Immo Vervaeke: 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.
What changed
Immo Vervaeke
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€977,759
2024 · -€1.4m+€393,843
Equity
€6.4m
2024 · -€1.6m+€8.0m
Cash
€38,086
2024 · €99,974-€61,888
Balance sheet total
€41.2m
2024 · €29.3m+€11.9m
Largest movements
Assets
- Tangible fixed assets +€11.0m
up €11.0m (+38.7%), from €28.4m to €39.4m
of which Land and buildings: +€9.0m
- Receivables within one year +€923,356
up €923,356 (+120%), from €768,446 to €1.7m
of which Trade receivables: +€491,145
Equity and liabilities
- Revaluation surpluses +€8.9m
new in 2025: €8.9m
- Other debts +€4.7m
up €4.7m (+25.4%), from €18.6m to €23.4m
- Profit (loss) carried forward -€972,444
down €972,444 (-34.5%), from -€2.8m to -€3.8m
- Debts after one year -€818,315
down €818,315 (-7.2%), from €11.3m to €10.5m
Income statement
- Depreciation -€230,886
down €230,886 (-61.1%), from €377,889 to €147,003
- Financial charges -€119,323
down €119,323 (-11.1%), from €1.1m to €951,136
- Gross operating margin +€50,793
up €50,793 (+43.7%), from €116,176 to €166,969
- Other operating charges +€7,080
up €7,080 (+16.0%), from €44,234 to €51,315
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
-€1.4m
Gross operating margin
+€50,793
Depreciation
+€230,886
Other operating charges
-€7,080
Financial income
-€106
Financial charges
+€119,323
Taxes
+€28
Result 2025
-€977,759
raises the resultlowers the result
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.
From operations
+€2.9m
Investment
-€11.1m
Financing
+€8.2m
Cash 2024
€99,974
From operations (derived)
+€2.9m
Net result for the year
-€977,759
Depreciation
+€147,003
Receivables within one year
-€923,356
Smaller working-capital items
+€15,835
Trade debts
-€70,157
Other debts
+€4.7m
Investment (derived)
-€11.1m
Investment in fixed assets (net)
-€11.1m
Current investments
-€75
Financing
+€8.2m
Debts after one year
-€818,315
Current portion of long-term debt
+€27,689
Contributions, distributions and other
+€8.9m
Cash 2025
€38,086
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,333,819 | €41,189,784 | +€11.9m | +40.4% |
| Fixed assets | 21/28 | €28,405,221 | €39,394,950 | +€11.0m | +38.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €28,405,197 | €39,394,925 | +€11.0m | +38.7% |
| Land and buildings | 22 | €6,871,492 | €15,826,451 | +€9.0m | +130% |
| Plant, machinery and equipment | 23 | - | €9,436 | +€9,436 | |
| Furniture and vehicles | 24 | €216,020 | €314,109 | +€98,088 | +45.4% |
| Assets under construction and advance payments | 27 | €21,317,685 | €23,244,929 | +€1.9m | +9.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €928,598 | €1,794,834 | +€866,237 | +93.3% |
| Amounts receivable within one year | 40/41 | €768,446 | €1,691,801 | +€923,356 | +120% |
| Trade receivables | 40 | €2,420 | €493,565 | +€491,145 | +20,295% |
| Other amounts receivable | 41 | €766,026 | €1,198,236 | +€432,210 | +56.4% |
| Current investments | 50/53 | €20,110 | €20,185 | +€75 | +0.4% |
| Cash at bank and in hand | 54/58 | €99,974 | €38,086 | -€61,888 | -61.9% |
| Deferred charges and accrued income | 490/1 | €40,068 | €44,762 | +€4,694 | +11.7% |
| Total equity and liabilities | 10/49 | €29,333,819 | €41,189,784 | +€11.9m | +40.4% |
| Equity | 10/15 | -€1,553,842 | €6,412,944 | +€8.0m | |
| Contributions | 10/11 | €641,000 | €641,000 | = | 0.0% |
| Capital | 10 | €641,000 | €641,000 | = | 0.0% |
| Issued capital | 100 | €641,000 | €641,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €8,944,545 | +€8.9m | |
| Reserves | 13 | €620,246 | €614,932 | -€5,314 | -0.9% |
| Non-distributable reserves | 130/1 | €67,745 | €67,745 | = | 0.0% |
| Legal reserve | 130 | €67,745 | €67,745 | = | 0.0% |
| Tax-exempt reserves | 132 | €552,502 | €547,187 | -€5,314 | -1.0% |
| Profit (loss) carried forward | 14 | -€2,815,089 | -€3,787,533 | -€972,444 | -34.5% |
| Provisions and deferred taxes | 16 | €26,330 | €24,559 | -€1,771 | -6.7% |
| Deferred taxes | 168 | €26,330 | €24,559 | -€1,771 | -6.7% |
| Amounts payable | 17/49 | €30,861,331 | €34,752,281 | +€3.9m | +12.6% |
| Amounts payable after more than one year | 17 | €11,347,879 | €10,529,564 | -€818,315 | -7.2% |
| Financial debts | 170/4 | €11,347,879 | €10,529,564 | -€818,315 | -7.2% |
| Amounts payable within one year | 42/48 | €19,513,452 | €24,222,717 | +€4.7m | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €790,626 | €818,315 | +€27,689 | +3.5% |
| Trade debts | 44 | €71,983 | €1,825 | -€70,157 | -97.5% |
| Suppliers | 440/4 | €71,983 | €1,825 | -€70,157 | -97.5% |
| Taxes, remuneration and social security | 45 | €7,510 | €29,810 | +€22,299 | +297% |
| Taxes | 450/3 | €7,510 | €29,810 | +€22,299 | +297% |
| Other amounts payable | 47/48 | €18,643,333 | €23,372,767 | +€4.7m | +25.4% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €377,889 | €147,003 | -€230,886 | -61.1% |
| Other operating charges | 640/8 | €44,234 | €51,315 | +€7,080 | +16.0% |
| Gross operating margin | 9900 | €116,176 | €166,969 | +€50,793 | +43.7% |
| Operating profit (loss) | 9901 | -€305,947 | -€31,348 | +€274,599 | +89.8% |
| Financial income | 75/76B | €3,060 | €2,954 | -€106 | -3.5% |
| Recurring financial income | 75 | €3,060 | €2,954 | -€106 | -3.5% |
| Financial charges | 65/66B | €1,070,459 | €951,136 | -€119,323 | -11.1% |
| Recurring financial charges | 65 | €1,070,459 | €951,136 | -€119,323 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,373,346 | -€979,530 | +€393,815 | +28.7% |
| Transfer from deferred taxes | 780 | €1,771 | €1,771 | = | 0.0% |
| Income taxes | 67/77 | €28 | -€0 | -€28 | |
| Profit (loss) for the period | 9904 | -€1,371,602 | -€977,759 | +€393,843 | +28.7% |
| Transfer from tax-exempt reserves | 789 | €5,314 | €5,314 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,366,288 | -€972,444 | +€393,843 | +28.8% |
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 13 October 2026 via checked.be.