IMMO-VAGO: what changed
Two fiscal 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-VAGO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €277,673+€1.5m
Equity
€3.7m
2024 · €1.9m+€1.8m
Cash
€131,223
2024 · €89,243+€41,979
Balance sheet total
€5.5m
2024 · €4.0m+€1.6m
Largest movements
Assets
- Financial fixed assets +€998,001
up €998,001 (+63.6%), from €1.6m to €2.6m
- Receivables after one year +€577,331
up €577,331 (+142.0%), from €406,511 to €983,842
- Tangible fixed assets -€93,136
down €93,136 (-5.7%), from €1.6m to €1.6m
of which Land and buildings: -€90,286
Equity and liabilities
- Reserves +€1.8m
up €1.8m (+326.8%), from €543,686 to €2.3m
of which Distributable reserves: +€1.8m
- Debts after one year -€110,554
down €110,554 (-6.5%), from €1.7m to €1.6m
of which Other amounts payable: -€90,345
- Tax, wage and social debts -€62,838
down €62,838 (-46.8%), from €134,290 to €71,452
Income statement
- Financial income +€1.2m
new in 2025: €1.2m
of which Non-recurring financial income: +€998,001
- Gross operating margin +€439,266
up €439,266 (+60.3%), from €728,809 to €1.2m
- Taxes +€181,629
up €181,629 (+147.7%), from €122,935 to €304,564
- Financial charges -€65,457
down €65,457 (-33.2%), from €197,020 to €131,563
- Depreciation -€19,354
down €19,354 (-16.6%), from €116,605 to €97,251
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
€277,673
Gross operating margin
+€439,266
Depreciation
+€19,354
Write-downs
-€4,000
Other operating charges
-€520
Other operating items
-€4,000
Financial income
+€1.2m
Financial charges
+€65,457
Taxes
-€181,629
Result 2025
€1.8m
Cash bridge derived
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
+€1.2m
Investment
-€1.0m
Financing
-€153,710
Cash 2024
€89,243
From operations (derived)
+€1.2m
Net result for the year
+€1.8m
Depreciation
+€97,251
Receivables after one year
-€577,331
Receivables within one year
-€26,650
Smaller working-capital items
-€536
Tax, wage and social debts
-€62,838
Other debts
-€8,987
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€1.0m
Financing
-€153,710
Debts after one year
-€110,554
Current portion of long-term debt
-€43,156
Cash 2025
€131,223
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,975,003 | €5,526,016 | +€1.6m | +39.0% |
| Fixed assets | 21/28 | €3,214,840 | €4,119,704 | +€904,865 | +28.1% |
| Tangible fixed assets | 22/27 | €1,645,814 | €1,552,678 | -€93,136 | -5.7% |
| Land and buildings | 22 | €1,630,849 | €1,540,563 | -€90,286 | -5.5% |
| Plant, machinery and equipment | 23 | €14,965 | €12,114 | -€2,850 | -19.0% |
| Financial fixed assets | 28 | €1,569,026 | €2,567,027 | +€998,001 | +63.6% |
| Current assets | 29/58 | €760,163 | €1,406,312 | +€646,148 | +85.0% |
| Amounts receivable after more than one year | 29 | €406,511 | €983,842 | +€577,331 | +142.0% |
| Other amounts receivable | 291 | €406,511 | €983,842 | +€577,331 | +142.0% |
| Amounts receivable within one year | 40/41 | €4,303 | €30,952 | +€26,650 | +619.4% |
| Trade receivables | 40 | €4,303 | €30,952 | +€26,650 | +619.4% |
| Current investments | 50/53 | €252,521 | €252,521 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €89,243 | €131,223 | +€41,979 | +47.0% |
| Deferred charges and accrued income | 490/1 | €7,585 | €7,773 | +€188 | +2.5% |
| Total equity and liabilities | 10/49 | €3,975,003 | €5,526,016 | +€1.6m | +39.0% |
| Equity | 10/15 | €1,888,588 | €3,665,484 | +€1.8m | +94.1% |
| Contributions | 10/11 | €1,275,000 | €1,275,000 | = | 0.0% |
| Capital | 10 | €1,275,000 | €1,275,000 | = | 0.0% |
| Issued capital | 100 | €1,275,000 | €1,275,000 | = | 0.0% |
| Revaluation surpluses | 12 | €69,902 | €69,902 | = | 0.0% |
| Reserves | 13 | €543,686 | €2,320,581 | +€1.8m | +326.8% |
| Non-distributable reserves | 130/1 | €127,500 | €127,500 | = | 0.0% |
| Legal reserve | 130 | €127,500 | €127,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €278,717 | €271,864 | -€6,854 | -2.5% |
| Distributable reserves | 133 | €137,469 | €1,921,218 | +€1.8m | +1297.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €2,403 | €119 | -€2,285 | -95.1% |
| Deferred taxes | 168 | €2,403 | €119 | -€2,285 | -95.1% |
| Amounts payable | 17/49 | €2,084,011 | €1,860,414 | -€223,598 | -10.7% |
| Amounts payable after more than one year | 17 | €1,691,048 | €1,580,494 | -€110,554 | -6.5% |
| Financial debts | 170/4 | €1,022,875 | €1,002,666 | -€20,209 | -2.0% |
| Other amounts payable | 178/9 | €668,173 | €577,828 | -€90,345 | -13.5% |
| Amounts payable within one year | 42/48 | €391,129 | €277,700 | -€113,428 | -29.0% |
| Current portion of amounts payable after more than one year | 42 | €63,365 | €20,209 | -€43,156 | -68.1% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €645 | €2,197 | +€1,552 | +240.8% |
| Suppliers | 440/4 | €645 | €2,197 | +€1,552 | +240.8% |
| Taxes, remuneration and social security | 45 | €134,290 | €71,452 | -€62,838 | -46.8% |
| Taxes | 450/3 | €134,290 | €71,452 | -€62,838 | -46.8% |
| Other amounts payable | 47/48 | €92,829 | €83,843 | -€8,987 | -9.7% |
| Accrued charges and deferred income | 492/3 | €1,835 | €2,220 | +€384 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,605 | €97,251 | -€19,354 | -16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,000 | +€4,000 | |
| Other operating charges | 640/8 | €16,860 | €17,381 | +€520 | +3.1% |
| Non-recurring operating charges | 66A | - | €4,000 | +€4,000 | |
| Gross operating margin | 9900 | €728,809 | €1,168,075 | +€439,266 | +60.3% |
| Operating profit (loss) | 9901 | €595,344 | €1,045,443 | +€450,100 | +75.6% |
| Financial income | 75/76B | - | €1,165,295 | +€1.2m | |
| Recurring financial income | 75 | - | €167,294 | +€167,294 | |
| Non-recurring financial income | 76B | - | €998,001 | +€998,001 | |
| Financial charges | 65/66B | €197,020 | €131,563 | -€65,457 | -33.2% |
| Recurring financial charges | 65 | €197,020 | €131,563 | -€65,457 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €398,323 | €2,079,175 | +€1.7m | +422.0% |
| Transfer from deferred taxes | 780 | €2,285 | €2,285 | = | 0.0% |
| Income taxes | 67/77 | €122,935 | €304,564 | +€181,629 | +147.7% |
| Profit (loss) for the period | 9904 | €277,673 | €1,776,895 | +€1.5m | +539.9% |
| Transfer from tax-exempt reserves | 789 | €6,854 | €6,854 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €284,527 | €1,783,749 | +€1.5m | +526.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.