IMMO VDM: 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 VDM
Largest movements
- Receivables within one year +€104,903
up €104,903 (+17.9%), from €584,878 to €689,781
of which Other amounts receivable: +€112,536
- Cash -€35,079
down €35,079 (-54.8%), from €64,034 to €28,955
mainly Receivables within one year (-€104,903) and Current portion of long-term debt (-€19,931)
- Tangible fixed assets -€33,028
down €33,028 (-4.5%), from €740,748 to €707,720
of which Land and buildings: -€28,671
- Deferred charges and accrued income -€14,486
down €14,486 (-91.5%), from €15,824 to €1,338
- Reserves +€63,390
up €63,390 (+7.0%), from €911,002 to €974,392
of which Distributable reserves: +€64,089
- Current portion of long-term debt -€19,931
down €19,931 (-91.6%), from €21,763 to €1,833
- Gross operating margin -€20,069
down €20,069 (-11.4%), from €176,571 to €156,501
- Financial charges +€17,849
up €17,849 (+1400.4%), from €1,275 to €19,124
- Taxes -€13,024
down €13,024 (-35.0%), from €37,173 to €24,149
- Financial income -€2,603
down €2,603 (-17.3%), from €15,006 to €12,404
- Other operating charges +€1,815
up €1,815 (+7.2%), from €25,181 to €26,996
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 | €1,405,629 | €1,427,938 | +€22,310 | +1.6% |
| Fixed assets | 21/28 | €740,798 | €707,770 | -€33,028 | -4.5% |
| Tangible fixed assets | 22/27 | €740,748 | €707,720 | -€33,028 | -4.5% |
| Land and buildings | 22 | €716,171 | €687,500 | -€28,671 | -4.0% |
| Plant, machinery and equipment | 23 | €24,577 | €20,220 | -€4,358 | -17.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €664,831 | €720,169 | +€55,338 | +8.3% |
| Amounts receivable within one year | 40/41 | €584,878 | €689,781 | +€104,903 | +17.9% |
| Trade receivables | 40 | €33,136 | €25,503 | -€7,633 | -23.0% |
| Other amounts receivable | 41 | €551,742 | €664,278 | +€112,536 | +20.4% |
| Current investments | 50/53 | €94 | €95 | +€1 | +0.5% |
| Cash at bank and in hand | 54/58 | €64,034 | €28,955 | -€35,079 | -54.8% |
| Deferred charges and accrued income | 490/1 | €15,824 | €1,338 | -€14,486 | -91.5% |
| Total equity and liabilities | 10/49 | €1,405,629 | €1,427,938 | +€22,310 | +1.6% |
| Equity | 10/15 | €973,002 | €1,036,392 | +€63,390 | +6.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €911,002 | €974,392 | +€63,390 | +7.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,699 | €16,000 | -€699 | -4.2% |
| Distributable reserves | 133 | €888,103 | €952,191 | +€64,089 | +7.2% |
| Provisions and deferred taxes | 16 | €5,434 | €5,201 | -€233 | -4.3% |
| Deferred taxes | 168 | €5,434 | €5,201 | -€233 | -4.3% |
| Amounts payable | 17/49 | €427,193 | €386,346 | -€40,847 | -9.6% |
| Amounts payable after more than one year | 17 | €349,900 | €348,068 | -€1,833 | -0.5% |
| Financial debts | 170/4 | €349,900 | €348,068 | -€1,833 | -0.5% |
| Amounts payable within one year | 42/48 | €56,269 | €28,138 | -€28,131 | -50.0% |
| Current portion of amounts payable after more than one year | 42 | €21,763 | €1,833 | -€19,931 | -91.6% |
| Trade debts | 44 | €5,193 | €1,032 | -€4,161 | -80.1% |
| Suppliers | 440/4 | €5,193 | €1,032 | -€4,161 | -80.1% |
| Taxes, remuneration and social security | 45 | €11,726 | €17,826 | +€6,100 | +52.0% |
| Taxes | 450/3 | €9,921 | €16,021 | +€6,100 | +61.5% |
| Remuneration and social security | 454/9 | €1,805 | €1,805 | = | 0.0% |
| Other amounts payable | 47/48 | €17,586 | €7,447 | -€10,139 | -57.7% |
| Accrued charges and deferred income | 492/3 | €21,024 | €10,140 | -€10,884 | -51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,634 | €35,480 | +€846 | +2.4% |
| Other operating charges | 640/8 | €25,181 | €26,996 | +€1,815 | +7.2% |
| Gross operating margin | 9900 | €176,571 | €156,501 | -€20,069 | -11.4% |
| Operating profit (loss) | 9901 | €116,757 | €94,026 | -€22,731 | -19.5% |
| Financial income | 75/76B | €15,006 | €12,404 | -€2,603 | -17.3% |
| Recurring financial income | 75 | €15,006 | €12,404 | -€2,603 | -17.3% |
| Financial charges | 65/66B | €1,275 | €19,124 | +€17,849 | +1400.4% |
| Recurring financial charges | 65 | €1,275 | €19,124 | +€17,849 | +1400.4% |
| Profit (loss) for the period before taxes | 9903 | €130,489 | €87,306 | -€43,182 | -33.1% |
| Transfer from deferred taxes | 780 | €233 | €233 | = | 0.0% |
| Income taxes | 67/77 | €37,173 | €24,149 | -€13,024 | -35.0% |
| Profit (loss) for the period | 9904 | €93,549 | €63,390 | -€30,159 | -32.2% |
| Transfer from tax-exempt reserves | 789 | €699 | €699 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €94,247 | €64,089 | -€30,159 | -32.0% |
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.