Immo GSD: 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 GSD
NACE 81.100, Combined facilities support activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€22,820
2024 · €24,045-€1,225
Equity
€841,776
2024 · €818,956+€22,820
Cash
€4,865
2024 · €13,828-€8,963
Balance sheet total
€2.0m
2024 · €2.1m-€162,300
Largest movements
Assets
- Receivables after one year -€153,191
down €153,191 (-29.5%), from €519,840 to €366,649
of which Trade receivables: -€85,296
Equity and liabilities
- Debts after one year -€199,273
down €199,273 (-19.3%), from €1.0m to €830,570
- Profit (loss) carried forward +€22,820
up €22,820 (+18.4%), from €123,856 to €146,676
Income statement
- Financial charges -€12,997
down €12,997 (-20.9%), from €62,047 to €49,050
- Gross operating margin -€10,601
down €10,601 (-11.9%), from €88,728 to €78,127
- Financial income -€5,072
down €5,072 (-19.5%), from €25,965 to €20,893
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
€24,045
Gross operating margin
-€10,601
Other operating charges
-€375
Other operating items
+€1,091
Financial income
-€5,072
Financial charges
+€12,997
Taxes
+€735
Result 2025
€22,820
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.
From operations
+€182,286
Investment
€0
Financing
-€191,249
Cash 2024
€13,828
From operations (derived)
+€182,286
Net result for the year
+€22,820
Depreciation
+€5,851
Receivables after one year
+€153,191
Receivables within one year
-€5,704
Trade debts
-€17,173
Tax, wage and social debts
+€3,756
Other debts
+€20,000
Accrued charges and deferred income
-€453
Financing
-€191,249
Debts after one year
-€199,273
Current portion of long-term debt
+€8,024
Cash 2025
€4,865
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,116,402 | €1,954,101 | -€162,300 | -7.7% |
| Fixed assets | 21/28 | €1,434,859 | €1,429,008 | -€5,851 | -0.4% |
| Tangible fixed assets | 22/27 | €1,434,859 | €1,429,008 | -€5,851 | -0.4% |
| Land and buildings | 22 | €1,434,859 | €1,429,008 | -€5,851 | -0.4% |
| Current assets | 29/58 | €681,543 | €525,094 | -€156,450 | -23.0% |
| Amounts receivable after more than one year | 29 | €519,840 | €366,649 | -€153,191 | -29.5% |
| Trade receivables | 290 | €278,471 | €193,175 | -€85,296 | -30.6% |
| Other amounts receivable | 291 | €241,369 | €173,474 | -€67,895 | -28.1% |
| Amounts receivable within one year | 40/41 | €147,875 | €153,579 | +€5,704 | +3.9% |
| Trade receivables | 40 | €147,875 | €153,191 | +€5,316 | +3.6% |
| Other amounts receivable | 41 | - | €388 | +€388 | |
| Cash at bank and in hand | 54/58 | €13,828 | €4,865 | -€8,963 | -64.8% |
| Total equity and liabilities | 10/49 | €2,116,402 | €1,954,101 | -€162,300 | -7.7% |
| Equity | 10/15 | €818,956 | €841,776 | +€22,820 | +2.8% |
| Contributions | 10/11 | €690,000 | €690,000 | = | 0.0% |
| Reserves | 13 | €5,100 | €5,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,100 | €5,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,100 | €5,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,856 | €146,676 | +€22,820 | +18.4% |
| Amounts payable | 17/49 | €1,297,446 | €1,112,325 | -€185,120 | -14.3% |
| Amounts payable after more than one year | 17 | €1,029,843 | €830,570 | -€199,273 | -19.3% |
| Financial debts | 170/4 | €1,029,843 | €830,570 | -€199,273 | -19.3% |
| Amounts payable within one year | 42/48 | €265,398 | €280,004 | +€14,606 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €191,249 | €199,273 | +€8,024 | +4.2% |
| Trade debts | 44 | €18,423 | €1,250 | -€17,173 | -93.2% |
| Suppliers | 440/4 | €18,423 | €1,250 | -€17,173 | -93.2% |
| Taxes, remuneration and social security | 45 | €5,725 | €9,481 | +€3,756 | +65.6% |
| Taxes | 450/3 | €5,725 | €9,481 | +€3,756 | +65.6% |
| Other amounts payable | 47/48 | €50,000 | €70,000 | +€20,000 | +40.0% |
| Accrued charges and deferred income | 492/3 | €2,204 | €1,751 | -€453 | -20.6% |
| Non-recurring operating income | 76A | €5,868 | - | -€5,868 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,851 | €5,851 | = | 0.0% |
| Other operating charges | 640/8 | €13,312 | €13,687 | +€375 | +2.8% |
| Non-recurring operating charges | 66A | €1,091 | - | -€1,091 | |
| Gross operating margin | 9900 | €88,728 | €78,127 | -€10,601 | -11.9% |
| Operating profit (loss) | 9901 | €68,474 | €58,589 | -€9,885 | -14.4% |
| Financial income | 75/76B | €25,965 | €20,893 | -€5,072 | -19.5% |
| Recurring financial income | 75 | €25,965 | €20,893 | -€5,072 | -19.5% |
| Financial charges | 65/66B | €62,047 | €49,050 | -€12,997 | -20.9% |
| Recurring financial charges | 65 | €62,047 | €49,050 | -€12,997 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €32,392 | €30,432 | -€1,960 | -6.1% |
| Income taxes | 67/77 | €8,347 | €7,612 | -€735 | -8.8% |
| Profit (loss) for the period | 9904 | €24,045 | €22,820 | -€1,225 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,045 | €22,820 | -€1,225 | -5.1% |
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 9 October 2026 via checked.be.