GMM IMMO: 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.
GMM IMMO
Largest movements
- Deferred charges and accrued income -€35,606
down €35,606 (-99.9%), from €35,627 to €21
- Receivables within one year -€14,248
down €14,248 (-21.8%), from €65,220 to €50,972
of which Trade receivables: -€33,042
- Cash -€13,578
down €13,578 (-59.1%), from €22,959 to €9,381
mainly Accrued charges and deferred income (-€58,766) and Investment in fixed assets (net) (-€30,694)
- Accrued charges and deferred income -€58,766
down €58,766 (-100%), from €58,766 to €0
- Tax, wage and social debts -€20,206
down €20,206 (-59.3%), from €34,073 to €13,867
of which Taxes: -€22,334
- Debts after one year +€10,224
up €10,224 (+13.3%), from €77,101 to €87,325
- Current portion of long-term debt +€5,411
up €5,411 (+119%), from €4,534 to €9,945
- Gross operating margin -€113,758
down €113,758 (-58.0%), from €196,231 to €82,474
- Staff costs +€44,846
new in 2025: €44,846
- Financial income -€16,494
down €16,494 (-92.9%), from €17,758 to €1,264
- Financial charges -€11,709
down €11,709 (-62.9%), from €18,620 to €6,911
- Taxes -€5,936
down €5,936 (-60.0%), from €9,894 to €3,957
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 | €438,363 | €379,697 | -€58,666 | -13.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €314,557 | €319,323 | +€4,766 | +1.5% |
| Tangible fixed assets | 22/27 | €314,557 | €318,893 | +€4,336 | +1.4% |
| Land and buildings | 22 | €291,214 | €271,442 | -€19,772 | -6.8% |
| Plant, machinery and equipment | 23 | €9,152 | €13,102 | +€3,950 | +43.2% |
| Furniture and vehicles | 24 | €5,441 | €25,599 | +€20,158 | +370% |
| Other tangible fixed assets | 26 | €8,750 | €8,750 | = | 0.0% |
| Financial fixed assets | 28 | - | €430 | +€430 | |
| Current assets | 29/58 | €123,806 | €60,374 | -€63,432 | -51.2% |
| Amounts receivable within one year | 40/41 | €65,220 | €50,972 | -€14,248 | -21.8% |
| Trade receivables | 40 | €49,692 | €16,649 | -€33,042 | -66.5% |
| Other amounts receivable | 41 | €15,528 | €34,323 | +€18,794 | +121% |
| Cash at bank and in hand | 54/58 | €22,959 | €9,381 | -€13,578 | -59.1% |
| Deferred charges and accrued income | 490/1 | €35,627 | €21 | -€35,606 | -99.9% |
| Total equity and liabilities | 10/49 | €438,363 | €379,697 | -€58,666 | -13.4% |
| Equity | 10/15 | €212,077 | €212,865 | +€787 | +0.4% |
| Contributions | 10/11 | €92,000 | €92,000 | = | 0.0% |
| Reserves | 13 | €130,492 | €130,492 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,601 | €19,601 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,601 | €19,601 | = | 0.0% |
| Tax-exempt reserves | 132 | €110,891 | €110,891 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,284 | -€10,497 | +€787 | +7.0% |
| Investment grants | 15 | €870 | €870 | = | 0.0% |
| Provisions and deferred taxes | 16 | €37,300 | €37,300 | = | 0.0% |
| Deferred taxes | 168 | €37,300 | €37,300 | = | 0.0% |
| Amounts payable | 17/49 | €188,986 | €129,533 | -€59,453 | -31.5% |
| Amounts payable after more than one year | 17 | €77,101 | €87,325 | +€10,224 | +13.3% |
| Financial debts | 170/4 | €77,101 | €87,325 | +€10,224 | +13.3% |
| Amounts payable within one year | 42/48 | €53,120 | €42,208 | -€10,912 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €4,534 | €9,945 | +€5,411 | +119% |
| Trade debts | 44 | €8,848 | €12,731 | +€3,883 | +43.9% |
| Suppliers | 440/4 | €8,848 | €12,731 | +€3,883 | +43.9% |
| Taxes, remuneration and social security | 45 | €34,073 | €13,867 | -€20,206 | -59.3% |
| Taxes | 450/3 | €34,073 | €11,739 | -€22,334 | -65.5% |
| Remuneration and social security | 454/9 | - | €2,128 | +€2,128 | |
| Other amounts payable | 47/48 | €5,665 | €5,665 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €58,766 | €0 | -€58,766 | -100% |
| Non-recurring operating income | 76A | - | €392 | +€392 | |
| Remuneration, social security and pensions | 62 | - | €44,846 | +€44,846 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,394 | €25,927 | +€3,533 | +15.8% |
| Other operating charges | 640/8 | €832 | €1,309 | +€477 | +57.4% |
| Gross operating margin | 9900 | €196,231 | €82,474 | -€113,758 | -58.0% |
| Operating profit (loss) | 9901 | €173,005 | €10,391 | -€162,615 | -94.0% |
| Financial income | 75/76B | €17,758 | €1,264 | -€16,494 | -92.9% |
| Recurring financial income | 75 | €17,758 | €1,264 | -€16,494 | -92.9% |
| Financial charges | 65/66B | €18,620 | €6,911 | -€11,709 | -62.9% |
| Recurring financial charges | 65 | €18,620 | €6,911 | -€11,709 | -62.9% |
| Profit (loss) for the period before taxes | 9903 | €172,144 | €4,744 | -€167,400 | -97.2% |
| Transfer to deferred taxes | 680 | €110,891 | - | -€110,891 | |
| Income taxes | 67/77 | €9,894 | €3,957 | -€5,936 | -60.0% |
| Profit (loss) for the period | 9904 | €51,360 | €787 | -€50,573 | -98.5% |
| Transfer to tax-exempt reserves | 689 | €36,964 | - | -€36,964 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,396 | €787 | -€13,609 | -94.5% |
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 23 October 2026 via checked.be.