GC 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.
GC Immo
Largest movements
- Tangible fixed assets +€738,506
up €738,506 (+7880.3%), from €9,372 to €747,877
of which Land and buildings: +€735,762
- Receivables within one year -€101,348
down €101,348 (-49.7%), from €203,856 to €102,508
of which Other amounts receivable: -€70,838
- Cash -€79,549
down €79,549 (-94.1%), from €84,572 to €5,023
mainly Investment in fixed assets (net) (-€851,458) and Other debts (-€32,026)
- Deferred charges and accrued income -€19,203
down €19,203 (-91.0%), from €21,097 to €1,893
- Debts after one year +€600,536
up €600,536 (+657.7%), from €91,303 to €691,839
of which Financial debts: +€617,546
- Other debts -€32,026
down €32,026 (-49.1%), from €65,200 to €33,174
- Tax, wage and social debts -€20,533
down €20,533 (-45.6%), from €45,022 to €24,489
- Profit (loss) carried forward -€16,558
down €16,558 (-71.5%), from €23,148 to €6,589
- Current portion of long-term debt +€16,227
new in 2025: €16,227
- Depreciation +€111,124
up €111,124 (+6077.7%), from €1,828 to €112,952
- Gross operating margin +€77,824
up €77,824 (+101.3%), from €76,853 to €154,677
- Financial charges +€19,196
up €19,196 (+164.9%), from €11,644 to €30,840
- Taxes -€11,561
down €11,561 (-73.9%), from €15,644 to €4,083
- Financial income -€2,967
down €2,967 (-41.3%), from €7,178 to €4,211
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €343,895 | €882,301 | +€538,405 | +156.6% |
| Fixed assets | 21/28 | €34,372 | €772,877 | +€738,506 | +2148.6% |
| Tangible fixed assets | 22/27 | €9,372 | €747,877 | +€738,506 | +7880.3% |
| Land and buildings | 22 | €5,807 | €741,570 | +€735,762 | +12669.2% |
| Plant, machinery and equipment | 23 | €3,564 | €3,033 | -€531 | -14.9% |
| Furniture and vehicles | 24 | - | €3,275 | +€3,275 | |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €309,524 | €109,423 | -€200,101 | -64.6% |
| Amounts receivable within one year | 40/41 | €203,856 | €102,508 | -€101,348 | -49.7% |
| Trade receivables | 40 | €37,500 | €6,990 | -€30,510 | -81.4% |
| Other amounts receivable | 41 | €166,356 | €95,518 | -€70,838 | -42.6% |
| Cash at bank and in hand | 54/58 | €84,572 | €5,023 | -€79,549 | -94.1% |
| Deferred charges and accrued income | 490/1 | €21,097 | €1,893 | -€19,203 | -91.0% |
| Total equity and liabilities | 10/49 | €343,895 | €882,301 | +€538,405 | +156.6% |
| Equity | 10/15 | €112,979 | €93,242 | -€19,738 | -17.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,232 | €68,052 | -€3,180 | -4.5% |
| Tax-exempt reserves | 132 | €69,372 | €66,192 | -€3,180 | -4.6% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,148 | €6,589 | -€16,558 | -71.5% |
| Provisions and deferred taxes | 16 | €23,124 | €22,064 | -€1,060 | -4.6% |
| Deferred taxes | 168 | €23,124 | €22,064 | -€1,060 | -4.6% |
| Amounts payable | 17/49 | €207,792 | €766,995 | +€559,203 | +269.1% |
| Amounts payable after more than one year | 17 | €91,303 | €691,839 | +€600,536 | +657.7% |
| Financial debts | 170/4 | - | €617,546 | +€617,546 | |
| Other amounts payable | 178/9 | €91,303 | €74,293 | -€17,010 | -18.6% |
| Amounts payable within one year | 42/48 | €111,459 | €75,156 | -€36,302 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | - | €16,227 | +€16,227 | |
| Trade debts | 44 | €1,237 | €1,266 | +€29 | +2.4% |
| Suppliers | 440/4 | €1,237 | €1,266 | +€29 | +2.4% |
| Taxes, remuneration and social security | 45 | €45,022 | €24,489 | -€20,533 | -45.6% |
| Taxes | 450/3 | €45,022 | €24,489 | -€20,533 | -45.6% |
| Other amounts payable | 47/48 | €65,200 | €33,174 | -€32,026 | -49.1% |
| Accrued charges and deferred income | 492/3 | €5,031 | - | -€5,031 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,828 | €112,952 | +€111,124 | +6077.7% |
| Other operating charges | 640/8 | €2,216 | €3,147 | +€931 | +42.0% |
| Non-recurring operating charges | 66A | - | €5,517 | +€5,517 | |
| Gross operating margin | 9900 | €76,853 | €154,677 | +€77,824 | +101.3% |
| Operating profit (loss) | 9901 | €72,808 | €33,060 | -€39,748 | -54.6% |
| Financial income | 75/76B | €7,178 | €4,211 | -€2,967 | -41.3% |
| Recurring financial income | 75 | €7,178 | €4,211 | -€2,967 | -41.3% |
| Financial charges | 65/66B | €11,644 | €30,840 | +€19,196 | +164.9% |
| Recurring financial charges | 65 | €11,644 | €30,840 | +€19,196 | +164.9% |
| Profit (loss) for the period before taxes | 9903 | €68,342 | €6,431 | -€61,911 | -90.6% |
| Transfer from deferred taxes | 780 | - | €1,060 | +€1,060 | |
| Income taxes | 67/77 | €15,644 | €4,083 | -€11,561 | -73.9% |
| Profit (loss) for the period | 9904 | €52,698 | €3,408 | -€49,290 | -93.5% |
| Transfer from tax-exempt reserves | 789 | - | €3,180 | +€3,180 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,698 | €6,588 | -€46,110 | -87.5% |
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 12 October 2026 via checked.be.