GF 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.
GF IMMO
Largest movements
- Receivables within one year -€135,106
down €135,106 (-65.7%), from €205,624 to €70,518
- Tangible fixed assets -€12,848
down €12,848 (-2.5%), from €503,952 to €491,104
- Stocks and contracts +€12,700
up €12,700 (+2.7%), from €467,196 to €479,896
- Other debts -€163,385
down €163,385 (-78.3%), from €208,571 to €45,187
- Profit (loss) carried forward +€14,677
up €14,677 (+16.3%), from -€90,274 to -€75,597
- Debts after one year +€12,544
up €12,544 (+1.9%), from €665,661 to €678,205
- Financial charges -€4,119
down €4,119 (-18.1%), from €22,818 to €18,699
- Other operating charges -€1,788
down €1,788 (-33.0%), from €5,422 to €3,635
- Gross operating margin -€807
down €807 (-2.0%), from €41,163 to €40,356
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 | €1,203,073 | €1,051,226 | -€151,846 | -12.6% |
| Fixed assets | 21/28 | €503,952 | €491,104 | -€12,848 | -2.5% |
| Tangible fixed assets | 22/27 | €503,952 | €491,104 | -€12,848 | -2.5% |
| Land and buildings | 22 | €503,952 | €491,104 | -€12,848 | -2.5% |
| Current assets | 29/58 | €699,121 | €560,123 | -€138,998 | -19.9% |
| Stocks and contracts in progress | 3 | €467,196 | €479,896 | +€12,700 | +2.7% |
| Stocks | 30/36 | €467,196 | €479,896 | +€12,700 | +2.7% |
| Amounts receivable within one year | 40/41 | €205,624 | €70,518 | -€135,106 | -65.7% |
| Other amounts receivable | 41 | €205,624 | €70,518 | -€135,106 | -65.7% |
| Cash at bank and in hand | 54/58 | €19,301 | €9,709 | -€9,592 | -49.7% |
| Deferred charges and accrued income | 490/1 | €7,000 | - | -€7,000 | |
| Total equity and liabilities | 10/49 | €1,203,073 | €1,051,226 | -€151,846 | -12.6% |
| Equity | 10/15 | €237,786 | €245,335 | +€7,550 | +3.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €266,059 | €258,932 | -€7,127 | -2.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €202,004 | €194,877 | -€7,127 | -3.5% |
| Distributable reserves | 133 | €57,855 | €57,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,274 | -€75,597 | +€14,677 | +16.3% |
| Provisions and deferred taxes | 16 | €67,335 | €64,959 | -€2,376 | -3.5% |
| Deferred taxes | 168 | €67,335 | €64,959 | -€2,376 | -3.5% |
| Amounts payable | 17/49 | €897,952 | €740,932 | -€157,020 | -17.5% |
| Amounts payable after more than one year | 17 | €665,661 | €678,205 | +€12,544 | +1.9% |
| Financial debts | 170/4 | €665,661 | €678,205 | +€12,544 | +1.9% |
| Amounts payable within one year | 42/48 | €232,291 | €62,727 | -€169,564 | -73.0% |
| Current portion of amounts payable after more than one year | 42 | €19,910 | €17,540 | -€2,370 | -11.9% |
| Trade debts | 44 | €3,154 | - | -€3,154 | |
| Suppliers | 440/4 | €3,154 | - | -€3,154 | |
| Taxes, remuneration and social security | 45 | €656 | - | -€656 | |
| Taxes | 450/3 | €656 | - | -€656 | |
| Other amounts payable | 47/48 | €208,571 | €45,187 | -€163,385 | -78.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,848 | €12,848 | = | 0.0% |
| Other operating charges | 640/8 | €5,422 | €3,635 | -€1,788 | -33.0% |
| Gross operating margin | 9900 | €41,163 | €40,356 | -€807 | -2.0% |
| Operating profit (loss) | 9901 | €22,893 | €23,873 | +€980 | +4.3% |
| Financial charges | 65/66B | €22,818 | €18,699 | -€4,119 | -18.1% |
| Recurring financial charges | 65 | €22,818 | €18,699 | -€4,119 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €75 | €5,174 | +€5,099 | +6829.8% |
| Transfer from deferred taxes | 780 | €2,376 | €2,376 | = | 0.0% |
| Profit (loss) for the period | 9904 | €2,450 | €7,550 | +€5,099 | +208.1% |
| Transfer from tax-exempt reserves | 789 | €7,127 | €7,127 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,578 | €14,677 | +€5,099 | +53.2% |
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 4 October 2026 via checked.be.