IMMO VR NAMUR: 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 VR NAMUR
Largest movements
- Stocks and contracts -€426,040
no longer reported in 2025 (was €426,040)
- Cash +€256,130
up €256,130 (+198%), from €129,355 to €385,485
mainly Stocks and contracts (+€426,040) and Net result for the year (+€52,015)
- Receivables within one year -€46,245
down €46,245 (-75.8%), from €60,995 to €14,750
of which Trade receivables: -€50,089
- Short-term financial debts -€130,080
no longer reported in 2025 (was €130,080)
- Tax, wage and social debts -€98,867
down €98,867 (-74.4%), from €132,801 to €33,934
- Reserves +€55,000
up €55,000 (+122%), from €45,000 to €100,000
- Trade debts -€52,233
down €52,233 (-83.3%), from €62,706 to €10,473
- Other debts +€9,442
up €9,442 (+3.8%), from €251,381 to €260,823
- Gross operating margin -€73,203
down €73,203 (-49.0%), from €149,409 to €76,206
- Financial charges -€43,856
down €43,856 (-94.7%), from €46,326 to €2,470
- Taxes +€5,631
up €5,631 (+40.8%), from €13,800 to €19,431
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €633,575 | €411,229 | -€222,346 | -35.1% |
| Formation expenses | 20 | €456 | €73 | -€383 | -84.0% |
| Fixed assets | 21/28 | €16,668 | €10,921 | -€5,747 | -34.5% |
| Tangible fixed assets | 22/27 | €16,168 | €10,421 | -€5,747 | -35.5% |
| Plant, machinery and equipment | 23 | €1,438 | €4,223 | +€2,785 | +194% |
| Furniture and vehicles | 24 | €14,730 | €6,199 | -€8,531 | -57.9% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €616,451 | €400,235 | -€216,216 | -35.1% |
| Stocks and contracts in progress | 3 | €426,040 | - | -€426,040 | |
| Stocks | 30/36 | €426,040 | - | -€426,040 | |
| Amounts receivable within one year | 40/41 | €60,995 | €14,750 | -€46,245 | -75.8% |
| Trade receivables | 40 | €60,995 | €10,906 | -€50,089 | -82.1% |
| Other amounts receivable | 41 | - | €3,843 | +€3,843 | |
| Cash at bank and in hand | 54/58 | €129,355 | €385,485 | +€256,130 | +198% |
| Deferred charges and accrued income | 490/1 | €61 | - | -€61 | |
| Total equity and liabilities | 10/49 | €633,575 | €411,229 | -€222,346 | -35.1% |
| Equity | 10/15 | €53,984 | €105,999 | +€52,015 | +96.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €45,000 | €100,000 | +€55,000 | +122% |
| Distributable reserves | 133 | €45,000 | €100,000 | +€55,000 | +122% |
| Profit (loss) carried forward | 14 | €3,984 | €999 | -€2,985 | -74.9% |
| Amounts payable | 17/49 | €579,591 | €305,230 | -€274,361 | -47.3% |
| Amounts payable within one year | 42/48 | €576,968 | €305,230 | -€271,738 | -47.1% |
| Financial debts | 43 | €130,080 | - | -€130,080 | |
| Credit institutions | 430/8 | €130,080 | - | -€130,080 | |
| Trade debts | 44 | €62,706 | €10,473 | -€52,233 | -83.3% |
| Suppliers | 440/4 | €62,706 | €10,473 | -€52,233 | -83.3% |
| Taxes, remuneration and social security | 45 | €132,801 | €33,934 | -€98,867 | -74.4% |
| Taxes | 450/3 | €132,801 | €33,934 | -€98,867 | -74.4% |
| Other amounts payable | 47/48 | €251,381 | €260,823 | +€9,442 | +3.8% |
| Accrued charges and deferred income | 492/3 | €2,623 | - | -€2,623 | |
| Non-recurring operating income | 76A | - | €270 | +€270 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,586 | €1,611 | -€975 | -37.7% |
| Other operating charges | 640/8 | €621 | €680 | +€59 | +9.6% |
| Gross operating margin | 9900 | €149,409 | €76,206 | -€73,203 | -49.0% |
| Operating profit (loss) | 9901 | €146,202 | €73,914 | -€72,288 | -49.4% |
| Financial income | 75/76B | €92 | €2 | -€90 | -97.6% |
| Recurring financial income | 75 | €92 | €2 | -€90 | -97.6% |
| Financial charges | 65/66B | €46,326 | €2,470 | -€43,856 | -94.7% |
| Recurring financial charges | 65 | €46,326 | €2,470 | -€43,856 | -94.7% |
| Profit (loss) for the period before taxes | 9903 | €99,968 | €71,446 | -€28,522 | -28.5% |
| Income taxes | 67/77 | €13,800 | €19,431 | +€5,631 | +40.8% |
| Profit (loss) for the period | 9904 | €86,168 | €52,015 | -€34,153 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €86,168 | €52,015 | -€34,153 | -39.6% |
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 1 November 2026 via checked.be.