GIZA: 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
GIZA
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1,375
2024 · €6,813-€8,188
Equity
€561,625
2024 · €563,000-€1,375
Cash
€33,203
2024 · €27,646+€5,557
Balance sheet total
€1.0m
2024 · €1.0m-€40,126
Largest movements
Assets
- Tangible fixed assets -€46,595
down €46,595 (-4.6%), from €1.0m to €974,088
of which Land and buildings: -€38,995
Equity and liabilities
- Debts after one year -€24,193
down €24,193 (-13.0%), from €185,596 to €161,403
- Other debts -€13,138
down €13,138 (-4.9%), from €269,760 to €256,622
Income statement
- Other operating charges +€5,430
up €5,430 (+184%), from €2,956 to €8,386
- Taxes +€1,098
up €1,098 (+380%), from €289 to €1,387
- Gross operating margin -€1,094
down €1,094 (-1.3%), from €82,685 to €81,591
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.
Result 2024
€6,813
Gross operating margin
-€1,094
Depreciation
-€826
Other operating charges
-€5,430
Financial charges
+€813
Taxes
-€1,098
Deferred taxes and other
-€553
Result 2025
-€1,375
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€51,999
Investment
-€20,338
Financing
-€26,104
Cash 2024
€27,646
From operations (derived)
+€51,999
Net result for the year
-€1,375
Depreciation
+€66,923
Receivables within one year
-€902
Provisions
-€553
Trade debts
+€13
Other debts
-€13,138
Accrued charges and deferred income
+€1,031
Investment (derived)
-€20,338
Investment in fixed assets (net)
-€20,338
Financing
-€26,104
Debts after one year
-€24,193
Current portion of long-term debt
-€1,911
Cash 2025
€33,203
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,049,169 | €1,009,043 | -€40,126 | -3.8% |
| Fixed assets | 21/28 | €1,020,812 | €974,227 | -€46,585 | -4.6% |
| Tangible fixed assets | 22/27 | €1,020,683 | €974,088 | -€46,595 | -4.6% |
| Land and buildings | 22 | €1,003,510 | €964,515 | -€38,995 | -3.9% |
| Furniture and vehicles | 24 | €17,173 | €9,573 | -€7,600 | -44.3% |
| Financial fixed assets | 28 | €129 | €139 | +€10 | +7.8% |
| Current assets | 29/58 | €28,357 | €34,816 | +€6,459 | +22.8% |
| Amounts receivable within one year | 40/41 | €711 | €1,613 | +€902 | +127% |
| Other amounts receivable | 41 | €711 | €1,613 | +€902 | +127% |
| Cash at bank and in hand | 54/58 | €27,646 | €33,203 | +€5,557 | +20.1% |
| Total equity and liabilities | 10/49 | €1,049,169 | €1,009,043 | -€40,126 | -3.8% |
| Equity | 10/15 | €563,000 | €561,625 | -€1,375 | -0.2% |
| Contributions | 10/11 | €238,500 | €238,500 | = | 0.0% |
| Capital | 10 | €238,500 | €238,500 | = | 0.0% |
| Issued capital | 100 | €238,500 | €238,500 | = | 0.0% |
| Reserves | 13 | €332,313 | €331,239 | -€1,074 | -0.3% |
| Non-distributable reserves | 130/1 | €23,850 | €23,850 | = | 0.0% |
| Legal reserve | 130 | €23,850 | €23,850 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,371 | €4,297 | -€1,074 | -20.0% |
| Distributable reserves | 133 | €303,092 | €303,092 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,813 | -€8,114 | -€301 | -3.9% |
| Provisions and deferred taxes | 16 | €2,766 | €2,213 | -€553 | -20.0% |
| Deferred taxes | 168 | €2,766 | €2,213 | -€553 | -20.0% |
| Amounts payable | 17/49 | €483,403 | €445,205 | -€38,198 | -7.9% |
| Amounts payable after more than one year | 17 | €185,596 | €161,403 | -€24,193 | -13.0% |
| Financial debts | 170/4 | €185,596 | €161,403 | -€24,193 | -13.0% |
| Amounts payable within one year | 42/48 | €297,134 | €282,098 | -€15,036 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €26,103 | €24,192 | -€1,911 | -7.3% |
| Trade debts | 44 | €1,271 | €1,284 | +€13 | +1.0% |
| Suppliers | 440/4 | €1,271 | €1,284 | +€13 | +1.0% |
| Other amounts payable | 47/48 | €269,760 | €256,622 | -€13,138 | -4.9% |
| Accrued charges and deferred income | 492/3 | €673 | €1,704 | +€1,031 | +153% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,097 | €66,923 | +€826 | +1.2% |
| Other operating charges | 640/8 | €2,956 | €8,386 | +€5,430 | +184% |
| Gross operating margin | 9900 | €82,685 | €81,591 | -€1,094 | -1.3% |
| Operating profit (loss) | 9901 | €13,632 | €6,282 | -€7,350 | -53.9% |
| Financial charges | 65/66B | €7,636 | €6,823 | -€813 | -10.6% |
| Recurring financial charges | 65 | €7,636 | €6,823 | -€813 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €5,996 | -€541 | -€6,537 | |
| Transfer from deferred taxes | 780 | €1,106 | €553 | -€553 | -50.0% |
| Income taxes | 67/77 | €289 | €1,387 | +€1,098 | +380% |
| Profit (loss) for the period | 9904 | €6,813 | -€1,375 | -€8,188 | |
| Transfer from tax-exempt reserves | 789 | €2,150 | €1,074 | -€1,076 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,963 | -€301 | -€9,264 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.