GD 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.
GD IMMO
Largest movements
- Tangible fixed assets -€20,978
down €20,978 (-6.2%), from €340,766 to €319,787
- Cash +€9,113
up €9,113 (+52.4%), from €17,381 to €26,493
mainly Depreciation (+€20,978) and Tax, wage and social debts (+€5,354)
- Receivables within one year +€4,055
up €4,055 (+122.3%), from €3,317 to €7,372
of which Trade receivables: +€4,529
- Debts after one year -€23,985
down €23,985 (-9.2%), from €261,522 to €237,537
- Tax, wage and social debts +€5,354
up €5,354 (+614.0%), from €872 to €6,226
- Accrued charges and deferred income +€4,093
new in 2025: €4,093
- Gross operating margin +€2,276
up €2,276 (+6.2%), from €36,613 to €38,889
- Depreciation +€984
up €984 (+4.9%), from €19,994 to €20,978
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 | €362,740 | €356,236 | -€6,505 | -1.8% |
| Fixed assets | 21/28 | €340,766 | €319,787 | -€20,978 | -6.2% |
| Tangible fixed assets | 22/27 | €340,766 | €319,787 | -€20,978 | -6.2% |
| Land and buildings | 22 | €254,838 | €247,063 | -€7,775 | -3.1% |
| Furniture and vehicles | 24 | €17,932 | €12,932 | -€5,000 | -27.9% |
| Other tangible fixed assets | 26 | €67,996 | €59,793 | -€8,203 | -12.1% |
| Current assets | 29/58 | €21,975 | €36,449 | +€14,474 | +65.9% |
| Amounts receivable within one year | 40/41 | €3,317 | €7,372 | +€4,055 | +122.3% |
| Trade receivables | 40 | €2,844 | €7,372 | +€4,529 | +159.3% |
| Other amounts receivable | 41 | €473 | - | -€473 | |
| Cash at bank and in hand | 54/58 | €17,381 | €26,493 | +€9,113 | +52.4% |
| Deferred charges and accrued income | 490/1 | €1,278 | €2,583 | +€1,306 | +102.2% |
| Total equity and liabilities | 10/49 | €362,740 | €356,236 | -€6,505 | -1.8% |
| Equity | 10/15 | -€346 | €2,828 | +€3,174 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,346 | €828 | +€3,174 | |
| Amounts payable | 17/49 | €363,086 | €353,408 | -€9,678 | -2.7% |
| Amounts payable after more than one year | 17 | €261,522 | €237,537 | -€23,985 | -9.2% |
| Financial debts | 170/4 | €261,522 | €237,537 | -€23,985 | -9.2% |
| Amounts payable within one year | 42/48 | €101,564 | €111,778 | +€10,214 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €22,924 | €23,985 | +€1,061 | +4.6% |
| Trade debts | 44 | €168 | €2,367 | +€2,199 | +1306.7% |
| Suppliers | 440/4 | €168 | €2,367 | +€2,199 | +1306.7% |
| Taxes, remuneration and social security | 45 | €872 | €6,226 | +€5,354 | +614.0% |
| Taxes | 450/3 | €872 | €6,226 | +€5,354 | +614.0% |
| Other amounts payable | 47/48 | €77,600 | €79,200 | +€1,600 | +2.1% |
| Accrued charges and deferred income | 492/3 | - | €4,093 | +€4,093 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,994 | €20,978 | +€984 | +4.9% |
| Other operating charges | 640/8 | €1,634 | €1,681 | +€47 | +2.8% |
| Gross operating margin | 9900 | €36,613 | €38,889 | +€2,276 | +6.2% |
| Operating profit (loss) | 9901 | €14,984 | €16,229 | +€1,245 | +8.3% |
| Financial income | 75/76B | - | €22 | +€22 | |
| Recurring financial income | 75 | - | €22 | +€22 | |
| Financial charges | 65/66B | €13,161 | €12,802 | -€359 | -2.7% |
| Recurring financial charges | 65 | €13,161 | €12,802 | -€359 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €1,823 | €3,450 | +€1,626 | +89.2% |
| Income taxes | 67/77 | - | €276 | +€276 | |
| Profit (loss) for the period | 9904 | €1,823 | €3,174 | +€1,350 | +74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,823 | €3,174 | +€1,350 | +74.1% |
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 9 October 2026 via checked.be.