VANDERHALLEN 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.
VANDERHALLEN IMMO
Largest movements
- Tangible fixed assets +€642,026
up €642,026 (+32.3%), from €2.0m to €2.6m
of which Land and buildings: +€551,503
- Receivables within one year +€310,683
up €310,683 (+46.0%), from €675,453 to €986,136
of which Other amounts receivable: +€256,674
- Debts after one year +€613,291
up €613,291 (+110%), from €559,330 to €1.2m
- Reserves +€336,964
up €336,964 (+29.3%), from €1.2m to €1.5m
- Other debts +€104,492
up €104,492 (+16.6%), from €630,942 to €735,434
- Trade debts -€83,217
down €83,217 (-55.0%), from €151,420 to €68,203
- Gross operating margin +€273,401
up €273,401 (+160%), from €170,363 to €443,764
- Depreciation +€88,651
up €88,651 (+150%), from €59,124 to €147,775
- Financial income -€87,260
down €87,260 (-29.0%), from €300,647 to €213,387
- Financial charges +€46,174
up €46,174 (+313%), from €14,748 to €60,922
- Taxes +€27,247
up €27,247 (+49.1%), from €55,521 to €82,768
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 | €3,648,324 | €4,606,839 | +€958,515 | +26.3% |
| Fixed assets | 21/28 | €2,926,695 | €3,568,721 | +€642,026 | +21.9% |
| Tangible fixed assets | 22/27 | €1,986,195 | €2,628,221 | +€642,026 | +32.3% |
| Land and buildings | 22 | €1,986,195 | €2,537,698 | +€551,503 | +27.8% |
| Furniture and vehicles | 24 | - | €90,523 | +€90,523 | |
| Financial fixed assets | 28 | €940,500 | €940,500 | = | 0.0% |
| Current assets | 29/58 | €721,629 | €1,038,118 | +€316,489 | +43.9% |
| Stocks and contracts in progress | 3 | €6,584 | - | -€6,584 | |
| Stocks | 30/36 | €6,584 | - | -€6,584 | |
| Amounts receivable within one year | 40/41 | €675,453 | €986,136 | +€310,683 | +46.0% |
| Trade receivables | 40 | €24,805 | €78,814 | +€54,009 | +218% |
| Other amounts receivable | 41 | €650,648 | €907,322 | +€256,674 | +39.4% |
| Cash at bank and in hand | 54/58 | €28,287 | €40,819 | +€12,532 | +44.3% |
| Deferred charges and accrued income | 490/1 | €11,305 | €11,163 | -€142 | -1.3% |
| Total equity and liabilities | 10/49 | €3,648,324 | €4,606,839 | +€958,515 | +26.3% |
| Equity | 10/15 | €2,109,401 | €2,446,365 | +€336,964 | +16.0% |
| Contributions | 10/11 | €959,100 | €959,100 | = | 0.0% |
| Reserves | 13 | €1,150,301 | €1,487,265 | +€336,964 | +29.3% |
| Distributable reserves | 133 | €1,150,301 | €1,487,265 | +€336,964 | +29.3% |
| Amounts payable | 17/49 | €1,538,923 | €2,160,474 | +€621,551 | +40.4% |
| Amounts payable after more than one year | 17 | €559,330 | €1,172,621 | +€613,291 | +110% |
| Financial debts | 170/4 | €559,330 | €1,172,621 | +€613,291 | +110% |
| Amounts payable within one year | 42/48 | €979,593 | €987,853 | +€8,260 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €156,332 | €168,783 | +€12,451 | +8.0% |
| Trade debts | 44 | €151,420 | €68,203 | -€83,217 | -55.0% |
| Suppliers | 440/4 | €151,420 | €68,203 | -€83,217 | -55.0% |
| Taxes, remuneration and social security | 45 | €40,899 | €15,433 | -€25,466 | -62.3% |
| Taxes | 450/3 | €39,658 | €14,189 | -€25,469 | -64.2% |
| Remuneration and social security | 454/9 | €1,241 | €1,244 | +€3 | +0.2% |
| Other amounts payable | 47/48 | €630,942 | €735,434 | +€104,492 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,124 | €147,775 | +€88,651 | +150% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €24,761 | +€24,761 | |
| Other operating charges | 640/8 | €9,097 | €3,961 | -€5,136 | -56.5% |
| Gross operating margin | 9900 | €170,363 | €443,764 | +€273,401 | +160% |
| Operating profit (loss) | 9901 | €102,142 | €267,267 | +€165,125 | +162% |
| Financial income | 75/76B | €300,647 | €213,387 | -€87,260 | -29.0% |
| Recurring financial income | 75 | €300,647 | €213,387 | -€87,260 | -29.0% |
| Financial charges | 65/66B | €14,748 | €60,922 | +€46,174 | +313% |
| Recurring financial charges | 65 | €14,748 | €60,922 | +€46,174 | +313% |
| Profit (loss) for the period before taxes | 9903 | €388,041 | €419,732 | +€31,691 | +8.2% |
| Income taxes | 67/77 | €55,521 | €82,768 | +€27,247 | +49.1% |
| Profit (loss) for the period | 9904 | €332,520 | €336,964 | +€4,444 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €332,520 | €336,964 | +€4,444 | +1.3% |
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 23 October 2026 via checked.be.