Gelb-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.
Gelb-Immo
Largest movements
- Cash +€39,174
up €39,174 (+40.0%), from €97,939 to €137,113
mainly Depreciation (+€43,268) and Net result for the year (+€40,742)
- Receivables within one year +€28,918
up €28,918 (+67.4%), from €42,877 to €71,795
of which Other amounts receivable: +€20,584
- Tangible fixed assets -€23,768
down €23,768 (-1.3%), from €1.9m to €1.9m
of which Other tangible fixed assets: -€335,006
- Profit (loss) carried forward +€38,242
up €38,242 (+19.6%), from -€195,181 to -€156,938
- Financial charges -€7,311
down €7,311 (-16.7%), from €43,832 to €36,521
- Gross operating margin -€2,069
down €2,069 (-1.6%), from €129,313 to €127,244
- Other operating charges +€1,558
up €1,558 (+27.8%), from €5,614 to €7,173
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 | €2,034,030 | €2,088,296 | +€54,266 | +2.7% |
| Fixed assets | 21/28 | €1,892,801 | €1,869,033 | -€23,768 | -1.3% |
| Tangible fixed assets | 22/27 | €1,891,751 | €1,867,983 | -€23,768 | -1.3% |
| Land and buildings | 22 | €1,556,745 | €1,867,983 | +€311,238 | +20.0% |
| Other tangible fixed assets | 26 | €335,006 | €0 | -€335,006 | -100.0% |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €141,228 | €219,263 | +€78,034 | +55.3% |
| Amounts receivable within one year | 40/41 | €42,877 | €71,795 | +€28,918 | +67.4% |
| Trade receivables | 40 | €22,427 | €30,761 | +€8,334 | +37.2% |
| Other amounts receivable | 41 | €20,450 | €41,034 | +€20,584 | +100.7% |
| Cash at bank and in hand | 54/58 | €97,939 | €137,113 | +€39,174 | +40.0% |
| Deferred charges and accrued income | 490/1 | €412 | €10,354 | +€9,942 | +2414.0% |
| Total equity and liabilities | 10/49 | €2,034,030 | €2,088,296 | +€54,266 | +2.7% |
| Equity | 10/15 | €382,725 | €423,468 | +€40,742 | +10.6% |
| Contributions | 10/11 | €562,500 | €562,500 | = | 0.0% |
| Capital | 10 | €562,500 | €562,500 | = | 0.0% |
| Issued capital | 100 | €562,500 | €562,500 | = | 0.0% |
| Reserves | 13 | €15,406 | €17,906 | +€2,500 | +16.2% |
| Non-distributable reserves | 130/1 | €15,406 | €17,906 | +€2,500 | +16.2% |
| Legal reserve | 130 | €15,406 | €17,906 | +€2,500 | +16.2% |
| Profit (loss) carried forward | 14 | -€195,181 | -€156,938 | +€38,242 | +19.6% |
| Amounts payable | 17/49 | €1,651,304 | €1,664,828 | +€13,524 | +0.8% |
| Amounts payable after more than one year | 17 | €1,361,643 | €1,361,074 | -€569 | 0.0% |
| Financial debts | 170/4 | €1,352,877 | €1,345,908 | -€6,969 | -0.5% |
| Other amounts payable | 178/9 | €8,766 | €15,166 | +€6,400 | +73.0% |
| Amounts payable within one year | 42/48 | €258,385 | €276,892 | +€18,508 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €83,332 | €83,332 | = | 0.0% |
| Trade debts | 44 | €48,506 | €47,383 | -€1,123 | -2.3% |
| Suppliers | 440/4 | €48,506 | €47,383 | -€1,123 | -2.3% |
| Taxes, remuneration and social security | 45 | €6,030 | €5,434 | -€597 | -9.9% |
| Taxes | 450/3 | €6,030 | €5,434 | -€597 | -9.9% |
| Other amounts payable | 47/48 | €120,517 | €140,744 | +€20,227 | +16.8% |
| Accrued charges and deferred income | 492/3 | €31,276 | €26,861 | -€4,415 | -14.1% |
| Non-recurring operating income | 76A | €20,423 | €0 | -€20,423 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,925 | €43,268 | +€343 | +0.8% |
| Other operating charges | 640/8 | €5,614 | €7,173 | +€1,558 | +27.8% |
| Gross operating margin | 9900 | €129,313 | €127,244 | -€2,069 | -1.6% |
| Operating profit (loss) | 9901 | €80,774 | €76,803 | -€3,971 | -4.9% |
| Financial income | 75/76B | €111 | €461 | +€350 | +316.2% |
| Recurring financial income | 75 | €111 | €461 | +€350 | +316.2% |
| Financial charges | 65/66B | €43,832 | €36,521 | -€7,311 | -16.7% |
| Recurring financial charges | 65 | €43,832 | €36,521 | -€7,311 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €37,052 | €40,742 | +€3,690 | +10.0% |
| Profit (loss) for the period | 9904 | €37,052 | €40,742 | +€3,690 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,052 | €40,742 | +€3,690 | +10.0% |
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 6 October 2026 via checked.be.