Immo Gielen: 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 Gielen
Largest movements
- Cash -€149,747
down €149,747 (-34.1%), from €438,705 to €288,959
mainly Investment in fixed assets (net) (-€171,548) and Trade debts (-€5,366)
- Tangible fixed assets +€144,217
up €144,217 (+39.1%), from €369,310 to €513,528
of which Land and buildings: +€146,144
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€10,109
up €10,109 (+38.4%), from €26,326 to €36,434
- Other operating charges -€8,466
down €8,466 (-40.5%), from €20,906 to €12,440
- Depreciation -€837
down €837 (-3.0%), from €28,168 to €27,330
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 | €818,007 | €809,499 | -€8,509 | -1.0% |
| Fixed assets | 21/28 | €369,660 | €513,878 | +€144,217 | +39.0% |
| Tangible fixed assets | 22/27 | €369,310 | €513,528 | +€144,217 | +39.1% |
| Land and buildings | 22 | €363,547 | €509,691 | +€146,144 | +40.2% |
| Plant, machinery and equipment | 23 | €5,764 | €3,837 | -€1,927 | -33.4% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €448,347 | €295,621 | -€152,726 | -34.1% |
| Amounts receivable within one year | 40/41 | €4,391 | €3,703 | -€688 | -15.7% |
| Trade receivables | 40 | €277 | - | -€277 | |
| Other amounts receivable | 41 | €4,114 | €3,703 | -€411 | -10.0% |
| Cash at bank and in hand | 54/58 | €438,705 | €288,959 | -€149,747 | -34.1% |
| Deferred charges and accrued income | 490/1 | €5,250 | €2,959 | -€2,291 | -43.6% |
| Total equity and liabilities | 10/49 | €818,007 | €809,499 | -€8,509 | -1.0% |
| Equity | 10/15 | €736,032 | €735,187 | -€846 | -0.1% |
| Contributions | 10/11 | €583,000 | €583,000 | = | 0.0% |
| Capital | 10 | €583,000 | €583,000 | = | 0.0% |
| Issued capital | 100 | €583,000 | €583,000 | = | 0.0% |
| Reserves | 13 | €310,172 | €303,281 | -€6,891 | -2.2% |
| Non-distributable reserves | 130/1 | €3,884 | €3,884 | = | 0.0% |
| Legal reserve | 130 | €3,884 | €3,884 | = | 0.0% |
| Tax-exempt reserves | 132 | €224,877 | €217,986 | -€6,891 | -3.1% |
| Distributable reserves | 133 | €81,411 | €81,411 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€157,140 | -€151,095 | +€6,046 | +3.8% |
| Provisions and deferred taxes | 16 | €74,959 | €72,662 | -€2,297 | -3.1% |
| Deferred taxes | 168 | €74,959 | €72,662 | -€2,297 | -3.1% |
| Amounts payable | 17/49 | €7,016 | €1,650 | -€5,366 | -76.5% |
| Amounts payable within one year | 42/48 | €5,366 | - | -€5,366 | |
| Trade debts | 44 | €5,366 | - | -€5,366 | |
| Suppliers | 440/4 | €5,366 | - | -€5,366 | |
| Accrued charges and deferred income | 492/3 | €1,650 | €1,650 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,168 | €27,330 | -€837 | -3.0% |
| Other operating charges | 640/8 | €20,906 | €12,440 | -€8,466 | -40.5% |
| Gross operating margin | 9900 | €26,326 | €36,434 | +€10,109 | +38.4% |
| Operating profit (loss) | 9901 | -€22,748 | -€3,336 | +€19,412 | +85.3% |
| Financial income | 75/76B | €284 | €224 | -€61 | -21.4% |
| Recurring financial income | 75 | €284 | €224 | -€61 | -21.4% |
| Financial charges | 65/66B | €29 | €30 | +€2 | +5.3% |
| Recurring financial charges | 65 | €29 | €30 | +€2 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | -€22,492 | -€3,143 | +€19,350 | +86.0% |
| Transfer from deferred taxes | 780 | €671 | €2,297 | +€1,626 | +242% |
| Profit (loss) for the period | 9904 | -€21,821 | -€846 | +€20,976 | +96.1% |
| Transfer from tax-exempt reserves | 789 | €2,013 | €6,891 | +€4,878 | +242% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,809 | €6,046 | +€25,854 |
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 21 October 2026 via checked.be.