IMMO VORSENSANCK: what changed
What changed
IMMO VORSENSANCK
NACE 68.329, Real estate activities
filed annual accounts (NBB)
Net result for the year
€877,308
2024 · -€26,113+€903,421
Equity
€1.1m
2024 · €928,539+€218,220
Cash
€173,316
2024 · €4+€173,312
Balance sheet total
€2.0m
2024 · €2.4m-€393,250
Largest movements
Assets
- Tangible fixed assets -€1.5m
down €1.5m (-83.6%), from €1.7m to €286,714
- Receivables within one year +€1.1m
up €1.1m (+1,127%), from €97,679 to €1.2m
of which Other amounts receivable: +€1.2m
- Receivables after one year -€250,000
down €250,000 (-100%), from €250,000 to €0
- Cash +€173,312
up €173,312 (+4,237,460%), from €4 to €173,316
mainly Investment in fixed assets (net) (+€1.4m) and Net result for the year (+€877,308)
- Deferred charges and accrued income +€43,273
up €43,273 (+68.7%), from €63,022 to €106,295
Equity and liabilities
- Reserves +€997,410
up €997,410 (+386%), from €258,586 to €1.3m
of which Tax-exempt reserves: +€997,410
- Revaluation surpluses -€659,088
down €659,088 (-100%), from €659,088 to €0
- Provisions +€438,097
new in 2025: €438,097
of which Deferred taxes: +€332,470
- Current portion of long-term debt -€430,596
down €430,596 (-94.1%), from €457,584 to €26,988
- Other debts -€405,533
down €405,533 (-99.3%), from €408,289 to €2,756
Income statement
- Gross operating margin +€1.2m
up €1.2m (+666%), from €185,888 to €1.4m
- Depreciation -€102,065
down €102,065 (-84.2%), from €121,206 to €19,141
- Financial income +€50,111
up €50,111 (+668%), from €7,500 to €57,612
- Staff costs +€33,587
new in 2025: €33,587
- Write-downs +€25,927
new in 2025: €25,927
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
-€26,113
Gross operating margin
+€1.2m
Staff costs
-€33,587
Depreciation
+€102,065
Write-downs
-€25,927
Other operating charges
+€13,391
Other operating items
-€105,627
Financial income
+€50,111
Financial charges
-€1,994
Deferred taxes and other
-€332,470
Result 2025
€877,308
raises the resultlowers the resultnot broken down further in the accounts
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
+€21,338
Investment
+€1.4m
Financing
-€1.3m
Cash 2024
€4
From operations (derived)
+€21,338
Net result for the year
+€877,308
Depreciation
+€19,141
Receivables after one year
+€250,000
Receivables within one year
-€1.1m
Deferred charges and accrued income
-€43,273
Provisions
+€438,097
Trade debts
-€18,692
Tax, wage and social debts
-€8,558
Other debts
-€405,533
Accrued charges and deferred income
+€13,892
Investment (derived)
+€1.4m
Investment in fixed assets (net)
+€1.4m
Financing
-€1.3m
Debts after one year
-€200,080
Current portion of long-term debt
-€430,596
Contributions, distributions and other
-€659,088
Cash 2025
€173,316
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,405,546 | €2,012,296 | -€393,250 | -16.3% |
| Fixed assets | 21/28 | €1,994,841 | €533,962 | -€1.5m | -73.2% |
| Tangible fixed assets | 22/27 | €1,747,592 | €286,714 | -€1.5m | -83.6% |
| Land and buildings | 22 | €1,747,592 | €286,714 | -€1.5m | -83.6% |
| Financial fixed assets | 28 | €247,249 | €247,249 | = | 0.0% |
| Current assets | 29/58 | €410,705 | €1,478,334 | +€1.1m | +260% |
| Amounts receivable after more than one year | 29 | €250,000 | €0 | -€250,000 | -100% |
| Other amounts receivable | 291 | €250,000 | €0 | -€250,000 | -100% |
| Amounts receivable within one year | 40/41 | €97,679 | €1,198,722 | +€1.1m | +1,127% |
| Trade receivables | 40 | €50,409 | €251 | -€50,158 | -99.5% |
| Other amounts receivable | 41 | €47,270 | €1,198,471 | +€1.2m | +2,435% |
| Cash at bank and in hand | 54/58 | €4 | €173,316 | +€173,312 | +4,237,460% |
| Deferred charges and accrued income | 490/1 | €63,022 | €106,295 | +€43,273 | +68.7% |
| Total equity and liabilities | 10/49 | €2,405,546 | €2,012,296 | -€393,250 | -16.3% |
| Equity | 10/15 | €928,539 | €1,146,758 | +€218,220 | +23.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €659,088 | €0 | -€659,088 | -100% |
| Reserves | 13 | €258,586 | €1,255,996 | +€997,410 | +386% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | - | €997,410 | +€997,410 | |
| Distributable reserves | 133 | €256,726 | €258,586 | +€1,860 | +0.7% |
| Profit (loss) carried forward | 14 | -€7,735 | -€127,837 | -€120,102 | -1,553% |
| Provisions and deferred taxes | 16 | - | €438,097 | +€438,097 | |
| Provisions for liabilities and charges | 160/5 | - | €105,627 | +€105,627 | |
| Major repairs and maintenance | 162 | - | €105,627 | +€105,627 | |
| Deferred taxes | 168 | - | €332,470 | +€332,470 | |
| Amounts payable | 17/49 | €1,477,008 | €427,441 | -€1.0m | -71.1% |
| Amounts payable after more than one year | 17 | €533,149 | €333,070 | -€200,080 | -37.5% |
| Financial debts | 170/4 | €480,949 | €280,870 | -€200,080 | -41.6% |
| Other amounts payable | 178/9 | €52,200 | €52,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €927,750 | €64,371 | -€863,379 | -93.1% |
| Current portion of amounts payable after more than one year | 42 | €457,584 | €26,988 | -€430,596 | -94.1% |
| Trade debts | 44 | €50,099 | €31,407 | -€18,692 | -37.3% |
| Suppliers | 440/4 | €50,099 | €31,407 | -€18,692 | -37.3% |
| Taxes, remuneration and social security | 45 | €11,778 | €3,220 | -€8,558 | -72.7% |
| Taxes | 450/3 | €11,778 | €0 | -€11,778 | -100% |
| Remuneration and social security | 454/9 | - | €3,220 | +€3,220 | |
| Other amounts payable | 47/48 | €408,289 | €2,756 | -€405,533 | -99.3% |
| Accrued charges and deferred income | 492/3 | €16,108 | €30,000 | +€13,892 | +86.2% |
| Non-recurring operating income | 76A | - | €1,329,880 | +€1.3m | |
| Remuneration, social security and pensions | 62 | - | €33,587 | +€33,587 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,206 | €19,141 | -€102,065 | -84.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €25,927 | +€25,927 | |
| Other operating charges | 640/8 | €35,848 | €22,457 | -€13,391 | -37.4% |
| Non-recurring operating charges | 66A | - | €105,627 | +€105,627 | |
| Gross operating margin | 9900 | €185,888 | €1,423,347 | +€1.2m | +666% |
| Operating profit (loss) | 9901 | €28,834 | €1,216,608 | +€1.2m | +4,119% |
| Financial income | 75/76B | €7,500 | €57,612 | +€50,111 | +668% |
| Recurring financial income | 75 | €7,500 | €57,612 | +€50,111 | +668% |
| Financial charges | 65/66B | €62,447 | €64,442 | +€1,994 | +3.2% |
| Recurring financial charges | 65 | €62,447 | €64,442 | +€1,994 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | -€26,113 | €1,209,778 | +€1.2m | |
| Transfer to deferred taxes | 680 | - | €332,470 | +€332,470 | |
| Profit (loss) for the period | 9904 | -€26,113 | €877,308 | +€903,421 | |
| Transfer to tax-exempt reserves | 689 | - | €997,410 | +€997,410 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,113 | -€120,102 | -€93,989 | -360% |
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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 2 November 2026 via checked.be.