VEC 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.
VEC IMMO
Largest movements
- Tangible fixed assets -€46,800
down €46,800 (-4.9%), from €960,196 to €913,396
of which Land and buildings: -€45,345
- Cash +€13,535
up €13,535 (+167.5%), from €8,082 to €21,617
mainly Depreciation (+€46,800) and Net result for the year (+€9,769)
- Debts after one year -€42,679
down €42,679 (-4.1%), from €1.0m to €995,586
of which Financial debts: -€46,224
- Profit (loss) carried forward +€9,769
up €9,769 (+7.7%), from -€127,102 to -€117,333
- Gross operating margin +€13,487
up €13,487 (+20.0%), from €67,320 to €80,807
- Depreciation -€12,610
down €12,610 (-21.2%), from €59,409 to €46,800
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 | €971,021 | €938,048 | -€32,973 | -3.4% |
| Fixed assets | 21/28 | €960,196 | €913,396 | -€46,800 | -4.9% |
| Tangible fixed assets | 22/27 | €960,196 | €913,396 | -€46,800 | -4.9% |
| Land and buildings | 22 | €957,261 | €911,917 | -€45,345 | -4.7% |
| Furniture and vehicles | 24 | €2,935 | €1,479 | -€1,455 | -49.6% |
| Current assets | 29/58 | €10,825 | €24,652 | +€13,827 | +127.7% |
| Amounts receivable within one year | 40/41 | €13 | €645 | +€632 | +4803.7% |
| Trade receivables | 40 | - | €612 | +€612 | |
| Other amounts receivable | 41 | €13 | €33 | +€19 | +147.5% |
| Cash at bank and in hand | 54/58 | €8,082 | €21,617 | +€13,535 | +167.5% |
| Deferred charges and accrued income | 490/1 | €2,730 | €2,390 | -€341 | -12.5% |
| Total equity and liabilities | 10/49 | €971,021 | €938,048 | -€32,973 | -3.4% |
| Equity | 10/15 | -€114,702 | -€104,933 | +€9,769 | +8.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€127,102 | -€117,333 | +€9,769 | +7.7% |
| Amounts payable | 17/49 | €1,085,723 | €1,042,981 | -€42,743 | -3.9% |
| Amounts payable after more than one year | 17 | €1,038,265 | €995,586 | -€42,679 | -4.1% |
| Financial debts | 170/4 | €639,922 | €593,698 | -€46,224 | -7.2% |
| Other amounts payable | 178/9 | €398,344 | €401,889 | +€3,545 | +0.9% |
| Amounts payable within one year | 42/48 | €47,458 | €46,858 | -€600 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €45,413 | €46,224 | +€811 | +1.8% |
| Trade debts | 44 | €1,858 | - | -€1,858 | |
| Suppliers | 440/4 | €1,858 | - | -€1,858 | |
| Other amounts payable | 47/48 | €188 | €634 | +€446 | +237.1% |
| Accrued charges and deferred income | 492/3 | - | €537 | +€537 | |
| Non-recurring operating income | 76A | - | €260 | +€260 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,409 | €46,800 | -€12,610 | -21.2% |
| Other operating charges | 640/8 | €12,463 | €12,600 | +€137 | +1.1% |
| Gross operating margin | 9900 | €67,320 | €80,807 | +€13,487 | +20.0% |
| Operating profit (loss) | 9901 | -€4,552 | €21,407 | +€25,959 | |
| Financial income | 75/76B | €18 | €65 | +€47 | +268.9% |
| Recurring financial income | 75 | €18 | €65 | +€47 | +268.9% |
| Financial charges | 65/66B | €12,378 | €11,703 | -€675 | -5.5% |
| Recurring financial charges | 65 | €12,378 | €11,703 | -€675 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | -€16,912 | €9,769 | +€26,682 | |
| Profit (loss) for the period | 9904 | -€16,912 | €9,769 | +€26,682 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,912 | €9,769 | +€26,682 |
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 6 October 2026 via checked.be.