VASTGOED LUK: 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
VASTGOED LUK
NACE 68.322, Real estate appraisal on a fee or contract basis
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€118,052
2024 · €109,855+€8,197
Equity
€439,030
2024 · €320,978+€118,052
Cash
€112,811
2024 · €210,052-€97,241
Balance sheet total
€919,845
2024 · €857,251+€62,595
Largest movements
Assets
- Current investments +€200,000
up €200,000 (+133%), from €150,000 to €350,000
- Cash -€97,241
down €97,241 (-46.3%), from €210,052 to €112,811
mainly Current investments (-€200,000) and Debts after one year (-€27,210)
- Tangible fixed assets -€40,916
down €40,916 (-8.3%), from €491,782 to €450,866
of which Land and buildings: -€27,286
Equity and liabilities
- Reserves +€114,482
up €114,482 (+39.4%), from €290,809 to €405,291
of which Distributable reserves: +€115,000
- Debts after one year -€27,210
down €27,210 (-12.1%), from €224,854 to €197,644
- Tax, wage and social debts -€22,249
down €22,249 (-20.2%), from €110,376 to €88,128
of which Remuneration and social security: -€13,141
Income statement
- Gross operating margin -€83,354
down €83,354 (-20.2%), from €412,249 to €328,895
- Staff costs -€69,864
down €69,864 (-40.9%), from €170,871 to €101,006
- Taxes +€4,671
up €4,671 (+10.6%), from €44,024 to €48,695
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
€109,855
Gross operating margin
-€83,354
Staff costs
+€69,864
Depreciation
+€2,091
Other operating charges
+€1,255
Other operating items
+€16,491
Financial income
+€3,771
Financial charges
+€1,704
Taxes
-€4,671
Deferred taxes and other
+€1,045
Result 2025
€118,052
raises the resultlowers the resultnot broken down further in the accounts
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
+€129,270
Investment
-€201,016
Financing
-€25,494
Cash 2024
€210,052
From operations (derived)
+€129,270
Net result for the year
+€118,052
Depreciation
+€41,933
Receivables within one year
-€852
Smaller working-capital items
-€73
Trade debts
-€4,759
Tax, wage and social debts
-€22,249
Other debts
-€1,181
Accrued charges and deferred income
-€1,602
Investment (derived)
-€201,016
Investment in fixed assets (net)
-€1,016
Current investments
-€200,000
Financing
-€25,494
Debts after one year
-€27,210
Current portion of long-term debt
+€1,716
Cash 2025
€112,811
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €857,251 | €919,845 | +€62,595 | +7.3% |
| Fixed assets | 21/28 | €492,432 | €451,516 | -€40,916 | -8.3% |
| Tangible fixed assets | 22/27 | €491,782 | €450,866 | -€40,916 | -8.3% |
| Land and buildings | 22 | €435,264 | €407,978 | -€27,286 | -6.3% |
| Plant, machinery and equipment | 23 | €19,110 | €14,500 | -€4,610 | -24.1% |
| Furniture and vehicles | 24 | €35,517 | €26,961 | -€8,557 | -24.1% |
| Other tangible fixed assets | 26 | €1,891 | €1,427 | -€464 | -24.5% |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €364,818 | €468,329 | +€103,511 | +28.4% |
| Amounts receivable within one year | 40/41 | €3,312 | €4,164 | +€852 | +25.7% |
| Trade receivables | 40 | €3,102 | €4,164 | +€1,062 | +34.2% |
| Other amounts receivable | 41 | €210 | - | -€210 | |
| Current investments | 50/53 | €150,000 | €350,000 | +€200,000 | +133% |
| Cash at bank and in hand | 54/58 | €210,052 | €112,811 | -€97,241 | -46.3% |
| Deferred charges and accrued income | 490/1 | €1,454 | €1,354 | -€100 | -6.9% |
| Total equity and liabilities | 10/49 | €857,251 | €919,845 | +€62,595 | +7.3% |
| Equity | 10/15 | €320,978 | €439,030 | +€118,052 | +36.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €290,809 | €405,291 | +€114,482 | +39.4% |
| 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 | €10,809 | €10,291 | -€518 | -4.8% |
| Distributable reserves | 133 | €277,000 | €392,000 | +€115,000 | +41.5% |
| Profit (loss) carried forward | 14 | €169 | €3,739 | +€3,570 | +2,115% |
| Provisions and deferred taxes | 16 | €873 | €700 | -€173 | -19.8% |
| Deferred taxes | 168 | €873 | €700 | -€173 | -19.8% |
| Amounts payable | 17/49 | €535,400 | €480,116 | -€55,284 | -10.3% |
| Amounts payable after more than one year | 17 | €224,854 | €197,644 | -€27,210 | -12.1% |
| Financial debts | 170/4 | €224,854 | €197,644 | -€27,210 | -12.1% |
| Amounts payable within one year | 42/48 | €296,705 | €270,232 | -€26,473 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €24,498 | €26,214 | +€1,716 | +7.0% |
| Trade debts | 44 | €16,845 | €12,086 | -€4,759 | -28.3% |
| Suppliers | 440/4 | €16,845 | €12,086 | -€4,759 | -28.3% |
| Taxes, remuneration and social security | 45 | €110,376 | €88,128 | -€22,249 | -20.2% |
| Taxes | 450/3 | €82,926 | €73,818 | -€9,108 | -11.0% |
| Remuneration and social security | 454/9 | €27,451 | €14,310 | -€13,141 | -47.9% |
| Other amounts payable | 47/48 | €144,985 | €143,805 | -€1,181 | -0.8% |
| Accrued charges and deferred income | 492/3 | €13,841 | €12,240 | -€1,602 | -11.6% |
| Non-recurring operating income | 76A | €4,132 | - | -€4,132 | |
| Remuneration, social security and pensions | 62 | €170,871 | €101,006 | -€69,864 | -40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,023 | €41,933 | -€2,091 | -4.7% |
| Other operating charges | 640/8 | €7,297 | €6,042 | -€1,255 | -17.2% |
| Non-recurring operating charges | 66A | €16,614 | €123 | -€16,491 | -99.3% |
| Gross operating margin | 9900 | €412,249 | €328,895 | -€83,354 | -20.2% |
| Operating profit (loss) | 9901 | €173,443 | €179,791 | +€6,348 | +3.7% |
| Financial income | 75/76B | €1,954 | €5,725 | +€3,771 | +193% |
| Recurring financial income | 75 | €1,954 | €5,725 | +€3,771 | +193% |
| Financial charges | 65/66B | €20,646 | €18,942 | -€1,704 | -8.3% |
| Recurring financial charges | 65 | €20,646 | €18,942 | -€1,704 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €154,751 | €166,574 | +€11,823 | +7.6% |
| Transfer from deferred taxes | 780 | €161 | €173 | +€12 | +7.6% |
| Transfer to deferred taxes | 680 | €1,033 | - | -€1,033 | |
| Income taxes | 67/77 | €44,024 | €48,695 | +€4,671 | +10.6% |
| Profit (loss) for the period | 9904 | €109,855 | €118,052 | +€8,197 | +7.5% |
| Transfer from tax-exempt reserves | 789 | €482 | €518 | +€37 | +7.6% |
| Transfer to tax-exempt reserves | 689 | €3,099 | - | -€3,099 | |
| Profit (loss) for the period to be appropriated | 9905 | €107,237 | €118,570 | +€11,333 | +10.6% |
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.