Immo VVB: what changed
Two fiscal 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 VVB
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€48,309
2024 · €22,646+€25,663
Equity
€1.5m
2024 · €1.5m-€17,573
Cash
€106,954
2024 · €53,973+€52,981
Balance sheet total
€2.8m
2024 · €2.9m-€104,401
Largest movements
Assets
- Tangible fixed assets -€126,726
down €126,726 (-4.8%), from €2.6m to €2.5m
of which Land and buildings: -€134,116
- Cash +€52,981
up €52,981 (+98.2%), from €53,973 to €106,954
mainly Depreciation (+€141,949) and Net result for the year (+€48,309)
- Receivables within one year -€29,547
down €29,547 (-15.8%), from €186,816 to €157,269
of which Other amounts receivable: -€30,936
Equity and liabilities
- Trade debts -€59,651
down €59,651 (-18.2%), from €328,382 to €268,731
Income statement
- Financial charges -€13,644
down €13,644 (-50.6%), from €26,978 to €13,334
- Gross operating margin +€13,425
up €13,425 (+5.8%), from €233,418 to €246,843
- Depreciation -€7,151
down €7,151 (-4.8%), from €149,100 to €141,949
- Other operating charges +€4,579
up €4,579 (+9.9%), from €46,285 to €50,864
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
€22,646
Gross operating margin
+€13,425
Depreciation
+€7,151
Other operating charges
-€4,579
Financial income
+€1,312
Financial charges
+€13,644
Taxes
-€2,124
Deferred taxes and other
-€3,165
Result 2025
€48,309
Cash bridge derived
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
+€152,176
Investment
-€15,219
Financing
-€83,976
Cash 2024
€53,973
From operations (derived)
+€152,176
Net result for the year
+€48,309
Depreciation
+€141,949
Receivables within one year
+€29,547
Deferred charges and accrued income
+€1,105
Provisions
-€17,244
Trade debts
-€59,651
Tax, wage and social debts
+€15,636
Other debts
-€66
Accrued charges and deferred income
-€7,409
Investment (derived)
-€15,219
Investment in fixed assets (net)
-€15,218
Current investments
-€2
Financing
-€83,976
Debts after one year
-€18,336
Current portion of long-term debt
+€242
Contributions, distributions and other
-€65,882
Cash 2025
€106,954
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,893,624 | €2,789,223 | -€104,401 | -3.6% |
| Fixed assets | 21/28 | €2,645,498 | €2,518,767 | -€126,731 | -4.8% |
| Tangible fixed assets | 22/27 | €2,645,493 | €2,518,767 | -€126,726 | -4.8% |
| Land and buildings | 22 | €2,640,153 | €2,506,038 | -€134,116 | -5.1% |
| Plant, machinery and equipment | 23 | €5,339 | €12,729 | +€7,389 | +138.4% |
| Financial fixed assets | 28 | €5 | €0 | -€5 | -100.0% |
| Current assets | 29/58 | €248,127 | €270,457 | +€22,330 | +9.0% |
| Amounts receivable within one year | 40/41 | €186,816 | €157,269 | -€29,547 | -15.8% |
| Trade receivables | 40 | €5,271 | €6,659 | +€1,389 | +26.3% |
| Other amounts receivable | 41 | €181,546 | €150,610 | -€30,936 | -17.0% |
| Current investments | 50/53 | €203 | €205 | +€2 | +0.7% |
| Cash at bank and in hand | 54/58 | €53,973 | €106,954 | +€52,981 | +98.2% |
| Deferred charges and accrued income | 490/1 | €7,133 | €6,029 | -€1,105 | -15.5% |
| Total equity and liabilities | 10/49 | €2,893,624 | €2,789,223 | -€104,401 | -3.6% |
| Equity | 10/15 | €1,544,397 | €1,526,824 | -€17,573 | -1.1% |
| Contributions | 10/11 | €80,398 | €80,398 | = | 0.0% |
| Capital | 10 | €80,398 | €80,398 | = | 0.0% |
| Issued capital | 100 | €80,398 | €80,398 | = | 0.0% |
| Reserves | 13 | €1,463,999 | €1,446,426 | -€17,573 | -1.2% |
| Non-distributable reserves | 130/1 | €64,388 | €64,388 | = | 0.0% |
| Legal reserve | 130 | €8,040 | €8,040 | = | 0.0% |
| Reserves not available under the articles | 1311 | €56,348 | €56,348 | = | 0.0% |
| Tax-exempt reserves | 132 | €727,643 | €672,383 | -€55,260 | -7.6% |
| Distributable reserves | 133 | €671,969 | €709,655 | +€37,686 | +5.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €242,548 | €225,304 | -€17,244 | -7.1% |
| Deferred taxes | 168 | €242,548 | €225,304 | -€17,244 | -7.1% |
| Amounts payable | 17/49 | €1,106,679 | €1,037,095 | -€69,584 | -6.3% |
| Amounts payable after more than one year | 17 | €18,336 | €0 | -€18,336 | -100.0% |
| Financial debts | 170/4 | €18,336 | €0 | -€18,336 | -100.0% |
| Amounts payable within one year | 42/48 | €1,069,461 | €1,025,622 | -€43,839 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €18,094 | €18,336 | +€242 | +1.3% |
| Trade debts | 44 | €328,382 | €268,731 | -€59,651 | -18.2% |
| Suppliers | 440/4 | €328,382 | €268,731 | -€59,651 | -18.2% |
| Advances received on contracts in progress | 46 | €516 | €516 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €15,636 | +€15,636 | |
| Taxes | 450/3 | - | €15,636 | +€15,636 | |
| Other amounts payable | 47/48 | €722,469 | €722,403 | -€66 | 0.0% |
| Accrued charges and deferred income | 492/3 | €18,882 | €11,474 | -€7,409 | -39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,100 | €141,949 | -€7,151 | -4.8% |
| Other operating charges | 640/8 | €46,285 | €50,864 | +€4,579 | +9.9% |
| Gross operating margin | 9900 | €233,418 | €246,843 | +€13,425 | +5.8% |
| Operating profit (loss) | 9901 | €38,033 | €54,029 | +€15,996 | +42.1% |
| Financial income | 75/76B | €3,812 | €5,124 | +€1,312 | +34.4% |
| Recurring financial income | 75 | €3,812 | €5,124 | +€1,312 | +34.4% |
| Financial charges | 65/66B | €26,978 | €13,334 | -€13,644 | -50.6% |
| Recurring financial charges | 65 | €26,978 | €13,334 | -€13,644 | -50.6% |
| Profit (loss) for the period before taxes | 9903 | €14,867 | €45,820 | +€30,952 | +208.2% |
| Transfer from deferred taxes | 780 | €21,291 | €18,126 | -€3,165 | -14.9% |
| Income taxes | 67/77 | €13,512 | €15,636 | +€2,124 | +15.7% |
| Profit (loss) for the period | 9904 | €22,646 | €48,309 | +€25,663 | +113.3% |
| Transfer from tax-exempt reserves | 789 | €63,872 | €54,378 | -€9,495 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €86,518 | €102,686 | +€16,168 | +18.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.