V-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.
What changed
V-IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€36,744
2024 · €53,593-€16,849
Equity
€979,646
2024 · €942,902+€36,744
Cash
€1,743
2024 · €980+€763
Balance sheet total
€4.3m
2024 · €3.6m+€711,235
Largest movements
Assets
- Tangible fixed assets +€672,746
up €672,746 (+19.4%), from €3.5m to €4.1m
of which Land and buildings: +€678,714
- Financial fixed assets +€133,380
new in 2025: €133,380
- Receivables within one year -€90,750
no longer reported in 2025 (was €90,750)
Equity and liabilities
- Debts after one year +€694,321
up €694,321 (+31.9%), from €2.2m to €2.9m
of which Financial debts: +€860,898
- Profit (loss) carried forward +€63,691
up €63,691 (+54.6%), from -€116,732 to -€53,041
Income statement
- Depreciation +€16,985
up €16,985 (+12.7%), from €133,530 to €150,515
- Financial charges +€11,224
up €11,224 (+15.5%), from €72,626 to €83,850
- Financial income +€3,630
new in 2025: €3,630
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
€53,593
Gross operating margin
-€690
Depreciation
-€16,985
Other operating charges
-€646
Other operating items
+€9,065
Financial income
+€3,630
Financial charges
-€11,224
Result 2025
€36,744
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€254,015
Investment
-€951,737
Financing
+€698,485
Cash 2024
€980
From operations (derived)
+€254,015
Net result for the year
+€36,744
Depreciation
+€150,515
Receivables within one year
+€90,750
Provisions
-€8,982
Trade debts
-€23,124
Tax, wage and social debts
+€4,298
Accrued charges and deferred income
+€3,814
Investment (derived)
-€951,737
Investment in fixed assets (net)
-€951,737
Financing
+€698,485
Debts after one year
+€694,321
Current portion of long-term debt
+€4,164
Cash 2025
€1,743
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,586,048 | €4,297,283 | +€711,235 | +19.8% |
| Fixed assets | 21/28 | €3,485,030 | €4,286,252 | +€801,222 | +23.0% |
| Intangible fixed assets | 21 | €18,618 | €13,714 | -€4,904 | -26.3% |
| Tangible fixed assets | 22/27 | €3,466,413 | €4,139,159 | +€672,746 | +19.4% |
| Land and buildings | 22 | €3,446,039 | €4,124,753 | +€678,714 | +19.7% |
| Furniture and vehicles | 24 | €20,374 | €14,406 | -€5,968 | -29.3% |
| Financial fixed assets | 28 | - | €133,380 | +€133,380 | |
| Current assets | 29/58 | €101,018 | €11,030 | -€89,987 | -89.1% |
| Amounts receivable within one year | 40/41 | €90,750 | - | -€90,750 | |
| Trade receivables | 40 | €90,750 | - | -€90,750 | |
| Cash at bank and in hand | 54/58 | €980 | €1,743 | +€763 | +77.8% |
| Deferred charges and accrued income | 490/1 | €9,288 | €9,288 | = | 0.0% |
| Total equity and liabilities | 10/49 | €3,586,048 | €4,297,283 | +€711,235 | +19.8% |
| Equity | 10/15 | €942,902 | €979,646 | +€36,744 | +3.9% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €1,040,884 | €1,013,937 | -€26,946 | -2.6% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Tax-exempt reserves | 132 | €872,476 | €845,529 | -€26,946 | -3.1% |
| Distributable reserves | 133 | €166,533 | €166,533 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€116,732 | -€53,041 | +€63,691 | +54.6% |
| Provisions and deferred taxes | 16 | €285,159 | €276,176 | -€8,982 | -3.1% |
| Deferred taxes | 168 | €285,159 | €276,176 | -€8,982 | -3.1% |
| Amounts payable | 17/49 | €2,357,987 | €3,041,460 | +€683,472 | +29.0% |
| Amounts payable after more than one year | 17 | €2,177,993 | €2,872,314 | +€694,321 | +31.9% |
| Financial debts | 170/4 | €2,011,417 | €2,872,314 | +€860,898 | +42.8% |
| Other amounts payable | 178/9 | €166,576 | - | -€166,576 | |
| Amounts payable within one year | 42/48 | €177,322 | €162,659 | -€14,663 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €126,356 | €130,520 | +€4,164 | +3.3% |
| Trade debts | 44 | €44,543 | €21,419 | -€23,124 | -51.9% |
| Suppliers | 440/4 | €44,543 | €21,419 | -€23,124 | -51.9% |
| Taxes, remuneration and social security | 45 | €6,423 | €10,721 | +€4,298 | +66.9% |
| Taxes | 450/3 | €6,423 | €10,721 | +€4,298 | +66.9% |
| Accrued charges and deferred income | 492/3 | €2,672 | €6,486 | +€3,814 | +143% |
| Turnover | 70 | €300,000 | €300,000 | = | 0.0% |
| Non-recurring operating income | 76A | - | €583 | +€583 | |
| Goods, raw materials, services and sundry goods | 60/61 | €19,588 | €20,861 | +€1,273 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,530 | €150,515 | +€16,985 | +12.7% |
| Other operating charges | 640/8 | €20,580 | €21,225 | +€646 | +3.1% |
| Non-recurring operating charges | 66A | €9,065 | - | -€9,065 | |
| Gross operating margin | 9900 | €280,412 | €279,723 | -€690 | -0.2% |
| Operating profit (loss) | 9901 | €117,237 | €107,982 | -€9,255 | -7.9% |
| Financial income | 75/76B | - | €3,630 | +€3,630 | |
| Recurring financial income | 75 | - | €3,630 | +€3,630 | |
| Financial charges | 65/66B | €72,626 | €83,850 | +€11,224 | +15.5% |
| Recurring financial charges | 65 | €72,626 | €83,850 | +€11,224 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €44,611 | €27,762 | -€16,849 | -37.8% |
| Transfer from deferred taxes | 780 | €8,982 | €8,982 | = | 0.0% |
| Profit (loss) for the period | 9904 | €53,593 | €36,744 | -€16,849 | -31.4% |
| Transfer from tax-exempt reserves | 789 | €26,946 | €26,946 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,539 | €63,691 | -€16,849 | -20.9% |
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 20 October 2026 via checked.be.