IMMO VL: what changed
Two fiscal 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 VL
Largest movements
- Financial fixed assets +€670,034
up €670,034 (+209385.5%), from €320 to €670,354
- Receivables within one year -€517,071
down €517,071 (-62.4%), from €828,076 to €311,005
of which Other amounts receivable: -€335,018
- Receivables after one year -€405,000
no longer reported in 2025 (was €405,000)
- Cash +€133,351
up €133,351 (+178.0%), from €74,931 to €208,282
mainly Receivables within one year (+€517,071) and Receivables after one year (+€405,000)
- Tangible fixed assets -€29,984
down €29,984 (-20.2%), from €148,301 to €118,317
- Trade debts -€123,635
down €123,635 (-38.8%), from €318,388 to €194,753
- Debts after one year -€86,869
down €86,869 (-30.3%), from €286,809 to €199,940
- Reserves +€36,123
up €36,123 (+10.7%), from €336,304 to €372,427
of which Distributable reserves: +€36,123
- Tax, wage and social debts +€33,076
up €33,076 (+21.5%), from €153,654 to €186,730
of which Remuneration and social security: +€25,016
- Current portion of long-term debt -€16,548
down €16,548 (-16.0%), from €103,418 to €86,869
- Gross operating margin +€253,867
up €253,867 (+35.1%), from €722,742 to €976,609
- Staff costs +€222,942
up €222,942 (+37.1%), from €600,757 to €823,699
- Financial income -€33,887
down €33,887 (-98.9%), from €34,275 to €389
- Financial charges -€11,305
down €11,305 (-32.0%), from €35,342 to €24,037
- Write-downs +€10,000
new in 2025: €10,000
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 | €1,494,839 | €1,338,260 | -€156,579 | -10.5% |
| Fixed assets | 21/28 | €150,887 | €788,807 | +€637,920 | +422.8% |
| Intangible fixed assets | 21 | €2,266 | €136 | -€2,129 | -94.0% |
| Tangible fixed assets | 22/27 | €148,301 | €118,317 | -€29,984 | -20.2% |
| Plant, machinery and equipment | 23 | €36,984 | €26,487 | -€10,497 | -28.4% |
| Furniture and vehicles | 24 | €74,898 | €69,228 | -€5,671 | -7.6% |
| Other tangible fixed assets | 26 | €36,419 | €22,602 | -€13,817 | -37.9% |
| Financial fixed assets | 28 | €320 | €670,354 | +€670,034 | +209385.5% |
| Current assets | 29/58 | €1,343,953 | €549,453 | -€794,500 | -59.1% |
| Amounts receivable after more than one year | 29 | €405,000 | - | -€405,000 | |
| Other amounts receivable | 291 | €405,000 | - | -€405,000 | |
| Amounts receivable within one year | 40/41 | €828,076 | €311,005 | -€517,071 | -62.4% |
| Trade receivables | 40 | €486,233 | €304,179 | -€182,053 | -37.4% |
| Other amounts receivable | 41 | €341,844 | €6,826 | -€335,018 | -98.0% |
| Cash at bank and in hand | 54/58 | €74,931 | €208,282 | +€133,351 | +178.0% |
| Deferred charges and accrued income | 490/1 | €35,946 | €30,166 | -€5,780 | -16.1% |
| Total equity and liabilities | 10/49 | €1,494,839 | €1,338,260 | -€156,579 | -10.5% |
| Equity | 10/15 | €354,904 | €391,027 | +€36,123 | +10.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €336,304 | €372,427 | +€36,123 | +10.7% |
| Tax-exempt reserves | 132 | €23,267 | €23,267 | = | 0.0% |
| Distributable reserves | 133 | €313,037 | €349,160 | +€36,123 | +11.5% |
| Amounts payable | 17/49 | €1,139,935 | €947,233 | -€192,703 | -16.9% |
| Amounts payable after more than one year | 17 | €286,809 | €199,940 | -€86,869 | -30.3% |
| Financial debts | 170/4 | €286,809 | €199,940 | -€86,869 | -30.3% |
| Amounts payable within one year | 42/48 | €840,197 | €740,909 | -€99,288 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €103,418 | €86,869 | -€16,548 | -16.0% |
| Financial debts | 43 | €264,551 | €267,227 | +€2,677 | +1.0% |
| Credit institutions | 430/8 | €264,551 | €267,227 | +€2,677 | +1.0% |
| Trade debts | 44 | €318,388 | €194,753 | -€123,635 | -38.8% |
| Suppliers | 440/4 | €318,388 | €194,753 | -€123,635 | -38.8% |
| Taxes, remuneration and social security | 45 | €153,654 | €186,730 | +€33,076 | +21.5% |
| Taxes | 450/3 | €50,698 | €58,758 | +€8,060 | +15.9% |
| Remuneration and social security | 454/9 | €102,956 | €127,972 | +€25,016 | +24.3% |
| Other amounts payable | 47/48 | €187 | €5,330 | +€5,143 | +2755.3% |
| Accrued charges and deferred income | 492/3 | €12,929 | €6,384 | -€6,545 | -50.6% |
| Non-recurring operating income | 76A | €1,932 | €1,249 | -€682 | -35.3% |
| Remuneration, social security and pensions | 62 | €600,757 | €823,699 | +€222,942 | +37.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,382 | €51,289 | -€1,093 | -2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,000 | +€10,000 | |
| Other operating charges | 640/8 | €4,483 | €6,033 | +€1,550 | +34.6% |
| Gross operating margin | 9900 | €722,742 | €976,609 | +€253,867 | +35.1% |
| Operating profit (loss) | 9901 | €65,120 | €85,588 | +€20,468 | +31.4% |
| Financial income | 75/76B | €34,275 | €389 | -€33,887 | -98.9% |
| Recurring financial income | 75 | €34,275 | €389 | -€33,887 | -98.9% |
| Financial charges | 65/66B | €35,342 | €24,037 | -€11,305 | -32.0% |
| Recurring financial charges | 65 | €35,342 | €24,037 | -€11,305 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €64,053 | €61,940 | -€2,114 | -3.3% |
| Income taxes | 67/77 | €24,657 | €25,816 | +€1,159 | +4.7% |
| Profit (loss) for the period | 9904 | €39,396 | €36,123 | -€3,273 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,396 | €36,123 | -€3,273 | -8.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.