GAUDER 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.
What changed
GAUDER IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€22,733
2024 · €76,536-€53,804
Equity
€1.1m
2024 · €1.1m+€17,028
Cash
€5,746
2024 · €1,887+€3,859
Balance sheet total
€2.6m
2024 · €2.4m+€259,692
Largest movements
Assets
- Tangible fixed assets +€181,477
up €181,477 (+13.2%), from €1.4m to €1.6m
of which Land and buildings: +€180,478
- Receivables within one year +€96,825
up €96,825 (+9.9%), from €982,684 to €1.1m
of which Other amounts receivable: +€72,505
Equity and liabilities
- Debts after one year +€174,946
up €174,946 (+26.7%), from €654,663 to €829,609
of which Financial debts: +€178,346
- Trade debts +€161,680
up €161,680 (+83.5%), from €193,657 to €355,336
- Accrued charges and deferred income -€55,800
down €55,800 (-44.5%), from €125,264 to €69,464
- Current portion of long-term debt +€37,278
up €37,278 (+45.9%), from €81,181 to €118,459
- Tax, wage and social debts -€36,566
down €36,566 (-56.6%), from €64,594 to €28,028
of which Taxes: -€41,021
Income statement
- Depreciation +€51,428
up €51,428 (+31.0%), from €165,926 to €217,354
- Other operating charges -€34,871
down €34,871 (-20.4%), from €170,575 to €135,704
- Staff costs +€32,212
up €32,212 (+236%), from €13,672 to €45,884
- Write-downs +€28,000
up €28,000, from -€9,000 to €19,000
- Taxes -€10,891
down €10,891 (-49.8%), from €21,849 to €10,958
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
€76,536
Gross operating margin
+€10,763
Staff costs
-€32,212
Depreciation
-€51,428
Write-downs
-€28,000
Other operating charges
+€34,871
Financial income
+€873
Financial charges
-€6,525
Taxes
+€10,891
Deferred taxes and other
+€6,966
Result 2025
€22,733
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
+€202,471
Investment
-€398,831
Financing
+€200,219
Cash 2024
€1,887
From operations (derived)
+€202,471
Net result for the year
+€22,733
Depreciation
+€217,354
Receivables within one year
-€96,825
Deferred charges and accrued income
+€22,470
Provisions
-€16,564
Trade debts
+€161,680
Tax, wage and social debts
-€36,566
Other debts
-€16,010
Accrued charges and deferred income
-€55,800
Investment (derived)
-€398,831
Investment in fixed assets (net)
-€398,831
Financing
+€200,219
Debts after one year
+€174,946
Current portion of long-term debt
+€37,278
Short-term financial debts
-€6,300
Contributions, distributions and other
-€5,704
Cash 2025
€5,746
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,389,881 | €2,649,572 | +€259,692 | +10.9% |
| Fixed assets | 21/28 | €1,375,362 | €1,556,839 | +€181,477 | +13.2% |
| Tangible fixed assets | 22/27 | €1,375,157 | €1,556,634 | +€181,477 | +13.2% |
| Land and buildings | 22 | €1,272,999 | €1,453,478 | +€180,478 | +14.2% |
| Plant, machinery and equipment | 23 | €92,739 | €99,357 | +€6,618 | +7.1% |
| Furniture and vehicles | 24 | €9,419 | €3,800 | -€5,619 | -59.7% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €1,014,519 | €1,092,733 | +€78,214 | +7.7% |
| Amounts receivable within one year | 40/41 | €982,684 | €1,079,509 | +€96,825 | +9.9% |
| Trade receivables | 40 | €68,080 | €92,400 | +€24,320 | +35.7% |
| Other amounts receivable | 41 | €914,604 | €987,110 | +€72,505 | +7.9% |
| Cash at bank and in hand | 54/58 | €1,887 | €5,746 | +€3,859 | +204% |
| Deferred charges and accrued income | 490/1 | €29,947 | €7,477 | -€22,470 | -75.0% |
| Total equity and liabilities | 10/49 | €2,389,881 | €2,649,572 | +€259,692 | +10.9% |
| Equity | 10/15 | €1,098,937 | €1,115,966 | +€17,028 | +1.5% |
| Contributions | 10/11 | €325,000 | €325,000 | = | 0.0% |
| Capital | 10 | €325,000 | €325,000 | = | 0.0% |
| Issued capital | 100 | €325,000 | €325,000 | = | 0.0% |
| Reserves | 13 | €749,053 | €769,360 | +€20,307 | +2.7% |
| Non-distributable reserves | 130/1 | €32,500 | €32,500 | = | 0.0% |
| Legal reserve | 130 | €32,500 | €32,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €422,553 | €372,860 | -€49,693 | -11.8% |
| Distributable reserves | 133 | €294,000 | €364,000 | +€70,000 | +23.8% |
| Profit (loss) carried forward | 14 | €4,274 | €6,700 | +€2,426 | +56.8% |
| Investment grants | 15 | €20,610 | €14,906 | -€5,704 | -27.7% |
| Provisions and deferred taxes | 16 | €140,851 | €124,287 | -€16,564 | -11.8% |
| Deferred taxes | 168 | €140,851 | €124,287 | -€16,564 | -11.8% |
| Amounts payable | 17/49 | €1,150,092 | €1,409,320 | +€259,227 | +22.5% |
| Amounts payable after more than one year | 17 | €654,663 | €829,609 | +€174,946 | +26.7% |
| Financial debts | 170/4 | €601,431 | €779,777 | +€178,346 | +29.7% |
| Other amounts payable | 178/9 | €53,232 | €49,832 | -€3,400 | -6.4% |
| Amounts payable within one year | 42/48 | €370,165 | €510,247 | +€140,082 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €81,181 | €118,459 | +€37,278 | +45.9% |
| Financial debts | 43 | €14,724 | €8,424 | -€6,300 | -42.8% |
| Credit institutions | 430/8 | €14,724 | €8,424 | -€6,300 | -42.8% |
| Trade debts | 44 | €193,657 | €355,336 | +€161,680 | +83.5% |
| Suppliers | 440/4 | €193,657 | €355,336 | +€161,680 | +83.5% |
| Taxes, remuneration and social security | 45 | €64,594 | €28,028 | -€36,566 | -56.6% |
| Taxes | 450/3 | €64,154 | €23,133 | -€41,021 | -63.9% |
| Remuneration and social security | 454/9 | €440 | €4,895 | +€4,456 | +1,014% |
| Other amounts payable | 47/48 | €16,010 | - | -€16,010 | |
| Accrued charges and deferred income | 492/3 | €125,264 | €69,464 | -€55,800 | -44.5% |
| Remuneration, social security and pensions | 62 | €13,672 | €45,884 | +€32,212 | +236% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,926 | €217,354 | +€51,428 | +31.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,000 | €19,000 | +€28,000 | |
| Other operating charges | 640/8 | €170,575 | €135,704 | -€34,871 | -20.4% |
| Gross operating margin | 9900 | €458,588 | €469,351 | +€10,763 | +2.3% |
| Operating profit (loss) | 9901 | €117,415 | €51,408 | -€66,007 | -56.2% |
| Financial income | 75/76B | €5,728 | €6,601 | +€873 | +15.2% |
| Recurring financial income | 75 | €5,728 | €6,601 | +€873 | +15.2% |
| Financial charges | 65/66B | €34,357 | €40,882 | +€6,525 | +19.0% |
| Recurring financial charges | 65 | €34,357 | €40,882 | +€6,525 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | €88,786 | €17,126 | -€71,660 | -80.7% |
| Transfer from deferred taxes | 780 | €9,599 | €16,564 | +€6,966 | +72.6% |
| Income taxes | 67/77 | €21,849 | €10,958 | -€10,891 | -49.8% |
| Profit (loss) for the period | 9904 | €76,536 | €22,733 | -€53,804 | -70.3% |
| Transfer from tax-exempt reserves | 789 | €28,796 | €49,693 | +€20,897 | +72.6% |
| Profit (loss) for the period to be appropriated | 9905 | €105,333 | €72,426 | -€32,907 | -31.2% |
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.