Immo GVB: 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 GVB
Largest movements
- Current investments +€240,000
up €240,000 (+147%), from €163,339 to €403,339
- Tangible fixed assets -€91,462
down €91,462 (-21.8%), from €420,452 to €328,991
- Cash -€8,068
down €8,068 (-48.1%), from €16,786 to €8,719
mainly Contributions, distributions and other (-€500,000) and Current investments (-€240,000)
- Other debts +€499,994
up €499,994 (+8,090,515%), from €6 to €500,000
- Reserves -€364,780
down €364,780 (-98.7%), from €369,405 to €4,625
of which Distributable reserves: -€364,780
- Gross operating margin +€160,862
up €160,862 (+510%), from €31,551 to €192,413
- Taxes +€16,330
new in 2025: €16,330
- Depreciation -€10,799
down €10,799 (-21.4%), from €50,460 to €39,662
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 | €611,015 | €743,570 | +€132,554 | +21.7% |
| Fixed assets | 21/28 | €420,452 | €328,991 | -€91,462 | -21.8% |
| Tangible fixed assets | 22/27 | €420,452 | €328,991 | -€91,462 | -21.8% |
| Land and buildings | 22 | €420,452 | €328,991 | -€91,462 | -21.8% |
| Current assets | 29/58 | €190,563 | €414,579 | +€224,016 | +118% |
| Amounts receivable within one year | 40/41 | €8,529 | €2,522 | -€6,008 | -70.4% |
| Trade receivables | 40 | €2,175 | €0 | -€2,175 | -100% |
| Other amounts receivable | 41 | €6,355 | €2,522 | -€3,833 | -60.3% |
| Current investments | 50/53 | €163,339 | €403,339 | +€240,000 | +147% |
| Cash at bank and in hand | 54/58 | €16,786 | €8,719 | -€8,068 | -48.1% |
| Deferred charges and accrued income | 490/1 | €1,909 | €0 | -€1,909 | -100% |
| Total equity and liabilities | 10/49 | €611,015 | €743,570 | +€132,554 | +21.7% |
| Equity | 10/15 | €608,083 | €243,303 | -€364,780 | -60.0% |
| Contributions | 10/11 | €238,678 | €238,678 | = | 0.0% |
| Reserves | 13 | €369,405 | €4,625 | -€364,780 | -98.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €369,405 | €4,625 | -€364,780 | -98.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,932 | €500,267 | +€497,334 | +16,961% |
| Amounts payable within one year | 42/48 | €2,932 | €500,267 | +€497,334 | +16,961% |
| Financial debts | 43 | €1,706 | €0 | -€1,706 | -100% |
| Credit institutions | 430/8 | €1,706 | €0 | -€1,706 | -100% |
| Trade debts | 44 | €1,220 | €267 | -€953 | -78.1% |
| Suppliers | 440/4 | €1,220 | €267 | -€953 | -78.1% |
| Other amounts payable | 47/48 | €6 | €500,000 | +€499,994 | +8,090,515% |
| Non-recurring operating income | 76A | - | €158,200 | +€158,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,460 | €39,662 | -€10,799 | -21.4% |
| Other operating charges | 640/8 | €6,769 | €7,283 | +€514 | +7.6% |
| Gross operating margin | 9900 | €31,551 | €192,413 | +€160,862 | +510% |
| Operating profit (loss) | 9901 | -€25,678 | €145,469 | +€171,147 | |
| Financial income | 75/76B | €4,515 | €6,171 | +€1,656 | +36.7% |
| Recurring financial income | 75 | €4,515 | €6,171 | +€1,656 | +36.7% |
| Financial charges | 65/66B | €244 | €90 | -€154 | -63.1% |
| Recurring financial charges | 65 | €244 | €90 | -€154 | -63.1% |
| Profit (loss) for the period before taxes | 9903 | -€21,407 | €151,550 | +€172,957 | |
| Income taxes | 67/77 | - | €16,330 | +€16,330 | |
| Profit (loss) for the period | 9904 | -€21,407 | €135,220 | +€156,627 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,407 | €135,220 | +€156,627 |
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 15 October 2026 via checked.be.