VANDEBOS 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.
What changed
VANDEBOS IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€95,716
2024 · €72,882+€22,834
Equity
€763,976
2024 · €668,261+€95,716
Cash
€11,941
2024 · €25,355-€13,413
Balance sheet total
€2.7m
2024 · €2.6m+€61,156
Largest movements
Assets
- Stocks and contracts +€214,945
new in 2025: €214,945
- Tangible fixed assets -€128,033
down €128,033 (-5.0%), from €2.6m to €2.4m
Equity and liabilities
- Other debts +€224,241
up €224,241 (+244%), from €91,792 to €316,033
- Debts after one year -€153,032
down €153,032 (-13.0%), from €1.2m to €1.0m
- Reserves +€95,716
up €95,716 (+15.8%), from €606,261 to €701,976
of which Distributable reserves: +€98,434
- Current portion of long-term debt -€74,759
down €74,759 (-32.8%), from €227,791 to €153,032
- Trade debts -€47,446
down €47,446 (-86.7%), from €54,724 to €7,279
Income statement
- Gross operating margin +€33,741
up €33,741 (+10.8%), from €311,121 to €344,862
- Depreciation +€8,964
up €8,964 (+7.5%), from €119,069 to €128,033
- Taxes +€8,177
up €8,177 (+32.4%), from €25,200 to €33,377
- Financial charges -€5,754
down €5,754 (-13.9%), from €41,322 to €35,569
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.
Result 2024
€72,882
Gross operating margin
+€33,741
Depreciation
-€8,964
Other operating charges
+€480
Financial charges
+€5,754
Taxes
-€8,177
Result 2025
€95,716
raises the resultlowers the result
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.
From operations
+€222,317
Investment
€0
Financing
-€235,730
Cash 2024
€25,355
From operations (derived)
+€222,317
Net result for the year
+€95,716
Depreciation
+€128,033
Stocks and contracts
-€214,945
Receivables within one year
+€13,514
Deferred charges and accrued income
-€1,171
Provisions
+€21,934
Trade debts
-€47,446
Tax, wage and social debts
+€13,377
Advances received
-€10,935
Other debts
+€224,241
Financing
-€235,730
Debts after one year
-€153,032
Current portion of long-term debt
-€74,759
Short-term financial debts
-€7,939
Cash 2025
€11,941
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,608,024 | €2,669,180 | +€61,156 | +2.3% |
| Fixed assets | 21/28 | €2,567,346 | €2,439,313 | -€128,033 | -5.0% |
| Tangible fixed assets | 22/27 | €2,567,346 | €2,439,313 | -€128,033 | -5.0% |
| Land and buildings | 22 | €2,567,346 | €2,439,313 | -€128,033 | -5.0% |
| Current assets | 29/58 | €40,679 | €229,867 | +€189,189 | +465% |
| Stocks and contracts in progress | 3 | - | €214,945 | +€214,945 | |
| Stocks | 30/36 | - | €214,945 | +€214,945 | |
| Amounts receivable within one year | 40/41 | €13,514 | €0 | -€13,514 | -100% |
| Trade receivables | 40 | €13,514 | €0 | -€13,514 | -100% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €25,355 | €11,941 | -€13,413 | -52.9% |
| Deferred charges and accrued income | 490/1 | €1,810 | €2,981 | +€1,171 | +64.7% |
| Total equity and liabilities | 10/49 | €2,608,024 | €2,669,180 | +€61,156 | +2.3% |
| Equity | 10/15 | €668,261 | €763,976 | +€95,716 | +14.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €606,261 | €701,976 | +€95,716 | +15.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,921 | €31,202 | -€2,718 | -8.0% |
| Distributable reserves | 133 | €566,140 | €664,574 | +€98,434 | +17.4% |
| Provisions and deferred taxes | 16 | €355,800 | €377,733 | +€21,934 | +6.2% |
| Provisions for liabilities and charges | 160/5 | €338,333 | €361,667 | +€23,333 | +6.9% |
| Major repairs and maintenance | 162 | €338,333 | €361,667 | +€23,333 | +6.9% |
| Deferred taxes | 168 | €17,466 | €16,067 | -€1,400 | -8.0% |
| Amounts payable | 17/49 | €1,583,964 | €1,527,471 | -€56,493 | -3.6% |
| Amounts payable after more than one year | 17 | €1,181,354 | €1,028,322 | -€153,032 | -13.0% |
| Financial debts | 170/4 | €1,181,354 | €1,028,322 | -€153,032 | -13.0% |
| Amounts payable within one year | 42/48 | €401,610 | €498,149 | +€96,539 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €227,791 | €153,032 | -€74,759 | -32.8% |
| Financial debts | 43 | €14,667 | €6,728 | -€7,939 | -54.1% |
| Credit institutions | 430/8 | €14,667 | €6,728 | -€7,939 | -54.1% |
| Trade debts | 44 | €54,724 | €7,279 | -€47,446 | -86.7% |
| Suppliers | 440/4 | €54,724 | €7,279 | -€47,446 | -86.7% |
| Advances received on contracts in progress | 46 | €10,935 | €0 | -€10,935 | -100% |
| Taxes, remuneration and social security | 45 | €1,700 | €15,077 | +€13,377 | +787% |
| Taxes | 450/3 | €1,700 | €15,077 | +€13,377 | +787% |
| Other amounts payable | 47/48 | €91,792 | €316,033 | +€224,241 | +244% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,069 | €128,033 | +€8,964 | +7.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €23,333 | €23,333 | = | 0.0% |
| Other operating charges | 640/8 | €30,715 | €30,235 | -€480 | -1.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €311,121 | €344,862 | +€33,741 | +10.8% |
| Operating profit (loss) | 9901 | €138,005 | €163,262 | +€25,257 | +18.3% |
| Financial charges | 65/66B | €41,322 | €35,569 | -€5,754 | -13.9% |
| Recurring financial charges | 65 | €41,322 | €35,569 | -€5,754 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €96,682 | €127,693 | +€31,011 | +32.1% |
| Transfer from deferred taxes | 780 | €1,400 | €1,400 | = | 0.0% |
| Income taxes | 67/77 | €25,200 | €33,377 | +€8,177 | +32.4% |
| Profit (loss) for the period | 9904 | €72,882 | €95,716 | +€22,834 | +31.3% |
| Transfer from tax-exempt reserves | 789 | €2,718 | €2,718 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €75,600 | €98,434 | +€22,834 | +30.2% |
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 24 October 2026 via checked.be.