IMMO GEDE: 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.
IMMO GEDE
Largest movements
- Tangible fixed assets -€59,197
down €59,197 (-15.2%), from €389,533 to €330,336
of which Land and buildings: -€80,141
- Receivables within one year +€7,279
up €7,279 (+806.2%), from €903 to €8,182
of which Other amounts receivable: +€5,449
- Other debts -€112,275
down €112,275 (-84.1%), from €133,521 to €21,246
- Reserves +€69,841
up €69,841 (+123.0%), from €56,773 to €126,614
of which Distributable reserves: +€91,159
- Tax, wage and social debts +€15,954
up €15,954 (+1539.6%), from €1,036 to €16,990
- Current portion of long-term debt -€12,307
down €12,307 (-60.5%), from €20,340 to €8,034
- Provisions -€10,632
no longer reported in 2025 (was €10,632)
- Gross operating margin +€111,094
up €111,094 (+226.7%), from €49,006 to €160,100
- Taxes +€41,143
up €41,143 (+9717.1%), from €423 to €41,567
- Depreciation +€4,255
up €4,255 (+9.2%), from €46,348 to €50,603
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 | €393,424 | €342,895 | -€50,529 | -12.8% |
| Fixed assets | 21/28 | €389,533 | €330,336 | -€59,197 | -15.2% |
| Tangible fixed assets | 22/27 | €389,533 | €330,336 | -€59,197 | -15.2% |
| Land and buildings | 22 | €327,626 | €247,485 | -€80,141 | -24.5% |
| Plant, machinery and equipment | 23 | €56,284 | €45,673 | -€10,611 | -18.9% |
| Furniture and vehicles | 24 | €5,623 | €37,178 | +€31,554 | +561.1% |
| Current assets | 29/58 | €3,891 | €12,560 | +€8,669 | +222.8% |
| Amounts receivable within one year | 40/41 | €903 | €8,182 | +€7,279 | +806.2% |
| Trade receivables | 40 | €165 | €1,995 | +€1,830 | +1108.9% |
| Other amounts receivable | 41 | €738 | €6,187 | +€5,449 | +738.6% |
| Cash at bank and in hand | 54/58 | €2,008 | €4,157 | +€2,148 | +107.0% |
| Deferred charges and accrued income | 490/1 | €980 | €221 | -€759 | -77.5% |
| Total equity and liabilities | 10/49 | €393,424 | €342,895 | -€50,529 | -12.8% |
| Equity | 10/15 | €118,273 | €188,114 | +€69,841 | +59.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €56,773 | €126,614 | +€69,841 | +123.0% |
| Tax-exempt reserves | 132 | €43,052 | €21,734 | -€21,318 | -49.5% |
| Distributable reserves | 133 | €13,721 | €104,880 | +€91,159 | +664.4% |
| Provisions and deferred taxes | 16 | €10,632 | - | -€10,632 | |
| Deferred taxes | 168 | €10,632 | - | -€10,632 | |
| Amounts payable | 17/49 | €264,519 | €154,781 | -€109,738 | -41.5% |
| Amounts payable after more than one year | 17 | €106,440 | €98,406 | -€8,034 | -7.5% |
| Financial debts | 170/4 | €106,440 | €98,406 | -€8,034 | -7.5% |
| Amounts payable within one year | 42/48 | €158,079 | €56,375 | -€101,704 | -64.3% |
| Current portion of amounts payable after more than one year | 42 | €20,340 | €8,034 | -€12,307 | -60.5% |
| Financial debts | 43 | - | €7,890 | +€7,890 | |
| Credit institutions | 430/8 | - | €7,890 | +€7,890 | |
| Trade debts | 44 | €3,181 | €2,215 | -€966 | -30.4% |
| Suppliers | 440/4 | €3,181 | €2,215 | -€966 | -30.4% |
| Taxes, remuneration and social security | 45 | €1,036 | €16,990 | +€15,954 | +1539.6% |
| Taxes | 450/3 | €1,036 | €16,990 | +€15,954 | +1539.6% |
| Other amounts payable | 47/48 | €133,521 | €21,246 | -€112,275 | -84.1% |
| Non-recurring operating income | 76A | €7,514 | €121,751 | +€114,237 | +1520.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,348 | €50,603 | +€4,255 | +9.2% |
| Other operating charges | 640/8 | €7,208 | €6,448 | -€760 | -10.5% |
| Gross operating margin | 9900 | €49,006 | €160,100 | +€111,094 | +226.7% |
| Operating profit (loss) | 9901 | -€4,550 | €103,048 | +€107,598 | |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €2,744 | €2,282 | -€463 | -16.9% |
| Recurring financial charges | 65 | €2,744 | €2,282 | -€463 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,294 | €100,776 | +€108,070 | |
| Transfer from deferred taxes | 780 | €3,592 | €10,632 | +€7,040 | +196.0% |
| Income taxes | 67/77 | €423 | €41,567 | +€41,143 | +9717.1% |
| Profit (loss) for the period | 9904 | -€4,126 | €69,841 | +€73,967 | |
| Transfer from tax-exempt reserves | 789 | €7,025 | €21,318 | +€14,293 | +203.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,899 | €91,159 | +€88,260 | +3044.3% |
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 6 October 2026 via checked.be.