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.
What changed
Immo V.D.Z.
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€139,656
2024 · €132,712+€6,944
Equity
€2.6m
2024 · €2.4m+€139,656
Cash
€53,563
2024 · €63,961-€10,397
Balance sheet total
€3.6m
2024 · €3.7m-€47,291
Largest movements
Assets
- Tangible fixed assets -€37,055
down €37,055 (-1.3%), from €2.8m to €2.8m
Equity and liabilities
- Reserves +€139,656
up €139,656 (+10.9%), from €1.3m to €1.4m
of which Distributable reserves: +€139,656
- Debts after one year -€96,766
down €96,766 (-27.1%), from €357,535 to €260,769
- Other debts -€83,587
down €83,587 (-13.7%), from €611,589 to €528,002
Income statement
- Financial charges -€6,234
down €6,234 (-14.0%), from €44,388 to €38,154
- Depreciation -€4,419
down €4,419 (-7.7%), from €57,375 to €52,955
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
€132,712
Gross operating margin
-€425
Depreciation
+€4,419
Other operating charges
-€1,599
Financial charges
+€6,234
Taxes
-€1,684
Result 2025
€139,656
raises the resultlowers the result
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.
From operations
+€96,333
Investment
-€15,900
Financing
-€90,830
Cash 2024
€63,961
From operations (derived)
+€96,333
Net result for the year
+€139,656
Depreciation
+€52,955
Smaller working-capital items
+€39
Tax, wage and social debts
-€13,145
Other debts
-€83,587
Accrued charges and deferred income
+€415
Investment (derived)
-€15,900
Investment in fixed assets (net)
-€15,900
Financing
-€90,830
Debts after one year
-€96,766
Current portion of long-term debt
+€5,936
Cash 2025
€53,563
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,663,539 | €3,616,248 | -€47,291 | -1.3% |
| Fixed assets | 21/28 | €3,589,675 | €3,552,619 | -€37,055 | -1.0% |
| Tangible fixed assets | 22/27 | €2,797,675 | €2,760,619 | -€37,055 | -1.3% |
| Land and buildings | 22 | €2,797,675 | €2,760,619 | -€37,055 | -1.3% |
| Financial fixed assets | 28 | €792,000 | €792,000 | = | 0.0% |
| Current assets | 29/58 | €73,864 | €63,628 | -€10,236 | -13.9% |
| Cash at bank and in hand | 54/58 | €63,961 | €53,563 | -€10,397 | -16.3% |
| Deferred charges and accrued income | 490/1 | €9,903 | €10,065 | +€161 | +1.6% |
| Total equity and liabilities | 10/49 | €3,663,539 | €3,616,248 | -€47,291 | -1.3% |
| Equity | 10/15 | €2,437,484 | €2,577,140 | +€139,656 | +5.7% |
| Contributions | 10/11 | €361,500 | €361,500 | = | 0.0% |
| Capital | 10 | €361,500 | €361,500 | = | 0.0% |
| Issued capital | 100 | €361,500 | €361,500 | = | 0.0% |
| Revaluation surpluses | 12 | €793,259 | €793,259 | = | 0.0% |
| Reserves | 13 | €1,282,725 | €1,422,381 | +€139,656 | +10.9% |
| Non-distributable reserves | 130/1 | €73,700 | €73,700 | = | 0.0% |
| Legal reserve | 130 | €73,700 | €73,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €1,202,025 | €1,341,681 | +€139,656 | +11.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,226,055 | €1,039,108 | -€186,947 | -15.2% |
| Amounts payable after more than one year | 17 | €357,535 | €260,769 | -€96,766 | -27.1% |
| Financial debts | 170/4 | €357,535 | €260,769 | -€96,766 | -27.1% |
| Amounts payable within one year | 42/48 | €855,021 | €764,425 | -€90,596 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €90,830 | €96,766 | +€5,936 | +6.5% |
| Trade debts | 44 | - | €200 | +€200 | |
| Suppliers | 440/4 | - | €200 | +€200 | |
| Taxes, remuneration and social security | 45 | €152,601 | €139,457 | -€13,145 | -8.6% |
| Taxes | 450/3 | €152,601 | €139,457 | -€13,145 | -8.6% |
| Other amounts payable | 47/48 | €611,589 | €528,002 | -€83,587 | -13.7% |
| Accrued charges and deferred income | 492/3 | €13,499 | €13,914 | +€415 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,375 | €52,955 | -€4,419 | -7.7% |
| Other operating charges | 640/8 | €51,260 | €52,859 | +€1,599 | +3.1% |
| Gross operating margin | 9900 | €354,746 | €354,320 | -€425 | -0.1% |
| Operating profit (loss) | 9901 | €246,111 | €248,506 | +€2,395 | +1.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €44,388 | €38,154 | -€6,234 | -14.0% |
| Recurring financial charges | 65 | €44,388 | €38,154 | -€6,234 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €201,724 | €210,352 | +€8,628 | +4.3% |
| Income taxes | 67/77 | €69,012 | €70,696 | +€1,684 | +2.4% |
| Profit (loss) for the period | 9904 | €132,712 | €139,656 | +€6,944 | +5.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €132,712 | €139,656 | +€6,944 | +5.2% |
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 21 October 2026 via checked.be.