IMMO VASA: 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.
IMMO VASA
Largest movements
- Current investments -€363,061
down €363,061 (-73.3%), from €495,085 to €132,024
- Tangible fixed assets +€145,447
up €145,447 (+41.7%), from €348,448 to €493,895
of which Land and buildings: +€153,372
- Cash +€96,960
up €96,960 (+48.7%), from €199,011 to €295,971
mainly Current investments (+€363,061) and Depreciation (+€14,553)
- Profit (loss) carried forward -€79,634
down €79,634 (-14.2%), from €562,748 to €483,114
- Other debts -€46,275
down €46,275 (-92.2%), from €50,169 to €3,894
- Other operating charges +€20,092
up €20,092 (+1546.7%), from €1,299 to €21,391
- Financial income -€15,002
down €15,002 (-65.2%), from €23,019 to €8,017
of which Financial income: -€15,002
- Financial charges -€13,194
down €13,194 (-51.7%), from €25,512 to €12,318
- Gross operating margin -€9,306
down €9,306 (-30.9%), from -€30,085 to -€39,390
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,051,241 | €925,038 | -€126,202 | -12.0% |
| Fixed assets | 21/28 | €348,573 | €494,020 | +€145,447 | +41.7% |
| Tangible fixed assets | 22/27 | €348,448 | €493,895 | +€145,447 | +41.7% |
| Land and buildings | 22 | €296,711 | €450,083 | +€153,372 | +51.7% |
| Plant, machinery and equipment | 23 | €49,901 | €43,795 | -€6,106 | -12.2% |
| Furniture and vehicles | 24 | €1,836 | €17 | -€1,819 | -99.1% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €702,668 | €431,018 | -€271,650 | -38.7% |
| Amounts receivable within one year | 40/41 | €7,741 | €2,193 | -€5,548 | -71.7% |
| Trade receivables | 40 | €836 | €990 | +€154 | +18.4% |
| Other amounts receivable | 41 | €6,906 | €1,204 | -€5,702 | -82.6% |
| Current investments | 50/53 | €495,085 | €132,024 | -€363,061 | -73.3% |
| Cash at bank and in hand | 54/58 | €199,011 | €295,971 | +€96,960 | +48.7% |
| Deferred charges and accrued income | 490/1 | €830 | €830 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,051,241 | €925,038 | -€126,202 | -12.0% |
| Equity | 10/15 | €999,558 | €919,924 | -€79,634 | -8.0% |
| Contributions | 10/11 | €397,100 | €397,100 | = | 0.0% |
| Capital | 10 | €397,100 | €397,100 | = | 0.0% |
| Issued capital | 100 | €397,100 | €397,100 | = | 0.0% |
| Reserves | 13 | €39,710 | €39,710 | = | 0.0% |
| Non-distributable reserves | 130/1 | €39,710 | €39,710 | = | 0.0% |
| Legal reserve | 130 | €39,710 | €39,710 | = | 0.0% |
| Profit (loss) carried forward | 14 | €562,748 | €483,114 | -€79,634 | -14.2% |
| Amounts payable | 17/49 | €51,682 | €5,114 | -€46,568 | -90.1% |
| Amounts payable within one year | 42/48 | €51,666 | €5,098 | -€46,568 | -90.1% |
| Trade debts | 44 | €1,496 | €1,204 | -€293 | -19.6% |
| Suppliers | 440/4 | €1,496 | €1,204 | -€293 | -19.6% |
| Other amounts payable | 47/48 | €50,169 | €3,894 | -€46,275 | -92.2% |
| Accrued charges and deferred income | 492/3 | €16 | €16 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,232 | €14,553 | +€321 | +2.3% |
| Other operating charges | 640/8 | €1,299 | €21,391 | +€20,092 | +1546.7% |
| Gross operating margin | 9900 | -€30,085 | -€39,390 | -€9,306 | -30.9% |
| Operating profit (loss) | 9901 | -€45,615 | -€75,334 | -€29,719 | -65.2% |
| Financial income | 75/76B | €23,019 | €8,017 | -€15,002 | -65.2% |
| Recurring financial income | 75 | €23,019 | €8,017 | -€15,002 | -65.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €25,512 | €12,318 | -€13,194 | -51.7% |
| Recurring financial charges | 65 | €25,512 | €12,318 | -€13,194 | -51.7% |
| Profit (loss) for the period before taxes | 9903 | -€48,108 | -€79,634 | -€31,526 | -65.5% |
| Profit (loss) for the period | 9904 | -€48,108 | -€79,634 | -€31,526 | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,108 | -€79,634 | -€31,526 | -65.5% |
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 5 October 2026 via checked.be.