Immo VSM C: 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 VSM C
Largest movements
- Tangible fixed assets -€39,209
down €39,209 (-1.5%), from €2.6m to €2.6m
of which Other tangible fixed assets: -€21,554
- Profit (loss) carried forward -€52,943
down €52,943 (-17.1%), from -€309,146 to -€362,088
- Other debts +€31,265
up €31,265 (+1.6%), from €1.9m to €1.9m
- Depreciation -€84,145
down €84,145 (-65.0%), from €129,487 to €45,341
- Gross operating margin +€17,577
up €17,577, from -€4,637 to €12,941
- Financial charges +€6,615
up €6,615 (+80.2%), from €8,250 to €14,865
- Other operating charges +€1,084
up €1,084 (+23.6%), from €4,593 to €5,677
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 | €2,638,578 | €2,607,860 | -€30,719 | -1.2% |
| Fixed assets | 21/28 | €2,612,924 | €2,573,623 | -€39,301 | -1.5% |
| Intangible fixed assets | 21 | €8,271 | €8,179 | -€92 | -1.1% |
| Tangible fixed assets | 22/27 | €2,604,653 | €2,565,444 | -€39,209 | -1.5% |
| Land and buildings | 22 | €2,280,972 | €2,262,188 | -€18,783 | -0.8% |
| Furniture and vehicles | 24 | €10,922 | €12,050 | +€1,128 | +10.3% |
| Other tangible fixed assets | 26 | €312,760 | €291,205 | -€21,554 | -6.9% |
| Current assets | 29/58 | €25,654 | €34,237 | +€8,582 | +33.5% |
| Amounts receivable within one year | 40/41 | €21,368 | €18,818 | -€2,550 | -11.9% |
| Trade receivables | 40 | €16,461 | €14,879 | -€1,582 | -9.6% |
| Other amounts receivable | 41 | €4,907 | €3,938 | -€968 | -19.7% |
| Cash at bank and in hand | 54/58 | €4,287 | €15,419 | +€11,133 | +260% |
| Total equity and liabilities | 10/49 | €2,638,578 | €2,607,860 | -€30,719 | -1.2% |
| Equity | 10/15 | €711,065 | €658,122 | -€52,943 | -7.4% |
| Contributions | 10/11 | €1,020,000 | €1,020,000 | = | 0.0% |
| Capital | 10 | €1,020,000 | €1,020,000 | = | 0.0% |
| Issued capital | 100 | €1,020,000 | €1,020,000 | = | 0.0% |
| Reserves | 13 | €211 | €211 | = | 0.0% |
| Non-distributable reserves | 130/1 | €211 | €211 | = | 0.0% |
| Legal reserve | 130 | €211 | €211 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€309,146 | -€362,088 | -€52,943 | -17.1% |
| Amounts payable | 17/49 | €1,927,513 | €1,949,737 | +€22,224 | +1.2% |
| Amounts payable within one year | 42/48 | €1,927,513 | €1,949,737 | +€22,224 | +1.2% |
| Trade debts | 44 | €14,476 | €5,436 | -€9,041 | -62.5% |
| Suppliers | 440/4 | €14,476 | €5,436 | -€9,041 | -62.5% |
| Other amounts payable | 47/48 | €1,913,037 | €1,944,302 | +€31,265 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,487 | €45,341 | -€84,145 | -65.0% |
| Other operating charges | 640/8 | €4,593 | €5,677 | +€1,084 | +23.6% |
| Gross operating margin | 9900 | -€4,637 | €12,941 | +€17,577 | |
| Operating profit (loss) | 9901 | -€138,716 | -€38,077 | +€100,639 | +72.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €8,250 | €14,865 | +€6,615 | +80.2% |
| Recurring financial charges | 65 | €8,250 | €14,865 | +€6,615 | +80.2% |
| Profit (loss) for the period before taxes | 9903 | -€146,966 | -€52,943 | +€94,024 | +64.0% |
| Profit (loss) for the period | 9904 | -€146,966 | -€52,943 | +€94,024 | +64.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€146,966 | -€52,943 | +€94,024 | +64.0% |
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 31 October 2026 via checked.be.