GL - INVEST: what changed
What changed
GL - INVEST
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€334,943
2024 · -€226,929+€561,872
Equity
€4.8m
2024 · €4.5m+€334,943
Cash
€212,325
2024 · €254,415-€42,090
Balance sheet total
€8.4m
2024 · €9.5m-€1.0m
Largest movements
Assets
- Tangible fixed assets -€1.3m
down €1.3m (-16.4%), from €7.8m to €6.5m
of which Assets under construction and advance payments: -€1.4m
- Receivables within one year +€297,938
up €297,938 (+123%), from €241,707 to €539,644
of which Other amounts receivable: +€310,963
Equity and liabilities
- Short-term financial debts -€1.5m
down €1.5m (-35.4%), from €4.4m to €2.8m
- Reserves +€334,943
up €334,943 (+26.6%), from €1.3m to €1.6m
of which Distributable reserves: +€378,758
- Other debts +€305,000
new in 2025: €305,000
- Current portion of long-term debt -€139,479
down €139,479 (-68.5%), from €203,707 to €64,228
- Trade debts +€108,964
up €108,964 (+158%), from €68,800 to €177,764
Income statement
- Gross operating margin +€705,814
up €705,814 (+80.6%), from €875,329 to €1.6m
- Taxes +€122,768
up €122,768, from -€39 to €122,730
- Financial charges -€43,776
down €43,776 (-18.3%), from €239,335 to €195,559
- Other operating charges +€30,763
up €30,763 (+13.8%), from €223,087 to €253,849
- Depreciation +€16,029
up €16,029 (+6.1%), from €264,896 to €280,925
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€226,929
Gross operating margin
+€705,814
Staff costs
-€8,502
Depreciation
-€16,029
Other operating charges
-€30,763
Financial income
-€9,656
Financial charges
+€43,776
Taxes
-€122,768
Result 2025
€334,943
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€702,212
Investment
+€1.0m
Financing
-€1.7m
Cash 2024
€254,415
From operations (derived)
+€702,212
Net result for the year
+€334,943
Depreciation
+€280,925
Receivables within one year
-€297,938
Deferred charges and accrued income
+€23,689
Provisions
-€9,036
Trade debts
+€108,964
Tax, wage and social debts
-€51,872
Advances received
+€1,765
Other debts
+€305,000
Accrued charges and deferred income
+€5,772
Investment (derived)
+€1.0m
Investment in fixed assets (net)
+€1.0m
Financing
-€1.7m
Debts after one year
-€64,228
Current portion of long-term debt
-€139,479
Short-term financial debts
-€1.5m
Cash 2025
€212,325
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,472,900 | €8,423,724 | -€1.0m | -11.1% |
| Fixed assets | 21/28 | €8,928,300 | €7,646,966 | -€1.3m | -14.4% |
| Intangible fixed assets | 21 | €2,313 | €813 | -€1,500 | -64.9% |
| Tangible fixed assets | 22/27 | €7,794,388 | €6,514,553 | -€1.3m | -16.4% |
| Land and buildings | 22 | €3,765,822 | €3,908,726 | +€142,903 | +3.8% |
| Plant, machinery and equipment | 23 | €1,718 | €1,064 | -€654 | -38.1% |
| Furniture and vehicles | 24 | €173,868 | €121,244 | -€52,624 | -30.3% |
| Assets under construction and advance payments | 27 | €3,852,979 | €2,483,520 | -€1.4m | -35.5% |
| Financial fixed assets | 28 | €1,131,600 | €1,131,600 | = | 0.0% |
| Current assets | 29/58 | €544,600 | €776,758 | +€232,159 | +42.6% |
| Amounts receivable within one year | 40/41 | €241,707 | €539,644 | +€297,938 | +123% |
| Trade receivables | 40 | €44,910 | €31,884 | -€13,025 | -29.0% |
| Other amounts receivable | 41 | €196,797 | €507,760 | +€310,963 | +158% |
| Cash at bank and in hand | 54/58 | €254,415 | €212,325 | -€42,090 | -16.5% |
| Deferred charges and accrued income | 490/1 | €48,478 | €24,789 | -€23,689 | -48.9% |
| Total equity and liabilities | 10/49 | €9,472,900 | €8,423,724 | -€1.0m | -11.1% |
| Equity | 10/15 | €4,514,844 | €4,849,787 | +€334,943 | +7.4% |
| Contributions | 10/11 | €97,216 | €97,216 | = | 0.0% |
| Capital | 10 | €97,216 | €97,216 | = | 0.0% |
| Issued capital | 100 | €97,216 | €97,216 | = | 0.0% |
| Reserves | 13 | €1,258,202 | €1,593,145 | +€334,943 | +26.6% |
| Non-distributable reserves | 130/1 | €9,722 | €9,722 | = | 0.0% |
| Legal reserve | 130 | €9,722 | €9,722 | = | 0.0% |
| Tax-exempt reserves | 132 | €326,822 | €283,007 | -€43,815 | -13.4% |
| Distributable reserves | 133 | €921,658 | €1,300,416 | +€378,758 | +41.1% |
| Profit (loss) carried forward | 14 | €3,159,427 | €3,159,427 | = | 0.0% |
| Provisions and deferred taxes | 16 | €47,438 | €38,402 | -€9,036 | -19.0% |
| Deferred taxes | 168 | €47,438 | €38,402 | -€9,036 | -19.0% |
| Amounts payable | 17/49 | €4,910,618 | €3,535,535 | -€1.4m | -28.0% |
| Amounts payable after more than one year | 17 | €151,018 | €86,790 | -€64,228 | -42.5% |
| Financial debts | 170/4 | €151,018 | €86,790 | -€64,228 | -42.5% |
| Amounts payable within one year | 42/48 | €4,752,314 | €3,435,687 | -€1.3m | -27.7% |
| Current portion of amounts payable after more than one year | 42 | €203,707 | €64,228 | -€139,479 | -68.5% |
| Financial debts | 43 | €4,352,474 | €2,811,471 | -€1.5m | -35.4% |
| Credit institutions | 430/8 | €4,352,474 | €2,811,471 | -€1.5m | -35.4% |
| Trade debts | 44 | €68,800 | €177,764 | +€108,964 | +158% |
| Suppliers | 440/4 | €68,800 | €177,764 | +€108,964 | +158% |
| Advances received on contracts in progress | 46 | €25,638 | €27,403 | +€1,765 | +6.9% |
| Taxes, remuneration and social security | 45 | €101,694 | €49,822 | -€51,872 | -51.0% |
| Taxes | 450/3 | €45,801 | €1,159 | -€44,642 | -97.5% |
| Remuneration and social security | 454/9 | €55,893 | €48,663 | -€7,230 | -12.9% |
| Other amounts payable | 47/48 | - | €305,000 | +€305,000 | |
| Accrued charges and deferred income | 492/3 | €7,286 | €13,057 | +€5,772 | +79.2% |
| Non-recurring operating income | 76A | €13,728 | - | -€13,728 | |
| Remuneration, social security and pensions | 62 | €396,171 | €404,673 | +€8,502 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €264,896 | €280,925 | +€16,029 | +6.1% |
| Other operating charges | 640/8 | €223,087 | €253,849 | +€30,763 | +13.8% |
| Gross operating margin | 9900 | €875,329 | €1,581,143 | +€705,814 | +80.6% |
| Operating profit (loss) | 9901 | -€8,825 | €641,695 | +€650,520 | |
| Financial income | 75/76B | €12,157 | €2,501 | -€9,656 | -79.4% |
| Recurring financial income | 75 | €12,157 | €2,501 | -€9,656 | -79.4% |
| Financial charges | 65/66B | €239,335 | €195,559 | -€43,776 | -18.3% |
| Recurring financial charges | 65 | €239,335 | €195,559 | -€43,776 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | -€236,003 | €448,637 | +€684,640 | |
| Transfer from deferred taxes | 780 | €9,036 | €9,036 | = | 0.0% |
| Income taxes | 67/77 | -€39 | €122,730 | +€122,768 | |
| Profit (loss) for the period | 9904 | -€226,929 | €334,943 | +€561,872 | |
| Transfer from tax-exempt reserves | 789 | €43,815 | €43,815 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€183,114 | €378,758 | +€561,872 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.