Immo Vogelsanck: what changed
What changed
Immo Vogelsanck
filed annual accounts (NBB)
Net result for the year
-€30,122
2024 · -€85,294+€55,172
Equity
€4,584
2024 · €34,706-€30,122
Cash
€28,497
2024 · €17,076+€11,421
Balance sheet total
€1.8m
2024 · €1.3m+€531,346
Largest movements
Assets
- Tangible fixed assets +€500,645
up €500,645 (+40.4%), from €1.2m to €1.7m
of which Land and buildings: +€1.2m
- Receivables within one year +€22,075
up €22,075 (+7,745%), from €285 to €22,360
of which Other amounts receivable: +€22,360
Equity and liabilities
- Debts after one year +€503,783
up €503,783 (+41.3%), from €1.2m to €1.7m
- Current portion of long-term debt +€49,187
up €49,187 (+437%), from €11,268 to €60,455
- Profit (loss) carried forward -€30,122
down €30,122 (-35.3%), from -€85,294 to -€115,416
Income statement
- Gross operating margin +€74,350
up €74,350, from -€4,627 to €69,723
- Financial charges +€21,575
up €21,575 (+52.6%), from €41,020 to €62,595
- Depreciation -€2,857
down €2,857 (-7.5%), from €37,967 to €35,110
- Financial income -€958
down €958 (-79.0%), from €1,213 to €255
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€85,294
Gross operating margin
+€74,350
Depreciation
+€2,857
Other operating charges
+€498
Financial income
-€958
Financial charges
-€21,575
Result 2025
-€30,122
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€7,817
Investment
-€533,732
Financing
+€552,970
Cash 2024
€17,076
From operations (derived)
-€7,817
Net result for the year
-€30,122
Depreciation
+€35,110
Receivables within one year
-€22,075
Deferred charges and accrued income
+€773
Trade debts
-€1,881
Other debts
+€10,379
Investment (derived)
-€533,732
Investment in fixed assets (net)
-€533,732
Financing
+€552,970
Debts after one year
+€503,783
Current portion of long-term debt
+€49,187
Cash 2025
€28,497
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,266,642 | €1,797,987 | +€531,346 | +41.9% |
| Formation expenses | 20 | €7,805 | €5,782 | -€2,022 | -25.9% |
| Fixed assets | 21/28 | €1,238,439 | €1,739,084 | +€500,645 | +40.4% |
| Tangible fixed assets | 22/27 | €1,238,439 | €1,739,084 | +€500,645 | +40.4% |
| Land and buildings | 22 | €497,645 | €1,732,665 | +€1.2m | +248% |
| Plant, machinery and equipment | 23 | - | €5,702 | +€5,702 | |
| Furniture and vehicles | 24 | - | €717 | +€717 | |
| Assets under construction and advance payments | 27 | €740,794 | €0 | -€740,794 | -100% |
| Current assets | 29/58 | €20,398 | €53,121 | +€32,723 | +160% |
| Amounts receivable within one year | 40/41 | €285 | €22,360 | +€22,075 | +7,745% |
| Trade receivables | 40 | €285 | €0 | -€285 | -100% |
| Other amounts receivable | 41 | - | €22,360 | +€22,360 | |
| Cash at bank and in hand | 54/58 | €17,076 | €28,497 | +€11,421 | +66.9% |
| Deferred charges and accrued income | 490/1 | €3,037 | €2,264 | -€773 | -25.4% |
| Total equity and liabilities | 10/49 | €1,266,642 | €1,797,987 | +€531,346 | +41.9% |
| Equity | 10/15 | €34,706 | €4,584 | -€30,122 | -86.8% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,294 | -€115,416 | -€30,122 | -35.3% |
| Amounts payable | 17/49 | €1,231,936 | €1,793,404 | +€561,468 | +45.6% |
| Amounts payable after more than one year | 17 | €1,218,627 | €1,722,411 | +€503,783 | +41.3% |
| Financial debts | 170/4 | €1,218,627 | €1,722,411 | +€503,783 | +41.3% |
| Amounts payable within one year | 42/48 | €13,308 | €70,993 | +€57,685 | +433% |
| Current portion of amounts payable after more than one year | 42 | €11,268 | €60,455 | +€49,187 | +437% |
| Trade debts | 44 | €2,040 | €159 | -€1,881 | -92.2% |
| Suppliers | 440/4 | €2,040 | €159 | -€1,881 | -92.2% |
| Other amounts payable | 47/48 | - | €10,379 | +€10,379 | |
| Non-recurring operating income | 76A | €2,825 | €0 | -€2,825 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,967 | €35,110 | -€2,857 | -7.5% |
| Other operating charges | 640/8 | €2,892 | €2,395 | -€498 | -17.2% |
| Gross operating margin | 9900 | -€4,627 | €69,723 | +€74,350 | |
| Operating profit (loss) | 9901 | -€45,486 | €32,218 | +€77,705 | |
| Financial income | 75/76B | €1,213 | €255 | -€958 | -79.0% |
| Recurring financial income | 75 | €1,213 | €255 | -€958 | -79.0% |
| Financial charges | 65/66B | €41,020 | €62,595 | +€21,575 | +52.6% |
| Recurring financial charges | 65 | €41,020 | €62,595 | +€21,575 | +52.6% |
| Profit (loss) for the period before taxes | 9903 | -€85,294 | -€30,122 | +€55,172 | +64.7% |
| Profit (loss) for the period | 9904 | -€85,294 | -€30,122 | +€55,172 | +64.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€85,294 | -€30,122 | +€55,172 | +64.7% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.