VASTGOED NOORD: 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 NOORD
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €934,942+€407,077
Equity
€32.8m
2024 · €31.5m+€1.3m
Cash
€102,815
2024 · €365,111-€262,296
Balance sheet total
€46.5m
2024 · €48.1m-€1.6m
Largest movements
Assets
- Tangible fixed assets -€2.1m
down €2.1m (-6.4%), from €33.0m to €30.9m
of which Land and buildings: -€2.7m
- Receivables within one year +€644,949
up €644,949 (+4.5%), from €14.4m to €15.1m
of which Trade receivables: +€618,783
Equity and liabilities
- Debts after one year -€3.1m
down €3.1m (-37.9%), from €8.2m to €5.1m
of which Financial debts: -€3.1m
- Reserves +€1.3m
up €1.3m (+6.6%), from €20.5m to €21.8m
of which Distributable reserves: +€1.7m
- Other debts +€668,217
up €668,217 (+74.6%), from €896,238 to €1.6m
Income statement
- Financial charges -€418,090
down €418,090 (-51.4%), from €813,581 to €395,491
of which Non-recurring financial charges: -€321,804
- Other operating charges -€267,097
down €267,097 (-54.8%), from €487,136 to €220,038
- Taxes +€122,558
up €122,558 (+26.3%), from €465,744 to €588,302
- Gross operating margin -€95,628
down €95,628 (-1.7%), from €5.6m to €5.5m
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
€934,942
Gross operating margin
-€95,628
Staff costs
-€13,618
Depreciation
-€49,899
Other operating charges
+€267,097
Financial income
+€3,593
Financial charges
+€418,090
Taxes
-€122,558
Result 2025
€1.3m
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
+€4.1m
Investment
-€1.0m
Financing
-€3.3m
Cash 2024
€365,111
From operations (derived)
+€4.1m
Net result for the year
+€1.3m
Depreciation
+€3.1m
Receivables within one year
-€644,949
Deferred charges and accrued income
-€131,837
Provisions
-€121,867
Trade debts
-€9,257
Tax, wage and social debts
-€120,908
Other debts
+€668,217
Accrued charges and deferred income
-€44,221
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€1.0m
Financing
-€3.3m
Debts after one year
-€3.1m
Current portion of long-term debt
+€13,731
Short-term financial debts
-€202,638
Cash 2025
€102,815
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €48,088,403 | €46,496,243 | -€1.6m | -3.3% |
| Fixed assets | 21/28 | €33,006,409 | €30,899,760 | -€2.1m | -6.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €32,971,222 | €30,864,573 | -€2.1m | -6.4% |
| Land and buildings | 22 | €31,306,495 | €28,605,242 | -€2.7m | -8.6% |
| Plant, machinery and equipment | 23 | €1,630,140 | €2,240,407 | +€610,267 | +37.4% |
| Furniture and vehicles | 24 | €34,587 | €18,924 | -€15,663 | -45.3% |
| Financial fixed assets | 28 | €35,188 | €35,188 | = | 0.0% |
| Current assets | 29/58 | €15,081,994 | €15,596,483 | +€514,489 | +3.4% |
| Amounts receivable within one year | 40/41 | €14,436,153 | €15,081,101 | +€644,949 | +4.5% |
| Trade receivables | 40 | €432,866 | €1,051,649 | +€618,783 | +143% |
| Other amounts receivable | 41 | €14,003,286 | €14,029,452 | +€26,165 | +0.2% |
| Cash at bank and in hand | 54/58 | €365,111 | €102,815 | -€262,296 | -71.8% |
| Deferred charges and accrued income | 490/1 | €280,730 | €412,567 | +€131,837 | +47.0% |
| Total equity and liabilities | 10/49 | €48,088,403 | €46,496,243 | -€1.6m | -3.3% |
| Equity | 10/15 | €31,475,497 | €32,817,516 | +€1.3m | +4.3% |
| Contributions | 10/11 | €10,995,000 | €10,995,000 | = | 0.0% |
| Capital | 10 | €10,995,000 | €10,995,000 | = | 0.0% |
| Issued capital | 100 | €10,995,000 | €10,995,000 | = | 0.0% |
| Reserves | 13 | €20,480,497 | €21,822,516 | +€1.3m | +6.6% |
| Non-distributable reserves | 130/1 | €1,099,500 | €1,099,500 | = | 0.0% |
| Legal reserve | 130 | €1,099,500 | €1,099,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,992,984 | €3,627,077 | -€365,907 | -9.2% |
| Distributable reserves | 133 | €15,388,013 | €17,095,939 | +€1.7m | +11.1% |
| Provisions and deferred taxes | 16 | €2,119,943 | €1,998,077 | -€121,867 | -5.7% |
| Provisions for liabilities and charges | 160/5 | €789,620 | €789,620 | = | 0.0% |
| Environmental obligations | 163 | €789,620 | €789,620 | = | 0.0% |
| Deferred taxes | 168 | €1,330,324 | €1,208,457 | -€121,867 | -9.2% |
| Amounts payable | 17/49 | €14,492,962 | €11,680,651 | -€2.8m | -19.4% |
| Amounts payable after more than one year | 17 | €8,222,866 | €5,105,629 | -€3.1m | -37.9% |
| Financial debts | 170/4 | €8,222,866 | €5,102,847 | -€3.1m | -37.9% |
| Other amounts payable | 178/9 | - | €2,782 | +€2,782 | |
| Amounts payable within one year | 42/48 | €6,204,431 | €6,553,577 | +€349,146 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €3,106,289 | €3,120,019 | +€13,731 | +0.4% |
| Financial debts | 43 | €702,633 | €499,996 | -€202,638 | -28.8% |
| Credit institutions | 430/8 | €702,633 | €499,996 | -€202,638 | -28.8% |
| Trade debts | 44 | €856,755 | €847,498 | -€9,257 | -1.1% |
| Suppliers | 440/4 | €856,755 | €847,498 | -€9,257 | -1.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €642,517 | €521,609 | -€120,908 | -18.8% |
| Taxes | 450/3 | €614,788 | €497,135 | -€117,653 | -19.1% |
| Remuneration and social security | 454/9 | €27,729 | €24,474 | -€3,254 | -11.7% |
| Other amounts payable | 47/48 | €896,238 | €1,564,455 | +€668,217 | +74.6% |
| Accrued charges and deferred income | 492/3 | €65,665 | €21,445 | -€44,221 | -67.3% |
| Remuneration, social security and pensions | 62 | €199,389 | €213,007 | +€13,618 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,074,047 | €3,123,946 | +€49,899 | +1.6% |
| Other operating charges | 640/8 | €487,136 | €220,038 | -€267,097 | -54.8% |
| Gross operating margin | 9900 | €5,579,159 | €5,483,531 | -€95,628 | -1.7% |
| Operating profit (loss) | 9901 | €1,818,588 | €1,926,540 | +€107,952 | +5.9% |
| Financial income | 75/76B | €273,813 | €277,405 | +€3,593 | +1.3% |
| Recurring financial income | 75 | €273,813 | €275,787 | +€1,974 | +0.7% |
| Non-recurring financial income | 76B | €0 | €1,618 | +€1,618 | |
| Financial charges | 65/66B | €813,581 | €395,491 | -€418,090 | -51.4% |
| Recurring financial charges | 65 | €491,273 | €394,987 | -€96,286 | -19.6% |
| Non-recurring financial charges | 66B | €322,308 | €504 | -€321,804 | -99.8% |
| Profit (loss) for the period before taxes | 9903 | €1,278,820 | €1,808,454 | +€529,635 | +41.4% |
| Transfer from deferred taxes | 780 | €121,867 | €121,867 | = | 0.0% |
| Income taxes | 67/77 | €465,744 | €588,302 | +€122,558 | +26.3% |
| Profit (loss) for the period | 9904 | €934,942 | €1,342,019 | +€407,077 | +43.5% |
| Transfer from tax-exempt reserves | 789 | €365,907 | €365,907 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,300,849 | €1,707,926 | +€407,077 | +31.3% |
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.