GS 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.
GS IMMO
Largest movements
- Tangible fixed assets +€83,919
up €83,919 (+39.5%), from €212,466 to €296,384
- Cash +€24,771
up €24,771 (+59.5%), from €41,625 to €66,396
mainly Debts after one year (+€77,492) and Net result for the year (+€47,212)
- Debts after one year +€77,492
up €77,492 (+104.5%), from €74,170 to €151,662
of which Other amounts payable: +€90,000
- Profit (loss) carried forward +€47,212
up €47,212 (+45.4%), from €104,088 to €151,300
- Tax, wage and social debts -€16,406
down €16,406 (-84.4%), from €19,431 to €3,024
- Gross operating margin +€17,903
up €17,903 (+22.6%), from €79,213 to €97,116
- Depreciation +€3,575
up €3,575 (+18.2%), from €19,640 to €23,215
- Taxes +€3,133
up €3,133 (+24.3%), from €12,891 to €16,024
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 | €356,526 | €464,719 | +€108,193 | +30.3% |
| Fixed assets | 21/28 | €212,466 | €296,384 | +€83,919 | +39.5% |
| Tangible fixed assets | 22/27 | €212,466 | €296,384 | +€83,919 | +39.5% |
| Land and buildings | 22 | €212,466 | €296,384 | +€83,919 | +39.5% |
| Current assets | 29/58 | €144,061 | €168,335 | +€24,274 | +16.8% |
| Amounts receivable within one year | 40/41 | €2,823 | €2,326 | -€497 | -17.6% |
| Other amounts receivable | 41 | €2,823 | €2,326 | -€497 | -17.6% |
| Current investments | 50/53 | €99,613 | €99,613 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €41,625 | €66,396 | +€24,771 | +59.5% |
| Total equity and liabilities | 10/49 | €356,526 | €464,719 | +€108,193 | +30.3% |
| Equity | 10/15 | €246,801 | €294,013 | +€47,212 | +19.1% |
| Contributions | 10/11 | €35,942 | €35,942 | = | 0.0% |
| Reserves | 13 | €106,771 | €106,771 | = | 0.0% |
| Non-distributable reserves | 130/1 | €106,771 | €106,771 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,158 | €7,158 | = | 0.0% |
| Own shares acquired | 1312 | €99,613 | €99,613 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,088 | €151,300 | +€47,212 | +45.4% |
| Amounts payable | 17/49 | €109,726 | €170,706 | +€60,981 | +55.6% |
| Amounts payable after more than one year | 17 | €74,170 | €151,662 | +€77,492 | +104.5% |
| Financial debts | 170/4 | €74,170 | €61,662 | -€12,508 | -16.9% |
| Other amounts payable | 178/9 | - | €90,000 | +€90,000 | |
| Amounts payable within one year | 42/48 | €34,930 | €18,393 | -€16,537 | -47.3% |
| Current portion of amounts payable after more than one year | 42 | €12,270 | €12,508 | +€238 | +1.9% |
| Trade debts | 44 | - | €177 | +€177 | |
| Suppliers | 440/4 | - | €177 | +€177 | |
| Advances received on contracts in progress | 46 | €424 | €777 | +€353 | +83.3% |
| Taxes, remuneration and social security | 45 | €19,431 | €3,024 | -€16,406 | -84.4% |
| Taxes | 450/3 | €19,431 | €3,024 | -€16,406 | -84.4% |
| Other amounts payable | 47/48 | €2,806 | €1,906 | -€900 | -32.1% |
| Accrued charges and deferred income | 492/3 | €626 | €652 | +€26 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,640 | €23,215 | +€3,575 | +18.2% |
| Other operating charges | 640/8 | €8,401 | €8,852 | +€451 | +5.4% |
| Gross operating margin | 9900 | €79,213 | €97,116 | +€17,903 | +22.6% |
| Operating profit (loss) | 9901 | €51,172 | €65,049 | +€13,877 | +27.1% |
| Financial charges | 65/66B | €2,103 | €1,812 | -€290 | -13.8% |
| Recurring financial charges | 65 | €2,103 | €1,812 | -€290 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €49,069 | €63,236 | +€14,167 | +28.9% |
| Income taxes | 67/77 | €12,891 | €16,024 | +€3,133 | +24.3% |
| Profit (loss) for the period | 9904 | €36,178 | €47,212 | +€11,034 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,178 | €47,212 | +€11,034 | +30.5% |
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 4 October 2026 via checked.be.