GCN 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.
GCN IMMO
Largest movements
- Financial fixed assets -€651,731
down €651,731 (-92.9%), from €701,731 to €50,000
- Tangible fixed assets +€339,482
up €339,482 (+25.0%), from €1.4m to €1.7m
of which Land and buildings: +€340,584
- Cash +€275,608
up €275,608 (+519%), from €53,066 to €328,674
mainly Investment in fixed assets (net) (+€216,420) and Depreciation (+€95,830)
- Deferred charges and accrued income -€25,300
no longer reported in 2025 (was €25,300)
- Debts after one year -€131,082
down €131,082 (-26.9%), from €487,879 to €356,797
- Profit (loss) carried forward +€83,287
up €83,287 (+42.3%), from €196,842 to €280,129
- Tax, wage and social debts +€27,500
new in 2025: €27,500
- Gross operating margin +€156,874
up €156,874 (+75.0%), from €209,055 to €365,929
- Taxes +€24,141
up €24,141 (+1,263%), from €1,912 to €26,052
- Depreciation +€17,701
up €17,701 (+22.7%), from €78,129 to €95,830
- Other operating charges -€6,210
down €6,210 (-6.9%), from €90,581 to €84,372
- Financial charges -€4,224
down €4,224 (-25.5%), from €16,553 to €12,330
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 | €2,170,763 | €2,113,778 | -€56,985 | -2.6% |
| Fixed assets | 21/28 | €2,057,398 | €1,745,148 | -€312,250 | -15.2% |
| Tangible fixed assets | 22/27 | €1,355,666 | €1,695,148 | +€339,482 | +25.0% |
| Land and buildings | 22 | €1,353,972 | €1,694,556 | +€340,584 | +25.2% |
| Plant, machinery and equipment | 23 | €1,694 | €592 | -€1,102 | -65.1% |
| Financial fixed assets | 28 | €701,731 | €50,000 | -€651,731 | -92.9% |
| Current assets | 29/58 | €113,366 | €368,630 | +€255,265 | +225% |
| Amounts receivable within one year | 40/41 | €35,000 | €39,956 | +€4,956 | +14.2% |
| Other amounts receivable | 41 | €35,000 | €39,956 | +€4,956 | +14.2% |
| Cash at bank and in hand | 54/58 | €53,066 | €328,674 | +€275,608 | +519% |
| Deferred charges and accrued income | 490/1 | €25,300 | - | -€25,300 | |
| Total equity and liabilities | 10/49 | €2,170,763 | €2,113,778 | -€56,985 | -2.6% |
| Equity | 10/15 | €1,153,842 | €1,237,129 | +€83,287 | +7.2% |
| Contributions | 10/11 | €870,000 | €870,000 | = | 0.0% |
| Reserves | 13 | €87,000 | €87,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €87,000 | €87,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €87,000 | €87,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €196,842 | €280,129 | +€83,287 | +42.3% |
| Amounts payable | 17/49 | €1,016,921 | €876,649 | -€140,273 | -13.8% |
| Amounts payable after more than one year | 17 | €487,879 | €356,797 | -€131,082 | -26.9% |
| Financial debts | 170/4 | €487,879 | €356,797 | -€131,082 | -26.9% |
| Amounts payable within one year | 42/48 | €529,042 | €519,852 | -€9,190 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €160,126 | €143,436 | -€16,690 | -10.4% |
| Taxes, remuneration and social security | 45 | - | €27,500 | +€27,500 | |
| Taxes | 450/3 | - | €27,500 | +€27,500 | |
| Other amounts payable | 47/48 | €368,916 | €348,916 | -€20,000 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,129 | €95,830 | +€17,701 | +22.7% |
| Other operating charges | 640/8 | €90,581 | €84,372 | -€6,210 | -6.9% |
| Non-recurring operating charges | 66A | - | €64,058 | +€64,058 | |
| Gross operating margin | 9900 | €209,055 | €365,929 | +€156,874 | +75.0% |
| Operating profit (loss) | 9901 | €40,345 | €121,670 | +€81,325 | +202% |
| Financial charges | 65/66B | €16,553 | €12,330 | -€4,224 | -25.5% |
| Recurring financial charges | 65 | €16,553 | €12,330 | -€4,224 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | €23,791 | €109,340 | +€85,549 | +360% |
| Income taxes | 67/77 | €1,912 | €26,052 | +€24,141 | +1,263% |
| Profit (loss) for the period | 9904 | €21,879 | €83,287 | +€61,408 | +281% |
| Profit (loss) for the period to be appropriated | 9905 | €21,879 | €83,287 | +€61,408 | +281% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.