IMMO VDH: 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.
IMMO VDH
Largest movements
- Cash +€257,105
up €257,105 (+63.2%), from €406,812 to €663,917
mainly Depreciation (+€92,742) and Investment in fixed assets (net) (+€77,479)
- Tangible fixed assets -€170,221
down €170,221 (-8.1%), from €2.1m to €1.9m
of which Land and buildings: -€171,544
- Profit (loss) carried forward +€32,444
up €32,444 (+11.8%), from €274,880 to €307,324
- Other debts +€26,857
up €26,857 (+26.2%), from €102,383 to €129,241
- Gross operating margin -€27,799
down €27,799 (-12.1%), from €229,620 to €201,822
- Taxes +€7,928
up €7,928 (+213.8%), from €3,709 to €11,637
- Depreciation +€3,395
up €3,395 (+3.8%), from €89,347 to €92,742
- Financial income -€2,475
down €2,475 (-28.3%), from €8,755 to €6,280
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 | €2,521,561 | €2,608,648 | +€87,087 | +3.5% |
| Fixed assets | 21/28 | €2,110,609 | €1,940,388 | -€170,221 | -8.1% |
| Tangible fixed assets | 22/27 | €2,110,609 | €1,940,388 | -€170,221 | -8.1% |
| Land and buildings | 22 | €2,110,609 | €1,939,065 | -€171,544 | -8.1% |
| Plant, machinery and equipment | 23 | - | €1,323 | +€1,323 | |
| Current assets | 29/58 | €410,952 | €668,260 | +€257,308 | +62.6% |
| Cash at bank and in hand | 54/58 | €406,812 | €663,917 | +€257,105 | +63.2% |
| Deferred charges and accrued income | 490/1 | €4,140 | €4,344 | +€204 | +4.9% |
| Total equity and liabilities | 10/49 | €2,521,561 | €2,608,648 | +€87,087 | +3.5% |
| Equity | 10/15 | €1,278,890 | €1,324,311 | +€45,421 | +3.6% |
| Contributions | 10/11 | €186,800 | €186,800 | = | 0.0% |
| Reserves | 13 | €817,210 | €830,186 | +€12,976 | +1.6% |
| Tax-exempt reserves | 132 | €389,020 | €401,996 | +€12,976 | +3.3% |
| Distributable reserves | 133 | €428,190 | €428,190 | = | 0.0% |
| Profit (loss) carried forward | 14 | €274,880 | €307,324 | +€32,444 | +11.8% |
| Provisions and deferred taxes | 16 | €200,409 | €207,093 | +€6,685 | +3.3% |
| Deferred taxes | 168 | €200,409 | €207,093 | +€6,685 | +3.3% |
| Amounts payable | 17/49 | €1,042,262 | €1,077,244 | +€34,982 | +3.4% |
| Amounts payable after more than one year | 17 | €900,000 | €900,000 | = | 0.0% |
| Financial debts | 170/4 | €900,000 | €900,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €115,487 | €150,469 | +€34,982 | +30.3% |
| Taxes, remuneration and social security | 45 | €13,104 | €21,228 | +€8,124 | +62.0% |
| Taxes | 450/3 | €13,104 | €21,228 | +€8,124 | +62.0% |
| Other amounts payable | 47/48 | €102,383 | €129,241 | +€26,857 | +26.2% |
| Accrued charges and deferred income | 492/3 | €26,775 | €26,775 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,347 | €92,742 | +€3,395 | +3.8% |
| Other operating charges | 640/8 | €13,571 | €13,315 | -€257 | -1.9% |
| Gross operating margin | 9900 | €229,620 | €201,822 | -€27,799 | -12.1% |
| Operating profit (loss) | 9901 | €126,702 | €95,765 | -€30,937 | -24.4% |
| Financial income | 75/76B | €8,755 | €6,280 | -€2,475 | -28.3% |
| Recurring financial income | 75 | €8,755 | €6,280 | -€2,475 | -28.3% |
| Financial charges | 65/66B | €38,312 | €38,303 | -€9 | 0.0% |
| Recurring financial charges | 65 | €38,312 | €38,303 | -€9 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €97,145 | €63,742 | -€33,403 | -34.4% |
| Transfer from deferred taxes | 780 | €15,036 | €20,010 | +€4,974 | +33.1% |
| Transfer to deferred taxes | 680 | €43,205 | €26,695 | -€16,510 | -38.2% |
| Income taxes | 67/77 | €3,709 | €11,637 | +€7,928 | +213.8% |
| Profit (loss) for the period | 9904 | €65,268 | €45,421 | -€19,848 | -30.4% |
| Transfer from tax-exempt reserves | 789 | €29,188 | €38,844 | +€9,656 | +33.1% |
| Transfer to tax-exempt reserves | 689 | €83,868 | €51,820 | -€32,048 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,588 | €32,444 | +€21,856 | +206.4% |
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 11 October 2026 via checked.be.