IMMO V.S.G.: 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.S.G.
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€94,722
2024 · €101,206-€6,484
Equity
€743,113
2024 · €648,392+€94,722
Cash
€3,161
2024 · €2,370+€791
Balance sheet total
€2.4m
2024 · €2.4m-€38,728
Largest movements
Assets
- Tangible fixed assets -€24,261
down €24,261 (-6.8%), from €358,713 to €334,451
of which Plant, machinery and equipment: -€17,386
Equity and liabilities
- Profit (loss) carried forward +€94,722
up €94,722 (+44.7%), from -€211,734 to -€117,012
- Other debts -€65,666
down €65,666 (-81.1%), from €80,932 to €15,266
- Short-term financial debts -€63,233
down €63,233 (-3.9%), from €1.6m to €1.6m
of which Other loans: -€63,233
Income statement
- Gross operating margin -€3,543
down €3,543 (-1.9%), from €182,878 to €179,335
- Financial charges +€2,319
up €2,319 (+4.3%), from €53,651 to €55,970
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
€101,206
Gross operating margin
-€3,543
Depreciation
+€169
Other operating charges
-€445
Financial income
+€242
Financial charges
-€2,319
Taxes
-€588
Result 2025
€94,722
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
+€66,440
Investment
€0
Financing
-€65,648
Cash 2024
€2,370
From operations (derived)
+€66,440
Net result for the year
+€94,722
Depreciation
+€24,261
Receivables within one year
+€15,258
Trade debts
-€2,161
Tax, wage and social debts
+€25
Other debts
-€65,666
Financing
-€65,648
Debts after one year
-€2,421
Current portion of long-term debt
+€7
Short-term financial debts
-€63,233
Cash 2025
€3,161
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,396,642 | €2,357,914 | -€38,728 | -1.6% |
| Fixed assets | 21/28 | €2,193,099 | €2,168,838 | -€24,261 | -1.1% |
| Tangible fixed assets | 22/27 | €358,713 | €334,451 | -€24,261 | -6.8% |
| Land and buildings | 22 | €108,463 | €101,947 | -€6,517 | -6.0% |
| Plant, machinery and equipment | 23 | €249,891 | €232,505 | -€17,386 | -7.0% |
| Furniture and vehicles | 24 | €359 | €0 | -€359 | -100.0% |
| Financial fixed assets | 28 | €1,834,387 | €1,834,387 | = | 0.0% |
| Current assets | 29/58 | €203,543 | €189,076 | -€14,467 | -7.1% |
| Amounts receivable within one year | 40/41 | €199,770 | €184,512 | -€15,258 | -7.6% |
| Trade receivables | 40 | €125,420 | €60,420 | -€65,000 | -51.8% |
| Other amounts receivable | 41 | €74,350 | €124,092 | +€49,742 | +66.9% |
| Cash at bank and in hand | 54/58 | €2,370 | €3,161 | +€791 | +33.4% |
| Deferred charges and accrued income | 490/1 | €1,402 | €1,402 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,396,642 | €2,357,914 | -€38,728 | -1.6% |
| Equity | 10/15 | €648,392 | €743,113 | +€94,722 | +14.6% |
| Contributions | 10/11 | €417,000 | €417,000 | = | 0.0% |
| Capital | 10 | €417,000 | €417,000 | = | 0.0% |
| Issued capital | 100 | €417,000 | €417,000 | = | 0.0% |
| Revaluation surpluses | 12 | €443,126 | €443,126 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€211,734 | -€117,012 | +€94,722 | +44.7% |
| Amounts payable | 17/49 | €1,748,251 | €1,614,800 | -€133,450 | -7.6% |
| Amounts payable after more than one year | 17 | €4,387 | €1,966 | -€2,421 | -55.2% |
| Financial debts | 170/4 | €4,387 | €1,966 | -€2,421 | -55.2% |
| Amounts payable within one year | 42/48 | €1,727,621 | €1,596,592 | -€131,029 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €2,415 | €2,421 | +€7 | +0.3% |
| Financial debts | 43 | €1,629,706 | €1,566,473 | -€63,233 | -3.9% |
| Credit institutions | 430/8 | €775,000 | €775,000 | = | 0.0% |
| Other loans | 439 | €854,706 | €791,473 | -€63,233 | -7.4% |
| Trade debts | 44 | €2,260 | €99 | -€2,161 | -95.6% |
| Suppliers | 440/4 | €2,260 | €99 | -€2,161 | -95.6% |
| Taxes, remuneration and social security | 45 | €12,308 | €12,332 | +€25 | +0.2% |
| Taxes | 450/3 | €12,308 | €12,332 | +€25 | +0.2% |
| Other amounts payable | 47/48 | €80,932 | €15,266 | -€65,666 | -81.1% |
| Accrued charges and deferred income | 492/3 | €16,243 | €16,243 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,431 | €24,261 | -€169 | -0.7% |
| Other operating charges | 640/8 | €3,590 | €4,036 | +€445 | +12.4% |
| Gross operating margin | 9900 | €182,878 | €179,335 | -€3,543 | -1.9% |
| Operating profit (loss) | 9901 | €154,857 | €151,038 | -€3,819 | -2.5% |
| Financial income | 75/76B | - | €242 | +€242 | |
| Recurring financial income | 75 | - | €242 | +€242 | |
| Financial charges | 65/66B | €53,651 | €55,970 | +€2,319 | +4.3% |
| Recurring financial charges | 65 | €53,651 | €55,970 | +€2,319 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €101,206 | €95,310 | -€5,897 | -5.8% |
| Income taxes | 67/77 | - | €588 | +€588 | |
| Profit (loss) for the period | 9904 | €101,206 | €94,722 | -€6,484 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €101,206 | €94,722 | -€6,484 | -6.4% |
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 19 October 2026 via checked.be.