IMMO VANDENAMEELE: 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 VANDENAMEELE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€86,989
2024 · €185,688-€98,699
Equity
€3.4m
2024 · €3.3m+€86,989
Cash
€511,622
2024 · €592,104-€80,483
Balance sheet total
€5.1m
2024 · €5.2m-€175,895
Largest movements
Assets
- Tangible fixed assets -€130,287
down €130,287 (-3.3%), from €4.0m to €3.9m
of which Land and buildings: -€132,110
- Cash -€80,483
down €80,483 (-13.6%), from €592,104 to €511,622
mainly Debts after one year (-€166,199) and Investment in fixed assets (net) (-€157,703)
Equity and liabilities
- Debts after one year -€166,199
down €166,199 (-12.1%), from €1.4m to €1.2m
of which Financial debts: -€170,229
- Reserves +€86,474
up €86,474 (+3.5%), from €2.5m to €2.5m
of which Distributable reserves: +€113,048
- Tax, wage and social debts -€57,347
down €57,347 (-80.6%), from €71,156 to €13,809
Income statement
- Gross operating margin -€165,872
down €165,872 (-25.4%), from €653,892 to €488,019
- Taxes -€46,674
down €46,674 (-62.7%), from €74,492 to €27,818
- Financial income +€30,036
up €30,036 (+24,307%), from €124 to €30,160
- Depreciation +€26,526
up €26,526 (+10.1%), from €261,464 to €287,990
- Write-downs -€11,808
down €11,808, from €1,833 to -€9,975
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
€185,688
Gross operating margin
-€165,872
Depreciation
-€26,526
Write-downs
+€11,808
Other operating charges
+€3,567
Financial income
+€30,036
Financial charges
+€1,614
Taxes
+€46,674
Result 2025
€86,989
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
+€240,338
Investment
-€157,703
Financing
-€163,117
Cash 2024
€592,104
From operations (derived)
+€240,338
Net result for the year
+€86,989
Depreciation
+€287,990
Receivables within one year
-€32,215
Deferred charges and accrued income
-€2,660
Provisions
-€8,875
Trade debts
-€8,215
Tax, wage and social debts
-€57,347
Other debts
-€30,300
Accrued charges and deferred income
+€4,971
Investment (derived)
-€157,703
Investment in fixed assets (net)
-€157,703
Financing
-€163,117
Debts after one year
-€166,199
Current portion of long-term debt
+€3,082
Cash 2025
€511,622
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,242,030 | €5,066,135 | -€175,895 | -3.4% |
| Fixed assets | 21/28 | €4,616,015 | €4,485,729 | -€130,287 | -2.8% |
| Tangible fixed assets | 22/27 | €3,986,444 | €3,856,157 | -€130,287 | -3.3% |
| Land and buildings | 22 | €3,973,505 | €3,841,394 | -€132,110 | -3.3% |
| Plant, machinery and equipment | 23 | €10,518 | €12,721 | +€2,202 | +20.9% |
| Other tangible fixed assets | 26 | €2,421 | €2,043 | -€379 | -15.6% |
| Financial fixed assets | 28 | €629,571 | €629,571 | = | 0.0% |
| Current assets | 29/58 | €626,015 | €580,407 | -€45,608 | -7.3% |
| Amounts receivable after more than one year | 29 | €2,058 | €2,058 | = | 0.0% |
| Other amounts receivable | 291 | €2,058 | €2,058 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,990 | €39,204 | +€32,215 | +461% |
| Trade receivables | 40 | €6,960 | €36,453 | +€29,494 | +424% |
| Other amounts receivable | 41 | €30 | €2,751 | +€2,721 | +9,071% |
| Current investments | 50/53 | €24,717 | €24,717 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €592,104 | €511,622 | -€80,483 | -13.6% |
| Deferred charges and accrued income | 490/1 | €145 | €2,806 | +€2,660 | +1,828% |
| Total equity and liabilities | 10/49 | €5,242,030 | €5,066,135 | -€175,895 | -3.4% |
| Equity | 10/15 | €3,278,468 | €3,365,457 | +€86,989 | +2.7% |
| Contributions | 10/11 | €825,485 | €826,000 | +€515 | +0.1% |
| Capital | 10 | €825,485 | €826,000 | +€515 | +0.1% |
| Issued capital | 100 | €825,485 | €826,000 | +€515 | +0.1% |
| Reserves | 13 | €2,452,983 | €2,539,457 | +€86,474 | +3.5% |
| Non-distributable reserves | 130/1 | €83,379 | €83,430 | +€51 | +0.1% |
| Legal reserve | 130 | €82,549 | €82,600 | +€51 | +0.1% |
| Reserves not available under the articles | 1311 | €830 | €830 | = | 0.0% |
| Tax-exempt reserves | 132 | €253,918 | €227,293 | -€26,625 | -10.5% |
| Distributable reserves | 133 | €2,115,686 | €2,228,734 | +€113,048 | +5.3% |
| Provisions and deferred taxes | 16 | €104,691 | €95,816 | -€8,875 | -8.5% |
| Deferred taxes | 168 | €104,691 | €95,816 | -€8,875 | -8.5% |
| Amounts payable | 17/49 | €1,858,871 | €1,604,863 | -€254,008 | -13.7% |
| Amounts payable after more than one year | 17 | €1,369,005 | €1,202,806 | -€166,199 | -12.1% |
| Financial debts | 170/4 | €1,355,595 | €1,185,366 | -€170,229 | -12.6% |
| Other amounts payable | 178/9 | €13,410 | €17,440 | +€4,030 | +30.1% |
| Amounts payable within one year | 42/48 | €482,802 | €390,022 | -€92,780 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €167,147 | €170,229 | +€3,082 | +1.8% |
| Trade debts | 44 | €19,771 | €11,556 | -€8,215 | -41.5% |
| Suppliers | 440/4 | €19,771 | €11,556 | -€8,215 | -41.5% |
| Taxes, remuneration and social security | 45 | €71,156 | €13,809 | -€57,347 | -80.6% |
| Taxes | 450/3 | €71,156 | €13,809 | -€57,347 | -80.6% |
| Other amounts payable | 47/48 | €224,728 | €194,427 | -€30,300 | -13.5% |
| Accrued charges and deferred income | 492/3 | €7,065 | €12,035 | +€4,971 | +70.4% |
| Non-recurring operating income | 76A | €162,709 | €3,073 | -€159,636 | -98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €261,464 | €287,990 | +€26,526 | +10.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,833 | -€9,975 | -€11,808 | |
| Other operating charges | 640/8 | €104,315 | €100,749 | -€3,567 | -3.4% |
| Gross operating margin | 9900 | €653,892 | €488,019 | -€165,872 | -25.4% |
| Operating profit (loss) | 9901 | €286,279 | €109,256 | -€177,023 | -61.8% |
| Financial income | 75/76B | €124 | €30,160 | +€30,036 | +24,307% |
| Recurring financial income | 75 | €124 | €30,160 | +€30,036 | +24,307% |
| Financial charges | 65/66B | €35,098 | €33,484 | -€1,614 | -4.6% |
| Recurring financial charges | 65 | €35,098 | €33,484 | -€1,614 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €251,305 | €105,932 | -€145,373 | -57.8% |
| Transfer from deferred taxes | 780 | €8,875 | €8,875 | = | 0.0% |
| Income taxes | 67/77 | €74,492 | €27,818 | -€46,674 | -62.7% |
| Profit (loss) for the period | 9904 | €185,688 | €86,989 | -€98,699 | -53.2% |
| Transfer from tax-exempt reserves | 789 | €26,625 | €26,625 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €212,313 | €113,614 | -€98,699 | -46.5% |
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.