VB Vastgoed: 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.
VB Vastgoed
Largest movements
- Financial fixed assets +€4.7m
up €4.7m (+5,488%), from €85,000 to €4.8m
- Tangible fixed assets +€293,471
up €293,471 (+11.6%), from €2.5m to €2.8m
of which Land and buildings: +€270,950
- Debts after one year +€5.0m
up €5.0m (+278%), from €1.8m to €6.7m
- Other debts -€434,615
down €434,615 (-71.6%), from €606,743 to €172,128
- Current portion of long-term debt +€335,587
up €335,587 (+209%), from €160,347 to €495,934
- Trade debts +€84,966
up €84,966 (+8,213%), from €1,035 to €86,001
- Financial charges +€83,926
up €83,926 (+151%), from €55,695 to €139,621
- Gross operating margin +€75,200
up €75,200 (+34.1%), from €220,269 to €295,468
- Depreciation -€39,522
down €39,522 (-29.6%), from €133,680 to €94,158
- Other operating charges +€28,289
up €28,289 (+188%), from €15,025 to €43,314
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,760,982 | €7,717,569 | +€5.0m | +180% |
| Fixed assets | 21/28 | €2,623,003 | €7,581,474 | +€5.0m | +189% |
| Tangible fixed assets | 22/27 | €2,538,003 | €2,831,474 | +€293,471 | +11.6% |
| Land and buildings | 22 | €2,531,535 | €2,802,485 | +€270,950 | +10.7% |
| Plant, machinery and equipment | 23 | €6,468 | €777 | -€5,691 | -88.0% |
| Furniture and vehicles | 24 | - | €28,212 | +€28,212 | |
| Financial fixed assets | 28 | €85,000 | €4,750,000 | +€4.7m | +5,488% |
| Current assets | 29/58 | €137,979 | €136,095 | -€1,884 | -1.4% |
| Amounts receivable within one year | 40/41 | €90,232 | €117,319 | +€27,087 | +30.0% |
| Trade receivables | 40 | €66,699 | €55,751 | -€10,948 | -16.4% |
| Other amounts receivable | 41 | €23,533 | €61,568 | +€38,035 | +162% |
| Cash at bank and in hand | 54/58 | €46,692 | €17,687 | -€29,005 | -62.1% |
| Deferred charges and accrued income | 490/1 | €1,055 | €1,089 | +€34 | +3.2% |
| Total equity and liabilities | 10/49 | €2,760,982 | €7,717,569 | +€5.0m | +180% |
| Equity | 10/15 | €164,813 | €178,596 | +€13,784 | +8.4% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €129,813 | €143,596 | +€13,784 | +10.6% |
| Distributable reserves | 133 | €129,813 | €143,596 | +€13,784 | +10.6% |
| Amounts payable | 17/49 | €2,596,169 | €7,538,973 | +€4.9m | +190% |
| Amounts payable after more than one year | 17 | €1,784,319 | €6,747,235 | +€5.0m | +278% |
| Financial debts | 170/4 | €1,784,319 | €6,747,235 | +€5.0m | +278% |
| Amounts payable within one year | 42/48 | €811,850 | €789,910 | -€21,941 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €160,347 | €495,934 | +€335,587 | +209% |
| Financial debts | 43 | €20,883 | €25,910 | +€5,026 | +24.1% |
| Credit institutions | 430/8 | €20,883 | €25,910 | +€5,026 | +24.1% |
| Trade debts | 44 | €1,035 | €86,001 | +€84,966 | +8,213% |
| Suppliers | 440/4 | €1,035 | €86,001 | +€84,966 | +8,213% |
| Taxes, remuneration and social security | 45 | €22,842 | €9,937 | -€12,905 | -56.5% |
| Taxes | 450/3 | €22,842 | €9,937 | -€12,905 | -56.5% |
| Other amounts payable | 47/48 | €606,743 | €172,128 | -€434,615 | -71.6% |
| Accrued charges and deferred income | 492/3 | - | €1,828 | +€1,828 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,680 | €94,158 | -€39,522 | -29.6% |
| Other operating charges | 640/8 | €15,025 | €43,314 | +€28,289 | +188% |
| Gross operating margin | 9900 | €220,269 | €295,468 | +€75,200 | +34.1% |
| Operating profit (loss) | 9901 | €71,564 | €157,997 | +€86,433 | +121% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €55,695 | €139,621 | +€83,926 | +151% |
| Recurring financial charges | 65 | €55,695 | €139,621 | +€83,926 | +151% |
| Profit (loss) for the period before taxes | 9903 | €15,869 | €18,379 | +€2,509 | +15.8% |
| Income taxes | 67/77 | €3,967 | €4,595 | +€627 | +15.8% |
| Profit (loss) for the period | 9904 | €11,902 | €13,784 | +€1,882 | +15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,902 | €13,784 | +€1,882 | +15.8% |
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 17 October 2026 via checked.be.