GPF1: what changed
What changed
GPF1
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€215,933
2024 · -€22,621+€238,555
Equity
€1.5m
2024 · €1.3m+€211,724
Cash
€36
2024 · €36
Balance sheet total
€4.3m
2024 · €4.2m+€72,970
Largest movements
Assets
- Receivables within one year +€113,246
up €113,246 (+219%), from €51,789 to €165,035
of which Trade receivables: +€138,246
- Tangible fixed assets -€58,051
down €58,051 (-1.4%), from €4.1m to €4.0m
Equity and liabilities
- Profit (loss) carried forward +€215,933
up €215,933 (+50.9%), from €423,977 to €639,910
- Other debts -€129,312
down €129,312 (-21.0%), from €617,189 to €487,877
- Debts after one year -€117,860
down €117,860 (-7.8%), from €1.5m to €1.4m
of which Financial debts: -€117,860
- Accrued charges and deferred income +€73,910
up €73,910 (+16.1%), from €457,848 to €531,758
Income statement
- Gross operating margin +€293,440
up €293,440 (+69.8%), from €420,538 to €713,978
- Taxes +€71,628
up €71,628, from -€1,053 to €70,575
- Financial charges -€10,773
down €10,773 (-15.5%), from €69,664 to €58,891
- Depreciation -€10,242
down €10,242 (-3.7%), from €275,499 to €265,258
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
-€22,621
Gross operating margin
+€293,440
Depreciation
+€10,242
Other operating charges
-€2,214
Other operating items
-€1,444
Financial income
-€614
Financial charges
+€10,773
Taxes
-€71,628
Result 2025
€215,933
raises the resultlowers the resultnot broken down further in the accounts
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
+€337,043
Investment
-€224,982
Financing
-€112,061
Cash 2024
€36
From operations (derived)
+€337,043
Net result for the year
+€215,933
Depreciation
+€265,258
Receivables within one year
-€113,246
Trade debts
+€20,554
Tax, wage and social debts
+€3,945
Other debts
-€129,312
Accrued charges and deferred income
+€73,910
Investment (derived)
-€224,982
Investment in fixed assets (net)
-€212,966
Current investments
-€12,016
Financing
-€112,061
Debts after one year
-€117,860
Current portion of long-term debt
+€10,009
Contributions, distributions and other
-€4,209
Cash 2025
€36
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,189,518 | €4,262,488 | +€72,970 | +1.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €4,136,330 | €4,084,038 | -€52,291 | -1.3% |
| Tangible fixed assets | 22/27 | €4,079,040 | €4,020,988 | -€58,051 | -1.4% |
| Land and buildings | 22 | €4,079,040 | €4,020,988 | -€58,051 | -1.4% |
| Financial fixed assets | 28 | €57,290 | €63,050 | +€5,760 | +10.1% |
| Current assets | 29/58 | €53,189 | €178,450 | +€125,261 | +236% |
| Amounts receivable within one year | 40/41 | €51,789 | €165,035 | +€113,246 | +219% |
| Trade receivables | 40 | €26,789 | €165,035 | +€138,246 | +516% |
| Other amounts receivable | 41 | €25,000 | - | -€25,000 | |
| Current investments | 50/53 | €1,363 | €13,379 | +€12,016 | +881% |
| Cash at bank and in hand | 54/58 | €36 | €36 | = | 0.0% |
| Total equity and liabilities | 10/49 | €4,189,518 | €4,262,488 | +€72,970 | +1.7% |
| Equity | 10/15 | €1,277,828 | €1,489,552 | +€211,724 | +16.6% |
| Contributions | 10/11 | €149,136 | €149,136 | = | 0.0% |
| Capital | 10 | €149,136 | €149,136 | = | 0.0% |
| Issued capital | 100 | €149,136 | €149,136 | = | 0.0% |
| Reserves | 13 | €575,786 | €575,786 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,914 | €14,914 | = | 0.0% |
| Legal reserve | 130 | €14,914 | €14,914 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,369 | €1,369 | = | 0.0% |
| Distributable reserves | 133 | €559,503 | €559,503 | = | 0.0% |
| Profit (loss) carried forward | 14 | €423,977 | €639,910 | +€215,933 | +50.9% |
| Investment grants | 15 | €128,929 | €124,720 | -€4,209 | -3.3% |
| Amounts payable | 17/49 | €2,911,690 | €2,772,936 | -€138,754 | -4.8% |
| Amounts payable after more than one year | 17 | €1,508,943 | €1,391,083 | -€117,860 | -7.8% |
| Financial debts | 170/4 | €1,502,199 | €1,384,339 | -€117,860 | -7.8% |
| Other amounts payable | 178/9 | €6,744 | €6,744 | = | 0.0% |
| Amounts payable within one year | 42/48 | €944,899 | €850,095 | -€94,804 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €154,114 | €164,123 | +€10,009 | +6.5% |
| Trade debts | 44 | €171,967 | €192,521 | +€20,554 | +12.0% |
| Suppliers | 440/4 | €171,967 | €192,521 | +€20,554 | +12.0% |
| Taxes, remuneration and social security | 45 | €1,630 | €5,575 | +€3,945 | +242% |
| Taxes | 450/3 | €1,630 | €5,575 | +€3,945 | +242% |
| Other amounts payable | 47/48 | €617,189 | €487,877 | -€129,312 | -21.0% |
| Accrued charges and deferred income | 492/3 | €457,848 | €531,758 | +€73,910 | +16.1% |
| Non-recurring operating income | 76A | €12,366 | €6,980 | -€5,385 | -43.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €275,499 | €265,258 | -€10,242 | -3.7% |
| Other operating charges | 640/8 | €103,873 | €106,087 | +€2,214 | +2.1% |
| Non-recurring operating charges | 66A | - | €1,444 | +€1,444 | |
| Gross operating margin | 9900 | €420,538 | €713,978 | +€293,440 | +69.8% |
| Operating profit (loss) | 9901 | €41,166 | €341,189 | +€300,023 | +729% |
| Financial income | 75/76B | €4,823 | €4,209 | -€614 | -12.7% |
| Recurring financial income | 75 | €4,823 | €4,209 | -€614 | -12.7% |
| Financial charges | 65/66B | €69,664 | €58,891 | -€10,773 | -15.5% |
| Recurring financial charges | 65 | €69,664 | €58,891 | -€10,773 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | -€23,675 | €286,508 | +€310,183 | |
| Income taxes | 67/77 | -€1,053 | €70,575 | +€71,628 | |
| Profit (loss) for the period | 9904 | -€22,621 | €215,933 | +€238,555 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,621 | €215,933 | +€238,555 |
Next steps
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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 1 November 2026 via checked.be.