V.H.E.B. IMMO: 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.
V.H.E.B. IMMO
Largest movements
- Tangible fixed assets +€64,258
up €64,258 (+3.9%), from €1.6m to €1.7m
- Receivables within one year +€32,484
up €32,484 (+182.7%), from €17,782 to €50,266
of which Trade receivables: +€28,481
- Profit (loss) carried forward -€70,046
down €70,046 (-415.1%), from -€16,876 to -€86,923
- Debts after one year +€69,797
up €69,797 (+13.4%), from €522,679 to €592,477
- Current portion of long-term debt +€46,469
up €46,469, from €0 to €46,469
- Other debts +€29,477
up €29,477 (+4.9%), from €602,083 to €631,559
- Gross operating margin +€71,054
up €71,054 (+92.8%), from €76,552 to €147,606
- Financial charges +€51,265
up €51,265 (+514.1%), from €9,972 to €61,238
- Depreciation +€5,389
up €5,389 (+8.3%), from €64,782 to €70,171
- Other operating charges +€4,931
up €4,931 (+71.3%), from €6,911 to €11,841
From the 2023 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.
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,767,551 | €1,848,900 | +€81,350 | +4.6% |
| Fixed assets | 21/28 | €1,636,278 | €1,700,535 | +€64,258 | +3.9% |
| Tangible fixed assets | 22/27 | €1,636,278 | €1,700,535 | +€64,258 | +3.9% |
| Land and buildings | 22 | €1,636,278 | €1,700,535 | +€64,258 | +3.9% |
| Current assets | 29/58 | €131,273 | €148,365 | +€17,092 | +13.0% |
| Amounts receivable within one year | 40/41 | €17,782 | €50,266 | +€32,484 | +182.7% |
| Trade receivables | 40 | €12,633 | €41,114 | +€28,481 | +225.5% |
| Other amounts receivable | 41 | €5,149 | €9,152 | +€4,003 | +77.8% |
| Current investments | 50/53 | €60,109 | €61,047 | +€938 | +1.6% |
| Cash at bank and in hand | 54/58 | €53,383 | €37,052 | -€16,330 | -30.6% |
| Total equity and liabilities | 10/49 | €1,767,551 | €1,848,900 | +€81,350 | +4.6% |
| Equity | 10/15 | €620,701 | €550,654 | -€70,046 | -11.3% |
| Contributions | 10/11 | €12,722 | €12,722 | = | 0.0% |
| Reserves | 13 | €624,855 | €624,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,272 | €1,272 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,272 | €1,272 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,640 | €15,640 | = | 0.0% |
| Distributable reserves | 133 | €607,943 | €607,943 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,876 | -€86,923 | -€70,046 | -415.1% |
| Amounts payable | 17/49 | €1,146,850 | €1,298,246 | +€151,396 | +13.2% |
| Amounts payable after more than one year | 17 | €522,679 | €592,477 | +€69,797 | +13.4% |
| Financial debts | 170/4 | €522,679 | €592,477 | +€69,797 | +13.4% |
| Amounts payable within one year | 42/48 | €624,171 | €705,769 | +€81,598 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | €46,469 | +€46,469 | |
| Trade debts | 44 | €1,741 | €5,219 | +€3,478 | +199.8% |
| Suppliers | 440/4 | €1,741 | €5,219 | +€3,478 | +199.8% |
| Taxes, remuneration and social security | 45 | €20,347 | €22,522 | +€2,175 | +10.7% |
| Taxes | 450/3 | €20,347 | €22,522 | +€2,175 | +10.7% |
| Other amounts payable | 47/48 | €602,083 | €631,559 | +€29,477 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,782 | €70,171 | +€5,389 | +8.3% |
| Other operating charges | 640/8 | €6,911 | €11,841 | +€4,931 | +71.3% |
| Gross operating margin | 9900 | €76,552 | €147,606 | +€71,054 | +92.8% |
| Operating profit (loss) | 9901 | €4,860 | €65,594 | +€60,735 | +1249.8% |
| Financial income | 75/76B | €148 | €577 | +€430 | +290.9% |
| Recurring financial income | 75 | €148 | €577 | +€430 | +290.9% |
| Financial charges | 65/66B | €9,972 | €61,238 | +€51,265 | +514.1% |
| Recurring financial charges | 65 | €9,972 | €61,238 | +€51,265 | +514.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,965 | €4,934 | +€9,899 | |
| Income taxes | 67/77 | €37 | €0 | -€37 | -100.0% |
| Profit (loss) for the period | 9904 | -€5,003 | €4,934 | +€9,937 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,003 | €4,934 | +€9,937 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.