VCS IMMO: 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.
VCS IMMO
Largest movements
- Intangible fixed assets -€30,591
down €30,591 (-13.3%), from €229,310 to €198,718
- Tangible fixed assets -€16,214
down €16,214 (-2.7%), from €594,288 to €578,074
of which Land and buildings: -€9,791
- Profit (loss) carried forward -€41,964
down €41,964 (-28.4%), from -€147,918 to -€189,882
- Other debts +€8,338
up €8,338 (+4.2%), from €200,107 to €208,445
- Gross operating margin +€4,088
up €4,088 (+17.3%), from €23,642 to €27,730
- Depreciation +€1,689
up €1,689 (+3.7%), from €45,117 to €46,806
- Other operating charges +€687
up €687 (+12.9%), from €5,333 to €6,019
- Financial charges -€628
down €628 (-3.7%), from €17,061 to €16,433
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €830,112 | €791,044 | -€39,069 | -4.7% |
| Fixed assets | 21/28 | €823,598 | €776,793 | -€46,806 | -5.7% |
| Intangible fixed assets | 21 | €229,310 | €198,718 | -€30,591 | -13.3% |
| Tangible fixed assets | 22/27 | €594,288 | €578,074 | -€16,214 | -2.7% |
| Land and buildings | 22 | €545,457 | €535,666 | -€9,791 | -1.8% |
| Plant, machinery and equipment | 23 | €47,676 | €41,550 | -€6,126 | -12.8% |
| Furniture and vehicles | 24 | €1,156 | €858 | -€298 | -25.7% |
| Current assets | 29/58 | €6,514 | €14,251 | +€7,737 | +118.8% |
| Amounts receivable within one year | 40/41 | €2,306 | €2,964 | +€658 | +28.5% |
| Trade receivables | 40 | €1,982 | €2,466 | +€483 | +24.4% |
| Other amounts receivable | 41 | €324 | €499 | +€174 | +53.8% |
| Cash at bank and in hand | 54/58 | €4,208 | €11,287 | +€7,079 | +168.2% |
| Total equity and liabilities | 10/49 | €830,112 | €791,044 | -€39,069 | -4.7% |
| Equity | 10/15 | €504,735 | €462,771 | -€41,964 | -8.3% |
| Contributions | 10/11 | €651,720 | €651,720 | = | 0.0% |
| Reserves | 13 | €933 | €933 | = | 0.0% |
| Distributable reserves | 133 | €933 | €933 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€147,918 | -€189,882 | -€41,964 | -28.4% |
| Amounts payable | 17/49 | €325,377 | €328,272 | +€2,896 | +0.9% |
| Amounts payable after more than one year | 17 | €98,293 | €92,462 | -€5,831 | -5.9% |
| Financial debts | 170/4 | €98,293 | €92,462 | -€5,831 | -5.9% |
| Amounts payable within one year | 42/48 | €212,199 | €221,375 | +€9,176 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €7,204 | €6,454 | -€750 | -10.4% |
| Trade debts | 44 | €2,741 | €1,543 | -€1,198 | -43.7% |
| Suppliers | 440/4 | €2,741 | €1,543 | -€1,198 | -43.7% |
| Advances received on contracts in progress | 46 | €1,255 | €3,813 | +€2,558 | +203.8% |
| Taxes, remuneration and social security | 45 | €892 | €1,121 | +€229 | +25.6% |
| Taxes | 450/3 | €892 | €1,121 | +€229 | +25.6% |
| Other amounts payable | 47/48 | €200,107 | €208,445 | +€8,338 | +4.2% |
| Accrued charges and deferred income | 492/3 | €14,885 | €14,435 | -€449 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,117 | €46,806 | +€1,689 | +3.7% |
| Other operating charges | 640/8 | €5,333 | €6,019 | +€687 | +12.9% |
| Gross operating margin | 9900 | €23,642 | €27,730 | +€4,088 | +17.3% |
| Operating profit (loss) | 9901 | -€26,807 | -€25,095 | +€1,712 | +6.4% |
| Financial income | 75/76B | €27 | €3 | -€24 | -88.4% |
| Recurring financial income | 75 | €27 | €3 | -€24 | -88.4% |
| Financial charges | 65/66B | €17,061 | €16,433 | -€628 | -3.7% |
| Recurring financial charges | 65 | €17,061 | €16,433 | -€628 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€43,841 | -€41,524 | +€2,317 | +5.3% |
| Income taxes | 67/77 | €427 | €440 | +€12 | +2.9% |
| Profit (loss) for the period | 9904 | -€44,269 | -€41,964 | +€2,304 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,269 | -€41,964 | +€2,304 | +5.2% |
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.