IMMO GVD: 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 GVD
Largest movements
- Tangible fixed assets -€70,492
down €70,492 (-5.5%), from €1.3m to €1.2m
of which Land and buildings: -€62,000
- Receivables within one year -€44,547
down €44,547 (-91.6%), from €48,631 to €4,084
of which Trade receivables: -€46,046
- Cash +€19,400
up €19,400 (+165%), from €11,738 to €31,138
mainly Other debts (+€159,307) and Depreciation (+€70,492)
- Other debts +€159,307
new in 2025: €159,307
- Current portion of long-term debt -€140,964
down €140,964 (-53.9%), from €261,720 to €120,756
- Debts after one year -€120,756
down €120,756 (-22.5%), from €536,045 to €415,289
- Trade debts +€16,041
up €16,041 (+1,129%), from €1,421 to €17,462
- Write-downs -€11,665
down €11,665 (-84.0%), from €13,894 to €2,229
- Gross operating margin -€9,666
down €9,666 (-8.2%), from €117,287 to €107,621
- Financial charges +€4,294
up €4,294 (+19.4%), from €22,104 to €26,398
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 | €1,353,431 | €1,257,837 | -€95,593 | -7.1% |
| Fixed assets | 21/28 | €1,293,062 | €1,222,570 | -€70,492 | -5.5% |
| Tangible fixed assets | 22/27 | €1,293,062 | €1,222,570 | -€70,492 | -5.5% |
| Land and buildings | 22 | €1,259,786 | €1,197,786 | -€62,000 | -4.9% |
| Plant, machinery and equipment | 23 | €33,275 | €24,784 | -€8,492 | -25.5% |
| Current assets | 29/58 | €60,369 | €35,267 | -€25,102 | -41.6% |
| Amounts receivable within one year | 40/41 | €48,631 | €4,084 | -€44,547 | -91.6% |
| Trade receivables | 40 | €46,250 | €204 | -€46,046 | -99.6% |
| Other amounts receivable | 41 | €2,381 | €3,880 | +€1,499 | +63.0% |
| Cash at bank and in hand | 54/58 | €11,738 | €31,138 | +€19,400 | +165% |
| Deferred charges and accrued income | 490/1 | - | €45 | +€45 | |
| Total equity and liabilities | 10/49 | €1,353,431 | €1,257,837 | -€95,593 | -7.1% |
| Equity | 10/15 | €549,855 | €542,988 | -€6,867 | -1.2% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Capital | 10 | €450,000 | €450,000 | = | 0.0% |
| Issued capital | 100 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €103,919 | €92,988 | -€10,931 | -10.5% |
| Non-distributable reserves | 130/1 | €45,000 | €45,000 | = | 0.0% |
| Legal reserve | 130 | €45,000 | €45,000 | = | 0.0% |
| Distributable reserves | 133 | €58,919 | €47,988 | -€10,931 | -18.6% |
| Profit (loss) carried forward | 14 | -€4,064 | - | +€4,064 | |
| Amounts payable | 17/49 | €803,576 | €714,849 | -€88,727 | -11.0% |
| Amounts payable after more than one year | 17 | €536,045 | €415,289 | -€120,756 | -22.5% |
| Financial debts | 170/4 | €536,045 | €415,289 | -€120,756 | -22.5% |
| Amounts payable within one year | 42/48 | €263,141 | €297,525 | +€34,384 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €261,720 | €120,756 | -€140,964 | -53.9% |
| Trade debts | 44 | €1,421 | €17,462 | +€16,041 | +1,129% |
| Suppliers | 440/4 | €1,421 | €17,462 | +€16,041 | +1,129% |
| Other amounts payable | 47/48 | - | €159,307 | +€159,307 | |
| Accrued charges and deferred income | 492/3 | €4,390 | €2,035 | -€2,355 | -53.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,492 | €70,492 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,894 | €2,229 | -€11,665 | -84.0% |
| Other operating charges | 640/8 | €14,862 | €15,369 | +€507 | +3.4% |
| Gross operating margin | 9900 | €117,287 | €107,621 | -€9,666 | -8.2% |
| Operating profit (loss) | 9901 | €18,040 | €19,531 | +€1,492 | +8.3% |
| Financial charges | 65/66B | €22,104 | €26,398 | +€4,294 | +19.4% |
| Recurring financial charges | 65 | €22,104 | €26,398 | +€4,294 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,064 | -€6,867 | -€2,802 | -68.9% |
| Profit (loss) for the period | 9904 | -€4,064 | -€6,867 | -€2,802 | -68.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,064 | -€6,867 | -€2,802 | -68.9% |
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 14 October 2026 via checked.be.