VACA 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.
VACA IMMO
Largest movements
- Tangible fixed assets +€4.8m
up €4.8m (+155.9%), from €3.1m to €7.9m
of which Land and buildings: +€4.9m
- Financial fixed assets -€4.2m
down €4.2m (-99.9%), from €4.2m to €3,000
- Cash +€238,078
up €238,078 (+52.1%), from €457,000 to €695,078
mainly Short-term financial debts (+€1.1m) and Depreciation (+€277,044)
- Short-term financial debts +€1.1m
up €1.1m (+20.6%), from €5.1m to €6.2m
- Reserves -€102,730
down €102,730 (-5.6%), from €1.8m to €1.7m
of which Distributable reserves: -€102,730
- Debts after one year -€101,304
down €101,304 (-23.1%), from €438,158 to €336,854
- Other operating charges +€146,094
up €146,094 (+899.4%), from €16,244 to €162,337
- Depreciation +€117,815
up €117,815 (+74.0%), from €159,229 to €277,044
- Gross operating margin +€76,614
up €76,614 (+18.0%), from €425,457 to €502,071
- Taxes -€21,487
down €21,487 (-98.6%), from €21,787 to €300
- Financial charges +€5,429
up €5,429 (+3.4%), from €161,092 to €166,520
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.
Cash bridge derived
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 | €7,844,232 | €8,721,713 | +€877,481 | +11.2% |
| Fixed assets | 21/28 | €7,325,877 | €7,922,563 | +€596,685 | +8.1% |
| Tangible fixed assets | 22/27 | €3,095,067 | €7,919,563 | +€4.8m | +155.9% |
| Land and buildings | 22 | €2,984,576 | €7,835,235 | +€4.9m | +162.5% |
| Plant, machinery and equipment | 23 | €25,995 | €15,914 | -€10,081 | -38.8% |
| Furniture and vehicles | 24 | €84,496 | €68,413 | -€16,082 | -19.0% |
| Financial fixed assets | 28 | €4,230,811 | €3,000 | -€4.2m | -99.9% |
| Current assets | 29/58 | €518,355 | €799,151 | +€280,796 | +54.2% |
| Amounts receivable within one year | 40/41 | €55,558 | €97,850 | +€42,291 | +76.1% |
| Trade receivables | 40 | €42,345 | €64,637 | +€22,291 | +52.6% |
| Other amounts receivable | 41 | €13,213 | €33,213 | +€20,000 | +151.4% |
| Cash at bank and in hand | 54/58 | €457,000 | €695,078 | +€238,078 | +52.1% |
| Deferred charges and accrued income | 490/1 | €5,797 | €6,223 | +€426 | +7.4% |
| Total equity and liabilities | 10/49 | €7,844,232 | €8,721,713 | +€877,481 | +11.2% |
| Equity | 10/15 | €2,034,735 | €1,931,064 | -€103,670 | -5.1% |
| Contributions | 10/11 | €183,944 | €183,944 | = | 0.0% |
| Reserves | 13 | €1,849,851 | €1,747,120 | -€102,730 | -5.6% |
| Non-distributable reserves | 130/1 | €125,851 | €125,851 | = | 0.0% |
| Other | 1319 | €125,851 | €125,851 | = | 0.0% |
| Distributable reserves | 133 | €1,724,000 | €1,621,270 | -€102,730 | -6.0% |
| Profit (loss) carried forward | 14 | €940 | €0 | -€940 | -100.0% |
| Amounts payable | 17/49 | €5,809,498 | €6,790,649 | +€981,151 | +16.9% |
| Amounts payable after more than one year | 17 | €438,158 | €336,854 | -€101,304 | -23.1% |
| Financial debts | 170/4 | €438,158 | €336,854 | -€101,304 | -23.1% |
| Amounts payable within one year | 42/48 | €5,218,340 | €6,292,920 | +€1.1m | +20.6% |
| Current portion of amounts payable after more than one year | 42 | €100,221 | €101,304 | +€1,082 | +1.1% |
| Financial debts | 43 | €5,100,000 | €6,150,000 | +€1.1m | +20.6% |
| Other loans | 439 | €5,100,000 | €6,150,000 | +€1.1m | +20.6% |
| Trade debts | 44 | - | €570 | +€570 | |
| Suppliers | 440/4 | - | €570 | +€570 | |
| Taxes, remuneration and social security | 45 | €18,118 | €39,046 | +€20,928 | +115.5% |
| Taxes | 450/3 | €18,118 | €39,046 | +€20,928 | +115.5% |
| Other amounts payable | 47/48 | - | €2,000 | +€2,000 | |
| Accrued charges and deferred income | 492/3 | €153,000 | €160,875 | +€7,875 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,229 | €277,044 | +€117,815 | +74.0% |
| Other operating charges | 640/8 | €16,244 | €162,337 | +€146,094 | +899.4% |
| Gross operating margin | 9900 | €425,457 | €502,071 | +€76,614 | +18.0% |
| Operating profit (loss) | 9901 | €249,985 | €62,690 | -€187,295 | -74.9% |
| Financial income | 75/76B | - | €461 | +€461 | |
| Recurring financial income | 75 | - | €461 | +€461 | |
| Financial charges | 65/66B | €161,092 | €166,520 | +€5,429 | +3.4% |
| Recurring financial charges | 65 | €161,092 | €166,520 | +€5,429 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €88,893 | -€103,370 | -€192,263 | |
| Income taxes | 67/77 | €21,787 | €300 | -€21,487 | -98.6% |
| Profit (loss) for the period | 9904 | €67,106 | -€103,670 | -€170,776 | |
| Profit (loss) for the period to be appropriated | 9905 | €67,106 | -€103,670 | -€170,776 |
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 9 October 2026 via checked.be.