IMMO VIJVERDAL: 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 VIJVERDAL
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€429
2024 · €11,195-€10,767
Equity
€6.8m
2024 · €1.4m+€5.4m
Cash
€115,279
2024 · €153,347-€38,068
Balance sheet total
€7.9m
2024 · €2.3m+€5.5m
Largest movements
Assets
- Tangible fixed assets +€5.8m
up €5.8m (+316%), from €1.8m to €7.7m
of which Land and buildings: +€5.8m
- Stocks and contracts -€302,500
down €302,500 (-100%), from €302,500 to €0
Equity and liabilities
- Revaluation surpluses +€5.4m
new in 2025: €5.4m
- Debts after one year +€146,609
up €146,609 (+26.1%), from €562,141 to €708,750
of which Financial debts: +€142,009
Income statement
- Depreciation +€43,682
up €43,682 (+34.4%), from €126,959 to €170,640
- Gross operating margin +€29,165
up €29,165 (+14.2%), from €205,593 to €234,758
- Taxes -€3,776
down €3,776 (-24.6%), from €15,336 to €11,561
- Other operating charges +€2,801
up €2,801 (+8.0%), from €35,167 to €37,968
- Financial charges -€2,599
down €2,599 (-9.3%), from €27,857 to €25,257
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
€11,195
Gross operating margin
+€29,165
Depreciation
-€43,682
Other operating charges
-€2,801
Other operating items
+€100
Financial income
+€75
Financial charges
+€2,599
Taxes
+€3,776
Result 2025
€429
raises the resultlowers the resultnot broken down further in the accounts
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
+€407,537
Investment
-€6.0m
Financing
+€5.6m
Cash 2024
€153,347
From operations (derived)
+€407,537
Net result for the year
+€429
Depreciation
+€170,640
Stocks and contracts
+€302,500
Smaller working-capital items
-€40,807
Other debts
-€25,225
Investment (derived)
-€6.0m
Investment in fixed assets (net)
-€6.0m
Financing
+€5.6m
Debts after one year
+€146,609
Current portion of long-term debt
+€10,935
Contributions, distributions and other
+€5.4m
Cash 2025
€115,279
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,346,703 | €7,859,837 | +€5.5m | +235% |
| Fixed assets | 21/28 | €1,847,505 | €7,685,748 | +€5.8m | +316% |
| Tangible fixed assets | 22/27 | €1,847,505 | €7,685,748 | +€5.8m | +316% |
| Land and buildings | 22 | €1,845,265 | €7,683,234 | +€5.8m | +316% |
| Plant, machinery and equipment | 23 | €2,160 | €953 | -€1,208 | -55.9% |
| Furniture and vehicles | 24 | €80 | €1,562 | +€1,482 | +1,860% |
| Current assets | 29/58 | €499,198 | €174,089 | -€325,109 | -65.1% |
| Stocks and contracts in progress | 3 | €302,500 | €0 | -€302,500 | -100% |
| Stocks | 30/36 | €302,500 | €0 | -€302,500 | -100% |
| Amounts receivable within one year | 40/41 | €35,785 | €48,885 | +€13,100 | +36.6% |
| Trade receivables | 40 | - | €19,245 | +€19,245 | |
| Other amounts receivable | 41 | €35,785 | €29,640 | -€6,145 | -17.2% |
| Cash at bank and in hand | 54/58 | €153,347 | €115,279 | -€38,068 | -24.8% |
| Deferred charges and accrued income | 490/1 | €7,566 | €9,925 | +€2,359 | +31.2% |
| Total equity and liabilities | 10/49 | €2,346,703 | €7,859,837 | +€5.5m | +235% |
| Equity | 10/15 | €1,366,117 | €6,772,281 | +€5.4m | +396% |
| Contributions | 10/11 | €403,877 | €403,877 | = | 0.0% |
| Capital | 10 | €403,877 | €403,877 | = | 0.0% |
| Issued capital | 100 | €403,877 | €403,877 | = | 0.0% |
| Revaluation surpluses | 12 | - | €5,419,736 | +€5.4m | |
| Reserves | 13 | €962,240 | €948,668 | -€13,571 | -1.4% |
| Non-distributable reserves | 130/1 | €62,116 | €62,116 | = | 0.0% |
| Legal reserve | 130 | €62,116 | €62,116 | = | 0.0% |
| Tax-exempt reserves | 132 | €635,888 | €594,120 | -€41,767 | -6.6% |
| Distributable reserves | 133 | €264,236 | €292,432 | +€28,196 | +10.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €158,972 | €148,530 | -€10,442 | -6.6% |
| Deferred taxes | 168 | €158,972 | €148,530 | -€10,442 | -6.6% |
| Amounts payable | 17/49 | €821,614 | €939,026 | +€117,412 | +14.3% |
| Amounts payable after more than one year | 17 | €562,141 | €708,750 | +€146,609 | +26.1% |
| Financial debts | 170/4 | €443,442 | €585,450 | +€142,009 | +32.0% |
| Other amounts payable | 178/9 | €118,699 | €123,299 | +€4,600 | +3.9% |
| Amounts payable within one year | 42/48 | €230,871 | €207,422 | -€23,450 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €44,517 | €55,451 | +€10,935 | +24.6% |
| Trade debts | 44 | €22,747 | €13,588 | -€9,159 | -40.3% |
| Suppliers | 440/4 | €22,747 | €13,588 | -€9,159 | -40.3% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €163,607 | €138,382 | -€25,225 | -15.4% |
| Accrued charges and deferred income | 492/3 | €28,602 | €22,854 | -€5,747 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,959 | €170,640 | +€43,682 | +34.4% |
| Other operating charges | 640/8 | €35,167 | €37,968 | +€2,801 | +8.0% |
| Non-recurring operating charges | 66A | €100 | €0 | -€100 | -100% |
| Gross operating margin | 9900 | €205,593 | €234,758 | +€29,165 | +14.2% |
| Operating profit (loss) | 9901 | €43,367 | €26,150 | -€17,218 | -39.7% |
| Financial income | 75/76B | €580 | €655 | +€75 | +13.0% |
| Recurring financial income | 75 | €580 | €655 | +€75 | +13.0% |
| Financial charges | 65/66B | €27,857 | €25,257 | -€2,599 | -9.3% |
| Recurring financial charges | 65 | €27,857 | €25,257 | -€2,599 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €16,090 | €1,547 | -€14,543 | -90.4% |
| Transfer from deferred taxes | 780 | €10,442 | €10,442 | = | 0.0% |
| Income taxes | 67/77 | €15,336 | €11,561 | -€3,776 | -24.6% |
| Profit (loss) for the period | 9904 | €11,195 | €429 | -€10,767 | -96.2% |
| Transfer from tax-exempt reserves | 789 | €41,767 | €41,767 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,963 | €42,196 | -€10,767 | -20.3% |
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 18 October 2026 via checked.be.