IMMO VEGAM: 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 VEGAM
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
€116,111
2024 · €117,158-€1,048
Equity
€1.5m
2024 · €1.5m+€7,539
Cash
€62,349
2024 · €441,851-€379,502
Balance sheet total
€4.4m
2024 · €4.0m+€387,047
Largest movements
Assets
- Tangible fixed assets +€661,045
up €661,045 (+19.2%), from €3.4m to €4.1m
- Cash -€379,502
down €379,502 (-85.9%), from €441,851 to €62,349
mainly Investment in fixed assets (net) (-€1.1m) and Contributions, distributions and other (-€108,571)
- Financial fixed assets +€168,306
up €168,306 (+168305.7%), from €100 to €168,406
- Receivables within one year -€49,345
down €49,345 (-58.7%), from €83,996 to €34,651
of which Trade receivables: -€33,193
Equity and liabilities
- Other debts +€211,447
up €211,447 (+17.0%), from €1.2m to €1.5m
- Debts after one year +€157,797
up €157,797 (+16.8%), from €939,066 to €1.1m
of which Financial debts: +€156,897
Income statement
- Depreciation +€15,208
up €15,208 (+7.0%), from €216,030 to €231,238
- Taxes -€8,905
down €8,905 (-15.4%), from €57,905 to €48,999
- Other operating charges +€8,828
up €8,828 (+5.2%), from €169,104 to €177,932
- Gross operating margin +€7,404
up €7,404 (+1.1%), from €662,303 to €669,706
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
€117,158
Gross operating margin
+€7,404
Depreciation
-€15,208
Write-downs
+€1,456
Other operating charges
-€8,828
Other operating items
-€242
Financial income
+€2,245
Financial charges
+€3,220
Taxes
+€8,905
Result 2025
€116,111
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
+€604,256
Investment
-€1.1m
Financing
+€76,830
Cash 2024
€441,851
From operations (derived)
+€604,256
Net result for the year
+€116,111
Depreciation
+€231,238
Receivables within one year
+€49,345
Deferred charges and accrued income
+€13,456
Provisions
-€10,900
Trade debts
-€19,414
Tax, wage and social debts
+€1,213
Other debts
+€211,447
Accrued charges and deferred income
+€11,760
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€76,830
Debts after one year
+€157,797
Current portion of long-term debt
+€27,604
Contributions, distributions and other
-€108,571
Cash 2025
€62,349
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,993,819 | €4,380,866 | +€387,047 | +9.7% |
| Fixed assets | 21/28 | €3,450,075 | €4,279,425 | +€829,350 | +24.0% |
| Tangible fixed assets | 22/27 | €3,449,975 | €4,111,020 | +€661,045 | +19.2% |
| Land and buildings | 22 | €2,764,543 | €3,088,614 | +€324,071 | +11.7% |
| Plant, machinery and equipment | 23 | €19,626 | €23,427 | +€3,800 | +19.4% |
| Furniture and vehicles | 24 | €40,372 | €27,717 | -€12,655 | -31.3% |
| Other tangible fixed assets | 26 | €435,782 | €468,608 | +€32,827 | +7.5% |
| Assets under construction and advance payments | 27 | €189,651 | €502,653 | +€313,002 | +165.0% |
| Financial fixed assets | 28 | €100 | €168,406 | +€168,306 | +168305.7% |
| Current assets | 29/58 | €543,744 | €101,441 | -€442,303 | -81.3% |
| Amounts receivable within one year | 40/41 | €83,996 | €34,651 | -€49,345 | -58.7% |
| Trade receivables | 40 | €51,701 | €18,508 | -€33,193 | -64.2% |
| Other amounts receivable | 41 | €32,295 | €16,143 | -€16,152 | -50.0% |
| Cash at bank and in hand | 54/58 | €441,851 | €62,349 | -€379,502 | -85.9% |
| Deferred charges and accrued income | 490/1 | €17,897 | €4,441 | -€13,456 | -75.2% |
| Total equity and liabilities | 10/49 | €3,993,819 | €4,380,866 | +€387,047 | +9.7% |
| Equity | 10/15 | €1,509,824 | €1,517,363 | +€7,539 | +0.5% |
| Contributions | 10/11 | €281,079 | €281,079 | = | 0.0% |
| Capital | 10 | €281,079 | €281,079 | = | 0.0% |
| Issued capital | 100 | €281,079 | €281,079 | = | 0.0% |
| Revaluation surpluses | 12 | €6,161 | €1,233 | -€4,929 | -80.0% |
| Reserves | 13 | €964,836 | €977,266 | +€12,430 | +1.3% |
| Non-distributable reserves | 130/1 | €48,470 | €48,470 | = | 0.0% |
| Legal reserve | 130 | €48,470 | €48,470 | = | 0.0% |
| Tax-exempt reserves | 132 | €382,062 | €349,364 | -€32,699 | -8.6% |
| Distributable reserves | 133 | €534,303 | €579,432 | +€45,129 | +8.4% |
| Profit (loss) carried forward | 14 | €257,748 | €257,785 | +€38 | 0.0% |
| Provisions and deferred taxes | 16 | €127,354 | €116,455 | -€10,900 | -8.6% |
| Deferred taxes | 168 | €127,354 | €116,455 | -€10,900 | -8.6% |
| Amounts payable | 17/49 | €2,356,641 | €2,747,049 | +€390,407 | +16.6% |
| Amounts payable after more than one year | 17 | €939,066 | €1,096,863 | +€157,797 | +16.8% |
| Financial debts | 170/4 | €927,366 | €1,084,263 | +€156,897 | +16.9% |
| Other amounts payable | 178/9 | €11,700 | €12,600 | +€900 | +7.7% |
| Amounts payable within one year | 42/48 | €1,417,575 | €1,638,426 | +€220,851 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €75,864 | €103,469 | +€27,604 | +36.4% |
| Trade debts | 44 | €39,339 | €19,925 | -€19,414 | -49.3% |
| Suppliers | 440/4 | €39,339 | €19,925 | -€19,414 | -49.3% |
| Taxes, remuneration and social security | 45 | €59,559 | €60,773 | +€1,213 | +2.0% |
| Taxes | 450/3 | €59,559 | €60,773 | +€1,213 | +2.0% |
| Other amounts payable | 47/48 | €1,242,813 | €1,454,259 | +€211,447 | +17.0% |
| Accrued charges and deferred income | 492/3 | - | €11,760 | +€11,760 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,030 | €231,238 | +€15,208 | +7.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,456 | - | -€1,456 | |
| Other operating charges | 640/8 | €169,104 | €177,932 | +€8,828 | +5.2% |
| Non-recurring operating charges | 66A | - | €242 | +€242 | |
| Gross operating margin | 9900 | €662,303 | €669,706 | +€7,404 | +1.1% |
| Operating profit (loss) | 9901 | €275,712 | €260,294 | -€15,418 | -5.6% |
| Financial income | 75/76B | €349 | €2,594 | +€2,245 | +642.4% |
| Recurring financial income | 75 | €349 | €2,594 | +€2,245 | +642.4% |
| Financial charges | 65/66B | €111,898 | €108,678 | -€3,220 | -2.9% |
| Recurring financial charges | 65 | €109,878 | €108,678 | -€1,200 | -1.1% |
| Non-recurring financial charges | 66B | €2,020 | - | -€2,020 | |
| Profit (loss) for the period before taxes | 9903 | €164,164 | €154,210 | -€9,953 | -6.1% |
| Transfer from deferred taxes | 780 | €10,900 | €10,900 | = | 0.0% |
| Income taxes | 67/77 | €57,905 | €48,999 | -€8,905 | -15.4% |
| Profit (loss) for the period | 9904 | €117,158 | €116,111 | -€1,048 | -0.9% |
| Transfer from tax-exempt reserves | 789 | €32,699 | €32,699 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €149,857 | €148,809 | -€1,048 | -0.7% |
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 8 October 2026 via checked.be.