Immo V.D.Z.: 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 V.D.Z.
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+1,383%), from €90,503 to €1.3m
of which Trade receivables: +€1.2m
- Tangible fixed assets -€634,878
down €634,878 (-85.6%), from €741,845 to €106,966
of which Land and buildings: -€634,533
- Cash -€217,516
down €217,516 (-99.9%), from €217,738 to €222
mainly Receivables within one year (-€1.3m) and Debts after one year (-€149,739)
- Reserves +€292,289
up €292,289 (+77.4%), from €377,523 to €669,812
of which Tax-exempt reserves: +€360,834
- Short-term financial debts +€168,632
up €168,632, from €0 to €168,632
- Debts after one year -€149,739
down €149,739 (-12.5%), from €1.2m to €1.1m
- Provisions +€120,278
new in 2025: €120,278
- Current portion of long-term debt -€78,125
down €78,125 (-100%), from €78,125 to €0
- Gross operating margin -€248,491
down €248,491 (-32.1%), from €774,619 to €526,128
- Depreciation -€42,907
down €42,907 (-87.4%), from €49,102 to €6,195
- Financial charges -€41,098
down €41,098 (-62.3%), from €66,016 to €24,917
- Other operating charges -€10,575
down €10,575 (-11.3%), from €93,439 to €82,864
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 | €3,580,764 | €3,942,123 | +€361,359 | +10.1% |
| Fixed assets | 21/28 | €741,995 | €107,116 | -€634,878 | -85.6% |
| Tangible fixed assets | 22/27 | €741,845 | €106,966 | -€634,878 | -85.6% |
| Land and buildings | 22 | €741,434 | €106,902 | -€634,533 | -85.6% |
| Furniture and vehicles | 24 | €410 | €64 | -€346 | -84.3% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €2,838,769 | €3,835,007 | +€996,238 | +35.1% |
| Stocks and contracts in progress | 3 | €2,528,400 | €2,490,549 | -€37,852 | -1.5% |
| Stocks | 30/36 | €2,528,400 | €2,490,549 | -€37,852 | -1.5% |
| Amounts receivable within one year | 40/41 | €90,503 | €1,342,010 | +€1.3m | +1,383% |
| Trade receivables | 40 | - | €1,150,204 | +€1.2m | |
| Other amounts receivable | 41 | €90,503 | €191,806 | +€101,303 | +112% |
| Cash at bank and in hand | 54/58 | €217,738 | €222 | -€217,516 | -99.9% |
| Deferred charges and accrued income | 490/1 | €2,128 | €2,226 | +€99 | +4.6% |
| Total equity and liabilities | 10/49 | €3,580,764 | €3,942,123 | +€361,359 | +10.1% |
| Equity | 10/15 | €1,633,523 | €1,925,812 | +€292,289 | +17.9% |
| Contributions | 10/11 | €1,256,000 | €1,256,000 | = | 0.0% |
| Capital | 10 | €1,256,000 | €1,256,000 | = | 0.0% |
| Issued capital | 100 | €1,256,000 | €1,256,000 | = | 0.0% |
| Reserves | 13 | €377,523 | €669,812 | +€292,289 | +77.4% |
| Non-distributable reserves | 130/1 | €22,839 | €22,839 | = | 0.0% |
| Legal reserve | 130 | €22,839 | €22,839 | = | 0.0% |
| Tax-exempt reserves | 132 | €122,135 | €482,969 | +€360,834 | +295% |
| Distributable reserves | 133 | €232,549 | €164,004 | -€68,544 | -29.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | - | €120,278 | +€120,278 | |
| Deferred taxes | 168 | - | €120,278 | +€120,278 | |
| Amounts payable | 17/49 | €1,947,241 | €1,896,033 | -€51,208 | -2.6% |
| Amounts payable after more than one year | 17 | €1,199,739 | €1,050,000 | -€149,739 | -12.5% |
| Financial debts | 170/4 | €1,199,739 | €1,050,000 | -€149,739 | -12.5% |
| Amounts payable within one year | 42/48 | €747,502 | €846,033 | +€98,531 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €78,125 | €0 | -€78,125 | -100% |
| Financial debts | 43 | €0 | €168,632 | +€168,632 | |
| Credit institutions | 430/8 | €0 | €168,632 | +€168,632 | |
| Trade debts | 44 | €29,693 | €82,039 | +€52,346 | +176% |
| Suppliers | 440/4 | €29,693 | €82,039 | +€52,346 | +176% |
| Taxes, remuneration and social security | 45 | €0 | €26,565 | +€26,565 | |
| Taxes | 450/3 | €0 | €26,565 | +€26,565 | |
| Other amounts payable | 47/48 | €639,683 | €568,797 | -€70,886 | -11.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,102 | €6,195 | -€42,907 | -87.4% |
| Other operating charges | 640/8 | €93,439 | €82,864 | -€10,575 | -11.3% |
| Gross operating margin | 9900 | €774,619 | €526,128 | -€248,491 | -32.1% |
| Operating profit (loss) | 9901 | €632,079 | €437,069 | -€195,009 | -30.9% |
| Financial income | 75/76B | €0 | €415 | +€415 | |
| Recurring financial income | 75 | €0 | €415 | +€415 | |
| Financial charges | 65/66B | €66,016 | €24,917 | -€41,098 | -62.3% |
| Recurring financial charges | 65 | €66,016 | €24,917 | -€41,098 | -62.3% |
| Profit (loss) for the period before taxes | 9903 | €566,063 | €412,567 | -€153,496 | -27.1% |
| Transfer to deferred taxes | 680 | - | €120,278 | +€120,278 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €566,063 | €292,289 | -€273,774 | -48.4% |
| Transfer to tax-exempt reserves | 689 | - | €360,834 | +€360,834 | |
| Profit (loss) for the period to be appropriated | 9905 | €566,063 | -€68,544 | -€634,607 |
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 23 October 2026 via checked.be.