GR SA 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.
What changed
GR SA IMMO
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€25,218
2024 · -€56,091+€30,873
Equity
€212,443
2024 · €237,661-€25,218
Cash
€229
2024 · €318-€89
Balance sheet total
€1.9m
2024 · €2.0m-€108,932
Largest movements
Assets
- Tangible fixed assets -€97,631
down €97,631 (-5.1%), from €1.9m to €1.8m
of which Land and buildings: -€70,794
Equity and liabilities
- Debts after one year -€121,223
down €121,223 (-9.4%), from €1.3m to €1.2m
- Other debts +€48,180
up €48,180 (+17.6%), from €273,948 to €322,128
- Profit (loss) carried forward -€25,218
down €25,218 (-28.2%), from -€89,538 to -€114,756
Income statement
- Gross operating margin +€39,931
up €39,931 (+25.1%), from €158,855 to €198,786
- Depreciation +€12,114
up €12,114 (+9.5%), from €127,296 to €139,410
- Staff costs -€4,870
down €4,870 (-23.8%), from €20,501 to €15,631
- Other operating charges +€3,450
up €3,450 (+29.8%), from €11,568 to €15,018
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.
Result 2024
-€56,091
Gross operating margin
+€39,931
Staff costs
+€4,870
Depreciation
-€12,114
Other operating charges
-€3,450
Other operating items
-€199
Financial income
-€20
Financial charges
+€1,855
Result 2025
-€25,218
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€174,934
Investment
-€41,425
Financing
-€133,598
Cash 2024
€318
From operations (derived)
+€174,934
Net result for the year
-€25,218
Depreciation
+€139,410
Receivables after one year
+€17,131
Receivables within one year
-€6,234
Deferred charges and accrued income
-€39
Trade debts
-€10,410
Tax, wage and social debts
+€5,046
Other debts
+€48,180
Accrued charges and deferred income
+€7,068
Investment (derived)
-€41,425
Investment in fixed assets (net)
-€41,425
Financing
-€133,598
Debts after one year
-€121,223
Current portion of long-term debt
-€12,375
Cash 2025
€229
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,044,964 | €1,936,032 | -€108,932 | -5.3% |
| Formation expenses | 20 | €1,051 | €697 | -€354 | -33.7% |
| Fixed assets | 21/28 | €1,905,247 | €1,807,616 | -€97,631 | -5.1% |
| Tangible fixed assets | 22/27 | €1,904,884 | €1,807,253 | -€97,631 | -5.1% |
| Land and buildings | 22 | €1,834,751 | €1,763,957 | -€70,794 | -3.9% |
| Plant, machinery and equipment | 23 | €70,133 | €43,296 | -€26,837 | -38.3% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €138,666 | €127,719 | -€10,947 | -7.9% |
| Amounts receivable after more than one year | 29 | €53,651 | €36,520 | -€17,131 | -31.9% |
| Other amounts receivable | 291 | €53,651 | €36,520 | -€17,131 | -31.9% |
| Amounts receivable within one year | 40/41 | €83,893 | €90,127 | +€6,234 | +7.4% |
| Trade receivables | 40 | €72,370 | €89,652 | +€17,282 | +23.9% |
| Other amounts receivable | 41 | €11,523 | €475 | -€11,048 | -95.9% |
| Cash at bank and in hand | 54/58 | €318 | €229 | -€89 | -28.0% |
| Deferred charges and accrued income | 490/1 | €804 | €843 | +€39 | +4.9% |
| Total equity and liabilities | 10/49 | €2,044,964 | €1,936,032 | -€108,932 | -5.3% |
| Equity | 10/15 | €237,661 | €212,443 | -€25,218 | -10.6% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €8,599 | €8,599 | = | 0.0% |
| Distributable reserves | 133 | €8,599 | €8,599 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,538 | -€114,756 | -€25,218 | -28.2% |
| Amounts payable | 17/49 | €1,807,303 | €1,723,589 | -€83,714 | -4.6% |
| Amounts payable after more than one year | 17 | €1,284,198 | €1,162,975 | -€121,223 | -9.4% |
| Financial debts | 170/4 | €1,284,198 | €1,162,975 | -€121,223 | -9.4% |
| Amounts payable within one year | 42/48 | €522,455 | €552,896 | +€30,441 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €133,598 | €121,223 | -€12,375 | -9.3% |
| Trade debts | 44 | €111,501 | €101,091 | -€10,410 | -9.3% |
| Suppliers | 440/4 | €111,501 | €101,091 | -€10,410 | -9.3% |
| Taxes, remuneration and social security | 45 | €3,408 | €8,454 | +€5,046 | +148% |
| Taxes | 450/3 | €25 | €6,113 | +€6,088 | +24,352% |
| Remuneration and social security | 454/9 | €3,383 | €2,341 | -€1,042 | -30.8% |
| Other amounts payable | 47/48 | €273,948 | €322,128 | +€48,180 | +17.6% |
| Accrued charges and deferred income | 492/3 | €650 | €7,718 | +€7,068 | +1,087% |
| Remuneration, social security and pensions | 62 | €20,501 | €15,631 | -€4,870 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,296 | €139,410 | +€12,114 | +9.5% |
| Other operating charges | 640/8 | €11,568 | €15,018 | +€3,450 | +29.8% |
| Non-recurring operating charges | 66A | - | €199 | +€199 | |
| Gross operating margin | 9900 | €158,855 | €198,786 | +€39,931 | +25.1% |
| Operating profit (loss) | 9901 | -€510 | €28,528 | +€29,038 | |
| Financial income | 75/76B | €20 | - | -€20 | |
| Recurring financial income | 75 | €20 | - | -€20 | |
| Financial charges | 65/66B | €55,601 | €53,746 | -€1,855 | -3.3% |
| Recurring financial charges | 65 | €55,601 | €53,746 | -€1,855 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | -€56,091 | -€25,218 | +€30,873 | +55.0% |
| Profit (loss) for the period | 9904 | -€56,091 | -€25,218 | +€30,873 | +55.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€56,091 | -€25,218 | +€30,873 | +55.0% |
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 26 October 2026 via checked.be.