VDV IMMO & MANAGEMENT: 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.
VDV IMMO & MANAGEMENT
Largest movements
- Tangible fixed assets -€49,385
down €49,385 (-15.8%), from €312,209 to €262,825
of which Land and buildings: -€55,261
- Cash +€24,479
up €24,479 (+209%), from €11,705 to €36,185
mainly Depreciation (+€58,960) and Deferred charges and accrued income (+€5,154)
- Trade debts -€11,617
down €11,617 (-80.1%), from €14,498 to €2,881
- Current portion of long-term debt -€11,276
down €11,276 (-53.0%), from €21,276 to €10,000
- Debts after one year -€10,000
down €10,000 (-57.1%), from €17,500 to €7,500
- Depreciation -€73,138
down €73,138 (-55.4%), from €132,098 to €58,960
- Gross operating margin -€62,807
down €62,807 (-44.3%), from €141,888 to €79,080
- Taxes +€4,839
up €4,839 (+3,465%), from €140 to €4,979
- Other operating charges +€4,558
up €4,558 (+95.0%), from €4,797 to €9,355
- Financial charges +€2,005
up €2,005 (+26.2%), from €7,642 to €9,647
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 | €597,502 | €570,193 | -€27,310 | -4.6% |
| Fixed assets | 21/28 | €312,209 | €262,825 | -€49,385 | -15.8% |
| Tangible fixed assets | 22/27 | €312,209 | €262,825 | -€49,385 | -15.8% |
| Land and buildings | 22 | €291,413 | €236,152 | -€55,261 | -19.0% |
| Plant, machinery and equipment | 23 | €19,098 | €25,894 | +€6,796 | +35.6% |
| Furniture and vehicles | 24 | €1,698 | €778 | -€919 | -54.2% |
| Current assets | 29/58 | €285,293 | €307,368 | +€22,075 | +7.7% |
| Amounts receivable within one year | 40/41 | €243,948 | €246,698 | +€2,750 | +1.1% |
| Trade receivables | 40 | €57,317 | €46,536 | -€10,781 | -18.8% |
| Other amounts receivable | 41 | €186,631 | €200,163 | +€13,531 | +7.3% |
| Cash at bank and in hand | 54/58 | €11,705 | €36,185 | +€24,479 | +209% |
| Deferred charges and accrued income | 490/1 | €29,639 | €24,485 | -€5,154 | -17.4% |
| Total equity and liabilities | 10/49 | €597,502 | €570,193 | -€27,310 | -4.6% |
| Equity | 10/15 | €317,958 | €318,681 | +€723 | +0.2% |
| Contributions | 10/11 | €68,850 | €68,850 | = | 0.0% |
| Revaluation surpluses | 12 | €143,457 | €143,457 | = | 0.0% |
| Reserves | 13 | €105,651 | €106,373 | +€723 | +0.7% |
| Non-distributable reserves | 130/1 | €6,795 | €6,795 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,795 | €6,795 | = | 0.0% |
| Distributable reserves | 133 | €98,856 | €99,578 | +€723 | +0.7% |
| Amounts payable | 17/49 | €279,544 | €251,512 | -€28,032 | -10.0% |
| Amounts payable after more than one year | 17 | €17,500 | €7,500 | -€10,000 | -57.1% |
| Financial debts | 170/4 | €17,500 | €7,500 | -€10,000 | -57.1% |
| Amounts payable within one year | 42/48 | €262,044 | €244,012 | -€18,032 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €21,276 | €10,000 | -€11,276 | -53.0% |
| Financial debts | 43 | €1,427 | €1,541 | +€114 | +8.0% |
| Credit institutions | 430/8 | €1,427 | €1,541 | +€114 | +8.0% |
| Trade debts | 44 | €14,498 | €2,881 | -€11,617 | -80.1% |
| Suppliers | 440/4 | €14,498 | €2,881 | -€11,617 | -80.1% |
| Taxes, remuneration and social security | 45 | €4,781 | €8,533 | +€3,751 | +78.5% |
| Taxes | 450/3 | €4,781 | €8,533 | +€3,751 | +78.5% |
| Other amounts payable | 47/48 | €220,062 | €221,056 | +€995 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,098 | €58,960 | -€73,138 | -55.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,655 | €0 | +€1,655 | |
| Other operating charges | 640/8 | €4,797 | €9,355 | +€4,558 | +95.0% |
| Gross operating margin | 9900 | €141,888 | €79,080 | -€62,807 | -44.3% |
| Operating profit (loss) | 9901 | €6,647 | €10,765 | +€4,118 | +61.9% |
| Financial income | 75/76B | €5,646 | €4,584 | -€1,062 | -18.8% |
| Recurring financial income | 75 | €5,646 | €4,584 | -€1,062 | -18.8% |
| Financial charges | 65/66B | €7,642 | €9,647 | +€2,005 | +26.2% |
| Recurring financial charges | 65 | €7,642 | €9,647 | +€2,005 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €4,651 | €5,701 | +€1,050 | +22.6% |
| Income taxes | 67/77 | €140 | €4,979 | +€4,839 | +3,465% |
| Profit (loss) for the period | 9904 | €4,512 | €723 | -€3,789 | -84.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,512 | €723 | -€3,789 | -84.0% |
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 21 October 2026 via checked.be.