VANO 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.
What changed
VANO IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €949,174+€135,477
Equity
€12.0m
2024 · €10.9m+€1.1m
Cash
€1.0m
2024 · €1.2m-€208,282
Balance sheet total
€15.8m
2024 · €15.9m-€162,653
Largest movements
Assets
- Cash -€208,282
down €208,282 (-17.0%), from €1.2m to €1.0m
mainly Investment in fixed assets (net) (-€1.4m) and Current portion of long-term debt (-€804,166)
- Tangible fixed assets +€170,060
up €170,060 (+1.3%), from €13.0m to €13.2m
of which Land and buildings: +€223,307
Equity and liabilities
- Reserves +€1.1m
up €1.1m (+10.3%), from €10.5m to €11.6m
of which Distributable reserves: +€659,945
- Current portion of long-term debt -€804,166
down €804,166 (-46.0%), from €1.7m to €945,834
- Other debts -€271,860
down €271,860 (-25.8%), from €1.1m to €783,601
Income statement
- Gross operating margin +€284,907
up €284,907 (+8.5%), from €3.3m to €3.6m
- Depreciation +€68,306
up €68,306 (+5.9%), from €1.2m to €1.2m
- Write-downs +€46,037
new in 2025: €46,037
- Financial charges -€41,982
down €41,982 (-25.3%), from €165,928 to €123,946
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
€949,174
Gross operating margin
+€284,907
Staff costs
-€20,384
Depreciation
-€68,306
Write-downs
-€46,037
Other operating charges
-€24,898
Financial income
+€2,562
Financial charges
+€41,982
Taxes
-€34,348
Result 2025
€1.1m
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.
From operations
+€2.0m
Investment
-€1.4m
Financing
-€858,945
Cash 2024
€1.2m
From operations (derived)
+€2.0m
Net result for the year
+€1.1m
Depreciation
+€1.2m
Receivables within one year
+€121,357
Deferred charges and accrued income
+€3,075
Provisions
-€41,488
Trade debts
-€63,885
Tax, wage and social debts
+€16,900
Advances received
-€51,349
Other debts
-€271,860
Accrued charges and deferred income
+€23,323
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.4m
Financing
-€858,945
Debts after one year
-€54,779
Current portion of long-term debt
-€804,166
Cash 2025
€1.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,919,654 | €15,757,001 | -€162,653 | -1.0% |
| Fixed assets | 21/28 | €13,019,588 | €13,189,648 | +€170,060 | +1.3% |
| Tangible fixed assets | 22/27 | €13,004,616 | €13,174,676 | +€170,060 | +1.3% |
| Land and buildings | 22 | €12,849,531 | €13,072,838 | +€223,307 | +1.7% |
| Furniture and vehicles | 24 | €155,085 | €101,839 | -€53,246 | -34.3% |
| Financial fixed assets | 28 | €14,972 | €14,972 | = | 0.0% |
| Current assets | 29/58 | €2,900,066 | €2,567,353 | -€332,713 | -11.5% |
| Amounts receivable within one year | 40/41 | €1,137,240 | €1,015,883 | -€121,357 | -10.7% |
| Trade receivables | 40 | €1,064,128 | €967,923 | -€96,206 | -9.0% |
| Other amounts receivable | 41 | €73,111 | €47,960 | -€25,151 | -34.4% |
| Current investments | 50/53 | €500,000 | €500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,224,774 | €1,016,492 | -€208,282 | -17.0% |
| Deferred charges and accrued income | 490/1 | €38,053 | €34,978 | -€3,075 | -8.1% |
| Total equity and liabilities | 10/49 | €15,919,654 | €15,757,001 | -€162,653 | -1.0% |
| Equity | 10/15 | €10,876,401 | €11,961,053 | +€1.1m | +10.0% |
| Contributions | 10/11 | €338,883 | €338,883 | = | 0.0% |
| Capital | 10 | €338,883 | €338,883 | = | 0.0% |
| Issued capital | 100 | €338,883 | €338,883 | = | 0.0% |
| Reserves | 13 | €10,537,517 | €11,622,169 | +€1.1m | +10.3% |
| Non-distributable reserves | 130/1 | €39,040 | €39,040 | = | 0.0% |
| Legal reserve | 130 | €33,888 | €33,888 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,152 | €5,152 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,014,906 | €2,439,612 | +€424,706 | +21.1% |
| Distributable reserves | 133 | €8,483,571 | €9,143,517 | +€659,945 | +7.8% |
| Provisions and deferred taxes | 16 | €386,907 | €345,419 | -€41,488 | -10.7% |
| Deferred taxes | 168 | €386,907 | €345,419 | -€41,488 | -10.7% |
| Amounts payable | 17/49 | €4,656,347 | €3,450,530 | -€1.2m | -25.9% |
| Amounts payable after more than one year | 17 | €499,203 | €444,425 | -€54,779 | -11.0% |
| Financial debts | 170/4 | €20,834 | €0 | -€20,834 | -100.0% |
| Other amounts payable | 178/9 | €478,370 | €444,425 | -€33,945 | -7.1% |
| Amounts payable within one year | 42/48 | €4,021,966 | €2,847,605 | -€1.2m | -29.2% |
| Current portion of amounts payable after more than one year | 42 | €1,750,000 | €945,834 | -€804,166 | -46.0% |
| Trade debts | 44 | €352,623 | €288,738 | -€63,885 | -18.1% |
| Suppliers | 440/4 | €352,623 | €288,738 | -€63,885 | -18.1% |
| Advances received on contracts in progress | 46 | €731,298 | €679,949 | -€51,349 | -7.0% |
| Taxes, remuneration and social security | 45 | €132,584 | €149,484 | +€16,900 | +12.7% |
| Taxes | 450/3 | €88,229 | €102,328 | +€14,099 | +16.0% |
| Remuneration and social security | 454/9 | €44,354 | €47,155 | +€2,801 | +6.3% |
| Other amounts payable | 47/48 | €1,055,461 | €783,601 | -€271,860 | -25.8% |
| Accrued charges and deferred income | 492/3 | €135,177 | €158,500 | +€23,323 | +17.3% |
| Non-recurring operating income | 76A | €2,383 | €116,706 | +€114,323 | +4798.3% |
| Remuneration, social security and pensions | 62 | €338,100 | €358,484 | +€20,384 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,160,763 | €1,229,069 | +€68,306 | +5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €46,037 | +€46,037 | |
| Other operating charges | 640/8 | €557,778 | €582,676 | +€24,898 | +4.5% |
| Gross operating margin | 9900 | €3,343,687 | €3,628,593 | +€284,907 | +8.5% |
| Operating profit (loss) | 9901 | €1,287,046 | €1,412,328 | +€125,281 | +9.7% |
| Financial income | 75/76B | €46,317 | €48,878 | +€2,562 | +5.5% |
| Recurring financial income | 75 | €46,317 | €48,878 | +€2,562 | +5.5% |
| Financial charges | 65/66B | €165,928 | €123,946 | -€41,982 | -25.3% |
| Recurring financial charges | 65 | €165,928 | €123,946 | -€41,982 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | €1,167,435 | €1,337,260 | +€169,825 | +14.5% |
| Transfer from deferred taxes | 780 | €41,488 | €41,488 | -€0 | 0.0% |
| Income taxes | 67/77 | €259,748 | €294,096 | +€34,348 | +13.2% |
| Profit (loss) for the period | 9904 | €949,174 | €1,084,652 | +€135,477 | +14.3% |
| Transfer from tax-exempt reserves | 789 | €80,494 | €80,494 | -€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €421,000 | €505,200 | +€84,200 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €608,668 | €659,945 | +€51,277 | +8.4% |
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 8 October 2026 via checked.be.