IMMO DE VROEDE: 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 DE VROEDE
Largest movements
- Tangible fixed assets +€3.2m
up €3.2m (+72.4%), from €4.4m to €7.7m
of which Assets under construction and advance payments: +€2.8m
- Receivables within one year -€1.8m
down €1.8m (-49.8%), from €3.6m to €1.8m
of which Other amounts receivable: -€1.7m
- Cash -€447,563
down €447,563 (-31.2%), from €1.4m to €985,167
mainly Investment in fixed assets (net) (-€3.7m) and Net result for the year (-€294,198)
- Receivables after one year -€300,000
down €300,000 (-100%), from €300,000 to €0
- Trade debts +€750,703
up €750,703 (+500%), from €150,000 to €900,703
- Reserves -€294,198
down €294,198 (-8.3%), from €3.6m to €3.3m
of which Distributable reserves: -€262,097
- Current portion of long-term debt +€162,187
up €162,187 (+727%), from €22,297 to €184,483
- Debts after one year +€123,648
up €123,648 (+3.0%), from €4.1m to €4.2m
- Gross operating margin -€543,619
down €543,619 (-66.1%), from €822,888 to €279,269
- Depreciation +€108,576
up €108,576 (+26.3%), from €412,116 to €520,692
- Financial charges +€39,339
up €39,339 (+167%), from €23,626 to €62,965
- Staff costs +€8,879
up €8,879 (+16.8%), from €52,766 to €61,645
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 | €9,842,697 | €10,498,159 | +€655,463 | +6.7% |
| Formation expenses | 20 | €14,718 | €11,448 | -€3,271 | -22.2% |
| Fixed assets | 21/28 | €4,452,276 | €7,671,467 | +€3.2m | +72.3% |
| Intangible fixed assets | 21 | €3,381 | €0 | -€3,381 | -100% |
| Tangible fixed assets | 22/27 | €4,448,895 | €7,671,467 | +€3.2m | +72.4% |
| Land and buildings | 22 | €3,761,100 | €4,067,171 | +€306,071 | +8.1% |
| Plant, machinery and equipment | 23 | €26,454 | €19,026 | -€7,428 | -28.1% |
| Furniture and vehicles | 24 | €41,234 | €32,311 | -€8,923 | -21.6% |
| Other tangible fixed assets | 26 | - | €137,303 | +€137,303 | |
| Assets under construction and advance payments | 27 | €620,108 | €3,415,656 | +€2.8m | +451% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €5,375,702 | €2,815,244 | -€2.6m | -47.6% |
| Amounts receivable after more than one year | 29 | €300,000 | €0 | -€300,000 | -100% |
| Trade receivables | 290 | €300,000 | €0 | -€300,000 | -100% |
| Amounts receivable within one year | 40/41 | €3,642,971 | €1,830,078 | -€1.8m | -49.8% |
| Trade receivables | 40 | €213,334 | €56,425 | -€156,909 | -73.6% |
| Other amounts receivable | 41 | €3,429,637 | €1,773,653 | -€1.7m | -48.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,432,730 | €985,167 | -€447,563 | -31.2% |
| Total equity and liabilities | 10/49 | €9,842,697 | €10,498,159 | +€655,463 | +6.7% |
| Equity | 10/15 | €4,602,394 | €4,245,144 | -€357,250 | -7.8% |
| Contributions | 10/11 | €635,074 | €635,074 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €3,563,565 | €3,269,367 | -€294,198 | -8.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €2,391,058 | €2,358,957 | -€32,101 | -1.3% |
| Distributable reserves | 133 | €1,172,507 | €910,410 | -€262,097 | -22.4% |
| Investment grants | 15 | €403,756 | €340,704 | -€63,052 | -15.6% |
| Provisions and deferred taxes | 16 | €912,957 | €902,256 | -€10,700 | -1.2% |
| Deferred taxes | 168 | €912,957 | €902,256 | -€10,700 | -1.2% |
| Amounts payable | 17/49 | €4,327,346 | €5,350,759 | +€1.0m | +23.6% |
| Amounts payable after more than one year | 17 | €4,118,302 | €4,241,949 | +€123,648 | +3.0% |
| Financial debts | 170/4 | €4,118,302 | €4,241,949 | +€123,648 | +3.0% |
| Amounts payable within one year | 42/48 | €209,044 | €1,108,809 | +€899,765 | +430% |
| Current portion of amounts payable after more than one year | 42 | €22,297 | €184,483 | +€162,187 | +727% |
| Trade debts | 44 | €150,000 | €900,703 | +€750,703 | +500% |
| Suppliers | 440/4 | €150,000 | €900,703 | +€750,703 | +500% |
| Taxes, remuneration and social security | 45 | €32,613 | €8,539 | -€24,075 | -73.8% |
| Taxes | 450/3 | €20,421 | €482 | -€19,939 | -97.6% |
| Remuneration and social security | 454/9 | €12,192 | €8,057 | -€4,136 | -33.9% |
| Other amounts payable | 47/48 | €4,134 | €15,085 | +€10,950 | +265% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €52,766 | €61,645 | +€8,879 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €412,116 | €520,692 | +€108,576 | +26.3% |
| Other operating charges | 640/8 | €9,717 | €5,309 | -€4,408 | -45.4% |
| Gross operating margin | 9900 | €822,888 | €279,269 | -€543,619 | -66.1% |
| Operating profit (loss) | 9901 | €348,289 | -€308,377 | -€656,666 | |
| Financial income | 75/76B | €67,324 | €66,445 | -€879 | -1.3% |
| Recurring financial income | 75 | €67,324 | €66,445 | -€879 | -1.3% |
| Financial charges | 65/66B | €23,626 | €62,965 | +€39,339 | +167% |
| Recurring financial charges | 65 | €23,626 | €62,965 | +€39,339 | +167% |
| Profit (loss) for the period before taxes | 9903 | €391,986 | -€304,898 | -€696,884 | |
| Transfer from deferred taxes | 780 | €10,700 | €10,700 | = | 0.0% |
| Transfer to deferred taxes | 680 | €130,389 | €0 | -€130,389 | -100% |
| Income taxes | 67/77 | -€425 | €0 | +€425 | |
| Profit (loss) for the period | 9904 | €272,722 | -€294,198 | -€566,920 | |
| Transfer from tax-exempt reserves | 789 | €32,101 | €32,101 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €391,167 | €0 | -€391,167 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€86,344 | -€262,097 | -€175,753 | -204% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.