VAFA 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.
VAFA IMMO
Largest movements
- Tangible fixed assets -€39,134
down €39,134 (-4.2%), from €922,179 to €883,044
of which Land and buildings: -€48,797
- Cash +€27,307
up €27,307 (+120.2%), from €22,722 to €50,030
mainly Depreciation (+€69,416) and Net result for the year (+€19,520)
- Debts after one year -€23,749
down €23,749 (-2.8%), from €852,357 to €828,607
of which Financial debts: -€26,399
- Reserves +€17,861
up €17,861 (+3572.2%), from €500 to €18,361
- Gross operating margin +€10,823
up €10,823 (+12.1%), from €89,490 to €100,313
- Depreciation +€2,781
up €2,781 (+4.2%), from €66,635 to €69,416
- Taxes -€1,133
down €1,133 (-33.8%), from €3,350 to €2,217
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 | €944,901 | €938,669 | -€6,232 | -0.7% |
| Fixed assets | 21/28 | €922,179 | €883,044 | -€39,134 | -4.2% |
| Tangible fixed assets | 22/27 | €922,179 | €883,044 | -€39,134 | -4.2% |
| Land and buildings | 22 | €773,122 | €724,326 | -€48,797 | -6.3% |
| Plant, machinery and equipment | 23 | €149,056 | €158,719 | +€9,662 | +6.5% |
| Current assets | 29/58 | €22,722 | €55,624 | +€32,902 | +144.8% |
| Amounts receivable within one year | 40/41 | - | €3,432 | +€3,432 | |
| Other amounts receivable | 41 | - | €3,432 | +€3,432 | |
| Cash at bank and in hand | 54/58 | €22,722 | €50,030 | +€27,307 | +120.2% |
| Deferred charges and accrued income | 490/1 | - | €2,162 | +€2,162 | |
| Total equity and liabilities | 10/49 | €944,901 | €938,669 | -€6,232 | -0.7% |
| Equity | 10/15 | €48,841 | €68,361 | +€19,520 | +40.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €500 | €18,361 | +€17,861 | +3572.2% |
| Distributable reserves | 133 | €500 | €18,361 | +€17,861 | +3572.2% |
| Profit (loss) carried forward | 14 | -€1,659 | - | +€1,659 | |
| Amounts payable | 17/49 | €896,060 | €870,308 | -€25,752 | -2.9% |
| Amounts payable after more than one year | 17 | €852,357 | €828,607 | -€23,749 | -2.8% |
| Financial debts | 170/4 | €849,557 | €823,157 | -€26,399 | -3.1% |
| Other amounts payable | 178/9 | €2,800 | €5,450 | +€2,650 | +94.6% |
| Amounts payable within one year | 42/48 | €43,703 | €41,701 | -€2,003 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €30,719 | €30,066 | -€652 | -2.1% |
| Trade debts | 44 | €292 | - | -€292 | |
| Suppliers | 440/4 | €292 | - | -€292 | |
| Taxes, remuneration and social security | 45 | €1,350 | - | -€1,350 | |
| Remuneration and social security | 454/9 | €1,350 | - | -€1,350 | |
| Other amounts payable | 47/48 | €11,342 | €11,634 | +€292 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,635 | €69,416 | +€2,781 | +4.2% |
| Other operating charges | 640/8 | €6,254 | €6,450 | +€197 | +3.1% |
| Gross operating margin | 9900 | €89,490 | €100,313 | +€10,823 | +12.1% |
| Operating profit (loss) | 9901 | €16,601 | €24,446 | +€7,846 | +47.3% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €3,645 | €2,715 | -€930 | -25.5% |
| Recurring financial charges | 65 | €3,645 | €2,715 | -€930 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | €12,956 | €21,737 | +€8,782 | +67.8% |
| Income taxes | 67/77 | €3,350 | €2,217 | -€1,133 | -33.8% |
| Profit (loss) for the period | 9904 | €9,605 | €19,520 | +€9,915 | +103.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,605 | €19,520 | +€9,915 | +103.2% |
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.