GD IMMO: 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.
GD IMMO
Largest movements
- Tangible fixed assets +€64,367
up €64,367 (+24.1%), from €266,956 to €331,323
of which Furniture and vehicles: +€122,661
- Stocks and contracts -€21,451
down €21,451 (-99.1%), from €21,645 to €195
- Receivables within one year -€20,108
down €20,108 (-13.3%), from €151,581 to €131,473
of which Trade receivables: -€18,406
- Cash +€11,883
up €11,883 (+23.7%), from €50,131 to €62,014
mainly Net result for the year (+€141,116) and Depreciation (+€85,267)
- Reserves +€141,400
up €141,400 (+66.9%), from €211,400 to €352,800
of which Distributable reserves: +€141,400
- Trade debts -€120,337
down €120,337 (-82.0%), from €146,818 to €26,482
- Tax, wage and social debts +€12,036
up €12,036 (+131.8%), from €9,130 to €21,167
of which Taxes: +€20,167
- Gross operating margin +€83,512
up €83,512 (+21.6%), from €386,401 to €469,912
- Staff costs -€72,118
down €72,118 (-27.7%), from €260,518 to €188,400
- Depreciation +€47,451
up €47,451 (+125.5%), from €37,816 to €85,267
- Taxes +€40,572
up €40,572 (+209.3%), from €19,388 to €59,959
- Financial income +€12,436
up €12,436 (+49.9%), from €24,907 to €37,343
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 | €491,632 | €525,174 | +€33,542 | +6.8% |
| Fixed assets | 21/28 | €267,126 | €331,493 | +€64,367 | +24.1% |
| Tangible fixed assets | 22/27 | €266,956 | €331,323 | +€64,367 | +24.1% |
| Land and buildings | 22 | €149,220 | €127,322 | -€21,899 | -14.7% |
| Plant, machinery and equipment | 23 | €36,395 | - | -€36,395 | |
| Furniture and vehicles | 24 | €81,341 | €204,002 | +€122,661 | +150.8% |
| Financial fixed assets | 28 | €170 | €170 | = | 0.0% |
| Current assets | 29/58 | €224,506 | €193,681 | -€30,825 | -13.7% |
| Stocks and contracts in progress | 3 | €21,645 | €195 | -€21,451 | -99.1% |
| Stocks | 30/36 | €21,645 | €195 | -€21,451 | -99.1% |
| Amounts receivable within one year | 40/41 | €151,581 | €131,473 | -€20,108 | -13.3% |
| Trade receivables | 40 | €88,808 | €70,402 | -€18,406 | -20.7% |
| Other amounts receivable | 41 | €62,773 | €61,071 | -€1,702 | -2.7% |
| Cash at bank and in hand | 54/58 | €50,131 | €62,014 | +€11,883 | +23.7% |
| Deferred charges and accrued income | 490/1 | €1,149 | - | -€1,149 | |
| Total equity and liabilities | 10/49 | €491,632 | €525,174 | +€33,542 | +6.8% |
| Equity | 10/15 | €335,684 | €476,800 | +€141,116 | +42.0% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €211,400 | €352,800 | +€141,400 | +66.9% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Distributable reserves | 133 | €199,000 | €340,400 | +€141,400 | +71.1% |
| Profit (loss) carried forward | 14 | €284 | - | -€284 | |
| Amounts payable | 17/49 | €155,948 | €48,375 | -€107,574 | -69.0% |
| Amounts payable within one year | 42/48 | €155,948 | €48,375 | -€107,574 | -69.0% |
| Trade debts | 44 | €146,818 | €26,482 | -€120,337 | -82.0% |
| Suppliers | 440/4 | €146,818 | €26,482 | -€120,337 | -82.0% |
| Taxes, remuneration and social security | 45 | €9,130 | €21,167 | +€12,036 | +131.8% |
| Taxes | 450/3 | €1,000 | €21,167 | +€20,167 | +2016.7% |
| Remuneration and social security | 454/9 | €8,130 | - | -€8,130 | |
| Other amounts payable | 47/48 | - | €726 | +€726 | |
| Non-recurring operating income | 76A | - | €95,000 | +€95,000 | |
| Remuneration, social security and pensions | 62 | €260,518 | €188,400 | -€72,118 | -27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,816 | €85,267 | +€47,451 | +125.5% |
| Other operating charges | 640/8 | €19,986 | €18,631 | -€1,355 | -6.8% |
| Non-recurring operating charges | 66A | - | €11,873 | +€11,873 | |
| Gross operating margin | 9900 | €386,401 | €469,912 | +€83,512 | +21.6% |
| Operating profit (loss) | 9901 | €68,081 | €165,742 | +€97,661 | +143.4% |
| Financial income | 75/76B | €24,907 | €37,343 | +€12,436 | +49.9% |
| Recurring financial income | 75 | €24,907 | €37,343 | +€12,436 | +49.9% |
| Financial charges | 65/66B | €3,568 | €2,009 | -€1,559 | -43.7% |
| Recurring financial charges | 65 | €3,568 | €2,009 | -€1,559 | -43.7% |
| Profit (loss) for the period before taxes | 9903 | €89,419 | €201,075 | +€111,656 | +124.9% |
| Income taxes | 67/77 | €19,388 | €59,959 | +€40,572 | +209.3% |
| Profit (loss) for the period | 9904 | €70,032 | €141,116 | +€71,084 | +101.5% |
| Profit (loss) for the period to be appropriated | 9905 | €70,032 | €141,116 | +€71,084 | +101.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.