GERCA: 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.
What changed
GERCA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
€144,968
2023 · €258,376-€113,408
Equity
€9.0m
2023 · €8.9m+€144,968
Cash
€48,495
2023 · €269,913-€221,418
Balance sheet total
€12.3m
2023 · €11.4m+€839,878
Largest movements
Assets
- Stocks and contracts +€783,032
up €783,032 (+7.6%), from €10.3m to €11.1m
- Receivables within one year +€469,374
up €469,374 (+262%), from €178,893 to €648,267
of which Other amounts receivable: +€478,034
- Cash -€221,418
down €221,418 (-82.0%), from €269,913 to €48,495
mainly Stocks and contracts (-€783,032) and Receivables within one year (-€469,374)
- Receivables after one year -€175,211
down €175,211 (-42.3%), from €413,852 to €238,641
of which Other amounts receivable: -€167,606
Equity and liabilities
- Short-term financial debts +€825,000
up €825,000, from €0 to €825,000
- Trade debts -€417,074
down €417,074 (-98.7%), from €422,514 to €5,440
- Other debts +€362,578
up €362,578 (+19.8%), from €1.8m to €2.2m
- Reserves +€144,968
up €144,968 (+3.1%), from €4.6m to €4.8m
of which Distributable reserves: +€150,254
Income statement
- Gross operating margin -€57,525
down €57,525 (-10.7%), from €539,784 to €482,259
- Financial charges +€55,948
up €55,948 (+54.9%), from €101,816 to €157,763
- Other operating charges +€32,877
up €32,877 (+67.4%), from €48,796 to €81,673
From the 2023 result to the 2024 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.
Result 2023
€258,376
Gross operating margin
-€57,525
Staff costs
+€1,330
Depreciation
-€5,231
Other operating charges
-€32,877
Financial income
-€2,060
Financial charges
-€55,948
Taxes
-€3,579
Deferred taxes and other
+€42,482
Result 2024
€144,968
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€1.0m
Investment
-€1,367
Financing
+€820,800
Cash 2023
€269,913
From operations (derived)
-€1.0m
Net result for the year
+€144,968
Depreciation
+€17,266
Receivables after one year
+€175,211
Stocks and contracts
-€783,032
Receivables within one year
-€469,374
Provisions
-€1,762
Trade debts
-€417,074
Tax, wage and social debts
-€50,626
Other debts
+€362,578
Accrued charges and deferred income
-€19,007
Investment (derived)
-€1,367
Investment in fixed assets (net)
-€1,367
Financing
+€820,800
Debts after one year
-€4,200
Short-term financial debts
+€825,000
Cash 2024
€48,495
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,425,796 | €12,265,674 | +€839,878 | +7.4% |
| Fixed assets | 21/28 | €214,972 | €199,074 | -€15,899 | -7.4% |
| Tangible fixed assets | 22/27 | €209,674 | €193,775 | -€15,899 | -7.6% |
| Land and buildings | 22 | €183,037 | €177,356 | -€5,680 | -3.1% |
| Plant, machinery and equipment | 23 | €22,786 | €16,367 | -€6,418 | -28.2% |
| Furniture and vehicles | 24 | €3,852 | €52 | -€3,800 | -98.7% |
| Financial fixed assets | 28 | €5,298 | €5,298 | = | 0.0% |
| Current assets | 29/58 | €11,210,824 | €12,066,600 | +€855,777 | +7.6% |
| Amounts receivable after more than one year | 29 | €413,852 | €238,641 | -€175,211 | -42.3% |
| Trade receivables | 290 | €186,187 | €178,582 | -€7,605 | -4.1% |
| Other amounts receivable | 291 | €227,665 | €60,059 | -€167,606 | -73.6% |
| Stocks and contracts in progress | 3 | €10,348,166 | €11,131,197 | +€783,032 | +7.6% |
| Stocks | 30/36 | €10,348,166 | €11,131,197 | +€783,032 | +7.6% |
| Amounts receivable within one year | 40/41 | €178,893 | €648,267 | +€469,374 | +262% |
| Trade receivables | 40 | €8,660 | €0 | -€8,660 | -100% |
| Other amounts receivable | 41 | €170,233 | €648,267 | +€478,034 | +281% |
| Cash at bank and in hand | 54/58 | €269,913 | €48,495 | -€221,418 | -82.0% |
| Total equity and liabilities | 10/49 | €11,425,796 | €12,265,674 | +€839,878 | +7.4% |
| Equity | 10/15 | €8,880,679 | €9,025,647 | +€144,968 | +1.6% |
| Contributions | 10/11 | €4,255,763 | €4,255,763 | = | 0.0% |
| Capital | 10 | €4,255,763 | €4,255,763 | = | 0.0% |
| Issued capital | 100 | €4,255,763 | €4,255,763 | = | 0.0% |
| Reserves | 13 | €4,624,916 | €4,769,884 | +€144,968 | +3.1% |
| Non-distributable reserves | 130/1 | €425,576 | €425,576 | = | 0.0% |
| Legal reserve | 130 | €425,576 | €425,576 | = | 0.0% |
| Tax-exempt reserves | 132 | €122,160 | €116,875 | -€5,286 | -4.3% |
| Distributable reserves | 133 | €4,077,179 | €4,227,433 | +€150,254 | +3.7% |
| Provisions and deferred taxes | 16 | €40,720 | €38,958 | -€1,762 | -4.3% |
| Deferred taxes | 168 | €40,720 | €38,958 | -€1,762 | -4.3% |
| Amounts payable | 17/49 | €2,504,397 | €3,201,069 | +€696,672 | +27.8% |
| Amounts payable after more than one year | 17 | €22,750 | €18,550 | -€4,200 | -18.5% |
| Financial debts | 170/4 | €22,750 | €18,550 | -€4,200 | -18.5% |
| Amounts payable within one year | 42/48 | €2,309,883 | €3,029,762 | +€719,879 | +31.2% |
| Current portion of amounts payable after more than one year | 42 | €4,200 | €4,200 | = | 0.0% |
| Financial debts | 43 | €0 | €825,000 | +€825,000 | |
| Credit institutions | 430/8 | €0 | €825,000 | +€825,000 | |
| Trade debts | 44 | €422,514 | €5,440 | -€417,074 | -98.7% |
| Suppliers | 440/4 | €422,514 | €5,440 | -€417,074 | -98.7% |
| Taxes, remuneration and social security | 45 | €55,258 | €4,631 | -€50,626 | -91.6% |
| Taxes | 450/3 | €51,629 | €0 | -€51,629 | -100% |
| Remuneration and social security | 454/9 | €3,629 | €4,631 | +€1,003 | +27.6% |
| Other amounts payable | 47/48 | €1,827,912 | €2,190,490 | +€362,578 | +19.8% |
| Accrued charges and deferred income | 492/3 | €171,764 | €152,757 | -€19,007 | -11.1% |
| Non-recurring operating income | 76A | €166,221 | €11,500 | -€154,721 | -93.1% |
| Remuneration, social security and pensions | 62 | €24,743 | €23,414 | -€1,330 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,035 | €17,266 | +€5,231 | +43.5% |
| Other operating charges | 640/8 | €48,796 | €81,673 | +€32,877 | +67.4% |
| Gross operating margin | 9900 | €539,784 | €482,259 | -€57,525 | -10.7% |
| Operating profit (loss) | 9901 | €454,210 | €359,907 | -€94,303 | -20.8% |
| Financial income | 75/76B | €13,303 | €11,243 | -€2,060 | -15.5% |
| Recurring financial income | 75 | €13,303 | €11,243 | -€2,060 | -15.5% |
| Financial charges | 65/66B | €101,816 | €157,763 | +€55,948 | +54.9% |
| Recurring financial charges | 65 | €101,816 | €157,763 | +€55,948 | +54.9% |
| Profit (loss) for the period before taxes | 9903 | €365,697 | €213,386 | -€152,311 | -41.6% |
| Transfer from deferred taxes | 780 | €835 | €1,762 | +€927 | +111% |
| Transfer to deferred taxes | 680 | €41,555 | €0 | -€41,555 | -100% |
| Income taxes | 67/77 | €66,601 | €70,180 | +€3,579 | +5.4% |
| Profit (loss) for the period | 9904 | €258,376 | €144,968 | -€113,408 | -43.9% |
| Transfer from tax-exempt reserves | 789 | €2,506 | €5,286 | +€2,780 | +111% |
| Transfer to tax-exempt reserves | 689 | €124,666 | €0 | -€124,666 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €136,216 | €150,254 | +€14,038 | +10.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.