GF1 - 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.
GF1 - IMMO
Largest movements
- Tangible fixed assets +€310,646
up €310,646 (+8.9%), from €3.5m to €3.8m
of which Land and buildings: +€284,519
- Cash -€249,978
down €249,978 (-37.3%), from €669,871 to €419,893
mainly Investment in fixed assets (net) (-€587,962) and Provisions (-€10,285)
- Financial fixed assets +€142,900
up €142,900 (+85.4%), from €167,245 to €310,145
- Debts after one year +€115,251
up €115,251 (+4.5%), from €2.6m to €2.7m
of which Financial debts: +€116,096
- Financial charges +€27,801
up €27,801 (+44.0%), from €63,133 to €90,934
- Gross operating margin +€20,051
up €20,051 (+8.1%), from €247,037 to €267,087
- Depreciation +€19,784
up €19,784 (+17.3%), from €114,632 to €134,416
- Taxes +€8,309
up €8,309 (+32.7%), from €25,373 to €33,682
- Financial income -€4,791
no longer reported in 2025 (was €4,791)
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.
Derived cash bridge
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 | €4,908,810 | €5,069,144 | +€160,334 | +3.3% |
| Fixed assets | 21/28 | €3,662,558 | €4,116,104 | +€453,546 | +12.4% |
| Tangible fixed assets | 22/27 | €3,495,313 | €3,805,959 | +€310,646 | +8.9% |
| Land and buildings | 22 | €3,495,313 | €3,779,832 | +€284,519 | +8.1% |
| Furniture and vehicles | 24 | - | €26,127 | +€26,127 | |
| Financial fixed assets | 28 | €167,245 | €310,145 | +€142,900 | +85.4% |
| Current assets | 29/58 | €1,246,252 | €953,040 | -€293,212 | -23.5% |
| Amounts receivable within one year | 40/41 | €576,381 | €533,147 | -€43,234 | -7.5% |
| Trade receivables | 40 | €71,431 | €49,126 | -€22,305 | -31.2% |
| Other amounts receivable | 41 | €504,950 | €484,021 | -€20,929 | -4.1% |
| Cash at bank and in hand | 54/58 | €669,871 | €419,893 | -€249,978 | -37.3% |
| Total equity and liabilities | 10/49 | €4,908,810 | €5,069,144 | +€160,334 | +3.3% |
| Equity | 10/15 | €1,930,345 | €1,923,758 | -€6,587 | -0.3% |
| Contributions | 10/11 | €19,100 | €19,100 | = | 0.0% |
| Reserves | 13 | €647,368 | €618,473 | -€28,895 | -4.5% |
| Tax-exempt reserves | 132 | €645,458 | €616,563 | -€28,895 | -4.5% |
| Distributable reserves | 133 | €1,910 | €1,910 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,263,877 | €1,286,185 | +€22,309 | +1.8% |
| Provisions and deferred taxes | 16 | €228,106 | €217,821 | -€10,285 | -4.5% |
| Deferred taxes | 168 | €228,106 | €217,821 | -€10,285 | -4.5% |
| Amounts payable | 17/49 | €2,750,360 | €2,927,565 | +€177,205 | +6.4% |
| Amounts payable after more than one year | 17 | €2,553,522 | €2,668,773 | +€115,251 | +4.5% |
| Financial debts | 170/4 | €2,540,932 | €2,657,028 | +€116,096 | +4.6% |
| Other amounts payable | 178/9 | €12,590 | €11,745 | -€845 | -6.7% |
| Amounts payable within one year | 42/48 | €181,726 | €246,620 | +€64,895 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €159,533 | €209,562 | +€50,029 | +31.4% |
| Financial debts | 43 | €18,000 | €24,000 | +€6,000 | +33.3% |
| Credit institutions | 430/8 | €18,000 | €24,000 | +€6,000 | +33.3% |
| Trade debts | 44 | €3,938 | - | -€3,938 | |
| Suppliers | 440/4 | €3,938 | - | -€3,938 | |
| Taxes, remuneration and social security | 45 | €254 | €13,058 | +€12,803 | +5,035% |
| Taxes | 450/3 | €254 | €13,058 | +€12,803 | +5,035% |
| Accrued charges and deferred income | 492/3 | €15,112 | €12,172 | -€2,940 | -19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,632 | €134,416 | +€19,784 | +17.3% |
| Other operating charges | 640/8 | €22,377 | €24,927 | +€2,551 | +11.4% |
| Non-recurring operating charges | 66A | €12,674 | - | -€12,674 | |
| Gross operating margin | 9900 | €247,037 | €267,087 | +€20,051 | +8.1% |
| Operating profit (loss) | 9901 | €97,354 | €107,744 | +€10,390 | +10.7% |
| Financial income | 75/76B | €4,791 | - | -€4,791 | |
| Recurring financial income | 75 | €4,791 | - | -€4,791 | |
| Financial charges | 65/66B | €63,133 | €90,934 | +€27,801 | +44.0% |
| Recurring financial charges | 65 | €63,133 | €90,934 | +€27,801 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | €39,013 | €16,810 | -€22,203 | -56.9% |
| Transfer from deferred taxes | 780 | €10,285 | €10,285 | = | 0.0% |
| Income taxes | 67/77 | €25,373 | €33,682 | +€8,309 | +32.7% |
| Profit (loss) for the period | 9904 | €23,925 | -€6,587 | -€30,512 | |
| Transfer from tax-exempt reserves | 789 | €28,895 | €28,895 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,821 | €22,309 | -€30,512 | -57.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.