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
- Stocks and contracts -€466,683
down €466,683 (-38.5%), from €1.2m to €746,878
- Current investments +€285,000
new in 2025: €285,000
- Cash -€91,216
down €91,216 (-96.0%), from €95,052 to €3,837
mainly Current investments (-€285,000) and Other debts (-€178,586)
- Receivables within one year +€71,261
new in 2025: €71,261
- Other debts -€178,586
down €178,586 (-94.5%), from €189,000 to €10,414
- Profit (loss) carried forward +€168,898
up €168,898 (+48.5%), from €348,447 to €517,345
- Trade debts -€84,900
down €84,900 (-71.5%), from €118,806 to €33,906
- Tax, wage and social debts -€49,182
down €49,182 (-66.0%), from €74,522 to €25,340
- Current portion of long-term debt -€42,085
down €42,085 (-63.1%), from €66,667 to €24,582
- Gross operating margin -€244,034
down €244,034 (-48.5%), from €502,981 to €258,946
- Financial charges -€60,319
down €60,319 (-64.6%), from €93,427 to €33,108
- Taxes -€47,178
down €47,178 (-45.1%), from €104,542 to €57,364
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 | €1,375,652 | €1,161,046 | -€214,606 | -15.6% |
| Fixed assets | 21/28 | €67,039 | €54,071 | -€12,968 | -19.3% |
| Tangible fixed assets | 22/27 | €67,039 | €54,071 | -€12,968 | -19.3% |
| Land and buildings | 22 | €67,039 | €54,071 | -€12,968 | -19.3% |
| Current assets | 29/58 | €1,308,613 | €1,106,975 | -€201,638 | -15.4% |
| Stocks and contracts in progress | 3 | €1,213,561 | €746,878 | -€466,683 | -38.5% |
| Stocks | 30/36 | €1,213,561 | €746,878 | -€466,683 | -38.5% |
| Amounts receivable within one year | 40/41 | - | €71,261 | +€71,261 | |
| Other amounts receivable | 41 | - | €71,261 | +€71,261 | |
| Current investments | 50/53 | - | €285,000 | +€285,000 | |
| Cash at bank and in hand | 54/58 | €95,052 | €3,837 | -€91,216 | -96.0% |
| Total equity and liabilities | 10/49 | €1,375,652 | €1,161,046 | -€214,606 | -15.6% |
| Equity | 10/15 | €428,447 | €597,345 | +€168,898 | +39.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €348,447 | €517,345 | +€168,898 | +48.5% |
| Amounts payable | 17/49 | €947,205 | €563,701 | -€383,504 | -40.5% |
| Amounts payable within one year | 42/48 | €926,698 | €563,701 | -€362,997 | -39.2% |
| Current portion of amounts payable after more than one year | 42 | €66,667 | €24,582 | -€42,085 | -63.1% |
| Financial debts | 43 | €477,705 | €469,460 | -€8,245 | -1.7% |
| Credit institutions | 430/8 | €477,705 | €469,460 | -€8,245 | -1.7% |
| Trade debts | 44 | €118,806 | €33,906 | -€84,900 | -71.5% |
| Suppliers | 440/4 | €118,806 | €33,906 | -€84,900 | -71.5% |
| Taxes, remuneration and social security | 45 | €74,522 | €25,340 | -€49,182 | -66.0% |
| Taxes | 450/3 | €74,522 | €25,340 | -€49,182 | -66.0% |
| Other amounts payable | 47/48 | €189,000 | €10,414 | -€178,586 | -94.5% |
| Accrued charges and deferred income | 492/3 | €20,507 | - | -€20,507 | |
| Non-recurring operating income | 76A | €11,775 | - | -€11,775 | |
| Other operating charges | 640/8 | €968 | €1,352 | +€384 | +39.7% |
| Gross operating margin | 9900 | €502,981 | €258,946 | -€244,034 | -48.5% |
| Operating profit (loss) | 9901 | €502,013 | €257,595 | -€244,419 | -48.7% |
| Financial income | 75/76B | - | €1,775 | +€1,775 | |
| Recurring financial income | 75 | - | €1,775 | +€1,775 | |
| Financial charges | 65/66B | €93,427 | €33,108 | -€60,319 | -64.6% |
| Recurring financial charges | 65 | €93,427 | €33,108 | -€60,319 | -64.6% |
| Profit (loss) for the period before taxes | 9903 | €408,587 | €226,261 | -€182,325 | -44.6% |
| Income taxes | 67/77 | €104,542 | €57,364 | -€47,178 | -45.1% |
| Profit (loss) for the period | 9904 | €304,045 | €168,898 | -€135,147 | -44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €304,045 | €168,898 | -€135,147 | -44.4% |
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 7 October 2026 via checked.be.