GTS: what changed
What changed
GTS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€18,439
2024 · €8,603+€9,836
Equity
€70,042
2024 · €51,602+€18,439
Cash
€28,858
2024 · €35,721-€6,863
Balance sheet total
€1.2m
2024 · €1.2m+€21,632
Largest movements
Assets
- Receivables within one year +€31,822
up €31,822 (+65.9%), from €48,297 to €80,119
of which Trade receivables: +€34,118
Equity and liabilities
- Debts after one year -€100,451
down €100,451 (-13.8%), from €726,690 to €626,239
- Trade debts +€75,125
up €75,125 (+9,128%), from €823 to €75,948
- Other debts +€22,500
up €22,500 (+8.0%), from €281,991 to €304,491
- Reserves +€18,000
up €18,000 (+69.2%), from €26,000 to €44,000
of which Distributable reserves: +€18,000
Income statement
- Gross operating margin +€43,901
up €43,901 (+43.3%), from €101,479 to €145,380
- Other operating charges +€20,128
up €20,128 (+895%), from €2,249 to €22,377
- Depreciation +€10,889
up €10,889 (+16.3%), from €66,882 to €77,771
- Taxes +€5,633
up €5,633 (+175%), from €3,227 to €8,861
- Financial charges -€2,536
down €2,536 (-12.4%), from €20,518 to €17,982
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
€8,603
Gross operating margin
+€43,901
Depreciation
-€10,889
Other operating charges
-€20,128
Financial income
+€50
Financial charges
+€2,536
Taxes
-€5,633
Result 2025
€18,439
raises the resultlowers the result
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
+€167,005
Investment
-€74,445
Financing
-€99,424
Cash 2024
€35,721
From operations (derived)
+€167,005
Net result for the year
+€18,439
Depreciation
+€77,771
Receivables within one year
-€31,822
Trade debts
+€75,125
Tax, wage and social debts
+€4,930
Other debts
+€22,500
Accrued charges and deferred income
+€62
Investment (derived)
-€74,445
Investment in fixed assets (net)
-€74,445
Financing
-€99,424
Debts after one year
-€100,451
Current portion of long-term debt
+€1,027
Cash 2025
€28,858
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,168,384 | €1,190,016 | +€21,632 | +1.9% |
| Fixed assets | 21/28 | €1,084,366 | €1,081,040 | -€3,326 | -0.3% |
| Tangible fixed assets | 22/27 | €1,084,366 | €1,081,040 | -€3,326 | -0.3% |
| Land and buildings | 22 | €1,082,722 | €1,081,040 | -€1,682 | -0.2% |
| Furniture and vehicles | 24 | €1,644 | €0 | -€1,644 | -100% |
| Current assets | 29/58 | €84,018 | €108,976 | +€24,958 | +29.7% |
| Amounts receivable within one year | 40/41 | €48,297 | €80,119 | +€31,822 | +65.9% |
| Trade receivables | 40 | €46,001 | €80,119 | +€34,118 | +74.2% |
| Other amounts receivable | 41 | €2,296 | €0 | -€2,296 | -100% |
| Cash at bank and in hand | 54/58 | €35,721 | €28,858 | -€6,863 | -19.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,168,384 | €1,190,016 | +€21,632 | +1.9% |
| Equity | 10/15 | €51,602 | €70,042 | +€18,439 | +35.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €26,000 | €44,000 | +€18,000 | +69.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €26,000 | €44,000 | +€18,000 | +69.2% |
| Profit (loss) carried forward | 14 | €602 | €1,042 | +€439 | +72.9% |
| Amounts payable | 17/49 | €1,116,782 | €1,119,975 | +€3,193 | +0.3% |
| Amounts payable after more than one year | 17 | €726,690 | €626,239 | -€100,451 | -13.8% |
| Financial debts | 170/4 | €726,690 | €626,239 | -€100,451 | -13.8% |
| Amounts payable within one year | 42/48 | €385,465 | €489,047 | +€103,582 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | €99,424 | €100,451 | +€1,027 | +1.0% |
| Trade debts | 44 | €823 | €75,948 | +€75,125 | +9,128% |
| Suppliers | 440/4 | €823 | €75,948 | +€75,125 | +9,128% |
| Taxes, remuneration and social security | 45 | €3,227 | €8,157 | +€4,930 | +153% |
| Taxes | 450/3 | €3,227 | €8,157 | +€4,930 | +153% |
| Other amounts payable | 47/48 | €281,991 | €304,491 | +€22,500 | +8.0% |
| Accrued charges and deferred income | 492/3 | €4,627 | €4,689 | +€62 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,882 | €77,771 | +€10,889 | +16.3% |
| Other operating charges | 640/8 | €2,249 | €22,377 | +€20,128 | +895% |
| Gross operating margin | 9900 | €101,479 | €145,380 | +€43,901 | +43.3% |
| Operating profit (loss) | 9901 | €32,348 | €45,232 | +€12,884 | +39.8% |
| Financial income | 75/76B | - | €50 | +€50 | |
| Recurring financial income | 75 | - | €50 | +€50 | |
| Financial charges | 65/66B | €20,518 | €17,982 | -€2,536 | -12.4% |
| Recurring financial charges | 65 | €20,518 | €17,982 | -€2,536 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €11,830 | €27,300 | +€15,470 | +131% |
| Income taxes | 67/77 | €3,227 | €8,861 | +€5,633 | +175% |
| Profit (loss) for the period | 9904 | €8,603 | €18,439 | +€9,836 | +114% |
| Profit (loss) for the period to be appropriated | 9905 | €8,603 | €18,439 | +€9,836 | +114% |
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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 3 November 2026 via checked.be.