IMMO GUYFER: 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 GUYFER
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€53,621
2024 · -€54,815+€108,436
Equity
€389,021
2024 · €335,400+€53,621
Cash
€18,475
2024 · €4,816+€13,659
Balance sheet total
€2.4m
2024 · €2.5m-€177,208
Largest movements
Assets
- Tangible fixed assets -€194,463
down €194,463 (-7.9%), from €2.5m to €2.3m
of which Land and buildings: -€194,065
Equity and liabilities
- Short-term financial debts -€150,000
no longer reported in 2025 (was €150,000)
- Profit (loss) carried forward +€71,590
up €71,590 (+82.3%), from -€87,030 to -€15,439
- Other debts -€48,947
down €48,947 (-15.5%), from €315,337 to €266,389
Income statement
- Gross operating margin +€100,107
up €100,107 (+61.8%), from €162,011 to €262,118
- Other operating charges -€8,359
down €8,359 (-29.6%), from €28,245 to €19,886
- Write-downs +€4,316
new in 2025: €4,316
- Financial charges -€2,949
down €2,949 (-4.5%), from €65,699 to €62,750
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
-€54,815
Gross operating margin
+€100,107
Depreciation
+€1,140
Write-downs
-€4,316
Other operating charges
+€8,359
Financial income
+€0
Financial charges
+€2,949
Taxes
+€196
Result 2025
€53,621
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
+€102,694
Investment
+€64,712
Financing
-€153,747
Cash 2024
€4,816
From operations (derived)
+€102,694
Net result for the year
+€53,621
Depreciation
+€130,801
Receivables within one year
-€4,897
Smaller working-capital items
+€405
Provisions
-€9,256
Trade debts
-€21,383
Tax, wage and social debts
+€2,350
Other debts
-€48,947
Investment (derived)
+€64,712
Investment in fixed assets (net)
+€64,712
Financing
-€153,747
Debts after one year
-€15,141
Current portion of long-term debt
+€11,394
Short-term financial debts
-€150,000
Cash 2025
€18,475
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,545,247 | €2,368,039 | -€177,208 | -7.0% |
| Fixed assets | 21/28 | €2,462,374 | €2,266,861 | -€195,513 | -7.9% |
| Tangible fixed assets | 22/27 | €2,461,324 | €2,266,861 | -€194,463 | -7.9% |
| Land and buildings | 22 | €2,459,334 | €2,265,269 | -€194,065 | -7.9% |
| Furniture and vehicles | 24 | €1,990 | €1,592 | -€398 | -20.0% |
| Financial fixed assets | 28 | €1,050 | - | -€1,050 | |
| Current assets | 29/58 | €82,873 | €101,178 | +€18,305 | +22.1% |
| Amounts receivable within one year | 40/41 | €77,278 | €82,175 | +€4,897 | +6.3% |
| Trade receivables | 40 | €8,278 | €12,269 | +€3,991 | +48.2% |
| Other amounts receivable | 41 | €69,000 | €69,906 | +€906 | +1.3% |
| Cash at bank and in hand | 54/58 | €4,816 | €18,475 | +€13,659 | +283.6% |
| Deferred charges and accrued income | 490/1 | €779 | €528 | -€251 | -32.2% |
| Total equity and liabilities | 10/49 | €2,545,247 | €2,368,039 | -€177,208 | -7.0% |
| Equity | 10/15 | €335,400 | €389,021 | +€53,621 | +16.0% |
| Contributions | 10/11 | €132,375 | €132,375 | = | 0.0% |
| Capital | 10 | €132,375 | €132,375 | = | 0.0% |
| Issued capital | 100 | €132,375 | €132,375 | = | 0.0% |
| Reserves | 13 | €290,054 | €272,085 | -€17,969 | -6.2% |
| Non-distributable reserves | 130/1 | €13,238 | €13,238 | = | 0.0% |
| Legal reserve | 130 | €13,238 | €13,238 | = | 0.0% |
| Tax-exempt reserves | 132 | €241,895 | €223,926 | -€17,969 | -7.4% |
| Distributable reserves | 133 | €34,922 | €34,922 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,030 | -€15,439 | +€71,590 | +82.3% |
| Provisions and deferred taxes | 16 | €124,550 | €115,294 | -€9,256 | -7.4% |
| Deferred taxes | 168 | €124,550 | €115,294 | -€9,256 | -7.4% |
| Amounts payable | 17/49 | €2,085,297 | €1,863,724 | -€221,574 | -10.6% |
| Amounts payable after more than one year | 17 | €1,491,469 | €1,476,328 | -€15,141 | -1.0% |
| Financial debts | 170/4 | €1,491,469 | €1,476,328 | -€15,141 | -1.0% |
| Amounts payable within one year | 42/48 | €593,828 | €387,241 | -€206,587 | -34.8% |
| Current portion of amounts payable after more than one year | 42 | €104,304 | €115,699 | +€11,394 | +10.9% |
| Financial debts | 43 | €150,000 | - | -€150,000 | |
| Credit institutions | 430/8 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €21,383 | - | -€21,383 | |
| Suppliers | 440/4 | €21,383 | - | -€21,383 | |
| Taxes, remuneration and social security | 45 | €2,804 | €5,153 | +€2,350 | +83.8% |
| Taxes | 450/3 | €2,804 | €5,153 | +€2,350 | +83.8% |
| Other amounts payable | 47/48 | €315,337 | €266,389 | -€48,947 | -15.5% |
| Accrued charges and deferred income | 492/3 | - | €154 | +€154 | |
| Non-recurring operating income | 76A | €1,653 | - | -€1,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,941 | €130,801 | -€1,140 | -0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,316 | +€4,316 | |
| Other operating charges | 640/8 | €28,245 | €19,886 | -€8,359 | -29.6% |
| Gross operating margin | 9900 | €162,011 | €262,118 | +€100,107 | +61.8% |
| Operating profit (loss) | 9901 | €1,825 | €107,116 | +€105,291 | +5770.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €65,699 | €62,750 | -€2,949 | -4.5% |
| Recurring financial charges | 65 | €65,699 | €62,750 | -€2,949 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | -€63,874 | €44,366 | +€108,240 | |
| Transfer from deferred taxes | 780 | €9,256 | €9,256 | = | 0.0% |
| Income taxes | 67/77 | €196 | - | -€196 | |
| Profit (loss) for the period | 9904 | -€54,815 | €53,621 | +€108,436 | |
| Transfer from tax-exempt reserves | 789 | €17,969 | €17,969 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,846 | €71,590 | +€108,436 |
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 11 October 2026 via checked.be.