equity
€292,195
2025 · €93,439+€198,756
Cash
€65
2025 · €1,874-€1,809
Balance sheet total
€384,291
2025 · €127,858+€256,434
Largest movements
Assets
- Receivables within one year +€384,227
new in 2026: €384,227
- Tangible fixed assets -€125,827
down €125,827 (-100.0%), from €125,827 to €0
of which Land and buildings: -€124,202
Equity and liabilities
- Reserves +€165,436
up €165,436 (+155.0%), from €106,759 to €272,195
of which Tax-exempt reserves: +€179,195
- Provisions +€59,732
new in 2026: €59,732
- Profit (loss) carried forward +€33,320
up €33,320, from -€33,320 to €0
- Other debts +€32,112
new in 2026: €32,112
- Current portion of long-term debt -€20,798
down €20,798 (-100.0%), from €20,798 to €0
Income statement
- Gross operating margin +€302,841
up €302,841, from -€10,277 to €292,563
- Depreciation -€19,852
down €19,852 (-100.0%), from €19,852 to €0
- Financial income +€7,900
up €7,900 (+1655.3%), from €477 to €8,377
- Taxes +€6,052
new in 2026: €6,052
From the 2025 result to the 2026 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 2025
-€33,320
Gross operating margin
+€302,841
Depreciation
+€19,852
Other operating charges
-€110
Financial income
+€7,900
Financial charges
-€511
Taxes
-€6,052
Deferred taxes and other
-€59,732
Result 2026
€230,868
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€61,884
Investment
+€125,827
Financing
-€65,752
Cash 2025
€1,874
From operations (derived)
-€61,884
Net result for the year
+€230,868
Receivables within one year
-€384,227
Smaller working-capital items
-€369
Provisions
+€59,732
Other debts
+€32,112
Investment (derived)
+€125,827
Investment in fixed assets (net)
+€125,827
Financing
-€65,752
Debts after one year
-€12,842
Current portion of long-term debt
-€20,798
Contributions, distributions and other
-€32,112
Cash 2026
€65
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,858 | €384,291 | +€256,434 | +200.6% |
| Fixed assets | 21/28 | €125,827 | €0 | -€125,827 | -100.0% |
| Tangible fixed assets | 22/27 | €125,827 | €0 | -€125,827 | -100.0% |
| Land and buildings | 22 | €124,202 | €0 | -€124,202 | -100.0% |
| Plant, machinery and equipment | 23 | €1,625 | €0 | -€1,625 | -100.0% |
| Current assets | 29/58 | €2,030 | €384,291 | +€382,261 | +18827.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | - | €384,227 | +€384,227 | |
| Other amounts receivable | 41 | - | €384,227 | +€384,227 | |
| Cash at bank and in hand | 54/58 | €1,874 | €65 | -€1,809 | -96.6% |
| Deferred charges and accrued income | 490/1 | €157 | €0 | -€157 | -100.0% |
| Total equity and liabilities | 10/49 | €127,858 | €384,291 | +€256,434 | +200.6% |
| Equity | 10/15 | €93,439 | €292,195 | +€198,756 | +212.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €106,759 | €272,195 | +€165,436 | +155.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €64,500 | €243,695 | +€179,195 | +277.8% |
| Distributable reserves | 133 | €40,259 | €26,500 | -€13,759 | -34.2% |
| Profit (loss) carried forward | 14 | -€33,320 | €0 | +€33,320 | |
| Provisions and deferred taxes | 16 | - | €59,732 | +€59,732 | |
| Deferred taxes | 168 | - | €59,732 | +€59,732 | |
| Amounts payable | 17/49 | €34,418 | €32,364 | -€2,054 | -6.0% |
| Amounts payable after more than one year | 17 | €12,842 | €0 | -€12,842 | -100.0% |
| Financial debts | 170/4 | €8,493 | €0 | -€8,493 | -100.0% |
| Other amounts payable | 178/9 | €4,349 | €0 | -€4,349 | -100.0% |
| Amounts payable within one year | 42/48 | €21,526 | €32,262 | +€10,736 | +49.9% |
| Current portion of amounts payable after more than one year | 42 | €20,798 | €0 | -€20,798 | -100.0% |
| Trade debts | 44 | €728 | €148 | -€580 | -79.7% |
| Suppliers | 440/4 | €728 | €148 | -€580 | -79.7% |
| Taxes, remuneration and social security | 45 | - | €2 | +€2 | |
| Taxes | 450/3 | - | €2 | +€2 | |
| Other amounts payable | 47/48 | - | €32,112 | +€32,112 | |
| Accrued charges and deferred income | 492/3 | €50 | €102 | +€52 | +104.3% |
| Non-recurring operating income | 76A | - | €305,013 | +€305,013 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,852 | €0 | -€19,852 | -100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,344 | €2,454 | +€110 | +4.7% |
| Gross operating margin | 9900 | -€10,277 | €292,563 | +€302,841 | |
| Operating profit (loss) | 9901 | -€32,473 | €290,109 | +€322,582 | |
| Financial income | 75/76B | €477 | €8,377 | +€7,900 | +1655.3% |
| Recurring financial income | 75 | €477 | €8,377 | +€7,900 | +1655.3% |
| Financial charges | 65/66B | €1,324 | €1,835 | +€511 | +38.6% |
| Recurring financial charges | 65 | €1,324 | €1,835 | +€511 | +38.6% |
| Profit (loss) for the period before taxes | 9903 | -€33,320 | €296,652 | +€329,971 | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Transfer to deferred taxes | 680 | - | €59,732 | +€59,732 | |
| Income taxes | 67/77 | - | €6,052 | +€6,052 | |
| Profit (loss) for the period | 9904 | -€33,320 | €230,868 | +€264,188 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | - | €179,195 | +€179,195 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,320 | €51,673 | +€84,992 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.