VAES IMMO: what changed
Two fiscal 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.
VAES IMMO
Largest movements
- Tangible fixed assets +€287,406
up €287,406 (+16.9%), from €1.7m to €2.0m
- Cash -€105,184
down €105,184 (-64.5%), from €163,059 to €57,875
mainly Investment in fixed assets (net) (-€363,765) and Net result for the year (-€14,381)
- Debts after one year +€117,323
up €117,323 (+13.2%), from €889,808 to €1.0m
- Other debts +€44,814
up €44,814 (+5.0%), from €897,992 to €942,806
- Other operating charges +€58,231
up €58,231 (+495.9%), from €11,742 to €69,973
- Financial charges +€44,679
up €44,679 (+91.2%), from €48,998 to €93,677
- Gross operating margin +€27,008
up €27,008 (+13.6%), from €198,432 to €225,441
- Taxes -€15,600
no longer reported in 2025 (was €15,600)
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 | €3,045,691 | €3,240,889 | +€195,198 | +6.4% |
| Fixed assets | 21/28 | €2,860,991 | €3,148,397 | +€287,406 | +10.0% |
| Tangible fixed assets | 22/27 | €1,699,717 | €1,987,123 | +€287,406 | +16.9% |
| Land and buildings | 22 | €1,699,717 | €1,987,123 | +€287,406 | +16.9% |
| Financial fixed assets | 28 | €1,161,274 | €1,161,274 | = | 0.0% |
| Current assets | 29/58 | €184,699 | €92,492 | -€92,208 | -49.9% |
| Amounts receivable within one year | 40/41 | €19,297 | €32,697 | +€13,400 | +69.4% |
| Trade receivables | 40 | €200 | €3,690 | +€3,490 | +1744.9% |
| Other amounts receivable | 41 | €19,097 | €29,007 | +€9,910 | +51.9% |
| Cash at bank and in hand | 54/58 | €163,059 | €57,875 | -€105,184 | -64.5% |
| Deferred charges and accrued income | 490/1 | €2,344 | €1,919 | -€424 | -18.1% |
| Total equity and liabilities | 10/49 | €3,045,691 | €3,240,889 | +€195,198 | +6.4% |
| Equity | 10/15 | €1,087,673 | €1,073,293 | -€14,381 | -1.3% |
| Contributions | 10/11 | €727,410 | €727,410 | = | 0.0% |
| Reserves | 13 | €360,264 | €345,883 | -€14,381 | -4.0% |
| Tax-exempt reserves | 132 | €19,424 | €19,424 | = | 0.0% |
| Distributable reserves | 133 | €340,839 | €326,458 | -€14,381 | -4.2% |
| Amounts payable | 17/49 | €1,958,017 | €2,167,596 | +€209,579 | +10.7% |
| Amounts payable after more than one year | 17 | €889,808 | €1,007,131 | +€117,323 | +13.2% |
| Financial debts | 170/4 | €889,808 | €1,007,131 | +€117,323 | +13.2% |
| Amounts payable within one year | 42/48 | €1,033,043 | €1,097,262 | +€64,219 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €114,656 | €141,969 | +€27,313 | +23.8% |
| Trade debts | 44 | €8,065 | €157 | -€7,908 | -98.1% |
| Suppliers | 440/4 | €8,065 | €157 | -€7,908 | -98.1% |
| Taxes, remuneration and social security | 45 | €12,330 | €12,330 | = | 0.0% |
| Taxes | 450/3 | €12,330 | €12,330 | = | 0.0% |
| Other amounts payable | 47/48 | €897,992 | €942,806 | +€44,814 | +5.0% |
| Accrued charges and deferred income | 492/3 | €35,166 | €63,203 | +€28,036 | +79.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,450 | €76,359 | +€909 | +1.2% |
| Other operating charges | 640/8 | €11,742 | €69,973 | +€58,231 | +495.9% |
| Gross operating margin | 9900 | €198,432 | €225,441 | +€27,008 | +13.6% |
| Operating profit (loss) | 9901 | €111,240 | €79,109 | -€32,131 | -28.9% |
| Financial income | 75/76B | €452 | €187 | -€265 | -58.6% |
| Recurring financial income | 75 | €452 | €187 | -€265 | -58.6% |
| Financial charges | 65/66B | €48,998 | €93,677 | +€44,679 | +91.2% |
| Recurring financial charges | 65 | €48,998 | €93,677 | +€44,679 | +91.2% |
| Profit (loss) for the period before taxes | 9903 | €62,694 | -€14,381 | -€77,075 | |
| Income taxes | 67/77 | €15,600 | - | -€15,600 | |
| Profit (loss) for the period | 9904 | €47,094 | -€14,381 | -€61,475 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,094 | -€14,381 | -€61,475 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.