IMMO VDK: 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 VDK
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
€576,956
2024 · €811,596-€234,641
Equity
€5.3m
2024 · €4.7m+€576,956
Cash
€307,769
2024 · €620,599-€312,831
Balance sheet total
€22.8m
2024 · €20.4m+€2.4m
Largest movements
Assets
- Tangible fixed assets +€3.5m
up €3.5m (+18.9%), from €18.5m to €22.0m
of which Land and buildings: +€3.5m
- Current investments -€700,000
down €700,000 (-100%), from €700,000 to €0
- Cash -€312,831
down €312,831 (-50.4%), from €620,599 to €307,769
mainly Investment in fixed assets (net) (-€4.7m) and Trade debts (-€1.1m)
Equity and liabilities
- Debts after one year +€2.3m
up €2.3m (+32.8%), from €7.0m to €9.3m
- Trade debts -€1.1m
down €1.1m (-91.4%), from €1.2m to €106,002
- Profit (loss) carried forward +€576,956
up €576,956 (+15.6%), from €3.7m to €4.3m
- Other debts +€391,363
up €391,363 (+6.3%), from €6.2m to €6.6m
- Current portion of long-term debt +€243,615
up €243,615 (+29.1%), from €838,178 to €1.1m
Income statement
- Other operating income +€265,187
up €265,187 (+10.9%), from €2.4m to €2.7m
- Depreciation +€175,784
up €175,784 (+17.7%), from €991,114 to €1.2m
- Services and other goods -€130,241
down €130,241 (-14.1%), from €925,240 to €794,999
- Staff costs +€95,117
up €95,117 (+4.0%), from €2.3m to €2.4m
- Financial income -€79,260
down €79,260 (-83.2%), from €95,321 to €16,061
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
€811,596
Turnover
+€12,803
Other operating income
+€265,187
Services and other goods
+€130,241
Staff costs
-€95,117
Depreciation
-€175,784
Other operating charges
-€40,489
Other operating items
-€299,276
Financial income
-€79,260
Financial charges
-€26,802
Taxes
+€73,858
Result 2025
€576,956
raises the resultlowers the resultnot broken down further in the accounts
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
+€1.1m
Investment
-€4.0m
Financing
+€2.5m
Cash 2024
€620,599
From operations (derived)
+€1.1m
Net result for the year
+€576,956
Depreciation
+€1.2m
Receivables within one year
+€75,413
Smaller working-capital items
+€1,446
Trade debts
-€1.1m
Tax, wage and social debts
+€32,167
Other debts
+€391,363
Investment (derived)
-€4.0m
Investment in fixed assets (net)
-€4.7m
Current investments
+€700,000
Financing
+€2.5m
Debts after one year
+€2.3m
Current portion of long-term debt
+€243,615
Cash 2025
€307,769
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,401,437 | €22,807,674 | +€2.4m | +11.8% |
| Fixed assets | 21/28 | €18,522,970 | €22,018,889 | +€3.5m | +18.9% |
| Tangible fixed assets | 22/27 | €18,516,720 | €22,012,639 | +€3.5m | +18.9% |
| Land and buildings | 22 | €18,477,807 | €21,972,324 | +€3.5m | +18.9% |
| Furniture and vehicles | 24 | €38,913 | €40,315 | +€1,402 | +3.6% |
| Financial fixed assets | 28 | €6,250 | €6,250 | = | 0.0% |
| Other financial fixed assets | 284/8 | €6,250 | €6,250 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €6,250 | €6,250 | = | 0.0% |
| Current assets | 29/58 | €1,878,467 | €788,784 | -€1.1m | -58.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €551,934 | €476,521 | -€75,413 | -13.7% |
| Trade receivables | 40 | €497,832 | €427,700 | -€70,133 | -14.1% |
| Other amounts receivable | 41 | €54,102 | €48,821 | -€5,280 | -9.8% |
| Current investments | 50/53 | €700,000 | €0 | -€700,000 | -100% |
| Other investments | 51/53 | €700,000 | €0 | -€700,000 | -100% |
| Cash at bank and in hand | 54/58 | €620,599 | €307,769 | -€312,831 | -50.4% |
| Deferred charges and accrued income | 490/1 | €5,934 | €4,495 | -€1,439 | -24.3% |
| Total equity and liabilities | 10/49 | €20,401,437 | €22,807,674 | +€2.4m | +11.8% |
| Equity | 10/15 | €4,719,108 | €5,296,063 | +€576,956 | +12.2% |
| Contributions | 10/11 | €922,232 | €922,232 | = | 0.0% |
| Capital | 10 | €922,232 | €922,232 | = | 0.0% |
| Issued capital | 100 | €922,232 | €922,232 | = | 0.0% |
| Reserves | 13 | €92,223 | €92,223 | = | 0.0% |
| Non-distributable reserves | 130/1 | €92,223 | €92,223 | = | 0.0% |
| Legal reserve | 130 | €92,223 | €92,223 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,704,652 | €4,281,608 | +€576,956 | +15.6% |
| Amounts payable | 17/49 | €15,682,330 | €17,511,611 | +€1.8m | +11.7% |
| Amounts payable after more than one year | 17 | €6,988,927 | €9,282,134 | +€2.3m | +32.8% |
| Financial debts | 170/4 | €6,988,927 | €9,282,134 | +€2.3m | +32.8% |
| Credit institutions | 173 | €6,988,927 | €9,282,134 | +€2.3m | +32.8% |
| Amounts payable within one year | 42/48 | €8,688,481 | €8,224,547 | -€463,934 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €838,178 | €1,081,793 | +€243,615 | +29.1% |
| Trade debts | 44 | €1,237,080 | €106,002 | -€1.1m | -91.4% |
| Suppliers | 440/4 | €1,237,080 | €106,002 | -€1.1m | -91.4% |
| Taxes, remuneration and social security | 45 | €437,555 | €469,722 | +€32,167 | +7.4% |
| Taxes | 450/3 | €72,837 | €74,422 | +€1,585 | +2.2% |
| Remuneration and social security | 454/9 | €364,719 | €395,300 | +€30,582 | +8.4% |
| Other amounts payable | 47/48 | €6,175,668 | €6,567,031 | +€391,363 | +6.3% |
| Accrued charges and deferred income | 492/3 | €4,922 | €4,930 | +€7 | +0.2% |
| Operating income | 70/76A | €5,829,872 | €6,050,424 | +€220,552 | +3.8% |
| Turnover | 70 | €3,328,986 | €3,341,789 | +€12,803 | +0.4% |
| Other operating income | 74 | €2,443,448 | €2,708,635 | +€265,187 | +10.9% |
| Non-recurring operating income | 76A | €57,438 | €0 | -€57,438 | -100% |
| Operating charges | 60/66A | €4,466,892 | €4,889,880 | +€422,988 | +9.5% |
| Services and other goods | 61 | €925,240 | €794,999 | -€130,241 | -14.1% |
| Remuneration, social security and pensions | 62 | €2,349,973 | €2,445,090 | +€95,117 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €991,114 | €1,166,899 | +€175,784 | +17.7% |
| Other operating charges | 640/8 | €200,565 | €241,054 | +€40,489 | +20.2% |
| Non-recurring operating charges | 66A | - | €241,838 | +€241,838 | |
| Operating profit (loss) | 9901 | €1,362,980 | €1,160,543 | -€202,436 | -14.9% |
| Financial income | 75/76B | €95,321 | €16,061 | -€79,260 | -83.2% |
| Recurring financial income | 75 | €95,321 | €16,061 | -€79,260 | -83.2% |
| Income from current assets | 751 | €94,552 | €10,748 | -€83,803 | -88.6% |
| Other financial income | 752/9 | €770 | €5,313 | +€4,543 | +590% |
| Financial charges | 65/66B | €362,865 | €389,666 | +€26,802 | +7.4% |
| Recurring financial charges | 65 | €362,865 | €389,666 | +€26,802 | +7.4% |
| Debt charges | 650 | €362,865 | €384,411 | +€21,547 | +5.9% |
| Other financial charges | 652/9 | - | €5,255 | +€5,255 | |
| Profit (loss) for the period before taxes | 9903 | €1,095,436 | €786,938 | -€308,498 | -28.2% |
| Income taxes | 67/77 | €283,840 | €209,983 | -€73,858 | -26.0% |
| Taxes | 670/3 | €283,840 | €209,983 | -€73,858 | -26.0% |
| Profit (loss) for the period | 9904 | €811,596 | €576,956 | -€234,641 | -28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €811,596 | €576,956 | -€234,641 | -28.9% |
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 16 October 2026 via checked.be.