GEM 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.
GEM IMMO
Largest movements
- Tangible fixed assets -€27,751
down €27,751 (-4.5%), from €617,491 to €589,741
- Cash +€15,310
up €15,310 (+14.8%), from €103,409 to €118,720
mainly Depreciation (+€28,086) and Net result for the year (+€18,617)
- Debts after one year -€31,464
down €31,464 (-7.9%), from €397,949 to €366,486
- Reserves +€18,617
up €18,617 (+30.1%), from €61,770 to €80,387
of which Distributable reserves: +€18,617
- Depreciation +€779
up €779 (+2.9%), from €27,307 to €28,086
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 | €721,908 | €709,132 | -€12,776 | -1.8% |
| Formation expenses | 20 | €1,007 | €671 | -€336 | -33.3% |
| Fixed assets | 21/28 | €617,491 | €589,741 | -€27,751 | -4.5% |
| Tangible fixed assets | 22/27 | €617,491 | €589,741 | -€27,751 | -4.5% |
| Land and buildings | 22 | €617,491 | €589,741 | -€27,751 | -4.5% |
| Current assets | 29/58 | €103,409 | €118,720 | +€15,310 | +14.8% |
| Cash at bank and in hand | 54/58 | €103,409 | €118,720 | +€15,310 | +14.8% |
| Total equity and liabilities | 10/49 | €721,908 | €709,132 | -€12,776 | -1.8% |
| Equity | 10/15 | €81,770 | €100,387 | +€18,617 | +22.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €61,770 | €80,387 | +€18,617 | +30.1% |
| Non-distributable reserves | 130/1 | €1,001 | €1,001 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,001 | €1,001 | = | 0.0% |
| Distributable reserves | 133 | €60,769 | €79,386 | +€18,617 | +30.6% |
| Amounts payable | 17/49 | €640,137 | €608,744 | -€31,393 | -4.9% |
| Amounts payable after more than one year | 17 | €397,949 | €366,486 | -€31,464 | -7.9% |
| Financial debts | 170/4 | €397,949 | €366,486 | -€31,464 | -7.9% |
| Amounts payable within one year | 42/48 | €241,936 | €242,258 | +€322 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €30,896 | €31,464 | +€567 | +1.8% |
| Trade debts | 44 | €4,012 | €3,555 | -€457 | -11.4% |
| Suppliers | 440/4 | €4,012 | €3,555 | -€457 | -11.4% |
| Taxes, remuneration and social security | 45 | €7,028 | €7,240 | +€212 | +3.0% |
| Taxes | 450/3 | €7,028 | €7,240 | +€212 | +3.0% |
| Other amounts payable | 47/48 | €200,000 | €200,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €252 | - | -€252 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,307 | €28,086 | +€779 | +2.9% |
| Other operating charges | 640/8 | €5,660 | €5,789 | +€129 | +2.3% |
| Gross operating margin | 9900 | €67,293 | €67,165 | -€128 | -0.2% |
| Operating profit (loss) | 9901 | €34,326 | €33,290 | -€1,036 | -3.0% |
| Financial charges | 65/66B | €7,270 | €7,433 | +€163 | +2.2% |
| Recurring financial charges | 65 | €7,270 | €7,433 | +€163 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €27,056 | €25,857 | -€1,199 | -4.4% |
| Income taxes | 67/77 | €7,228 | €7,240 | +€12 | +0.2% |
| Profit (loss) for the period | 9904 | €19,828 | €18,617 | -€1,210 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,828 | €18,617 | -€1,210 | -6.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.