GSTD 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.
GSTD IMMO
Largest movements
- Tangible fixed assets -€83,594
down €83,594 (-3.3%), from €2.5m to €2.4m
- Debts after one year -€133,298
down €133,298 (-5.9%), from €2.3m to €2.1m
of which Financial debts: -€174,452
- Profit (loss) carried forward +€37,620
up €37,620 (+60.9%), from €61,758 to €99,378
- Gross operating margin +€26,299
up €26,299 (+10.7%), from €246,290 to €272,589
- Taxes +€10,122
up €10,122 (+418.6%), from €2,418 to €12,540
- Depreciation +€10,036
up €10,036 (+6.9%), from €146,137 to €156,173
- Financial charges +€5,220
up €5,220 (+9.1%), from €57,517 to €62,737
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 | €2,531,610 | €2,447,154 | -€84,456 | -3.3% |
| Fixed assets | 21/28 | €2,502,514 | €2,418,920 | -€83,594 | -3.3% |
| Tangible fixed assets | 22/27 | €2,502,514 | €2,418,920 | -€83,594 | -3.3% |
| Land and buildings | 22 | €2,502,514 | €2,418,920 | -€83,594 | -3.3% |
| Current assets | 29/58 | €29,096 | €28,234 | -€862 | -3.0% |
| Amounts receivable within one year | 40/41 | €3,162 | €3,222 | +€60 | +1.9% |
| Trade receivables | 40 | €580 | €180 | -€400 | -69.0% |
| Other amounts receivable | 41 | €2,582 | €3,042 | +€460 | +17.8% |
| Cash at bank and in hand | 54/58 | €22,921 | €21,913 | -€1,008 | -4.4% |
| Deferred charges and accrued income | 490/1 | €3,013 | €3,099 | +€86 | +2.9% |
| Total equity and liabilities | 10/49 | €2,531,610 | €2,447,154 | -€84,456 | -3.3% |
| Equity | 10/15 | €80,358 | €117,978 | +€37,620 | +46.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,758 | €99,378 | +€37,620 | +60.9% |
| Amounts payable | 17/49 | €2,451,252 | €2,329,176 | -€122,076 | -5.0% |
| Amounts payable after more than one year | 17 | €2,256,958 | €2,123,660 | -€133,298 | -5.9% |
| Financial debts | 170/4 | €1,688,451 | €1,513,999 | -€174,452 | -10.3% |
| Other amounts payable | 178/9 | €568,507 | €609,661 | +€41,154 | +7.2% |
| Amounts payable within one year | 42/48 | €171,363 | €177,332 | +€5,969 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €169,388 | €174,452 | +€5,064 | +3.0% |
| Trade debts | 44 | €1,975 | €123 | -€1,852 | -93.8% |
| Suppliers | 440/4 | €1,975 | €123 | -€1,852 | -93.8% |
| Taxes, remuneration and social security | 45 | - | €2,757 | +€2,757 | |
| Taxes | 450/3 | - | €2,757 | +€2,757 | |
| Accrued charges and deferred income | 492/3 | €22,931 | €28,184 | +€5,253 | +22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,137 | €156,173 | +€10,036 | +6.9% |
| Other operating charges | 640/8 | €3,631 | €3,772 | +€141 | +3.9% |
| Gross operating margin | 9900 | €246,290 | €272,589 | +€26,299 | +10.7% |
| Operating profit (loss) | 9901 | €96,522 | €112,644 | +€16,122 | +16.7% |
| Financial income | 75/76B | - | €253 | +€253 | |
| Recurring financial income | 75 | - | €253 | +€253 | |
| Financial charges | 65/66B | €57,517 | €62,737 | +€5,220 | +9.1% |
| Recurring financial charges | 65 | €57,517 | €62,737 | +€5,220 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €39,005 | €50,160 | +€11,155 | +28.6% |
| Income taxes | 67/77 | €2,418 | €12,540 | +€10,122 | +418.6% |
| Profit (loss) for the period | 9904 | €36,587 | €37,620 | +€1,033 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,587 | €37,620 | +€1,033 | +2.8% |
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.