IMMO VERMAST: 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 VERMAST
Largest movements
- Receivables within one year +€150,038
up €150,038 (+39.6%), from €379,060 to €529,097
of which Other amounts receivable: +€147,859
- Cash -€90,096
down €90,096 (-44.3%), from €203,441 to €113,344
mainly Contributions, distributions and other (-€160,000) and Receivables within one year (-€150,038)
- Tangible fixed assets -€7,596
down €7,596 (-48.9%), from €15,524 to €7,929
of which Land and buildings: -€4,715
- Reserves +€49,905
up €49,905 (+16.4%), from €303,741 to €353,646
of which Distributable reserves: +€49,905
- Trade debts -€34,650
down €34,650 (-54.6%), from €63,408 to €28,758
- Tax, wage and social debts +€30,614
up €30,614 (+25.6%), from €119,608 to €150,222
of which Taxes: +€32,363
- Gross operating margin +€102,500
up €102,500 (+40.2%), from €254,777 to €357,277
- Taxes +€44,010
up €44,010 (+109%), from €40,313 to €84,324
- Staff costs -€35,532
down €35,532 (-38.2%), from €92,929 to €57,397
- Other operating charges -€9,420
down €9,420 (-91.3%), from €10,323 to €903
- Financial charges +€4,546
up €4,546 (+149%), from €3,053 to €7,599
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 | €614,909 | €655,254 | +€40,345 | +6.6% |
| Fixed assets | 21/28 | €26,901 | €12,812 | -€14,089 | -52.4% |
| Intangible fixed assets | 21 | €11,377 | €4,883 | -€6,493 | -57.1% |
| Tangible fixed assets | 22/27 | €15,524 | €7,929 | -€7,596 | -48.9% |
| Land and buildings | 22 | €9,344 | €4,629 | -€4,715 | -50.5% |
| Plant, machinery and equipment | 23 | €1,984 | €892 | -€1,092 | -55.1% |
| Furniture and vehicles | 24 | €4,197 | €2,408 | -€1,789 | -42.6% |
| Current assets | 29/58 | €588,008 | €642,442 | +€54,434 | +9.3% |
| Amounts receivable within one year | 40/41 | €379,060 | €529,097 | +€150,038 | +39.6% |
| Trade receivables | 40 | €25,510 | €27,689 | +€2,179 | +8.5% |
| Other amounts receivable | 41 | €353,550 | €501,409 | +€147,859 | +41.8% |
| Cash at bank and in hand | 54/58 | €203,441 | €113,344 | -€90,096 | -44.3% |
| Deferred charges and accrued income | 490/1 | €5,508 | €0 | -€5,508 | -100% |
| Total equity and liabilities | 10/49 | €614,909 | €655,254 | +€40,345 | +6.6% |
| Equity | 10/15 | €316,141 | €366,046 | +€49,905 | +15.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €303,741 | €353,646 | +€49,905 | +16.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €301,881 | €351,786 | +€49,905 | +16.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €298,768 | €289,208 | -€9,560 | -3.2% |
| Amounts payable within one year | 42/48 | €298,768 | €289,208 | -€9,560 | -3.2% |
| Trade debts | 44 | €63,408 | €28,758 | -€34,650 | -54.6% |
| Suppliers | 440/4 | €63,408 | €28,758 | -€34,650 | -54.6% |
| Taxes, remuneration and social security | 45 | €119,608 | €150,222 | +€30,614 | +25.6% |
| Taxes | 450/3 | €106,532 | €138,895 | +€32,363 | +30.4% |
| Remuneration and social security | 454/9 | €13,076 | €11,327 | -€1,749 | -13.4% |
| Other amounts payable | 47/48 | €115,752 | €110,228 | -€5,524 | -4.8% |
| Remuneration, social security and pensions | 62 | €92,929 | €57,397 | -€35,532 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,770 | €15,567 | -€4,203 | -21.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,867 | €0 | -€3,867 | -100% |
| Other operating charges | 640/8 | €10,323 | €903 | -€9,420 | -91.3% |
| Gross operating margin | 9900 | €254,777 | €357,277 | +€102,500 | +40.2% |
| Operating profit (loss) | 9901 | €127,889 | €283,410 | +€155,521 | +122% |
| Financial income | 75/76B | €14,665 | €18,417 | +€3,752 | +25.6% |
| Recurring financial income | 75 | €14,665 | €18,417 | +€3,752 | +25.6% |
| Financial charges | 65/66B | €3,053 | €7,599 | +€4,546 | +149% |
| Recurring financial charges | 65 | €3,053 | €7,599 | +€4,546 | +149% |
| Profit (loss) for the period before taxes | 9903 | €139,500 | €294,228 | +€154,728 | +111% |
| Income taxes | 67/77 | €40,313 | €84,324 | +€44,010 | +109% |
| Profit (loss) for the period | 9904 | €99,187 | €209,905 | +€110,717 | +112% |
| Profit (loss) for the period to be appropriated | 9905 | €99,187 | €209,905 | +€110,717 | +112% |
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 20 October 2026 via checked.be.