GASPA: 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
GASPA
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
€8,673
2024 · -€2,881+€11,553
Equity
€668,939
2024 · €673,282-€4,343
Cash
€30,384
2024 · €1,354+€29,030
Balance sheet total
€1.4m
2024 · €1.4m-€26,624
Largest movements
Assets
- Tangible fixed assets -€39,326
down €39,326 (-4.9%), from €807,305 to €767,979
of which Land and buildings: -€30,069
- Cash +€29,030
up €29,030 (+2,143%), from €1,354 to €30,384
mainly Depreciation (+€67,615) and Trade debts (+€17,351)
Equity and liabilities
- Debts after one year -€26,592
down €26,592 (-5.8%), from €461,987 to €435,395
- Trade debts +€17,351
up €17,351 (+2,136%), from €812 to €18,163
Income statement
- Financial charges +€8,595
up €8,595 (+84.6%), from €10,162 to €18,757
- Gross operating margin +€8,100
up €8,100 (+10.0%), from €80,829 to €88,928
- Depreciation +€939
up €939 (+1.4%), from €66,677 to €67,615
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
-€2,881
Gross operating margin
+€8,100
Depreciation
-€939
Other operating charges
-€334
Financial charges
-€8,595
Taxes
+€305
Deferred taxes and other
+€13,016
Result 2025
€8,673
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
+€87,815
Investment
-€20,184
Financing
-€38,601
Cash 2024
€1,354
From operations (derived)
+€87,815
Net result for the year
+€8,673
Depreciation
+€67,615
Receivables within one year
+€8,223
Provisions
-€7,002
Trade debts
+€17,351
Tax, wage and social debts
-€986
Other debts
-€6,000
Accrued charges and deferred income
-€58
Investment (derived)
-€20,184
Investment in fixed assets (net)
-€20,184
Financing
-€38,601
Debts after one year
-€26,592
Current portion of long-term debt
+€1,006
Contributions, distributions and other
-€13,016
Cash 2025
€30,384
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,392,163 | €1,365,539 | -€26,624 | -1.9% |
| Fixed assets | 21/28 | €1,380,254 | €1,332,822 | -€47,431 | -3.4% |
| Intangible fixed assets | 21 | €72,949 | €64,843 | -€8,105 | -11.1% |
| Tangible fixed assets | 22/27 | €807,305 | €767,979 | -€39,326 | -4.9% |
| Land and buildings | 22 | €781,135 | €751,066 | -€30,069 | -3.8% |
| Plant, machinery and equipment | 23 | €16,099 | €12,050 | -€4,050 | -25.2% |
| Furniture and vehicles | 24 | €2,266 | €1,511 | -€755 | -33.3% |
| Other tangible fixed assets | 26 | €7,805 | €3,353 | -€4,452 | -57.0% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €11,910 | €32,717 | +€20,807 | +175% |
| Amounts receivable within one year | 40/41 | €10,555 | €2,333 | -€8,223 | -77.9% |
| Trade receivables | 40 | €6,050 | - | -€6,050 | |
| Other amounts receivable | 41 | €4,505 | €2,333 | -€2,173 | -48.2% |
| Cash at bank and in hand | 54/58 | €1,354 | €30,384 | +€29,030 | +2,143% |
| Total equity and liabilities | 10/49 | €1,392,163 | €1,365,539 | -€26,624 | -1.9% |
| Equity | 10/15 | €673,282 | €668,939 | -€4,343 | -0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €245,125 | €239,609 | -€5,516 | -2.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €198,071 | €185,056 | -€13,016 | -6.6% |
| Distributable reserves | 133 | €45,193 | €52,693 | +€7,500 | +16.6% |
| Profit (loss) carried forward | 14 | €409,558 | €410,730 | +€1,173 | +0.3% |
| Provisions and deferred taxes | 16 | €105,239 | €98,237 | -€7,002 | -6.7% |
| Deferred taxes | 168 | €105,239 | €98,237 | -€7,002 | -6.7% |
| Amounts payable | 17/49 | €613,642 | €598,363 | -€15,279 | -2.5% |
| Amounts payable after more than one year | 17 | €461,987 | €435,395 | -€26,592 | -5.8% |
| Financial debts | 170/4 | €461,987 | €435,395 | -€26,592 | -5.8% |
| Amounts payable within one year | 42/48 | €137,597 | €148,968 | +€11,371 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €25,586 | €26,592 | +€1,006 | +3.9% |
| Trade debts | 44 | €812 | €18,163 | +€17,351 | +2,136% |
| Suppliers | 440/4 | €812 | €18,163 | +€17,351 | +2,136% |
| Taxes, remuneration and social security | 45 | €1,755 | €769 | -€986 | -56.2% |
| Taxes | 450/3 | €1,000 | €24 | -€976 | -97.6% |
| Remuneration and social security | 454/9 | €755 | €745 | -€10 | -1.3% |
| Other amounts payable | 47/48 | €109,444 | €103,444 | -€6,000 | -5.5% |
| Accrued charges and deferred income | 492/3 | €14,058 | €14,000 | -€58 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,677 | €67,615 | +€939 | +1.4% |
| Other operating charges | 640/8 | €8,543 | €8,877 | +€334 | +3.9% |
| Gross operating margin | 9900 | €80,829 | €88,928 | +€8,100 | +10.0% |
| Operating profit (loss) | 9901 | €5,609 | €12,436 | +€6,827 | +122% |
| Financial charges | 65/66B | €10,162 | €18,757 | +€8,595 | +84.6% |
| Recurring financial charges | 65 | €10,162 | €18,757 | +€8,595 | +84.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,553 | -€6,321 | -€1,768 | -38.8% |
| Transfer from deferred taxes | 780 | €7,002 | €20,017 | +€13,016 | +186% |
| Income taxes | 67/77 | €5,329 | €5,024 | -€305 | -5.7% |
| Profit (loss) for the period | 9904 | -€2,881 | €8,673 | +€11,553 | |
| Transfer from tax-exempt reserves | 789 | €13,016 | - | -€13,016 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,135 | €8,673 | -€1,463 | -14.4% |
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 16 October 2026 via checked.be.