IMMO G & W PAS: 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.
IMMO G & W PAS
Largest movements
- Tangible fixed assets -€164,734
down €164,734 (-9.8%), from €1.7m to €1.5m
of which Land and buildings: -€224,979
- Cash +€98,881
up €98,881 (+1,011%), from €9,779 to €108,660
mainly Net result for the year (+€131,491) and Investment in fixed assets (net) (+€109,247)
- Other debts -€165,000
down €165,000 (-14.0%), from €1.2m to €1.0m
- Reserves +€93,393
up €93,393 (+1,506%), from €6,200 to €99,593
of which Distributable reserves: +€93,393
- Debts after one year -€42,732
down €42,732 (-10.7%), from €400,263 to €357,531
- Profit (loss) carried forward +€38,097
up €38,097, from -€38,097 to €0
- Tax, wage and social debts +€31,874
up €31,874 (+775%), from €4,112 to €35,986
of which Taxes: +€34,031
- Gross operating margin +€163,523
up €163,523 (+205%), from €79,738 to €243,261
- Taxes +€34,593
new in 2025: €34,593
- Staff costs -€29,104
down €29,104 (-88.1%), from €33,038 to €3,934
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,707,495 | €1,636,157 | -€71,337 | -4.2% |
| Fixed assets | 21/28 | €1,681,296 | €1,519,942 | -€161,354 | -9.6% |
| Tangible fixed assets | 22/27 | €1,681,296 | €1,516,562 | -€164,734 | -9.8% |
| Land and buildings | 22 | €1,680,859 | €1,455,880 | -€224,979 | -13.4% |
| Plant, machinery and equipment | 23 | €436 | €21 | -€416 | -95.3% |
| Assets under construction and advance payments | 27 | - | €60,661 | +€60,661 | |
| Financial fixed assets | 28 | - | €3,380 | +€3,380 | |
| Current assets | 29/58 | €26,199 | €116,216 | +€90,017 | +344% |
| Amounts receivable within one year | 40/41 | €2,070 | €1,035 | -€1,035 | -50.0% |
| Trade receivables | 40 | €2,070 | €1,035 | -€1,035 | -50.0% |
| Cash at bank and in hand | 54/58 | €9,779 | €108,660 | +€98,881 | +1,011% |
| Deferred charges and accrued income | 490/1 | €14,350 | €6,520 | -€7,829 | -54.6% |
| Total equity and liabilities | 10/49 | €1,707,495 | €1,636,157 | -€71,337 | -4.2% |
| Equity | 10/15 | €30,103 | €161,593 | +€131,491 | +437% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €99,593 | +€93,393 | +1,506% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | - | €93,393 | +€93,393 | |
| Profit (loss) carried forward | 14 | -€38,097 | €0 | +€38,097 | |
| Amounts payable | 17/49 | €1,677,392 | €1,474,564 | -€202,828 | -12.1% |
| Amounts payable after more than one year | 17 | €400,263 | €357,531 | -€42,732 | -10.7% |
| Financial debts | 170/4 | €400,263 | €357,531 | -€42,732 | -10.7% |
| Amounts payable within one year | 42/48 | €1,271,799 | €1,116,126 | -€155,672 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €42,567 | €42,732 | +€165 | +0.4% |
| Trade debts | 44 | €43,566 | €20,854 | -€22,712 | -52.1% |
| Suppliers | 440/4 | €43,566 | €20,854 | -€22,712 | -52.1% |
| Taxes, remuneration and social security | 45 | €4,112 | €35,986 | +€31,874 | +775% |
| Taxes | 450/3 | €1,955 | €35,986 | +€34,031 | +1,741% |
| Remuneration and social security | 454/9 | €2,157 | €0 | -€2,157 | -100% |
| Other amounts payable | 47/48 | €1,181,554 | €1,016,554 | -€165,000 | -14.0% |
| Accrued charges and deferred income | 492/3 | €5,330 | €906 | -€4,424 | -83.0% |
| Non-recurring operating income | 76A | - | €178,399 | +€178,399 | |
| Remuneration, social security and pensions | 62 | €33,038 | €3,934 | -€29,104 | -88.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,225 | €52,107 | +€1,882 | +3.7% |
| Other operating charges | 640/8 | €9,344 | €9,781 | +€437 | +4.7% |
| Non-recurring operating charges | 66A | €0 | €3,520 | +€3,520 | |
| Gross operating margin | 9900 | €79,738 | €243,261 | +€163,523 | +205% |
| Operating profit (loss) | 9901 | -€12,870 | €173,920 | +€186,789 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €7,874 | €7,836 | -€38 | -0.5% |
| Recurring financial charges | 65 | €7,874 | €7,836 | -€38 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | -€20,744 | €166,083 | +€186,827 | |
| Income taxes | 67/77 | - | €34,593 | +€34,593 | |
| Profit (loss) for the period | 9904 | -€20,744 | €131,491 | +€152,234 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,744 | €131,491 | +€152,234 |
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.