VFM 2: what changed
What changed
VFM 2
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€391,455
2024 · €329,183+€62,272
Equity
€841,422
2024 · €1.2m-€310,931
Cash
€404,169
2024 · €232,341+€171,829
Balance sheet total
€2.6m
2024 · €2.4m+€180,278
Largest movements
Assets
- Cash +€171,829
up €171,829 (+74.0%), from €232,341 to €404,169
mainly Other debts (+€440,000) and Net result for the year (+€391,455)
- Tangible fixed assets -€32,685
down €32,685 (-2.5%), from €1.3m to €1.3m
of which Land and buildings: -€47,685
- Financial fixed assets +€30,000
up €30,000 (+3.6%), from €840,000 to €870,000
Equity and liabilities
- Other debts +€440,000
up €440,000 (+169%), from €260,000 to €700,000
- Profit (loss) carried forward -€308,545
down €308,545 (-89.3%), from €345,502 to €36,957
- Trade debts +€52,169
up €52,169 (+287%), from €18,184 to €70,353
- Debts after one year -€45,000
down €45,000 (-5.5%), from €817,500 to €772,500
of which Financial debts: -€45,000
- Tax, wage and social debts +€44,835
up €44,835 (+52.7%), from €85,055 to €129,889
Income statement
- Gross operating margin +€86,495
up €86,495 (+18.7%), from €463,450 to €549,944
- Other operating charges +€43,260
up €43,260 (+405%), from €10,674 to €53,934
- Taxes -€24,206
down €24,206 (-32.3%), from €75,000 to €50,794
- Depreciation +€6,301
up €6,301 (+12.6%), from €49,956 to €56,256
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€329,183
Gross operating margin
+€86,495
Depreciation
-€6,301
Other operating charges
-€43,260
Financial income
+€3,804
Financial charges
-€2,672
Taxes
+€24,206
Result 2025
€391,455
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€972,785
Investment
-€53,571
Financing
-€747,385
Cash 2024
€232,341
From operations (derived)
+€972,785
Net result for the year
+€391,455
Depreciation
+€56,256
Receivables within one year
-€5,975
Deferred charges and accrued income
-€5,160
Provisions
-€795
Trade debts
+€52,169
Tax, wage and social debts
+€44,835
Other debts
+€440,000
Investment (derived)
-€53,571
Investment in fixed assets (net)
-€53,571
Financing
-€747,385
Debts after one year
-€45,000
Contributions, distributions and other
-€702,385
Cash 2025
€404,169
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,400,834 | €2,581,112 | +€180,278 | +7.5% |
| Fixed assets | 21/28 | €2,129,294 | €2,126,608 | -€2,685 | -0.1% |
| Tangible fixed assets | 22/27 | €1,289,294 | €1,256,608 | -€32,685 | -2.5% |
| Land and buildings | 22 | €1,289,294 | €1,241,608 | -€47,685 | -3.7% |
| Assets under construction and advance payments | 27 | - | €15,000 | +€15,000 | |
| Financial fixed assets | 28 | €840,000 | €870,000 | +€30,000 | +3.6% |
| Current assets | 29/58 | €271,541 | €454,504 | +€182,963 | +67.4% |
| Amounts receivable within one year | 40/41 | €12,000 | €17,975 | +€5,975 | +49.8% |
| Trade receivables | 40 | - | €17,975 | +€17,975 | |
| Other amounts receivable | 41 | €12,000 | - | -€12,000 | |
| Cash at bank and in hand | 54/58 | €232,341 | €404,169 | +€171,829 | +74.0% |
| Deferred charges and accrued income | 490/1 | €27,200 | €32,360 | +€5,160 | +19.0% |
| Total equity and liabilities | 10/49 | €2,400,834 | €2,581,112 | +€180,278 | +7.5% |
| Equity | 10/15 | €1,152,353 | €841,422 | -€310,931 | -27.0% |
| Contributions | 10/11 | €698,748 | €698,748 | = | 0.0% |
| Capital | 10 | €698,748 | €698,748 | = | 0.0% |
| Issued capital | 100 | €698,748 | €698,748 | = | 0.0% |
| Reserves | 13 | €69,875 | €69,875 | = | 0.0% |
| Non-distributable reserves | 130/1 | €69,875 | €69,875 | = | 0.0% |
| Legal reserve | 130 | €69,875 | €69,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €345,502 | €36,957 | -€308,545 | -89.3% |
| Investment grants | 15 | €38,228 | €35,842 | -€2,385 | -6.2% |
| Provisions and deferred taxes | 16 | €22,743 | €21,947 | -€795 | -3.5% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €10,000 | = | 0.0% |
| Environmental obligations | 163 | €10,000 | €10,000 | = | 0.0% |
| Deferred taxes | 168 | €12,743 | €11,947 | -€795 | -6.2% |
| Amounts payable | 17/49 | €1,225,739 | €1,717,742 | +€492,003 | +40.1% |
| Amounts payable after more than one year | 17 | €817,500 | €772,500 | -€45,000 | -5.5% |
| Financial debts | 170/4 | €817,500 | €772,500 | -€45,000 | -5.5% |
| Trade debts | 175 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €408,239 | €945,242 | +€537,003 | +132% |
| Current portion of amounts payable after more than one year | 42 | €45,000 | €45,000 | = | 0.0% |
| Trade debts | 44 | €18,184 | €70,353 | +€52,169 | +287% |
| Suppliers | 440/4 | €18,184 | €70,353 | +€52,169 | +287% |
| Taxes, remuneration and social security | 45 | €85,055 | €129,889 | +€44,835 | +52.7% |
| Taxes | 450/3 | €85,055 | €129,889 | +€44,835 | +52.7% |
| Other amounts payable | 47/48 | €260,000 | €700,000 | +€440,000 | +169% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,956 | €56,256 | +€6,301 | +12.6% |
| Other operating charges | 640/8 | €10,674 | €53,934 | +€43,260 | +405% |
| Gross operating margin | 9900 | €463,450 | €549,944 | +€86,495 | +18.7% |
| Operating profit (loss) | 9901 | €402,820 | €439,754 | +€36,934 | +9.2% |
| Financial income | 75/76B | €30,941 | €34,745 | +€3,804 | +12.3% |
| Recurring financial income | 75 | €30,941 | €34,745 | +€3,804 | +12.3% |
| Financial charges | 65/66B | €30,374 | €33,046 | +€2,672 | +8.8% |
| Recurring financial charges | 65 | €30,374 | €33,046 | +€2,672 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €403,388 | €441,454 | +€38,066 | +9.4% |
| Transfer from deferred taxes | 780 | €795 | €795 | = | 0.0% |
| Income taxes | 67/77 | €75,000 | €50,794 | -€24,206 | -32.3% |
| Profit (loss) for the period | 9904 | €329,183 | €391,455 | +€62,272 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €329,183 | €391,455 | +€62,272 | +18.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.