IMMO GELU: 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 GELU
Largest movements
- Tangible fixed assets -€47,274
down €47,274 (-3.1%), from €1.5m to €1.5m
of which Land and buildings: -€47,945
- Cash -€37,847
down €37,847 (-48.7%), from €77,777 to €39,929
mainly Debts after one year (-€48,155) and Provisions (-€13,391)
- Debts after one year -€48,155
down €48,155 (-12.9%), from €373,758 to €325,603
- Reserves -€26,007
down €26,007 (-2.9%), from €885,362 to €859,356
of which Tax-exempt reserves: -€26,007
- Profit (loss) carried forward +€21,129
up €21,129 (+5.9%), from -€357,345 to -€336,216
- Gross operating margin +€1,953
up €1,953 (+4.4%), from €44,019 to €45,972
- Depreciation +€1,077
up €1,077 (+2.3%), from €47,676 to €48,753
- Financial charges -€873
down €873 (-9.1%), from €9,550 to €8,677
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 | €1,701,243 | €1,617,696 | -€83,547 | -4.9% |
| Fixed assets | 21/28 | €1,530,141 | €1,482,866 | -€47,274 | -3.1% |
| Tangible fixed assets | 22/27 | €1,530,141 | €1,482,866 | -€47,274 | -3.1% |
| Land and buildings | 22 | €1,528,589 | €1,480,644 | -€47,945 | -3.1% |
| Plant, machinery and equipment | 23 | €1,551 | €2,222 | +€671 | +43.2% |
| Current assets | 29/58 | €171,102 | €134,829 | -€36,273 | -21.2% |
| Amounts receivable within one year | 40/41 | €4 | €412 | +€408 | +11,237% |
| Trade receivables | 40 | - | €412 | +€412 | |
| Other amounts receivable | 41 | €4 | - | -€4 | |
| Current investments | 50/53 | €92,239 | €92,239 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €77,777 | €39,929 | -€37,847 | -48.7% |
| Deferred charges and accrued income | 490/1 | €1,083 | €2,250 | +€1,166 | +108% |
| Total equity and liabilities | 10/49 | €1,701,243 | €1,617,696 | -€83,547 | -4.9% |
| Equity | 10/15 | €801,940 | €797,063 | -€4,877 | -0.6% |
| Contributions | 10/11 | €273,922 | €273,922 | = | 0.0% |
| Capital | 10 | €273,922 | €273,922 | = | 0.0% |
| Issued capital | 100 | €273,922 | €273,922 | = | 0.0% |
| Reserves | 13 | €885,362 | €859,356 | -€26,007 | -2.9% |
| Non-distributable reserves | 130/1 | €27,392 | €27,392 | = | 0.0% |
| Legal reserve | 130 | €27,392 | €27,392 | = | 0.0% |
| Tax-exempt reserves | 132 | €849,118 | €823,111 | -€26,007 | -3.1% |
| Distributable reserves | 133 | €8,853 | €8,853 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€357,345 | -€336,216 | +€21,129 | +5.9% |
| Provisions and deferred taxes | 16 | €437,229 | €423,838 | -€13,391 | -3.1% |
| Deferred taxes | 168 | €437,229 | €423,838 | -€13,391 | -3.1% |
| Amounts payable | 17/49 | €462,074 | €396,795 | -€65,279 | -14.1% |
| Amounts payable after more than one year | 17 | €373,758 | €325,603 | -€48,155 | -12.9% |
| Financial debts | 170/4 | €373,758 | €325,603 | -€48,155 | -12.9% |
| Amounts payable within one year | 42/48 | €70,057 | €55,153 | -€14,904 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €47,223 | €48,155 | +€932 | +2.0% |
| Trade debts | 44 | €3,767 | €924 | -€2,843 | -75.5% |
| Suppliers | 440/4 | €3,767 | €924 | -€2,843 | -75.5% |
| Taxes, remuneration and social security | 45 | €449 | €152 | -€297 | -66.1% |
| Taxes | 450/3 | €449 | €152 | -€297 | -66.1% |
| Other amounts payable | 47/48 | €18,618 | €5,922 | -€12,696 | -68.2% |
| Accrued charges and deferred income | 492/3 | €18,259 | €16,039 | -€2,220 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,676 | €48,753 | +€1,077 | +2.3% |
| Other operating charges | 640/8 | €7,564 | €7,137 | -€427 | -5.6% |
| Gross operating margin | 9900 | €44,019 | €45,972 | +€1,953 | +4.4% |
| Operating profit (loss) | 9901 | -€11,221 | -€9,918 | +€1,303 | +11.6% |
| Financial income | 75/76B | €200 | €508 | +€308 | +154% |
| Recurring financial income | 75 | €200 | €508 | +€308 | +154% |
| Financial charges | 65/66B | €9,550 | €8,677 | -€873 | -9.1% |
| Recurring financial charges | 65 | €9,550 | €8,677 | -€873 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | -€20,570 | -€18,087 | +€2,484 | +12.1% |
| Transfer from deferred taxes | 780 | €13,391 | €13,391 | = | 0.0% |
| Income taxes | 67/77 | €183 | €182 | -€1 | -0.6% |
| Profit (loss) for the period | 9904 | -€7,362 | -€4,877 | +€2,485 | +33.8% |
| Transfer from tax-exempt reserves | 789 | €26,007 | €26,007 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,645 | €21,129 | +€2,485 | +13.3% |
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 14 October 2026 via checked.be.