GEM-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.
GEM-IMMO
Largest movements
- Tangible fixed assets -€72,034
down €72,034 (-68.2%), from €105,615 to €33,581
of which Land and buildings: -€72,902
- Cash +€56,454
up €56,454 (+3094.0%), from €1,825 to €58,279
mainly Investment in fixed assets (net) (+€64,804) and Net result for the year (+€52,008)
- Receivables within one year -€2,029
down €2,029 (-61.8%), from €3,281 to €1,252
- Debts after one year -€71,010
no longer reported in 2025 (was €71,010)
- Profit (loss) carried forward +€52,008
up €52,008 (+72.9%), from -€71,362 to -€19,354
- Tax, wage and social debts +€1,696
new in 2025: €1,696
- Gross operating margin +€66,711
up €66,711 (+759.4%), from €8,785 to €75,495
- Taxes +€8,536
up €8,536 (+5334.9%), from €160 to €8,696
- Depreciation -€3,439
down €3,439 (-32.2%), from €10,669 to €7,230
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 | €111,928 | €95,016 | -€16,913 | -15.1% |
| Fixed assets | 21/28 | €105,615 | €33,581 | -€72,034 | -68.2% |
| Tangible fixed assets | 22/27 | €105,615 | €33,581 | -€72,034 | -68.2% |
| Land and buildings | 22 | €104,976 | €32,074 | -€72,902 | -69.4% |
| Furniture and vehicles | 24 | €639 | €1,506 | +€868 | +135.8% |
| Current assets | 29/58 | €6,314 | €61,435 | +€55,121 | +873.1% |
| Amounts receivable within one year | 40/41 | €3,281 | €1,252 | -€2,029 | -61.8% |
| Other amounts receivable | 41 | €3,281 | €1,252 | -€2,029 | -61.8% |
| Cash at bank and in hand | 54/58 | €1,825 | €58,279 | +€56,454 | +3094.0% |
| Deferred charges and accrued income | 490/1 | €1,208 | €1,904 | +€696 | +57.6% |
| Total equity and liabilities | 10/49 | €111,928 | €95,016 | -€16,913 | -15.1% |
| Equity | 10/15 | €38,620 | €90,628 | +€52,008 | +134.7% |
| Contributions | 10/11 | €95,191 | €95,191 | = | 0.0% |
| Capital | 10 | €91,721 | €91,721 | = | 0.0% |
| Issued capital | 100 | €91,721 | €91,721 | = | 0.0% |
| Outside capital | 11 | €3,471 | €3,471 | = | 0.0% |
| Share premium | 1100/10 | €3,471 | €3,471 | = | 0.0% |
| Revaluation surpluses | 12 | €2,396 | €2,396 | = | 0.0% |
| Reserves | 13 | €12,395 | €12,395 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,362 | -€19,354 | +€52,008 | +72.9% |
| Amounts payable | 17/49 | €73,308 | €4,388 | -€68,920 | -94.0% |
| Amounts payable after more than one year | 17 | €71,010 | - | -€71,010 | |
| Financial debts | 170/4 | €71,010 | - | -€71,010 | |
| Amounts payable within one year | 42/48 | €2,298 | €4,388 | +€2,090 | +90.9% |
| Trade debts | 44 | - | €186 | +€186 | |
| Suppliers | 440/4 | - | €186 | +€186 | |
| Taxes, remuneration and social security | 45 | - | €1,696 | +€1,696 | |
| Taxes | 450/3 | - | €1,696 | +€1,696 | |
| Other amounts payable | 47/48 | €2,298 | €2,506 | +€208 | +9.1% |
| Non-recurring operating income | 76A | - | €66,248 | +€66,248 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,669 | €7,230 | -€3,439 | -32.2% |
| Other operating charges | 640/8 | €4,292 | €4,889 | +€598 | +13.9% |
| Non-recurring operating charges | 66A | - | €2,394 | +€2,394 | |
| Gross operating margin | 9900 | €8,785 | €75,495 | +€66,711 | +759.4% |
| Operating profit (loss) | 9901 | -€6,176 | €60,982 | +€67,158 | |
| Financial income | 75/76B | €103 | - | -€103 | |
| Recurring financial income | 75 | €103 | - | -€103 | |
| Financial charges | 65/66B | €265 | €279 | +€14 | +5.1% |
| Recurring financial charges | 65 | €265 | €279 | +€14 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,338 | €60,704 | +€67,042 | |
| Income taxes | 67/77 | €160 | €8,696 | +€8,536 | +5334.9% |
| Profit (loss) for the period | 9904 | -€6,498 | €52,008 | +€58,506 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,498 | €52,008 | +€58,506 |
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 9 October 2026 via checked.be.