Immo Vermander: 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 Vermander
Largest movements
- Cash +€191,742
up €191,742 (+1,465%), from €13,085 to €204,827
mainly Net result for the year (+€168,622) and Other debts (+€125,000)
- Deferred charges and accrued income -€64,905
down €64,905 (-96.7%), from €67,110 to €2,205
- Receivables within one year -€39,677
down €39,677 (-26.6%), from €148,980 to €109,303
of which Other amounts receivable: -€37,955
- Tangible fixed assets -€16,511
down €16,511 (-15.4%), from €107,426 to €90,914
of which Other tangible fixed assets: -€12,305
- Other debts +€125,000
up €125,000, from €0 to €125,000
- Reserves +€43,622
up €43,622 (+93.4%), from €46,707 to €90,328
of which Distributable reserves: +€43,622
- Short-term financial debts -€33,871
down €33,871 (-83.3%), from €40,654 to €6,783
- Trade debts -€22,522
down €22,522 (-16.3%), from €138,156 to €115,634
- Tax, wage and social debts -€20,391
down €20,391 (-35.8%), from €56,969 to €36,578
of which Remuneration and social security: -€20,660
- Staff costs -€89,570
down €89,570 (-23.9%), from €374,542 to €284,972
- Gross operating margin +€53,381
up €53,381 (+11.7%), from €457,342 to €510,722
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €346,035 | €416,614 | +€70,578 | +20.4% |
| Fixed assets | 21/28 | €116,861 | €100,279 | -€16,581 | -14.2% |
| Tangible fixed assets | 22/27 | €107,426 | €90,914 | -€16,511 | -15.4% |
| Plant, machinery and equipment | 23 | €2,230 | €1,076 | -€1,155 | -51.8% |
| Furniture and vehicles | 24 | €9,967 | €6,914 | -€3,052 | -30.6% |
| Other tangible fixed assets | 26 | €95,229 | €82,924 | -€12,305 | -12.9% |
| Financial fixed assets | 28 | €9,435 | €9,365 | -€70 | -0.7% |
| Current assets | 29/58 | €229,175 | €316,334 | +€87,160 | +38.0% |
| Amounts receivable within one year | 40/41 | €148,980 | €109,303 | -€39,677 | -26.6% |
| Trade receivables | 40 | €30,279 | €28,557 | -€1,722 | -5.7% |
| Other amounts receivable | 41 | €118,701 | €80,746 | -€37,955 | -32.0% |
| Cash at bank and in hand | 54/58 | €13,085 | €204,827 | +€191,742 | +1,465% |
| Deferred charges and accrued income | 490/1 | €67,110 | €2,205 | -€64,905 | -96.7% |
| Total equity and liabilities | 10/49 | €346,035 | €416,614 | +€70,578 | +20.4% |
| Equity | 10/15 | €46,740 | €90,362 | +€43,622 | +93.3% |
| Contributions | 10/11 | €33 | €33 | = | 0.0% |
| Reserves | 13 | €46,707 | €90,328 | +€43,622 | +93.4% |
| Non-distributable reserves | 130/1 | €485 | €485 | = | 0.0% |
| Reserves not available under the articles | 1311 | €485 | €485 | = | 0.0% |
| Distributable reserves | 133 | €46,221 | €89,843 | +€43,622 | +94.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €299,295 | €326,252 | +€26,957 | +9.0% |
| Amounts payable after more than one year | 17 | €42,258 | €22,158 | -€20,100 | -47.6% |
| Financial debts | 170/4 | €42,258 | €22,158 | -€20,100 | -47.6% |
| Amounts payable within one year | 42/48 | €257,038 | €304,094 | +€47,056 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €21,259 | €20,100 | -€1,159 | -5.5% |
| Financial debts | 43 | €40,654 | €6,783 | -€33,871 | -83.3% |
| Credit institutions | 430/8 | €40,654 | €6,783 | -€33,871 | -83.3% |
| Trade debts | 44 | €138,156 | €115,634 | -€22,522 | -16.3% |
| Suppliers | 440/4 | €138,156 | €115,634 | -€22,522 | -16.3% |
| Taxes, remuneration and social security | 45 | €56,969 | €36,578 | -€20,391 | -35.8% |
| Taxes | 450/3 | €17,559 | €17,829 | +€270 | +1.5% |
| Remuneration and social security | 454/9 | €39,410 | €18,749 | -€20,660 | -52.4% |
| Other amounts payable | 47/48 | €0 | €125,000 | +€125,000 | |
| Non-recurring operating income | 76A | €271,434 | €0 | -€271,434 | -100% |
| Remuneration, social security and pensions | 62 | €374,542 | €284,972 | -€89,570 | -23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,792 | €20,652 | -€3,141 | -13.2% |
| Other operating charges | 640/8 | €6,584 | €5,018 | -€1,565 | -23.8% |
| Non-recurring operating charges | 66A | €1,324 | €0 | -€1,324 | -100% |
| Gross operating margin | 9900 | €457,342 | €510,722 | +€53,381 | +11.7% |
| Operating profit (loss) | 9901 | €51,099 | €200,080 | +€148,981 | +292% |
| Financial income | 75/76B | €186 | €50 | -€136 | -73.3% |
| Recurring financial income | 75 | €186 | €50 | -€136 | -73.3% |
| Financial charges | 65/66B | €6,486 | €4,608 | -€1,878 | -29.0% |
| Recurring financial charges | 65 | €6,486 | €4,608 | -€1,878 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €44,799 | €195,522 | +€150,723 | +336% |
| Income taxes | 67/77 | €24,939 | €26,900 | +€1,961 | +7.9% |
| Profit (loss) for the period | 9904 | €19,860 | €168,622 | +€148,762 | +749% |
| Profit (loss) for the period to be appropriated | 9905 | €19,860 | €168,622 | +€148,762 | +749% |
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 15 October 2026 via checked.be.