VASTGOED MD: 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 MD
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€164,029
2024 · €14,104+€149,925
Equity
€682,213
2024 · €534,708+€147,504
Cash
€138,283
2024 · €21,419+€116,864
Balance sheet total
€942,689
2024 · €820,805+€121,884
Largest movements
Assets
- Cash +€116,864
up €116,864 (+546%), from €21,419 to €138,283
mainly Net result for the year (+€164,029) and Depreciation (+€22,053)
Equity and liabilities
- Reserves +€147,504
up €147,504 (+28.6%), from €516,108 to €663,613
of which Distributable reserves: +€149,570
- Debts after one year -€19,047
down €19,047 (-14.8%), from €129,131 to €110,084
Income statement
- Gross operating margin +€217,886
up €217,886 (+388%), from €56,110 to €273,996
- Taxes +€69,771
up €69,771 (+755%), from €9,242 to €79,014
- Financial charges -€4,229
down €4,229 (-58.7%), from €7,200 to €2,972
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
€14,104
Gross operating margin
+€217,886
Depreciation
-€183
Other operating charges
-€2,391
Financial income
+€156
Financial charges
+€4,229
Taxes
-€69,771
Result 2025
€164,029
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
+€175,371
Investment
-€22,824
Financing
-€35,683
Cash 2024
€21,419
From operations (derived)
+€175,371
Net result for the year
+€164,029
Depreciation
+€22,053
Receivables within one year
-€4,084
Smaller working-capital items
+€104
Provisions
-€688
Trade debts
+€4,740
Tax, wage and social debts
-€4,799
Other debts
-€5,983
Investment (derived)
-€22,824
Investment in fixed assets (net)
-€22,824
Financing
-€35,683
Debts after one year
-€19,047
Current portion of long-term debt
-€111
Contributions, distributions and other
-€16,525
Cash 2025
€138,283
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €820,805 | €942,689 | +€121,884 | +14.8% |
| Fixed assets | 21/28 | €796,849 | €797,620 | +€771 | +0.1% |
| Tangible fixed assets | 22/27 | €422,349 | €423,120 | +€771 | +0.2% |
| Land and buildings | 22 | €420,074 | €420,845 | +€771 | +0.2% |
| Furniture and vehicles | 24 | €2,275 | €2,275 | = | 0.0% |
| Financial fixed assets | 28 | €374,500 | €374,500 | = | 0.0% |
| Current assets | 29/58 | €23,956 | €145,069 | +€121,112 | +506% |
| Amounts receivable within one year | 40/41 | €1,008 | €5,092 | +€4,084 | +405% |
| Trade receivables | 40 | €940 | - | -€940 | |
| Other amounts receivable | 41 | €68 | €5,092 | +€5,024 | +7,351% |
| Cash at bank and in hand | 54/58 | €21,419 | €138,283 | +€116,864 | +546% |
| Deferred charges and accrued income | 490/1 | €1,529 | €1,693 | +€164 | +10.7% |
| Total equity and liabilities | 10/49 | €820,805 | €942,689 | +€121,884 | +14.8% |
| Equity | 10/15 | €534,708 | €682,213 | +€147,504 | +27.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €516,108 | €663,613 | +€147,504 | +28.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,811 | €44,746 | -€2,065 | -4.4% |
| Distributable reserves | 133 | €467,437 | €617,007 | +€149,570 | +32.0% |
| Provisions and deferred taxes | 16 | €15,604 | €14,915 | -€688 | -4.4% |
| Deferred taxes | 168 | €15,604 | €14,915 | -€688 | -4.4% |
| Amounts payable | 17/49 | €270,493 | €245,561 | -€24,932 | -9.2% |
| Amounts payable after more than one year | 17 | €129,131 | €110,084 | -€19,047 | -14.8% |
| Financial debts | 170/4 | €129,131 | €110,084 | -€19,047 | -14.8% |
| Amounts payable within one year | 42/48 | €141,362 | €135,209 | -€6,153 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €19,158 | €19,047 | -€111 | -0.6% |
| Trade debts | 44 | €250 | €4,990 | +€4,740 | +1,895% |
| Suppliers | 440/4 | €250 | €4,990 | +€4,740 | +1,895% |
| Taxes, remuneration and social security | 45 | €11,843 | €7,045 | -€4,799 | -40.5% |
| Taxes | 450/3 | €11,843 | €7,045 | -€4,799 | -40.5% |
| Other amounts payable | 47/48 | €110,110 | €104,127 | -€5,983 | -5.4% |
| Accrued charges and deferred income | 492/3 | - | €268 | +€268 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,869 | €22,053 | +€183 | +0.8% |
| Other operating charges | 640/8 | €4,410 | €6,801 | +€2,391 | +54.2% |
| Gross operating margin | 9900 | €56,110 | €273,996 | +€217,886 | +388% |
| Operating profit (loss) | 9901 | €29,831 | €245,142 | +€215,312 | +722% |
| Financial income | 75/76B | €28 | €184 | +€156 | +561% |
| Recurring financial income | 75 | €28 | €184 | +€156 | +561% |
| Financial charges | 65/66B | €7,200 | €2,972 | -€4,229 | -58.7% |
| Recurring financial charges | 65 | €7,200 | €2,972 | -€4,229 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €22,658 | €242,355 | +€219,696 | +970% |
| Transfer from deferred taxes | 780 | €688 | €688 | = | 0.0% |
| Income taxes | 67/77 | €9,242 | €79,014 | +€69,771 | +755% |
| Profit (loss) for the period | 9904 | €14,104 | €164,029 | +€149,925 | +1,063% |
| Transfer from tax-exempt reserves | 789 | €2,065 | €2,065 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,170 | €166,095 | +€149,925 | +927% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.