GMH Immo: what changed
GMH Immo
Largest movements
- Tangible fixed assets -€7,798
down €7,798 (-22.7%), from €34,380 to €26,582
- Cash -€2,931
down €2,931 (-58.4%), from €5,015 to €2,084
mainly Other debts (-€22,894) and Smaller working-capital items (-€43)
- Receivables within one year -€1,370
no longer reported in 2025 (was €1,370)
- Formation expenses -€659
no longer reported in 2025 (was €659)
- Other debts -€22,894
down €22,894 (-47.5%), from €48,162 to €25,268
- Profit (loss) carried forward +€7,211
up €7,211 (+83.5%), from -€8,641 to -€1,430
- Tax, wage and social debts +€2,968
up €2,968 (+625%), from €475 to €3,443
- Gross operating margin +€20,284
up €20,284, from -€3,800 to €16,484
- Depreciation +€4,224
up €4,224 (+99.8%), from €4,233 to €8,457
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,054 | €29,321 | -€12,733 | -30.3% |
| Formation expenses | 20 | €659 | - | -€659 | |
| Fixed assets | 21/28 | €34,380 | €26,582 | -€7,798 | -22.7% |
| Tangible fixed assets | 22/27 | €34,380 | €26,582 | -€7,798 | -22.7% |
| Furniture and vehicles | 24 | €34,380 | €26,582 | -€7,798 | -22.7% |
| Current assets | 29/58 | €7,015 | €2,739 | -€4,276 | -61.0% |
| Amounts receivable within one year | 40/41 | €1,370 | - | -€1,370 | |
| Trade receivables | 40 | €1,370 | - | -€1,370 | |
| Cash at bank and in hand | 54/58 | €5,015 | €2,084 | -€2,931 | -58.4% |
| Deferred charges and accrued income | 490/1 | €630 | €655 | +€25 | +4.0% |
| Total equity and liabilities | 10/49 | €42,054 | €29,321 | -€12,733 | -30.3% |
| Equity | 10/15 | -€6,601 | €610 | +€7,211 | |
| Contributions | 10/11 | €2,040 | €2,040 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,641 | -€1,430 | +€7,211 | +83.5% |
| Amounts payable | 17/49 | €48,655 | €28,711 | -€19,944 | -41.0% |
| Amounts payable within one year | 42/48 | €48,655 | €28,711 | -€19,944 | -41.0% |
| Trade debts | 44 | €18 | - | -€18 | |
| Suppliers | 440/4 | €18 | - | -€18 | |
| Taxes, remuneration and social security | 45 | €475 | €3,443 | +€2,968 | +625% |
| Taxes | 450/3 | €475 | €3,443 | +€2,968 | +625% |
| Other amounts payable | 47/48 | €48,162 | €25,268 | -€22,894 | -47.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,233 | €8,457 | +€4,224 | +99.8% |
| Other operating charges | 640/8 | €547 | €644 | +€97 | +17.7% |
| Gross operating margin | 9900 | -€3,800 | €16,484 | +€20,284 | |
| Operating profit (loss) | 9901 | -€8,580 | €7,383 | +€15,963 | |
| Financial charges | 65/66B | €34 | €38 | +€4 | +11.8% |
| Recurring financial charges | 65 | €34 | €38 | +€4 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,614 | €7,345 | +€15,959 | |
| Income taxes | 67/77 | €27 | €134 | +€107 | +396% |
| Profit (loss) for the period | 9904 | -€8,641 | €7,211 | +€15,852 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,641 | €7,211 | +€15,852 |
Next steps
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.