IMMOVASCO: 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.
IMMOVASCO
Largest movements
- Cash -€405,083
down €405,083 (-96.4%), from €420,154 to €15,070
mainly Current investments (-€271,502) and Contributions, distributions and other (-€270,561)
- Current investments +€271,502
new in 2025: €271,502
- Tangible fixed assets -€29,278
down €29,278 (-3.8%), from €767,632 to €738,354
of which Other tangible fixed assets: -€54,883
- Receivables within one year +€26,523
up €26,523 (+17.3%), from €153,087 to €179,611
of which Trade receivables: +€38,273
- Debts after one year -€74,713
down €74,713 (-100%), from €74,713 to €0
- Reserves -€34,462
down €34,462 (-3.3%), from €1.0m to €1.0m
of which Distributable reserves: -€34,462
- Current portion of long-term debt -€21,912
down €21,912 (-22.7%), from €96,625 to €74,713
- Gross operating margin +€32,791
up €32,791 (+6.6%), from €499,217 to €532,008
- Staff costs +€23,935
up €23,935 (+81.0%), from €29,549 to €53,484
- Depreciation +€9,922
up €9,922 (+9.3%), from €106,541 to €116,463
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 | €1,340,873 | €1,217,291 | -€123,582 | -9.2% |
| Fixed assets | 21/28 | €767,632 | €738,354 | -€29,278 | -3.8% |
| Tangible fixed assets | 22/27 | €767,632 | €738,354 | -€29,278 | -3.8% |
| Land and buildings | 22 | €564,012 | €560,617 | -€3,395 | -0.6% |
| Plant, machinery and equipment | 23 | €143,124 | €172,601 | +€29,478 | +20.6% |
| Furniture and vehicles | 24 | €5,613 | €5,135 | -€478 | -8.5% |
| Other tangible fixed assets | 26 | €54,883 | €0 | -€54,883 | -100% |
| Current assets | 29/58 | €573,241 | €478,937 | -€94,304 | -16.5% |
| Amounts receivable within one year | 40/41 | €153,087 | €179,611 | +€26,523 | +17.3% |
| Trade receivables | 40 | €141,210 | €179,483 | +€38,273 | +27.1% |
| Other amounts receivable | 41 | €11,877 | €128 | -€11,750 | -98.9% |
| Current investments | 50/53 | - | €271,502 | +€271,502 | |
| Cash at bank and in hand | 54/58 | €420,154 | €15,070 | -€405,083 | -96.4% |
| Deferred charges and accrued income | 490/1 | - | €12,754 | +€12,754 | |
| Total equity and liabilities | 10/49 | €1,340,873 | €1,217,291 | -€123,582 | -9.2% |
| Equity | 10/15 | €1,110,772 | €1,076,310 | -€34,462 | -3.1% |
| Contributions | 10/11 | €62,000 | €62,000 | +€0 | 0.0% |
| Capital | 10 | €62,000 | €62,000 | +€0 | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | +€0 | 0.0% |
| Reserves | 13 | €1,048,772 | €1,014,310 | -€34,462 | -3.3% |
| Non-distributable reserves | 130/1 | €18,947 | €18,947 | = | 0.0% |
| Legal reserve | 130 | €18,947 | €18,947 | = | 0.0% |
| Distributable reserves | 133 | €1,029,825 | €995,363 | -€34,462 | -3.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €230,101 | €140,981 | -€89,120 | -38.7% |
| Amounts payable after more than one year | 17 | €74,713 | €0 | -€74,713 | -100% |
| Financial debts | 170/4 | €74,713 | €0 | -€74,713 | -100% |
| Amounts payable within one year | 42/48 | €146,948 | €132,550 | -€14,398 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €96,625 | €74,713 | -€21,912 | -22.7% |
| Trade debts | 44 | €22,978 | €22,344 | -€634 | -2.8% |
| Suppliers | 440/4 | €22,978 | €22,344 | -€634 | -2.8% |
| Taxes, remuneration and social security | 45 | €21,133 | €26,440 | +€5,307 | +25.1% |
| Taxes | 450/3 | €15,232 | €26,440 | +€11,208 | +73.6% |
| Remuneration and social security | 454/9 | €5,901 | €0 | -€5,901 | -100% |
| Other amounts payable | 47/48 | €6,211 | €9,053 | +€2,842 | +45.8% |
| Accrued charges and deferred income | 492/3 | €8,440 | €8,431 | -€9 | -0.1% |
| Remuneration, social security and pensions | 62 | €29,549 | €53,484 | +€23,935 | +81.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,541 | €116,463 | +€9,922 | +9.3% |
| Other operating charges | 640/8 | €20,312 | €21,894 | +€1,582 | +7.8% |
| Gross operating margin | 9900 | €499,217 | €532,008 | +€32,791 | +6.6% |
| Operating profit (loss) | 9901 | €342,815 | €340,168 | -€2,647 | -0.8% |
| Financial income | 75/76B | €7,691 | €2,745 | -€4,946 | -64.3% |
| Recurring financial income | 75 | €7,691 | €2,745 | -€4,946 | -64.3% |
| Financial charges | 65/66B | €5,625 | €4,782 | -€842 | -15.0% |
| Recurring financial charges | 65 | €5,625 | €4,782 | -€842 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €344,881 | €338,130 | -€6,751 | -2.0% |
| Income taxes | 67/77 | €105,232 | €102,031 | -€3,201 | -3.0% |
| Profit (loss) for the period | 9904 | €239,650 | €236,099 | -€3,551 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €239,650 | €236,099 | -€3,551 | -1.5% |
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 21 October 2026 via checked.be.