IMMO-GUST: 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-GUST
Largest movements
- Cash +€23,444
up €23,444 (+1212.2%), from €1,934 to €25,378
- Receivables within one year +€13,211
up €13,211 (+48.8%), from €27,059 to €40,269
of which Other amounts receivable: +€38,587
- Financial fixed assets +€7,171
up €7,171 (+165.1%), from €4,343 to €11,514
- Profit (loss) carried forward +€51,322
up €51,322 (+19.6%), from -€261,872 to -€210,550
- Other debts -€31,279
down €31,279 (-91.2%), from €34,285 to €3,006
- Debts after one year +€23,030
new in 2025: €23,030
- Trade debts -€8,137
down €8,137 (-90.4%), from €9,002 to €865
- Current portion of long-term debt +€5,602
new in 2025: €5,602
- Gross operating margin +€63,798
up €63,798 (+4902.9%), from €1,301 to €65,099
- Financial income -€16,645
down €16,645 (-100.0%), from €16,650 to €5
of which Non-recurring financial income: -€16,650
- Depreciation -€1,258
down €1,258 (-32.2%), from €3,900 to €2,643
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €320,985 | €359,828 | +€38,843 | +12.1% |
| Fixed assets | 21/28 | €264,319 | €268,847 | +€4,528 | +1.7% |
| Tangible fixed assets | 22/27 | €259,976 | €257,334 | -€2,643 | -1.0% |
| Land and buildings | 22 | €248,240 | €248,240 | = | 0.0% |
| Other tangible fixed assets | 26 | €11,736 | €9,094 | -€2,643 | -22.5% |
| Financial fixed assets | 28 | €4,343 | €11,514 | +€7,171 | +165.1% |
| Current assets | 29/58 | €56,666 | €90,981 | +€34,315 | +60.6% |
| Stocks and contracts in progress | 3 | €25,334 | €25,334 | = | 0.0% |
| Stocks | 30/36 | €25,334 | €25,334 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,059 | €40,269 | +€13,211 | +48.8% |
| Trade receivables | 40 | €25,377 | - | -€25,377 | |
| Other amounts receivable | 41 | €1,682 | €40,269 | +€38,587 | +2294.1% |
| Cash at bank and in hand | 54/58 | €1,934 | €25,378 | +€23,444 | +1212.2% |
| Deferred charges and accrued income | 490/1 | €2,340 | - | -€2,340 | |
| Total equity and liabilities | 10/49 | €320,985 | €359,828 | +€38,843 | +12.1% |
| Equity | 10/15 | €276,003 | €327,325 | +€51,322 | +18.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €462,875 | €462,875 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,752 | €24,752 | = | 0.0% |
| Distributable reserves | 133 | €430,624 | €430,624 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€261,872 | -€210,550 | +€51,322 | +19.6% |
| Amounts payable | 17/49 | €44,982 | €32,503 | -€12,479 | -27.7% |
| Amounts payable after more than one year | 17 | - | €23,030 | +€23,030 | |
| Financial debts | 170/4 | - | €23,030 | +€23,030 | |
| Amounts payable within one year | 42/48 | €44,982 | €9,473 | -€35,509 | -78.9% |
| Current portion of amounts payable after more than one year | 42 | - | €5,602 | +€5,602 | |
| Trade debts | 44 | €9,002 | €865 | -€8,137 | -90.4% |
| Suppliers | 440/4 | €9,002 | €865 | -€8,137 | -90.4% |
| Taxes, remuneration and social security | 45 | €1,696 | - | -€1,696 | |
| Taxes | 450/3 | €1,696 | - | -€1,696 | |
| Other amounts payable | 47/48 | €34,285 | €3,006 | -€31,279 | -91.2% |
| Remuneration, social security and pensions | 62 | €389 | - | -€389 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,900 | €2,643 | -€1,258 | -32.2% |
| Other operating charges | 640/8 | €8,931 | €8,848 | -€84 | -0.9% |
| Non-recurring operating charges | 66A | - | €413 | +€413 | |
| Gross operating margin | 9900 | €1,301 | €65,099 | +€63,798 | +4902.9% |
| Operating profit (loss) | 9901 | -€11,919 | €53,196 | +€65,115 | |
| Financial income | 75/76B | €16,650 | €5 | -€16,645 | -100.0% |
| Recurring financial income | 75 | €16,650 | €5 | -€16,645 | -100.0% |
| Non-recurring financial income | 76B | €16,650 | - | -€16,650 | |
| Financial charges | 65/66B | €2,361 | €1,878 | -€483 | -20.5% |
| Recurring financial charges | 65 | €2,361 | €1,878 | -€483 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €2,369 | €51,322 | +€48,953 | +2066.4% |
| Profit (loss) for the period | 9904 | €2,369 | €51,322 | +€48,953 | +2066.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,369 | €51,322 | +€48,953 | +2066.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.