IMMO VBL: 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 VBL
Largest movements
- Tangible fixed assets +€194,885
up €194,885 (+29.6%), from €658,595 to €853,480
of which Land and buildings: +€541,989
- Cash -€83,858
down €83,858 (-64.9%), from €129,308 to €45,451
mainly Investment in fixed assets (net) (-€214,839) and Trade debts (-€141,695)
- Debts after one year +€186,531
up €186,531 (+34.2%), from €545,000 to €731,531
- Trade debts -€141,695
down €141,695 (-96.7%), from €146,483 to €4,788
- Current portion of long-term debt +€39,944
new in 2025: €39,944
- Profit (loss) carried forward +€28,088
up €28,088 (+24.6%), from -€114,157 to -€86,069
- Gross operating margin +€66,889
up €66,889 (+516.4%), from €12,952 to €79,841
- Depreciation -€62,462
down €62,462 (-75.8%), from €82,416 to €19,954
- Financial charges -€2,807
down €2,807 (-9.3%), from €30,156 to €27,349
- Other operating charges +€966
up €966 (+27.7%), from €3,483 to €4,449
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 | €788,526 | €900,194 | +€111,668 | +14.2% |
| Fixed assets | 21/28 | €658,595 | €853,480 | +€194,885 | +29.6% |
| Tangible fixed assets | 22/27 | €658,595 | €853,480 | +€194,885 | +29.6% |
| Land and buildings | 22 | €311,491 | €853,480 | +€541,989 | +174.0% |
| Assets under construction and advance payments | 27 | €347,104 | €0 | -€347,104 | -100.0% |
| Current assets | 29/58 | €129,931 | €46,714 | -€83,217 | -64.0% |
| Cash at bank and in hand | 54/58 | €129,308 | €45,451 | -€83,858 | -64.9% |
| Deferred charges and accrued income | 490/1 | €623 | €1,264 | +€640 | +102.8% |
| Total equity and liabilities | 10/49 | €788,526 | €900,194 | +€111,668 | +14.2% |
| Equity | 10/15 | €95,843 | €123,931 | +€28,088 | +29.3% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,157 | -€86,069 | +€28,088 | +24.6% |
| Amounts payable | 17/49 | €692,683 | €776,263 | +€83,579 | +12.1% |
| Amounts payable after more than one year | 17 | €545,000 | €731,531 | +€186,531 | +34.2% |
| Financial debts | 170/4 | €545,000 | €731,531 | +€186,531 | +34.2% |
| Amounts payable within one year | 42/48 | €146,483 | €44,732 | -€101,750 | -69.5% |
| Current portion of amounts payable after more than one year | 42 | - | €39,944 | +€39,944 | |
| Trade debts | 44 | €146,483 | €4,788 | -€141,695 | -96.7% |
| Suppliers | 440/4 | €146,483 | €4,788 | -€141,695 | -96.7% |
| Accrued charges and deferred income | 492/3 | €1,201 | €0 | -€1,201 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,416 | €19,954 | -€62,462 | -75.8% |
| Other operating charges | 640/8 | €3,483 | €4,449 | +€966 | +27.7% |
| Non-recurring operating charges | 66A | €11,055 | €0 | -€11,055 | -100.0% |
| Gross operating margin | 9900 | €12,952 | €79,841 | +€66,889 | +516.4% |
| Operating profit (loss) | 9901 | -€84,002 | €55,437 | +€139,439 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €30,156 | €27,349 | -€2,807 | -9.3% |
| Recurring financial charges | 65 | €30,156 | €27,349 | -€2,807 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | -€114,157 | €28,088 | +€142,245 | |
| Profit (loss) for the period | 9904 | -€114,157 | €28,088 | +€142,245 | |
| Profit (loss) for the period to be appropriated | 9905 | -€114,157 | €28,088 | +€142,245 |
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 1 October 2026 via checked.be.