VAM 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.
VAM IMMO
Largest movements
- Receivables within one year +€93,353
up €93,353 (+17.2%), from €542,331 to €635,684
of which Trade receivables: +€131,515
- Reserves +€43,940
up €43,940 (+13.9%), from €315,170 to €359,110
of which Distributable reserves: +€43,940
- Other debts +€15,747
up €15,747 (+8.9%), from €177,428 to €193,175
- Debts after one year +€14,339
new in 2025: €14,339
- Current portion of long-term debt +€8,376
up €8,376 (+123.6%), from €6,779 to €15,155
- Gross operating margin +€5,099
up €5,099 (+8.9%), from €57,022 to €62,120
- Depreciation -€2,227
down €2,227 (-94.7%), from €2,351 to €124
- Financial charges +€1,049
up €1,049 (+128.9%), from €814 to €1,863
- Taxes +€945
up €945 (+6.2%), from €15,137 to €16,082
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 | €685,028 | €773,680 | +€88,652 | +12.9% |
| Fixed assets | 21/28 | €136,991 | €136,093 | -€897 | -0.7% |
| Tangible fixed assets | 22/27 | €126,991 | €126,093 | -€897 | -0.7% |
| Land and buildings | 22 | €126,093 | €126,093 | = | 0.0% |
| Furniture and vehicles | 24 | €897 | - | -€897 | |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €548,037 | €637,587 | +€89,549 | +16.3% |
| Amounts receivable within one year | 40/41 | €542,331 | €635,684 | +€93,353 | +17.2% |
| Trade receivables | 40 | €332,335 | €463,850 | +€131,515 | +39.6% |
| Other amounts receivable | 41 | €209,996 | €171,834 | -€38,162 | -18.2% |
| Cash at bank and in hand | 54/58 | €5,594 | €1,857 | -€3,737 | -66.8% |
| Deferred charges and accrued income | 490/1 | €112 | €46 | -€66 | -58.9% |
| Total equity and liabilities | 10/49 | €685,028 | €773,680 | +€88,652 | +12.9% |
| Equity | 10/15 | €479,866 | €523,813 | +€43,947 | +9.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €315,170 | €359,110 | +€43,940 | +13.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €313,310 | €357,250 | +€43,940 | +14.0% |
| Profit (loss) carried forward | 14 | €152,296 | €152,303 | +€7 | 0.0% |
| Amounts payable | 17/49 | €205,162 | €249,867 | +€44,705 | +21.8% |
| Amounts payable after more than one year | 17 | - | €14,339 | +€14,339 | |
| Financial debts | 170/4 | - | €14,339 | +€14,339 | |
| Amounts payable within one year | 42/48 | €205,162 | €235,528 | +€30,366 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €6,779 | €15,155 | +€8,376 | +123.6% |
| Trade debts | 44 | €32 | €1,027 | +€995 | +3063.5% |
| Suppliers | 440/4 | €32 | €1,027 | +€995 | +3063.5% |
| Taxes, remuneration and social security | 45 | €20,923 | €26,171 | +€5,248 | +25.1% |
| Taxes | 450/3 | €20,923 | €10,771 | -€10,152 | -48.5% |
| Remuneration and social security | 454/9 | - | €15,400 | +€15,400 | |
| Other amounts payable | 47/48 | €177,428 | €193,175 | +€15,747 | +8.9% |
| Non-recurring operating income | 76A | - | €8,276 | +€8,276 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,351 | €124 | -€2,227 | -94.7% |
| Other operating charges | 640/8 | €616 | €105 | -€511 | -82.9% |
| Non-recurring operating charges | 66A | €58 | - | -€58 | |
| Gross operating margin | 9900 | €57,022 | €62,120 | +€5,099 | +8.9% |
| Operating profit (loss) | 9901 | €53,997 | €61,892 | +€7,894 | +14.6% |
| Financial charges | 65/66B | €814 | €1,863 | +€1,049 | +128.9% |
| Recurring financial charges | 65 | €814 | €1,863 | +€1,049 | +128.9% |
| Profit (loss) for the period before taxes | 9903 | €53,183 | €60,029 | +€6,846 | +12.9% |
| Income taxes | 67/77 | €15,137 | €16,082 | +€945 | +6.2% |
| Profit (loss) for the period | 9904 | €38,047 | €43,947 | +€5,900 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €38,047 | €43,947 | +€5,900 | +15.5% |
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 6 October 2026 via checked.be.