GMD 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.
GMD IMMO
Largest movements
- Cash +€46,269
up €46,269 (+44.1%), from €104,995 to €151,264
mainly Depreciation (+€32,687) and Net result for the year (+€17,774)
- Tangible fixed assets -€32,687
down €32,687 (-12.0%), from €272,700 to €240,013
of which Land and buildings: -€28,287
- Profit (loss) carried forward +€17,774
up €17,774 (+36.9%), from -€48,107 to -€30,333
- Other debts -€5,061
down €5,061 (-1.3%), from €395,493 to €390,432
- Gross operating margin -€5,603
down €5,603 (-8.2%), from €68,597 to €62,994
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 | €474,925 | €487,018 | +€12,093 | +2.5% |
| Fixed assets | 21/28 | €272,700 | €240,013 | -€32,687 | -12.0% |
| Tangible fixed assets | 22/27 | €272,700 | €240,013 | -€32,687 | -12.0% |
| Land and buildings | 22 | €260,235 | €231,949 | -€28,287 | -10.9% |
| Furniture and vehicles | 24 | €12,465 | €8,065 | -€4,400 | -35.3% |
| Current assets | 29/58 | €202,225 | €247,005 | +€44,780 | +22.1% |
| Amounts receivable within one year | 40/41 | €97,230 | €95,741 | -€1,489 | -1.5% |
| Trade receivables | 40 | €95,741 | €95,741 | = | 0.0% |
| Other amounts receivable | 41 | €1,489 | - | -€1,489 | |
| Cash at bank and in hand | 54/58 | €104,995 | €151,264 | +€46,269 | +44.1% |
| Total equity and liabilities | 10/49 | €474,925 | €487,018 | +€12,093 | +2.5% |
| Equity | 10/15 | €77,643 | €95,417 | +€17,774 | +22.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €64,250 | €64,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €39,350 | €39,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,107 | -€30,333 | +€17,774 | +36.9% |
| Amounts payable | 17/49 | €397,282 | €391,601 | -€5,681 | -1.4% |
| Amounts payable within one year | 42/48 | €395,682 | €390,801 | -€4,881 | -1.2% |
| Trade debts | 44 | €50 | €227 | +€177 | +353.8% |
| Suppliers | 440/4 | €50 | €227 | +€177 | +353.8% |
| Taxes, remuneration and social security | 45 | €139 | €142 | +€3 | +2.4% |
| Taxes | 450/3 | €139 | €142 | +€3 | +2.4% |
| Other amounts payable | 47/48 | €395,493 | €390,432 | -€5,061 | -1.3% |
| Accrued charges and deferred income | 492/3 | €1,600 | €800 | -€800 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,687 | €32,687 | = | 0.0% |
| Other operating charges | 640/8 | €13,227 | €12,679 | -€548 | -4.1% |
| Gross operating margin | 9900 | €68,597 | €62,994 | -€5,603 | -8.2% |
| Operating profit (loss) | 9901 | €22,683 | €17,629 | -€5,054 | -22.3% |
| Financial income | 75/76B | €109 | €625 | +€516 | +473.7% |
| Recurring financial income | 75 | €109 | €625 | +€516 | +473.7% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €22,657 | €18,104 | -€4,554 | -20.1% |
| Income taxes | 67/77 | €255 | €329 | +€75 | +29.2% |
| Profit (loss) for the period | 9904 | €22,402 | €17,774 | -€4,628 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,402 | €17,774 | -€4,628 | -20.7% |
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 1 October 2026 via checked.be.