GM REAL ESTATES: 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.
GM REAL ESTATES
Largest movements
- Receivables within one year -€972,257
down €972,257 (-92.4%), from €1.1m to €79,858
of which Other amounts receivable: -€1.0m
- Stocks and contracts -€569,676
down €569,676 (-95.3%), from €597,728 to €28,052
- Tangible fixed assets -€152,655
down €152,655 (-1.6%), from €9.3m to €9.2m
of which Land and buildings: -€152,655
- Debts after one year +€4.8m
up €4.8m (+318%), from €1.5m to €6.3m
- Short-term financial debts -€3.1m
down €3.1m (-100%), from €3.1m to €0
- Other debts -€2.7m
down €2.7m (-76.3%), from €3.5m to €830,890
- Current portion of long-term debt -€1.2m
down €1.2m (-84.7%), from €1.4m to €213,806
- Reserves +€489,133
up €489,133 (+50.3%), from €971,497 to €1.5m
- Gross operating margin +€809,293
up €809,293 (+680%), from €119,033 to €928,326
- Taxes +€123,668
up €123,668, from €0 to €123,668
- Financial income -€39,650
down €39,650 (-67.4%), from €58,788 to €19,138
- Financial charges -€10,645
down €10,645 (-6.2%), from €171,676 to €161,031
- Other operating charges +€10,245
up €10,245 (+145%), from €7,046 to €17,291
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 | €10,958,428 | €9,393,217 | -€1.6m | -14.3% |
| Fixed assets | 21/28 | €9,306,685 | €9,154,030 | -€152,655 | -1.6% |
| Tangible fixed assets | 22/27 | €9,306,285 | €9,153,630 | -€152,655 | -1.6% |
| Land and buildings | 22 | €8,666,316 | €8,513,661 | -€152,655 | -1.8% |
| Other tangible fixed assets | 26 | €639,969 | €639,969 | = | 0.0% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €1,651,743 | €239,186 | -€1.4m | -85.5% |
| Stocks and contracts in progress | 3 | €597,728 | €28,052 | -€569,676 | -95.3% |
| Stocks | 30/36 | €597,728 | €28,052 | -€569,676 | -95.3% |
| Amounts receivable within one year | 40/41 | €1,052,115 | €79,858 | -€972,257 | -92.4% |
| Trade receivables | 40 | €6,102 | €79,858 | +€73,756 | +1,209% |
| Other amounts receivable | 41 | €1,046,013 | €0 | -€1.0m | -100% |
| Cash at bank and in hand | 54/58 | €1,900 | €94,371 | +€92,471 | +4,867% |
| Deferred charges and accrued income | 490/1 | - | €36,905 | +€36,905 | |
| Total equity and liabilities | 10/49 | €10,958,428 | €9,393,217 | -€1.6m | -14.3% |
| Equity | 10/15 | €1,021,497 | €1,510,630 | +€489,133 | +47.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €971,497 | €1,460,630 | +€489,133 | +50.3% |
| Distributable reserves | 133 | €971,497 | €1,460,630 | +€489,133 | +50.3% |
| Amounts payable | 17/49 | €9,936,932 | €7,882,587 | -€2.1m | -20.7% |
| Amounts payable after more than one year | 17 | €1,519,749 | €6,346,215 | +€4.8m | +318% |
| Financial debts | 170/4 | €1,519,749 | €6,346,215 | +€4.8m | +318% |
| Amounts payable within one year | 42/48 | €8,415,082 | €1,514,272 | -€6.9m | -82.0% |
| Current portion of amounts payable after more than one year | 42 | €1,399,699 | €213,806 | -€1.2m | -84.7% |
| Financial debts | 43 | €3,050,000 | €0 | -€3.1m | -100% |
| Credit institutions | 430/8 | €3,050,000 | €0 | -€3.1m | -100% |
| Trade debts | 44 | €29,073 | €12,570 | -€16,504 | -56.8% |
| Suppliers | 440/4 | €29,073 | €12,570 | -€16,504 | -56.8% |
| Taxes, remuneration and social security | 45 | €434,075 | €457,007 | +€22,932 | +5.3% |
| Taxes | 450/3 | €434,075 | €457,007 | +€22,932 | +5.3% |
| Other amounts payable | 47/48 | €3,502,235 | €830,890 | -€2.7m | -76.3% |
| Accrued charges and deferred income | 492/3 | €2,100 | €22,100 | +€20,000 | +952% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,346 | €156,342 | +€996 | +0.6% |
| Other operating charges | 640/8 | €7,046 | €17,291 | +€10,245 | +145% |
| Gross operating margin | 9900 | €119,033 | €928,326 | +€809,293 | +680% |
| Operating profit (loss) | 9901 | -€43,359 | €754,694 | +€798,053 | |
| Financial income | 75/76B | €58,788 | €19,138 | -€39,650 | -67.4% |
| Recurring financial income | 75 | €58,788 | €19,138 | -€39,650 | -67.4% |
| Financial charges | 65/66B | €171,676 | €161,031 | -€10,645 | -6.2% |
| Recurring financial charges | 65 | €171,676 | €161,031 | -€10,645 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | -€156,247 | €612,801 | +€769,048 | |
| Income taxes | 67/77 | €0 | €123,668 | +€123,668 | |
| Profit (loss) for the period | 9904 | -€156,247 | €489,133 | +€645,380 | |
| Profit (loss) for the period to be appropriated | 9905 | -€156,247 | €489,133 | +€645,380 |
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 20 October 2026 via checked.be.