VASEMA: 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
VASEMA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€247,615
2024 · -€124,894-€122,721
Equity
€1.2m
2024 · €1.5m-€247,615
Cash
€13,088
2024 · €28,303-€15,215
Balance sheet total
€3.3m
2024 · €3.6m-€319,637
Largest movements
Assets
- Tangible fixed assets -€163,539
down €163,539 (-5.7%), from €2.8m to €2.7m
of which Land and buildings: -€147,761
- Intangible fixed assets -€147,303
down €147,303 (-20.0%), from €736,113 to €588,810
Equity and liabilities
- Profit (loss) carried forward -€230,525
down €230,525, from €29,937 to -€200,588
- Other debts -€159,204
down €159,204 (-14.2%), from €1.1m to €958,984
- Debts after one year +€96,649
up €96,649 (+12.9%), from €749,575 to €846,224
of which Financial debts: +€95,799
Income statement
- Gross operating margin -€113,164
down €113,164 (-39.9%), from €283,272 to €170,108
- Depreciation +€16,086
up €16,086 (+4.9%), from €331,643 to €347,729
- Staff costs -€6,017
down €6,017 (-15.0%), from €40,227 to €34,211
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
-€124,894
Gross operating margin
-€113,164
Staff costs
+€6,017
Depreciation
-€16,086
Other operating charges
-€1,216
Financial income
-€109
Financial charges
+€1,801
Taxes
+€36
Result 2025
-€247,615
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
-€75,514
Investment
-€42,517
Financing
+€102,815
Cash 2024
€28,303
From operations (derived)
-€75,514
Net result for the year
-€247,615
Depreciation
+€347,729
Receivables within one year
+€3,943
Deferred charges and accrued income
-€4,733
Provisions
-€5,697
Trade debts
-€9,338
Smaller working-capital items
-€599
Other debts
-€159,204
Investment (derived)
-€42,517
Investment in fixed assets (net)
-€42,517
Financing
+€102,815
Debts after one year
+€96,649
Current portion of long-term debt
+€6,167
Cash 2025
€13,088
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,624,975 | €3,305,338 | -€319,637 | -8.8% |
| Fixed assets | 21/28 | €3,588,398 | €3,283,186 | -€305,212 | -8.5% |
| Intangible fixed assets | 21 | €736,113 | €588,810 | -€147,303 | -20.0% |
| Tangible fixed assets | 22/27 | €2,846,875 | €2,683,336 | -€163,539 | -5.7% |
| Land and buildings | 22 | €2,795,947 | €2,648,185 | -€147,761 | -5.3% |
| Plant, machinery and equipment | 23 | €25,061 | €17,746 | -€7,315 | -29.2% |
| Furniture and vehicles | 24 | €25,867 | €17,404 | -€8,463 | -32.7% |
| Financial fixed assets | 28 | €5,410 | €11,041 | +€5,631 | +104.1% |
| Current assets | 29/58 | €36,578 | €22,152 | -€14,425 | -39.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €7,220 | €3,277 | -€3,943 | -54.6% |
| Trade receivables | 40 | €1,988 | €788 | -€1,199 | -60.3% |
| Other amounts receivable | 41 | €5,233 | €2,489 | -€2,744 | -52.4% |
| Cash at bank and in hand | 54/58 | €28,303 | €13,088 | -€15,215 | -53.8% |
| Deferred charges and accrued income | 490/1 | €1,054 | €5,787 | +€4,733 | +448.9% |
| Total equity and liabilities | 10/49 | €3,624,975 | €3,305,338 | -€319,637 | -8.8% |
| Equity | 10/15 | €1,459,592 | €1,211,977 | -€247,615 | -17.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,399,655 | €1,382,565 | -€17,090 | -1.2% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €496,655 | €479,565 | -€17,090 | -3.4% |
| Distributable reserves | 133 | €900,000 | €900,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,937 | -€200,588 | -€230,525 | |
| Provisions and deferred taxes | 16 | €221,638 | €215,941 | -€5,697 | -2.6% |
| Provisions for liabilities and charges | 160/5 | €60,000 | €60,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €60,000 | €60,000 | = | 0.0% |
| Deferred taxes | 168 | €161,638 | €155,941 | -€5,697 | -3.5% |
| Amounts payable | 17/49 | €1,943,745 | €1,877,419 | -€66,325 | -3.4% |
| Amounts payable after more than one year | 17 | €749,575 | €846,224 | +€96,649 | +12.9% |
| Financial debts | 170/4 | €735,035 | €830,834 | +€95,799 | +13.0% |
| Other amounts payable | 178/9 | €14,540 | €15,390 | +€850 | +5.8% |
| Amounts payable within one year | 42/48 | €1,194,166 | €1,031,192 | -€162,974 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €43,432 | €49,599 | +€6,167 | +14.2% |
| Trade debts | 44 | €17,590 | €8,252 | -€9,338 | -53.1% |
| Suppliers | 440/4 | €17,590 | €8,252 | -€9,338 | -53.1% |
| Advances received on contracts in progress | 46 | €11,952 | €11,227 | -€725 | -6.1% |
| Taxes, remuneration and social security | 45 | €3,005 | €3,131 | +€126 | +4.2% |
| Taxes | 450/3 | €325 | €884 | +€559 | +172.0% |
| Remuneration and social security | 454/9 | €2,680 | €2,247 | -€433 | -16.2% |
| Other amounts payable | 47/48 | €1,118,187 | €958,984 | -€159,204 | -14.2% |
| Accrued charges and deferred income | 492/3 | €4 | €4 | = | 0.0% |
| Non-recurring operating income | 76A | €106,334 | €7,372 | -€98,962 | -93.1% |
| Remuneration, social security and pensions | 62 | €40,227 | €34,211 | -€6,017 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €331,643 | €347,729 | +€16,086 | +4.9% |
| Other operating charges | 640/8 | €22,845 | €24,060 | +€1,216 | +5.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €283,272 | €170,108 | -€113,164 | -39.9% |
| Operating profit (loss) | 9901 | -€111,443 | -€235,892 | -€124,449 | -111.7% |
| Financial income | 75/76B | €137 | €28 | -€109 | -79.6% |
| Recurring financial income | 75 | €137 | €28 | -€109 | -79.6% |
| Financial charges | 65/66B | €18,960 | €17,160 | -€1,801 | -9.5% |
| Recurring financial charges | 65 | €18,960 | €17,160 | -€1,801 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | -€130,267 | -€253,024 | -€122,757 | -94.2% |
| Transfer from deferred taxes | 780 | €5,697 | €5,697 | = | 0.0% |
| Income taxes | 67/77 | €324 | €288 | -€36 | -11.0% |
| Profit (loss) for the period | 9904 | -€124,894 | -€247,615 | -€122,721 | -98.3% |
| Transfer from tax-exempt reserves | 789 | €17,090 | €17,090 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€107,804 | -€230,525 | -€122,721 | -113.8% |
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 3 October 2026 via checked.be.