VB BEHEER: 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
VB BEHEER
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
€108,243
2024 · €11,616+€96,626
Equity
€601,717
2024 · €493,475+€108,243
Cash
€189,227
2024 · €182,028+€7,199
Balance sheet total
€2.0m
2024 · €1.9m+€103,657
Largest movements
Assets
- Receivables within one year +€54,860
up €54,860 (+10972.0%), from €500 to €55,360
- Tangible fixed assets +€40,024
up €40,024 (+2.3%), from €1.7m to €1.7m
of which Land and buildings: +€35,274
Equity and liabilities
- Profit (loss) carried forward +€108,243
up €108,243 (+931.8%), from €11,616 to €119,859
- Debts after one year -€40,296
down €40,296 (-5.2%), from €774,614 to €734,317
- Short-term financial debts +€20,000
new in 2025: €20,000
Income statement
- Gross operating margin +€118,410
up €118,410 (+71.3%), from €166,046 to €284,456
- Taxes +€28,682
up €28,682 (+617.9%), from €4,642 to €33,324
- Financial charges -€4,635
down €4,635 (-15.1%), from €30,665 to €26,029
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
€11,616
Gross operating margin
+€118,410
Depreciation
+€2,586
Other operating charges
-€324
Financial income
+€1
Financial charges
+€4,635
Taxes
-€28,682
Result 2025
€108,243
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
+€164,981
Investment
-€147,747
Financing
-€10,035
Cash 2024
€182,028
From operations (derived)
+€164,981
Net result for the year
+€108,243
Depreciation
+€106,123
Receivables within one year
-€54,860
Deferred charges and accrued income
+€26
Trade debts
+€13,359
Tax, wage and social debts
-€4,714
Other debts
+€1,023
Accrued charges and deferred income
-€4,218
Investment (derived)
-€147,747
Investment in fixed assets (net)
-€147,747
Financing
-€10,035
Debts after one year
-€40,296
Current portion of long-term debt
+€10,261
Short-term financial debts
+€20,000
Cash 2025
€189,227
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,894,171 | €1,997,828 | +€103,657 | +5.5% |
| Fixed assets | 21/28 | €1,709,325 | €1,750,949 | +€41,624 | +2.4% |
| Tangible fixed assets | 22/27 | €1,709,325 | €1,749,349 | +€40,024 | +2.3% |
| Land and buildings | 22 | €1,709,325 | €1,744,599 | +€35,274 | +2.1% |
| Furniture and vehicles | 24 | - | €4,750 | +€4,750 | |
| Financial fixed assets | 28 | - | €1,600 | +€1,600 | |
| Current assets | 29/58 | €184,845 | €246,879 | +€62,033 | +33.6% |
| Amounts receivable within one year | 40/41 | €500 | €55,360 | +€54,860 | +10972.0% |
| Trade receivables | 40 | €500 | €55,360 | +€54,860 | +10972.0% |
| Cash at bank and in hand | 54/58 | €182,028 | €189,227 | +€7,199 | +4.0% |
| Deferred charges and accrued income | 490/1 | €2,318 | €2,292 | -€26 | -1.1% |
| Total equity and liabilities | 10/49 | €1,894,171 | €1,997,828 | +€103,657 | +5.5% |
| Equity | 10/15 | €493,475 | €601,717 | +€108,243 | +21.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €240,228 | €240,228 | = | 0.0% |
| Reserves | 13 | €223,031 | €223,031 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €221,171 | €221,171 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,616 | €119,859 | +€108,243 | +931.8% |
| Amounts payable | 17/49 | €1,400,696 | €1,396,111 | -€4,586 | -0.3% |
| Amounts payable after more than one year | 17 | €774,614 | €734,317 | -€40,296 | -5.2% |
| Financial debts | 170/4 | €774,614 | €734,317 | -€40,296 | -5.2% |
| Amounts payable within one year | 42/48 | €614,353 | €654,282 | +€39,929 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €111,877 | €122,139 | +€10,261 | +9.2% |
| Financial debts | 43 | - | €20,000 | +€20,000 | |
| Credit institutions | 430/8 | - | €20,000 | +€20,000 | |
| Trade debts | 44 | €94,085 | €107,445 | +€13,359 | +14.2% |
| Suppliers | 440/4 | €94,085 | €107,445 | +€13,359 | +14.2% |
| Taxes, remuneration and social security | 45 | €32,130 | €27,416 | -€4,714 | -14.7% |
| Taxes | 450/3 | €32,130 | €27,416 | -€4,714 | -14.7% |
| Other amounts payable | 47/48 | €376,260 | €377,282 | +€1,023 | +0.3% |
| Accrued charges and deferred income | 492/3 | €11,730 | €7,512 | -€4,218 | -36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,709 | €106,123 | -€2,586 | -2.4% |
| Other operating charges | 640/8 | €10,414 | €10,738 | +€324 | +3.1% |
| Gross operating margin | 9900 | €166,046 | €284,456 | +€118,410 | +71.3% |
| Operating profit (loss) | 9901 | €46,923 | €167,595 | +€120,672 | +257.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €30,665 | €26,029 | -€4,635 | -15.1% |
| Recurring financial charges | 65 | €30,665 | €26,029 | -€4,635 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €16,258 | €141,566 | +€125,308 | +770.7% |
| Income taxes | 67/77 | €4,642 | €33,324 | +€28,682 | +617.9% |
| Profit (loss) for the period | 9904 | €11,616 | €108,243 | +€96,626 | +831.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,616 | €108,243 | +€96,626 | +831.8% |
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 5 October 2026 via checked.be.