VACAS - 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.
VACAS - IMMO
Largest movements
- Cash +€13,823
up €13,823 (+31.3%), from €44,168 to €57,991
mainly Net result for the year (+€36,998) and Trade debts (+€11,652)
- Receivables within one year +€8,285
up €8,285 (+8.1%), from €102,564 to €110,849
of which Other amounts receivable: +€16,723
- Deferred charges and accrued income +€1,921
up €1,921 (+153%), from €1,258 to €3,180
- Reserves +€40,398
up €40,398 (+55.1%), from €73,292 to €113,690
of which Distributable reserves: +€42,257
- Tax, wage and social debts -€16,776
down €16,776 (-70.9%), from €23,661 to €6,885
of which Taxes: -€19,002
- Trade debts +€11,652
up €11,652 (+237%), from €4,924 to €16,575
- Other debts -€10,000
down €10,000 (-26.9%), from €37,214 to €27,214
- Profit (loss) carried forward -€3,400
no longer reported in 2025 (was €3,400)
- Gross operating margin +€12,227
up €12,227 (+27.5%), from €44,479 to €56,706
- Other operating charges +€2,106
up €2,106 (+81.2%), from €2,593 to €4,699
- Taxes -€733
down €733 (-6.0%), from €12,259 to €11,526
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 | €161,083 | €183,574 | +€22,491 | +14.0% |
| Fixed assets | 21/28 | €13,093 | €11,555 | -€1,538 | -11.7% |
| Tangible fixed assets | 22/27 | €13,093 | €11,555 | -€1,538 | -11.7% |
| Land and buildings | 22 | €1,302 | €1,139 | -€163 | -12.5% |
| Furniture and vehicles | 24 | €6,958 | €5,279 | -€1,679 | -24.1% |
| Other tangible fixed assets | 26 | €4,833 | €5,137 | +€304 | +6.3% |
| Current assets | 29/58 | €147,990 | €172,019 | +€24,029 | +16.2% |
| Amounts receivable within one year | 40/41 | €102,564 | €110,849 | +€8,285 | +8.1% |
| Trade receivables | 40 | €15,505 | €7,066 | -€8,438 | -54.4% |
| Other amounts receivable | 41 | €87,060 | €103,782 | +€16,723 | +19.2% |
| Cash at bank and in hand | 54/58 | €44,168 | €57,991 | +€13,823 | +31.3% |
| Deferred charges and accrued income | 490/1 | €1,258 | €3,180 | +€1,921 | +153% |
| Total equity and liabilities | 10/49 | €161,083 | €183,574 | +€22,491 | +14.0% |
| Equity | 10/15 | €95,285 | €132,282 | +€36,998 | +38.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €73,292 | €113,690 | +€40,398 | +55.1% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Tax-exempt reserves | 132 | €5,437 | €5,437 | = | 0.0% |
| Distributable reserves | 133 | €65,996 | €108,253 | +€42,257 | +64.0% |
| Profit (loss) carried forward | 14 | €3,400 | - | -€3,400 | |
| Amounts payable | 17/49 | €65,799 | €51,292 | -€14,506 | -22.0% |
| Amounts payable within one year | 42/48 | €65,799 | €50,674 | -€15,124 | -23.0% |
| Trade debts | 44 | €4,924 | €16,575 | +€11,652 | +237% |
| Suppliers | 440/4 | €4,924 | €16,575 | +€11,652 | +237% |
| Taxes, remuneration and social security | 45 | €23,661 | €6,885 | -€16,776 | -70.9% |
| Taxes | 450/3 | €23,661 | €4,659 | -€19,002 | -80.3% |
| Remuneration and social security | 454/9 | - | €2,226 | +€2,226 | |
| Other amounts payable | 47/48 | €37,214 | €27,214 | -€10,000 | -26.9% |
| Accrued charges and deferred income | 492/3 | - | €618 | +€618 | |
| Remuneration, social security and pensions | 62 | €285 | €22 | -€262 | -92.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,197 | €6,413 | +€216 | +3.5% |
| Other operating charges | 640/8 | €2,593 | €4,699 | +€2,106 | +81.2% |
| Gross operating margin | 9900 | €44,479 | €56,706 | +€12,227 | +27.5% |
| Operating profit (loss) | 9901 | €35,405 | €45,573 | +€10,168 | +28.7% |
| Financial income | 75/76B | €5,130 | €4,985 | -€145 | -2.8% |
| Recurring financial income | 75 | €5,130 | €4,985 | -€145 | -2.8% |
| Financial charges | 65/66B | €2,356 | €2,034 | -€322 | -13.7% |
| Recurring financial charges | 65 | €2,356 | €2,034 | -€322 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €38,180 | €48,524 | +€10,344 | +27.1% |
| Income taxes | 67/77 | €12,259 | €11,526 | -€733 | -6.0% |
| Profit (loss) for the period | 9904 | €25,920 | €36,998 | +€11,077 | +42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,920 | €36,998 | +€11,077 | +42.7% |
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 26 October 2026 via checked.be.