IMMO VERHEGGEN: what changed
What changed
IMMO VERHEGGEN
filed annual accounts (NBB)
Net result for the year
-€284,991
2024 · €2.3m-€2.6m
Equity
€4.5m
2024 · €2.7m+€1.7m
Cash
€10,233
2024 · €2.2m-€2.2m
Balance sheet total
€5.4m
2024 · €3.9m+€1.6m
Largest movements
Assets
- Tangible fixed assets +€3.9m
up €3.9m (+260%), from €1.5m to €5.4m
of which Land and buildings: +€3.9m
- Cash -€2.2m
down €2.2m (-99.5%), from €2.2m to €10,233
mainly Investment in fixed assets (net) (-€4.3m) and Net result for the year (-€284,991)
- Receivables within one year -€193,989
down €193,989 (-97.3%), from €199,433 to €5,444
of which Other amounts receivable: -€192,797
Equity and liabilities
- Revaluation surpluses +€2.0m
new in 2025: €2.0m
- Profit (loss) carried forward -€249,658
down €249,658, from €100,794 to -€148,864
- Debts after one year -€104,848
down €104,848 (-49.4%), from €212,448 to €107,600
of which Financial debts: -€105,208
Income statement
- Gross operating margin -€3.2m
down €3.2m (-96.9%), from €3.3m to €103,050
- Depreciation +€261,572
up €261,572 (+261%), from €100,173 to €361,746
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€2.3m
Gross operating margin
-€3.2m
Depreciation
-€261,572
Other operating charges
+€12,616
Financial income
+€533
Financial charges
+€12,673
Taxes
+€70
Deferred taxes and other
+€809,580
Result 2025
-€284,991
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€267,627
Investment
-€4.3m
Financing
+€1.8m
Cash 2024
€2.2m
From operations (derived)
+€267,627
Net result for the year
-€284,991
Depreciation
+€361,746
Receivables within one year
+€193,989
Smaller working-capital items
-€13,704
Trade debts
+€40,132
Other debts
-€29,546
Investment (derived)
-€4.3m
Investment in fixed assets (net)
-€4.3m
Current investments
-€10,000
Financing
+€1.8m
Debts after one year
-€104,848
Current portion of long-term debt
-€53,509
Contributions, distributions and other
+€2.0m
Cash 2025
€10,233
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,877,913 | €5,439,879 | +€1.6m | +40.3% |
| Fixed assets | 21/28 | €1,503,935 | €5,410,404 | +€3.9m | +260% |
| Tangible fixed assets | 22/27 | €1,503,935 | €5,410,404 | +€3.9m | +260% |
| Land and buildings | 22 | €1,502,114 | €5,387,903 | +€3.9m | +259% |
| Furniture and vehicles | 24 | €1,821 | €22,501 | +€20,680 | +1,135% |
| Current assets | 29/58 | €2,373,978 | €29,475 | -€2.3m | -98.8% |
| Amounts receivable within one year | 40/41 | €199,433 | €5,444 | -€193,989 | -97.3% |
| Trade receivables | 40 | €2,192 | €1,000 | -€1,192 | -54.4% |
| Other amounts receivable | 41 | €197,241 | €4,444 | -€192,797 | -97.7% |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €2,171,280 | €10,233 | -€2.2m | -99.5% |
| Deferred charges and accrued income | 490/1 | €3,265 | €3,798 | +€532 | +16.3% |
| Total equity and liabilities | 10/49 | €3,877,913 | €5,439,879 | +€1.6m | +40.3% |
| Equity | 10/15 | €2,748,802 | €4,471,709 | +€1.7m | +62.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €2,004,327 | +€2.0m | |
| Reserves | 13 | €2,586,007 | €2,554,246 | -€31,761 | -1.2% |
| Tax-exempt reserves | 132 | €2,407,693 | €2,375,932 | -€31,761 | -1.3% |
| Distributable reserves | 133 | €178,315 | €178,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,794 | -€148,864 | -€249,658 | |
| Provisions and deferred taxes | 16 | €802,564 | €791,977 | -€10,587 | -1.3% |
| Deferred taxes | 168 | €802,564 | €791,977 | -€10,587 | -1.3% |
| Amounts payable | 17/49 | €326,547 | €176,192 | -€150,355 | -46.0% |
| Amounts payable after more than one year | 17 | €212,448 | €107,600 | -€104,848 | -49.4% |
| Financial debts | 170/4 | €205,208 | €100,000 | -€105,208 | -51.3% |
| Other amounts payable | 178/9 | €7,240 | €7,600 | +€360 | +5.0% |
| Amounts payable within one year | 42/48 | €112,335 | €67,712 | -€44,623 | -39.7% |
| Current portion of amounts payable after more than one year | 42 | €53,509 | - | -€53,509 | |
| Trade debts | 44 | €22,693 | €62,826 | +€40,132 | +177% |
| Suppliers | 440/4 | €22,693 | €62,826 | +€40,132 | +177% |
| Taxes, remuneration and social security | 45 | €1,850 | €150 | -€1,700 | -91.9% |
| Taxes | 450/3 | €525 | €150 | -€375 | -71.4% |
| Remuneration and social security | 454/9 | €1,325 | - | -€1,325 | |
| Other amounts payable | 47/48 | €34,282 | €4,737 | -€29,546 | -86.2% |
| Accrued charges and deferred income | 492/3 | €1,764 | €880 | -€884 | -50.1% |
| Non-recurring operating income | 76A | €3,219,319 | €3,306 | -€3.2m | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,173 | €361,746 | +€261,572 | +261% |
| Other operating charges | 640/8 | €38,134 | €25,517 | -€12,616 | -33.1% |
| Gross operating margin | 9900 | €3,298,262 | €103,050 | -€3.2m | -96.9% |
| Operating profit (loss) | 9901 | €3,159,955 | -€284,213 | -€3.4m | |
| Financial income | 75/76B | - | €533 | +€533 | |
| Recurring financial income | 75 | - | €533 | +€533 | |
| Financial charges | 65/66B | €20,999 | €8,326 | -€12,673 | -60.3% |
| Recurring financial charges | 65 | €20,999 | €8,326 | -€12,673 | -60.3% |
| Profit (loss) for the period before taxes | 9903 | €3,138,956 | -€292,006 | -€3.4m | |
| Transfer from deferred taxes | 780 | - | €7,016 | +€7,016 | |
| Transfer to deferred taxes | 680 | €802,564 | - | -€802,564 | |
| Income taxes | 67/77 | €70 | - | -€70 | |
| Profit (loss) for the period | 9904 | €2,336,321 | -€284,991 | -€2.6m | |
| Transfer from tax-exempt reserves | 789 | - | €21,047 | +€21,047 | |
| Transfer to tax-exempt reserves | 689 | €2,407,693 | - | -€2.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€71,371 | -€263,944 | -€192,573 | -270% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.