IMMO GILALS: 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.
What changed
IMMO GILALS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€26,398
2024 · €18,274+€8,124
Equity
€1.3m
2024 · €1.3m+€26,398
Cash
€42,840
2024 · €46,786-€3,946
Balance sheet total
€2.0m
2024 · €2.0m+€53,666
Largest movements
Assets
- Tangible fixed assets +€54,133
up €54,133 (+3.5%), from €1.5m to €1.6m
of which Assets under construction and advance payments: +€103,349
Equity and liabilities
- Reserves +€26,398
up €26,398 (+3.5%), from €748,863 to €775,261
of which Distributable reserves: +€40,742
Income statement
- Depreciation -€18,043
down €18,043 (-21.5%), from €83,798 to €65,755
- Financial charges +€17,083
up €17,083 (+157%), from €10,898 to €27,980
of which Financial charges: +€16,187
- Financial income +€11,915
up €11,915 (+6,587%), from €181 to €12,096
of which Non-recurring financial income: +€6,798
- Taxes +€10,695
up €10,695 (+133%), from €8,055 to €18,750
- Gross operating margin +€4,647
up €4,647 (+3.5%), from €133,725 to €138,372
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.
Result 2024
€18,274
Gross operating margin
+€4,647
Depreciation
+€18,043
Other operating charges
-€847
Other operating items
+€880
Financial income
+€11,915
Financial charges
-€17,083
Taxes
-€10,695
Deferred taxes and other
+€1,264
Result 2025
€26,398
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€121,509
Investment
-€125,455
Financing
€0
Cash 2024
€46,786
From operations (derived)
+€121,509
Net result for the year
+€26,398
Depreciation
+€65,755
Receivables within one year
+€0
Deferred charges and accrued income
+€2,088
Provisions
-€4,781
Trade debts
+€12,081
Tax, wage and social debts
+€6,440
Other debts
-€5,800
Accrued charges and deferred income
+€19,328
Investment (derived)
-€125,455
Investment in fixed assets (net)
-€119,888
Current investments
-€5,567
Cash 2025
€42,840
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,973,397 | €2,027,063 | +€53,666 | +2.7% |
| Fixed assets | 21/28 | €1,528,713 | €1,582,846 | +€54,133 | +3.5% |
| Tangible fixed assets | 22/27 | €1,528,695 | €1,582,828 | +€54,133 | +3.5% |
| Land and buildings | 22 | €1,283,073 | €1,249,012 | -€34,061 | -2.7% |
| Plant, machinery and equipment | 23 | €343 | €0 | -€343 | -100% |
| Furniture and vehicles | 24 | €13,310 | €8,297 | -€5,013 | -37.7% |
| Other tangible fixed assets | 26 | €81,418 | €71,619 | -€9,800 | -12.0% |
| Assets under construction and advance payments | 27 | €150,551 | €253,900 | +€103,349 | +68.6% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €444,684 | €444,217 | -€467 | -0.1% |
| Amounts receivable within one year | 40/41 | €2,945 | €2,945 | -€0 | 0.0% |
| Other amounts receivable | 41 | €2,945 | €2,945 | -€0 | 0.0% |
| Current investments | 50/53 | €387,350 | €392,917 | +€5,567 | +1.4% |
| Cash at bank and in hand | 54/58 | €46,786 | €42,840 | -€3,946 | -8.4% |
| Deferred charges and accrued income | 490/1 | €7,604 | €5,516 | -€2,088 | -27.5% |
| Total equity and liabilities | 10/49 | €1,973,397 | €2,027,063 | +€53,666 | +2.7% |
| Equity | 10/15 | €1,273,653 | €1,300,052 | +€26,398 | +2.1% |
| Contributions | 10/11 | €524,791 | €524,791 | = | 0.0% |
| Capital | 10 | €524,791 | €524,791 | = | 0.0% |
| Issued capital | 100 | €524,791 | €524,791 | = | 0.0% |
| Reserves | 13 | €748,863 | €775,261 | +€26,398 | +3.5% |
| Non-distributable reserves | 130/1 | €52,479 | €52,479 | = | 0.0% |
| Legal reserve | 130 | €52,479 | €52,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €345,617 | €331,273 | -€14,344 | -4.2% |
| Distributable reserves | 133 | €350,767 | €391,509 | +€40,742 | +11.6% |
| Provisions and deferred taxes | 16 | €115,206 | €110,424 | -€4,781 | -4.2% |
| Deferred taxes | 168 | €115,206 | €110,424 | -€4,781 | -4.2% |
| Amounts payable | 17/49 | €584,538 | €616,587 | +€32,049 | +5.5% |
| Amounts payable after more than one year | 17 | €560,000 | €560,000 | = | 0.0% |
| Financial debts | 170/4 | €560,000 | €560,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €15,555 | €28,276 | +€12,721 | +81.8% |
| Trade debts | 44 | €1,659 | €13,740 | +€12,081 | +728% |
| Suppliers | 440/4 | €1,659 | €13,740 | +€12,081 | +728% |
| Taxes, remuneration and social security | 45 | €0 | €6,440 | +€6,440 | |
| Taxes | 450/3 | €0 | €6,440 | +€6,440 | |
| Other amounts payable | 47/48 | €13,896 | €8,096 | -€5,800 | -41.7% |
| Accrued charges and deferred income | 492/3 | €8,983 | €28,311 | +€19,328 | +215% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,798 | €65,755 | -€18,043 | -21.5% |
| Other operating charges | 640/8 | €13,682 | €14,529 | +€847 | +6.2% |
| Non-recurring operating charges | 66A | €2,716 | €1,837 | -€880 | -32.4% |
| Gross operating margin | 9900 | €133,725 | €138,372 | +€4,647 | +3.5% |
| Operating profit (loss) | 9901 | €33,530 | €56,251 | +€22,722 | +67.8% |
| Financial income | 75/76B | €181 | €12,096 | +€11,915 | +6,587% |
| Recurring financial income | 75 | €114 | €5,231 | +€5,117 | +4,495% |
| Non-recurring financial income | 76B | €67 | €6,866 | +€6,798 | +10,136% |
| Financial charges | 65/66B | €10,898 | €27,980 | +€17,083 | +157% |
| Recurring financial charges | 65 | €10,898 | €27,085 | +€16,187 | +149% |
| Non-recurring financial charges | 66B | €0 | €895 | +€895 | |
| Profit (loss) for the period before taxes | 9903 | €22,813 | €40,367 | +€17,554 | +77.0% |
| Transfer from deferred taxes | 780 | €3,517 | €4,781 | +€1,264 | +35.9% |
| Income taxes | 67/77 | €8,055 | €18,750 | +€10,695 | +133% |
| Profit (loss) for the period | 9904 | €18,274 | €26,398 | +€8,124 | +44.5% |
| Transfer from tax-exempt reserves | 789 | €10,551 | €14,344 | +€3,793 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,826 | €40,742 | +€11,916 | +41.3% |
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 19 October 2026 via checked.be.