V.D.V.B.-IMMO: 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.
V.D.V.B.-IMMO
Largest movements
- Tangible fixed assets -€488,523
down €488,523 (-9.9%), from €4.9m to €4.4m
of which Land and buildings: -€268,786
- Cash +€389,794
up €389,794 (+405%), from €96,163 to €485,958
mainly Net result for the year (+€882,710) and Depreciation (+€172,688)
- Financial fixed assets +€341,000
up €341,000 (+162%), from €211,057 to €552,057
- Receivables within one year +€82,785
up €82,785 (+10.0%), from €824,324 to €907,108
of which Trade receivables: +€180,950
- Reserves +€882,710
up €882,710 (+54.5%), from €1.6m to €2.5m
of which Distributable reserves: +€777,474
- Other debts -€255,509
down €255,509 (-58.5%), from €436,627 to €181,118
- Debts after one year -€248,689
down €248,689 (-7.1%), from €3.5m to €3.2m
of which Financial debts: -€248,689
- Accrued charges and deferred income +€94,971
up €94,971 (+424%), from €22,418 to €117,388
- Short-term financial debts -€93,924
down €93,924 (-54.8%), from €171,293 to €77,369
- Gross operating margin +€285,626
up €285,626 (+22.7%), from €1.3m to €1.5m
- Financial charges +€63,415
up €63,415 (+46.5%), from €136,264 to €199,679
- Depreciation -€48,183
down €48,183 (-21.8%), from €220,871 to €172,688
- Taxes +€43,160
up €43,160 (+19.4%), from €222,607 to €265,767
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 | €6,081,991 | €6,416,625 | +€334,635 | +5.5% |
| Fixed assets | 21/28 | €5,133,413 | €4,985,890 | -€147,523 | -2.9% |
| Tangible fixed assets | 22/27 | €4,922,356 | €4,433,832 | -€488,523 | -9.9% |
| Land and buildings | 22 | €4,670,037 | €4,401,251 | -€268,786 | -5.8% |
| Plant, machinery and equipment | 23 | €18,079 | €15,712 | -€2,367 | -13.1% |
| Furniture and vehicles | 24 | €23,152 | €16,869 | -€6,284 | -27.1% |
| Assets under construction and advance payments | 27 | €211,088 | €0 | -€211,088 | -100% |
| Financial fixed assets | 28 | €211,057 | €552,057 | +€341,000 | +162% |
| Current assets | 29/58 | €948,578 | €1,430,736 | +€482,158 | +50.8% |
| Amounts receivable within one year | 40/41 | €824,324 | €907,108 | +€82,785 | +10.0% |
| Trade receivables | 40 | €490,000 | €670,950 | +€180,950 | +36.9% |
| Other amounts receivable | 41 | €334,324 | €236,158 | -€98,165 | -29.4% |
| Cash at bank and in hand | 54/58 | €96,163 | €485,958 | +€389,794 | +405% |
| Deferred charges and accrued income | 490/1 | €28,091 | €37,670 | +€9,579 | +34.1% |
| Total equity and liabilities | 10/49 | €6,081,991 | €6,416,625 | +€334,635 | +5.5% |
| Equity | 10/15 | €1,633,779 | €2,516,489 | +€882,710 | +54.0% |
| Contributions | 10/11 | €14,695 | €14,695 | = | 0.0% |
| Reserves | 13 | €1,619,084 | €2,501,794 | +€882,710 | +54.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,956 | €107,191 | +€105,236 | +5,381% |
| Distributable reserves | 133 | €1,617,128 | €2,394,603 | +€777,474 | +48.1% |
| Provisions and deferred taxes | 16 | €7,261 | €35,730 | +€28,470 | +392% |
| Deferred taxes | 168 | €7,261 | €35,730 | +€28,470 | +392% |
| Amounts payable | 17/49 | €4,440,951 | €3,864,406 | -€576,545 | -13.0% |
| Amounts payable after more than one year | 17 | €3,489,871 | €3,241,183 | -€248,689 | -7.1% |
| Financial debts | 170/4 | €2,042,871 | €1,794,183 | -€248,689 | -12.2% |
| Other amounts payable | 178/9 | €1,447,000 | €1,447,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €928,662 | €505,835 | -€422,827 | -45.5% |
| Current portion of amounts payable after more than one year | 42 | €175,387 | €187,420 | +€12,033 | +6.9% |
| Financial debts | 43 | €171,293 | €77,369 | -€93,924 | -54.8% |
| Credit institutions | 430/8 | €171,293 | €77,369 | -€93,924 | -54.8% |
| Trade debts | 44 | €37,361 | €18,710 | -€18,652 | -49.9% |
| Suppliers | 440/4 | €37,361 | €18,710 | -€18,652 | -49.9% |
| Taxes, remuneration and social security | 45 | €107,993 | €41,218 | -€66,775 | -61.8% |
| Taxes | 450/3 | €107,993 | €36,994 | -€70,999 | -65.7% |
| Remuneration and social security | 454/9 | - | €4,224 | +€4,224 | |
| Other amounts payable | 47/48 | €436,627 | €181,118 | -€255,509 | -58.5% |
| Accrued charges and deferred income | 492/3 | €22,418 | €117,388 | +€94,971 | +424% |
| Non-recurring operating income | 76A | €56,473 | €269,544 | +€213,071 | +377% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €220,871 | €172,688 | -€48,183 | -21.8% |
| Other operating charges | 640/8 | €30,216 | €18,973 | -€11,243 | -37.2% |
| Gross operating margin | 9900 | €1,260,660 | €1,546,286 | +€285,626 | +22.7% |
| Operating profit (loss) | 9901 | €1,009,573 | €1,354,626 | +€345,052 | +34.2% |
| Financial income | 75/76B | €13,891 | €22,000 | +€8,109 | +58.4% |
| Recurring financial income | 75 | €13,891 | €22,000 | +€8,109 | +58.4% |
| Financial charges | 65/66B | €136,264 | €199,679 | +€63,415 | +46.5% |
| Recurring financial charges | 65 | €136,264 | €199,679 | +€63,415 | +46.5% |
| Profit (loss) for the period before taxes | 9903 | €887,200 | €1,176,947 | +€289,747 | +32.7% |
| Transfer from deferred taxes | 780 | €807 | €8,017 | +€7,210 | +894% |
| Transfer to deferred taxes | 680 | - | €36,487 | +€36,487 | |
| Income taxes | 67/77 | €222,607 | €265,767 | +€43,160 | +19.4% |
| Profit (loss) for the period | 9904 | €665,400 | €882,710 | +€217,310 | +32.7% |
| Transfer from tax-exempt reserves | 789 | €2,420 | €4,225 | +€1,804 | +74.6% |
| Transfer to tax-exempt reserves | 689 | - | €109,460 | +€109,460 | |
| Profit (loss) for the period to be appropriated | 9905 | €667,820 | €777,474 | +€109,654 | +16.4% |
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 23 October 2026 via checked.be.