IMMO VS: 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 VS
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€80,216
2024 · €70,083+€10,134
Equity
€2.4m
2024 · €2.3m+€80,216
Cash
€384,975
2024 · €335,323+€49,651
Balance sheet total
€2.8m
2024 · €2.8m+€5,955
Largest movements
Assets
- Cash +€49,651
up €49,651 (+14.8%), from €335,323 to €384,975
mainly Depreciation (+€167,473) and Net result for the year (+€80,216)
- Receivables within one year -€40,049
down €40,049 (-80.7%), from €49,620 to €9,572
of which Trade receivables: -€24,749
Equity and liabilities
- Reserves +€85,969
up €85,969 (+3.9%), from €2.2m to €2.3m
of which Distributable reserves: +€90,000
Income statement
- Depreciation -€8,348
down €8,348 (-4.7%), from €175,821 to €167,473
- Other operating charges -€4,983
down €4,983 (-10.7%), from €46,397 to €41,414
- Taxes +€3,375
up €3,375 (+13.7%), from €24,718 to €28,093
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
€70,083
Gross operating margin
+€2,353
Depreciation
+€8,348
Other operating charges
+€4,983
Financial income
-€865
Financial charges
-€1,310
Taxes
-€3,375
Result 2025
€80,216
raises the resultlowers the result
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
+€237,305
Investment
-€165,580
Financing
-€22,073
Cash 2024
€335,323
From operations (derived)
+€237,305
Net result for the year
+€80,216
Depreciation
+€167,473
Receivables within one year
+€40,049
Deferred charges and accrued income
+€1,755
Provisions
-€1,954
Trade debts
-€6,769
Tax, wage and social debts
-€22,133
Other debts
-€11,681
Accrued charges and deferred income
-€9,652
Investment (derived)
-€165,580
Investment in fixed assets (net)
-€165,580
Financing
-€22,073
Short-term financial debts
-€22,073
Cash 2025
€384,975
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,777,222 | €2,783,177 | +€5,955 | +0.2% |
| Fixed assets | 21/28 | €2,126,905 | €2,125,013 | -€1,893 | -0.1% |
| Tangible fixed assets | 22/27 | €2,126,905 | €2,125,013 | -€1,893 | -0.1% |
| Land and buildings | 22 | €1,697,084 | €1,684,658 | -€12,426 | -0.7% |
| Plant, machinery and equipment | 23 | €349,177 | €290,474 | -€58,704 | -16.8% |
| Furniture and vehicles | 24 | €2,294 | €1,963 | -€331 | -14.4% |
| Other tangible fixed assets | 26 | €78,350 | €72,918 | -€5,432 | -6.9% |
| Assets under construction and advance payments | 27 | - | €75,000 | +€75,000 | |
| Current assets | 29/58 | €650,317 | €658,164 | +€7,848 | +1.2% |
| Amounts receivable within one year | 40/41 | €49,620 | €9,572 | -€40,049 | -80.7% |
| Trade receivables | 40 | €34,320 | €9,572 | -€24,749 | -72.1% |
| Other amounts receivable | 41 | €15,300 | - | -€15,300 | |
| Current investments | 50/53 | €253,691 | €253,691 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €335,323 | €384,975 | +€49,651 | +14.8% |
| Deferred charges and accrued income | 490/1 | €11,682 | €9,927 | -€1,755 | -15.0% |
| Total equity and liabilities | 10/49 | €2,777,222 | €2,783,177 | +€5,955 | +0.2% |
| Equity | 10/15 | €2,271,362 | €2,351,578 | +€80,216 | +3.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,199,277 | €2,285,246 | +€85,969 | +3.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,077 | €29,046 | -€4,031 | -12.2% |
| Distributable reserves | 133 | €2,160,000 | €2,250,000 | +€90,000 | +4.2% |
| Profit (loss) carried forward | 14 | €10,084 | €4,332 | -€5,752 | -57.0% |
| Provisions and deferred taxes | 16 | €7,977 | €6,023 | -€1,954 | -24.5% |
| Deferred taxes | 168 | €7,977 | €6,023 | -€1,954 | -24.5% |
| Amounts payable | 17/49 | €497,884 | €425,576 | -€72,308 | -14.5% |
| Amounts payable within one year | 42/48 | €479,118 | €416,462 | -€62,656 | -13.1% |
| Financial debts | 43 | €30,531 | €8,458 | -€22,073 | -72.3% |
| Credit institutions | 430/8 | €30,531 | €8,458 | -€22,073 | -72.3% |
| Trade debts | 44 | €13,890 | €7,121 | -€6,769 | -48.7% |
| Suppliers | 440/4 | €13,890 | €7,121 | -€6,769 | -48.7% |
| Taxes, remuneration and social security | 45 | €25,218 | €3,085 | -€22,133 | -87.8% |
| Taxes | 450/3 | €25,218 | €3,085 | -€22,133 | -87.8% |
| Other amounts payable | 47/48 | €409,479 | €397,798 | -€11,681 | -2.9% |
| Accrued charges and deferred income | 492/3 | €18,766 | €9,114 | -€9,652 | -51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,821 | €167,473 | -€8,348 | -4.7% |
| Other operating charges | 640/8 | €46,397 | €41,414 | -€4,983 | -10.7% |
| Gross operating margin | 9900 | €316,026 | €318,379 | +€2,353 | +0.7% |
| Operating profit (loss) | 9901 | €93,808 | €109,491 | +€15,684 | +16.7% |
| Financial income | 75/76B | €865 | €0 | -€865 | -100.0% |
| Recurring financial income | 75 | €865 | €0 | -€865 | -100.0% |
| Financial charges | 65/66B | €1,825 | €3,136 | +€1,310 | +71.8% |
| Recurring financial charges | 65 | €1,825 | €3,136 | +€1,310 | +71.8% |
| Profit (loss) for the period before taxes | 9903 | €92,848 | €106,356 | +€13,508 | +14.5% |
| Transfer from deferred taxes | 780 | €1,954 | €1,954 | = | 0.0% |
| Income taxes | 67/77 | €24,718 | €28,093 | +€3,375 | +13.7% |
| Profit (loss) for the period | 9904 | €70,083 | €80,216 | +€10,134 | +14.5% |
| Transfer from tax-exempt reserves | 789 | €4,031 | €4,031 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,114 | €84,248 | +€10,134 | +13.7% |
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 13 October 2026 via checked.be.