V.P.F. - IMMO: what changed
What changed
V.P.F. - IMMO
NACE 70.100, Activities of head offices
filed annual accounts (NBB)
Net result for the year
€8,296
2024 · -€5,475+€13,772
Equity
€101,966
2024 · €93,670+€8,296
Cash
€17,740
2024 · €12,010+€5,730
Balance sheet total
€1.1m
2024 · €1.1m+€32,671
Largest movements
Assets
- Receivables within one year +€78,661
up €78,661 (+91.5%), from €85,926 to €164,587
of which Other amounts receivable: +€76,661
- Tangible fixed assets -€51,170
down €51,170 (-5.3%), from €970,762 to €919,592
Equity and liabilities
- Short-term financial debts +€80,000
up €80,000 (+47.1%), from €170,000 to €250,000
- Debts after one year -€61,016
down €61,016 (-8.3%), from €737,065 to €676,049
Income statement
- Gross operating margin +€14,380
up €14,380 (+16.2%), from €88,545 to €102,926
- Financial charges -€2,934
down €2,934 (-9.7%), from €30,221 to €27,287
- Other operating charges +€1,595
up €1,595 (+8.0%), from €19,916 to €21,511
- Taxes +€1,132
up €1,132 (+565%), from €200 to €1,332
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€5,475
Gross operating margin
+€14,380
Other operating charges
-€1,595
Financial income
-€816
Financial charges
+€2,934
Taxes
-€1,132
Result 2025
€8,296
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€14,771
Investment
€0
Financing
+€20,501
Cash 2024
€12,010
From operations (derived)
-€14,771
Net result for the year
+€8,296
Depreciation
+€51,170
Receivables within one year
-€78,661
Deferred charges and accrued income
+€550
Trade debts
+€1,634
Tax, wage and social debts
+€2,239
Financing
+€20,501
Debts after one year
-€61,016
Current portion of long-term debt
+€1,517
Short-term financial debts
+€80,000
Cash 2025
€17,740
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,069,247 | €1,101,918 | +€32,671 | +3.1% |
| Fixed assets | 21/28 | €970,762 | €919,592 | -€51,170 | -5.3% |
| Tangible fixed assets | 22/27 | €970,762 | €919,592 | -€51,170 | -5.3% |
| Land and buildings | 22 | €970,762 | €919,592 | -€51,170 | -5.3% |
| Current assets | 29/58 | €98,485 | €182,327 | +€83,841 | +85.1% |
| Amounts receivable within one year | 40/41 | €85,926 | €164,587 | +€78,661 | +91.5% |
| Trade receivables | 40 | €1,000 | €3,000 | +€2,000 | +200% |
| Other amounts receivable | 41 | €84,926 | €161,587 | +€76,661 | +90.3% |
| Cash at bank and in hand | 54/58 | €12,010 | €17,740 | +€5,730 | +47.7% |
| Deferred charges and accrued income | 490/1 | €550 | €0 | -€550 | -100% |
| Total equity and liabilities | 10/49 | €1,069,247 | €1,101,918 | +€32,671 | +3.1% |
| Equity | 10/15 | €93,670 | €101,966 | +€8,296 | +8.9% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €62,683 | €70,980 | +€8,296 | +13.2% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €59,585 | €67,881 | +€8,296 | +13.9% |
| Amounts payable | 17/49 | €975,577 | €999,952 | +€24,375 | +2.5% |
| Amounts payable after more than one year | 17 | €737,065 | €676,049 | -€61,016 | -8.3% |
| Financial debts | 170/4 | €737,065 | €676,049 | -€61,016 | -8.3% |
| Amounts payable within one year | 42/48 | €233,306 | €318,697 | +€85,391 | +36.6% |
| Current portion of amounts payable after more than one year | 42 | €59,499 | €61,016 | +€1,517 | +2.6% |
| Financial debts | 43 | €170,000 | €250,000 | +€80,000 | +47.1% |
| Credit institutions | 430/8 | €170,000 | €250,000 | +€80,000 | +47.1% |
| Trade debts | 44 | €3,335 | €4,969 | +€1,634 | +49.0% |
| Suppliers | 440/4 | €3,335 | €4,969 | +€1,634 | +49.0% |
| Taxes, remuneration and social security | 45 | €472 | €2,711 | +€2,239 | +474% |
| Taxes | 450/3 | €472 | €2,711 | +€2,239 | +474% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €5,206 | €5,206 | = | 0.0% |
| Non-recurring operating income | 76A | - | €19,596 | +€19,596 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,170 | €51,170 | = | 0.0% |
| Other operating charges | 640/8 | €19,916 | €21,511 | +€1,595 | +8.0% |
| Gross operating margin | 9900 | €88,545 | €102,926 | +€14,380 | +16.2% |
| Operating profit (loss) | 9901 | €17,459 | €30,245 | +€12,785 | +73.2% |
| Financial income | 75/76B | €7,487 | €6,671 | -€816 | -10.9% |
| Recurring financial income | 75 | €7,487 | €6,671 | -€816 | -10.9% |
| Financial charges | 65/66B | €30,221 | €27,287 | -€2,934 | -9.7% |
| Recurring financial charges | 65 | €30,221 | €27,287 | -€2,934 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,275 | €9,629 | +€14,904 | |
| Income taxes | 67/77 | €200 | €1,332 | +€1,132 | +565% |
| Profit (loss) for the period | 9904 | -€5,475 | €8,296 | +€13,772 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,475 | €8,296 | +€13,772 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.