IMMO VBJ: 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 VBJ
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€29,328
2024 · -€3,031+€32,358
Equity
€1.9m
2024 · €1.8m+€29,328
Cash
€347,187
2024 · €237,509+€109,679
Balance sheet total
€1.9m
2024 · €1.9m+€12,085
Largest movements
Assets
- Cash +€109,679
up €109,679 (+46.2%), from €237,509 to €347,187
mainly Depreciation (+€117,182) and Net result for the year (+€29,328)
- Tangible fixed assets -€94,554
down €94,554 (-6.1%), from €1.5m to €1.5m
of which Land and buildings: -€56,065
Equity and liabilities
- Profit (loss) carried forward +€74,787
up €74,787 (+98.7%), from €75,763 to €150,549
- Reserves -€45,459
down €45,459 (-56.2%), from €80,849 to €35,390
of which Tax-exempt reserves: -€45,459
Income statement
- Depreciation -€37,800
down €37,800 (-24.4%), from €154,982 to €117,182
- Taxes +€18,575
up €18,575 (+936.1%), from €1,984 to €20,559
- Gross operating margin +€1,766
up €1,766 (+1.1%), from €159,054 to €160,820
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
-€3,031
Gross operating margin
+€1,766
Depreciation
+€37,800
Other operating charges
-€1,287
Financial income
-€762
Financial charges
+€347
Taxes
-€18,575
Deferred taxes and other
+€13,069
Result 2025
€29,328
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
+€142,846
Investment
-€22,629
Financing
-€10,539
Cash 2024
€237,509
From operations (derived)
+€142,846
Net result for the year
+€29,328
Depreciation
+€117,182
Deferred charges and accrued income
+€3,040
Provisions
-€15,153
Trade debts
-€1,094
Tax, wage and social debts
+€15,986
Accrued charges and deferred income
-€6,444
Investment (derived)
-€22,629
Investment in fixed assets (net)
-€22,629
Financing
-€10,539
Debts after one year
-€6,361
Current portion of long-term debt
-€4,178
Cash 2025
€347,187
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,904,213 | €1,916,298 | +€12,085 | +0.6% |
| Fixed assets | 21/28 | €1,549,784 | €1,455,230 | -€94,554 | -6.1% |
| Tangible fixed assets | 22/27 | €1,549,784 | €1,455,230 | -€94,554 | -6.1% |
| Land and buildings | 22 | €1,417,354 | €1,361,289 | -€56,065 | -4.0% |
| Plant, machinery and equipment | 23 | €2,861 | €1,847 | -€1,014 | -35.5% |
| Furniture and vehicles | 24 | €129,569 | €92,094 | -€37,475 | -28.9% |
| Current assets | 29/58 | €354,429 | €461,067 | +€106,638 | +30.1% |
| Amounts receivable within one year | 40/41 | €113,880 | €113,880 | = | 0.0% |
| Trade receivables | 40 | €113,880 | €113,880 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €237,509 | €347,187 | +€109,679 | +46.2% |
| Deferred charges and accrued income | 490/1 | €3,040 | €0 | -€3,040 | -100.0% |
| Total equity and liabilities | 10/49 | €1,904,213 | €1,916,298 | +€12,085 | +0.6% |
| Equity | 10/15 | €1,849,612 | €1,878,939 | +€29,328 | +1.6% |
| Contributions | 10/11 | €1,693,000 | €1,693,000 | = | 0.0% |
| Capital | 10 | €1,693,000 | €1,693,000 | = | 0.0% |
| Issued capital | 100 | €1,693,000 | €1,693,000 | = | 0.0% |
| Reserves | 13 | €80,849 | €35,390 | -€45,459 | -56.2% |
| Non-distributable reserves | 130/1 | €12,210 | €12,210 | = | 0.0% |
| Legal reserve | 130 | €12,210 | €12,210 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,459 | €0 | -€45,459 | -100.0% |
| Distributable reserves | 133 | €23,181 | €23,181 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,763 | €150,549 | +€74,787 | +98.7% |
| Provisions and deferred taxes | 16 | €15,153 | €0 | -€15,153 | -100.0% |
| Deferred taxes | 168 | €15,153 | €0 | -€15,153 | -100.0% |
| Amounts payable | 17/49 | €39,448 | €37,358 | -€2,090 | -5.3% |
| Amounts payable after more than one year | 17 | €6,361 | €0 | -€6,361 | -100.0% |
| Financial debts | 170/4 | €6,361 | €0 | -€6,361 | -100.0% |
| Amounts payable within one year | 42/48 | €26,643 | €37,358 | +€10,715 | +40.2% |
| Current portion of amounts payable after more than one year | 42 | €10,539 | €6,361 | -€4,178 | -39.6% |
| Trade debts | 44 | €4,739 | €3,646 | -€1,094 | -23.1% |
| Suppliers | 440/4 | €4,739 | €3,646 | -€1,094 | -23.1% |
| Taxes, remuneration and social security | 45 | €11,365 | €27,351 | +€15,986 | +140.7% |
| Taxes | 450/3 | €11,365 | €27,351 | +€15,986 | +140.7% |
| Accrued charges and deferred income | 492/3 | €6,444 | €0 | -€6,444 | -100.0% |
| Non-recurring operating income | 76A | €11,765 | €0 | -€11,765 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,982 | €117,182 | -€37,800 | -24.4% |
| Other operating charges | 640/8 | €10,195 | €11,482 | +€1,287 | +12.6% |
| Gross operating margin | 9900 | €159,054 | €160,820 | +€1,766 | +1.1% |
| Operating profit (loss) | 9901 | -€6,123 | €32,156 | +€38,279 | |
| Financial income | 75/76B | €4,343 | €3,581 | -€762 | -17.5% |
| Recurring financial income | 75 | €4,343 | €3,581 | -€762 | -17.5% |
| Financial charges | 65/66B | €1,351 | €1,004 | -€347 | -25.7% |
| Recurring financial charges | 65 | €1,351 | €1,004 | -€347 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,130 | €34,734 | +€37,864 | |
| Transfer from deferred taxes | 780 | €2,084 | €15,153 | +€13,069 | +627.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €1,984 | €20,559 | +€18,575 | +936.1% |
| Profit (loss) for the period | 9904 | -€3,031 | €29,328 | +€32,358 | |
| Transfer from tax-exempt reserves | 789 | €6,252 | €45,459 | +€39,207 | +627.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €3,221 | €74,787 | +€71,566 | +2221.8% |
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 6 October 2026 via checked.be.