VA 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.
VA IMMO
Largest movements
- Tangible fixed assets -€44,221
down €44,221 (-4.1%), from €1.1m to €1.0m
of which Land and buildings: -€32,240
- Cash +€28,628
up €28,628 (+4,307%), from €665 to €29,292
mainly Depreciation (+€69,161) and Other debts (+€17,756)
- Intangible fixed assets -€20,485
down €20,485 (-12.5%), from €163,881 to €143,396
- Debts after one year -€51,814
down €51,814 (-10.4%), from €496,630 to €444,816
- Other debts +€17,756
up €17,756 (+4.5%), from €394,972 to €412,728
- Advances received -€14,764
no longer reported in 2025 (was €14,764)
- Reserves +€12,487
up €12,487 (+6.2%), from €202,790 to €215,277
of which Distributable reserves: +€17,784
- Gross operating margin +€11,560
up €11,560 (+11.7%), from €98,794 to €110,355
- Taxes +€5,566
up €5,566 (+58.2%), from €9,563 to €15,129
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 | €1,246,889 | €1,202,683 | -€44,206 | -3.5% |
| Fixed assets | 21/28 | €1,236,581 | €1,171,875 | -€64,706 | -5.2% |
| Intangible fixed assets | 21 | €163,881 | €143,396 | -€20,485 | -12.5% |
| Tangible fixed assets | 22/27 | €1,071,700 | €1,027,479 | -€44,221 | -4.1% |
| Land and buildings | 22 | €748,974 | €716,734 | -€32,240 | -4.3% |
| Plant, machinery and equipment | 23 | €322,726 | €310,745 | -€11,981 | -3.7% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €10,308 | €30,808 | +€20,500 | +199% |
| Amounts receivable within one year | 40/41 | €8,253 | €763 | -€7,490 | -90.8% |
| Trade receivables | 40 | €6,642 | €303 | -€6,339 | -95.4% |
| Other amounts receivable | 41 | €1,611 | €460 | -€1,151 | -71.4% |
| Cash at bank and in hand | 54/58 | €665 | €29,292 | +€28,628 | +4,307% |
| Deferred charges and accrued income | 490/1 | €1,390 | €753 | -€637 | -45.8% |
| Total equity and liabilities | 10/49 | €1,246,889 | €1,202,683 | -€44,206 | -3.5% |
| Equity | 10/15 | €221,390 | €233,877 | +€12,487 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €202,790 | €215,277 | +€12,487 | +6.2% |
| Tax-exempt reserves | 132 | €77,842 | €72,545 | -€5,297 | -6.8% |
| Distributable reserves | 133 | €124,948 | €142,733 | +€17,784 | +14.2% |
| Provisions and deferred taxes | 16 | €46,326 | €44,560 | -€1,766 | -3.8% |
| Deferred taxes | 168 | €46,326 | €44,560 | -€1,766 | -3.8% |
| Amounts payable | 17/49 | €979,173 | €924,246 | -€54,927 | -5.6% |
| Amounts payable after more than one year | 17 | €496,630 | €444,816 | -€51,814 | -10.4% |
| Financial debts | 170/4 | €496,630 | €444,816 | -€51,814 | -10.4% |
| Amounts payable within one year | 42/48 | €477,609 | €474,498 | -€3,111 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €50,939 | €51,814 | +€874 | +1.7% |
| Trade debts | 44 | €9,145 | - | -€9,145 | |
| Suppliers | 440/4 | €1,679 | - | -€1,679 | |
| Bills of exchange payable | 441 | €7,465 | - | -€7,465 | |
| Advances received on contracts in progress | 46 | €14,764 | - | -€14,764 | |
| Taxes, remuneration and social security | 45 | €7,790 | €9,957 | +€2,167 | +27.8% |
| Taxes | 450/3 | €7,790 | €8,501 | +€711 | +9.1% |
| Remuneration and social security | 454/9 | - | €1,456 | +€1,456 | |
| Other amounts payable | 47/48 | €394,972 | €412,728 | +€17,756 | +4.5% |
| Accrued charges and deferred income | 492/3 | €4,934 | €4,932 | -€2 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,038 | €69,161 | +€123 | +0.2% |
| Other operating charges | 640/8 | €6,422 | €6,909 | +€487 | +7.6% |
| Gross operating margin | 9900 | €98,794 | €110,355 | +€11,560 | +11.7% |
| Operating profit (loss) | 9901 | €23,335 | €34,285 | +€10,950 | +46.9% |
| Financial charges | 65/66B | €9,380 | €8,435 | -€945 | -10.1% |
| Recurring financial charges | 65 | €9,380 | €8,435 | -€945 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €13,956 | €25,851 | +€11,895 | +85.2% |
| Transfer from deferred taxes | 780 | €1,766 | €1,766 | = | 0.0% |
| Income taxes | 67/77 | €9,563 | €15,129 | +€5,566 | +58.2% |
| Profit (loss) for the period | 9904 | €6,158 | €12,487 | +€6,329 | +103% |
| Transfer from tax-exempt reserves | 789 | €5,297 | €5,297 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,455 | €17,784 | +€6,329 | +55.2% |
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.