VILLAS: 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.
VILLAS
Largest movements
- Tangible fixed assets -€1.5m
down €1.5m (-44.1%), from €3.3m to €1.9m
of which Assets under construction and advance payments: -€2.3m
- Stocks and contracts +€787,958
up €787,958 (+69.0%), from €1.1m to €1.9m
- Deferred charges and accrued income -€324,000
down €324,000 (-96.0%), from €337,330 to €13,330
- Cash +€101,924
up €101,924 (+119%), from €85,362 to €187,286
mainly Investment in fixed assets (net) (+€1.4m) and Net result for the year (+€572,290)
- Receivables within one year +€58,008
up €58,008 (+29.8%), from €194,979 to €252,988
of which Trade receivables: +€33,938
- Debts after one year -€1.3m
down €1.3m (-67.9%), from €1.9m to €619,105
- Reserves +€418,876
up €418,876 (+34.0%), from €1.2m to €1.7m
of which Tax-exempt reserves: +€418,876
- Revaluation surpluses -€200,009
no longer reported in 2025 (was €200,009)
- Profit (loss) carried forward +€153,414
up €153,414 (+54.7%), from €280,304 to €433,718
- Provisions +€132,970
up €132,970 (+16.4%), from €810,826 to €943,797
of which Deferred taxes: +€139,625
- Gross operating margin +€612,105
up €612,105 (+185%), from €330,365 to €942,470
- Financial charges -€67,548
down €67,548 (-48.4%), from €139,507 to €71,959
- Depreciation +€44,497
up €44,497 (+62.5%), from €71,230 to €115,728
- Financial income +€20,573
up €20,573 (+95.8%), from €21,470 to €42,043
- Staff costs +€14,867
up €14,867 (+36.2%), from €41,122 to €55,989
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 | €5,166,103 | €4,322,627 | -€843,475 | -16.3% |
| Fixed assets | 21/28 | €3,406,550 | €1,939,183 | -€1.5m | -43.1% |
| Tangible fixed assets | 22/27 | €3,330,856 | €1,863,348 | -€1.5m | -44.1% |
| Land and buildings | 22 | €963,971 | €1,802,971 | +€839,000 | +87.0% |
| Plant, machinery and equipment | 23 | €144 | - | -€144 | |
| Furniture and vehicles | 24 | €80,528 | €60,376 | -€20,152 | -25.0% |
| Assets under construction and advance payments | 27 | €2,286,213 | - | -€2.3m | |
| Financial fixed assets | 28 | €75,693 | €75,835 | +€142 | +0.2% |
| Current assets | 29/58 | €1,759,553 | €2,383,444 | +€623,891 | +35.5% |
| Stocks and contracts in progress | 3 | €1,141,882 | €1,929,840 | +€787,958 | +69.0% |
| Stocks | 30/36 | €1,141,882 | €1,929,840 | +€787,958 | +69.0% |
| Amounts receivable within one year | 40/41 | €194,979 | €252,988 | +€58,008 | +29.8% |
| Trade receivables | 40 | €41,581 | €75,519 | +€33,938 | +81.6% |
| Other amounts receivable | 41 | €153,398 | €177,469 | +€24,070 | +15.7% |
| Cash at bank and in hand | 54/58 | €85,362 | €187,286 | +€101,924 | +119% |
| Deferred charges and accrued income | 490/1 | €337,330 | €13,330 | -€324,000 | -96.0% |
| Total equity and liabilities | 10/49 | €5,166,103 | €4,322,627 | -€843,475 | -16.3% |
| Equity | 10/15 | €1,775,371 | €2,147,651 | +€372,280 | +21.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €200,009 | - | -€200,009 | |
| Reserves | 13 | €1,233,057 | €1,651,933 | +€418,876 | +34.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,206,857 | €1,625,733 | +€418,876 | +34.7% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €280,304 | €433,718 | +€153,414 | +54.7% |
| Provisions and deferred taxes | 16 | €810,826 | €943,797 | +€132,970 | +16.4% |
| Provisions for liabilities and charges | 160/5 | €408,541 | €401,886 | -€6,655 | -1.6% |
| Environmental obligations | 163 | €408,541 | €401,886 | -€6,655 | -1.6% |
| Deferred taxes | 168 | €402,286 | €541,911 | +€139,625 | +34.7% |
| Amounts payable | 17/49 | €2,579,905 | €1,231,179 | -€1.3m | -52.3% |
| Amounts payable after more than one year | 17 | €1,925,804 | €619,105 | -€1.3m | -67.9% |
| Financial debts | 170/4 | €1,925,804 | €619,105 | -€1.3m | -67.9% |
| Amounts payable within one year | 42/48 | €611,458 | €612,075 | +€617 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €59,058 | €59,254 | +€196 | +0.3% |
| Financial debts | 43 | - | €23,575 | +€23,575 | |
| Credit institutions | 430/8 | - | €23,575 | +€23,575 | |
| Trade debts | 44 | €93,848 | €68,845 | -€25,003 | -26.6% |
| Suppliers | 440/4 | €93,848 | €68,845 | -€25,003 | -26.6% |
| Taxes, remuneration and social security | 45 | €11,333 | €9,024 | -€2,309 | -20.4% |
| Taxes | 450/3 | €11,333 | €9,024 | -€2,309 | -20.4% |
| Other amounts payable | 47/48 | €447,219 | €451,377 | +€4,158 | +0.9% |
| Accrued charges and deferred income | 492/3 | €42,644 | - | -€42,644 | |
| Remuneration, social security and pensions | 62 | €41,122 | €55,989 | +€14,867 | +36.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,230 | €115,728 | +€44,497 | +62.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€6,285 | -€6,655 | -€370 | -5.9% |
| Other operating charges | 640/8 | €22,386 | €16,084 | -€6,302 | -28.2% |
| Gross operating margin | 9900 | €330,365 | €942,470 | +€612,105 | +185% |
| Operating profit (loss) | 9901 | €201,913 | €761,324 | +€559,411 | +277% |
| Financial income | 75/76B | €21,470 | €42,043 | +€20,573 | +95.8% |
| Recurring financial income | 75 | €21,470 | €42,043 | +€20,573 | +95.8% |
| Financial charges | 65/66B | €139,507 | €71,959 | -€67,548 | -48.4% |
| Recurring financial charges | 65 | €139,507 | €71,959 | -€67,548 | -48.4% |
| Profit (loss) for the period before taxes | 9903 | €83,876 | €731,408 | +€647,532 | +772% |
| Transfer from deferred taxes | 780 | - | €11,186 | +€11,186 | |
| Transfer to deferred taxes | 680 | - | €150,811 | +€150,811 | |
| Income taxes | 67/77 | €22,224 | €19,494 | -€2,731 | -12.3% |
| Profit (loss) for the period | 9904 | €61,652 | €572,290 | +€510,638 | +828% |
| Transfer from tax-exempt reserves | 789 | - | €33,558 | +€33,558 | |
| Transfer to tax-exempt reserves | 689 | - | €452,434 | +€452,434 | |
| Profit (loss) for the period to be appropriated | 9905 | €61,652 | €153,414 | +€91,762 | +149% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.