IMMO VH: 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 VH
Largest movements
- Current investments -€450,000
down €450,000 (-76.3%), from €590,000 to €140,000
- Receivables within one year +€246,216
up €246,216 (+4640.9%), from €5,305 to €251,521
- Tangible fixed assets -€74,752
down €74,752 (-3.8%), from €2.0m to €1.9m
of which Land and buildings: -€73,218
- Short-term financial debts -€149,639
no longer reported in 2025 (was €149,639)
- Debts after one year -€74,984
down €74,984 (-5.7%), from €1.3m to €1.2m
- Accrued charges and deferred income -€64,667
no longer reported in 2025 (was €64,667)
- Gross operating margin +€12,596
up €12,596 (+12.2%), from €103,236 to €115,832
- Financial charges -€11,799
down €11,799 (-29.6%), from €39,840 to €28,042
- Financial income -€3,518
down €3,518 (-23.3%), from €15,099 to €11,580
- Taxes +€1,511
new in 2025: €1,511
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,334,791 | €4,063,905 | -€270,886 | -6.2% |
| Fixed assets | 21/28 | €3,737,384 | €3,662,632 | -€74,752 | -2.0% |
| Tangible fixed assets | 22/27 | €1,972,009 | €1,897,257 | -€74,752 | -3.8% |
| Land and buildings | 22 | €1,451,597 | €1,378,379 | -€73,218 | -5.0% |
| Plant, machinery and equipment | 23 | €13,472 | €11,938 | -€1,534 | -11.4% |
| Other tangible fixed assets | 26 | €506,940 | €506,940 | = | 0.0% |
| Financial fixed assets | 28 | €1,765,375 | €1,765,375 | = | 0.0% |
| Current assets | 29/58 | €597,407 | €401,273 | -€196,134 | -32.8% |
| Amounts receivable within one year | 40/41 | €5,305 | €251,521 | +€246,216 | +4640.9% |
| Other amounts receivable | 41 | €5,305 | €251,521 | +€246,216 | +4640.9% |
| Current investments | 50/53 | €590,000 | €140,000 | -€450,000 | -76.3% |
| Cash at bank and in hand | 54/58 | €1,302 | €9,751 | +€8,450 | +649.1% |
| Deferred charges and accrued income | 490/1 | €800 | - | -€800 | |
| Total equity and liabilities | 10/49 | €4,334,791 | €4,063,905 | -€270,886 | -6.2% |
| Equity | 10/15 | €2,717,095 | €2,732,209 | +€15,114 | +0.6% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Reserves | 13 | €2,577,095 | €2,592,209 | +€15,114 | +0.6% |
| Distributable reserves | 133 | €2,577,095 | €2,592,209 | +€15,114 | +0.6% |
| Amounts payable | 17/49 | €1,617,696 | €1,331,695 | -€286,001 | -17.7% |
| Amounts payable after more than one year | 17 | €1,324,025 | €1,249,041 | -€74,984 | -5.7% |
| Financial debts | 170/4 | €1,324,025 | €1,249,041 | -€74,984 | -5.7% |
| Amounts payable within one year | 42/48 | €229,004 | €82,654 | -€146,350 | -63.9% |
| Current portion of amounts payable after more than one year | 42 | €73,528 | €74,984 | +€1,456 | +2.0% |
| Financial debts | 43 | €149,639 | - | -€149,639 | |
| Credit institutions | 430/8 | €149,639 | - | -€149,639 | |
| Trade debts | 44 | €688 | €207 | -€481 | -69.9% |
| Suppliers | 440/4 | €688 | €207 | -€481 | -69.9% |
| Taxes, remuneration and social security | 45 | €5,149 | €7,463 | +€2,314 | +44.9% |
| Taxes | 450/3 | €5,149 | €7,463 | +€2,314 | +44.9% |
| Accrued charges and deferred income | 492/3 | €64,667 | - | -€64,667 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,881 | €74,752 | +€872 | +1.2% |
| Other operating charges | 640/8 | €7,720 | €7,993 | +€273 | +3.5% |
| Gross operating margin | 9900 | €103,236 | €115,832 | +€12,596 | +12.2% |
| Operating profit (loss) | 9901 | €21,636 | €33,087 | +€11,451 | +52.9% |
| Financial income | 75/76B | €15,099 | €11,580 | -€3,518 | -23.3% |
| Recurring financial income | 75 | €15,099 | €11,580 | -€3,518 | -23.3% |
| Financial charges | 65/66B | €39,840 | €28,042 | -€11,799 | -29.6% |
| Recurring financial charges | 65 | €39,840 | €28,042 | -€11,799 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,106 | €16,626 | +€19,732 | |
| Income taxes | 67/77 | - | €1,511 | +€1,511 | |
| Profit (loss) for the period | 9904 | -€3,106 | €15,114 | +€18,221 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,106 | €15,114 | +€18,221 |
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 9 October 2026 via checked.be.