VK-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.
What changed
VK-IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€45,650
2024 · €44,262+€1,388
Equity
€930,106
2024 · €884,455+€45,650
Cash
€24,043
2024 · €26,565-€2,522
Balance sheet total
€2.3m
2024 · €2.4m-€134,944
Largest movements
Assets
- Tangible fixed assets -€124,630
down €124,630 (-5.3%), from €2.4m to €2.2m
Equity and liabilities
- Debts after one year -€184,898
down €184,898 (-15.0%), from €1.2m to €1.1m
- Reserves +€45,650
up €45,650 (+5.2%), from €870,913 to €916,563
of which Distributable reserves: +€55,203
- Accrued charges and deferred income -€27,568
down €27,568 (-100.0%), from €27,568 to €0
Income statement
- Gross operating margin +€3,898
up €3,898 (+1.8%), from €221,198 to €225,095
- Taxes +€3,152
up €3,152 (+12.5%), from €25,114 to €28,265
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.
Result 2024
€44,262
Gross operating margin
+€3,898
Depreciation
+€0
Other operating charges
-€868
Financial income
+€1
Financial charges
+€1,509
Taxes
-€3,152
Result 2025
€45,650
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.
From operations
+€169,842
Investment
€0
Financing
-€172,364
Cash 2024
€26,565
From operations (derived)
+€169,842
Net result for the year
+€45,650
Depreciation
+€124,630
Receivables within one year
+€9,024
Deferred charges and accrued income
-€1,231
Provisions
-€3,184
Trade debts
-€801
Tax, wage and social debts
+€23,872
Other debts
-€548
Accrued charges and deferred income
-€27,568
Financing
-€172,364
Debts after one year
-€184,898
Current portion of long-term debt
+€12,534
Cash 2025
€24,043
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,402,492 | €2,267,548 | -€134,944 | -5.6% |
| Fixed assets | 21/28 | €2,364,845 | €2,240,216 | -€124,630 | -5.3% |
| Tangible fixed assets | 22/27 | €2,364,845 | €2,240,216 | -€124,630 | -5.3% |
| Land and buildings | 22 | €2,364,845 | €2,240,216 | -€124,630 | -5.3% |
| Current assets | 29/58 | €37,647 | €27,332 | -€10,315 | -27.4% |
| Amounts receivable within one year | 40/41 | €9,024 | €0 | -€9,024 | -100.0% |
| Trade receivables | 40 | €9,024 | €0 | -€9,024 | -100.0% |
| Cash at bank and in hand | 54/58 | €26,565 | €24,043 | -€2,522 | -9.5% |
| Deferred charges and accrued income | 490/1 | €2,058 | €3,289 | +€1,231 | +59.8% |
| Total equity and liabilities | 10/49 | €2,402,492 | €2,267,548 | -€134,944 | -5.6% |
| Equity | 10/15 | €884,455 | €930,106 | +€45,650 | +5.2% |
| Contributions | 10/11 | €13,542 | €13,542 | = | 0.0% |
| Reserves | 13 | €870,913 | €916,563 | +€45,650 | +5.2% |
| Tax-exempt reserves | 132 | €159,676 | €150,123 | -€9,553 | -6.0% |
| Distributable reserves | 133 | €711,237 | €766,440 | +€55,203 | +7.8% |
| Provisions and deferred taxes | 16 | €53,225 | €50,041 | -€3,184 | -6.0% |
| Deferred taxes | 168 | €53,225 | €50,041 | -€3,184 | -6.0% |
| Amounts payable | 17/49 | €1,464,811 | €1,287,401 | -€177,410 | -12.1% |
| Amounts payable after more than one year | 17 | €1,236,763 | €1,051,865 | -€184,898 | -15.0% |
| Financial debts | 170/4 | €1,236,763 | €1,051,865 | -€184,898 | -15.0% |
| Amounts payable within one year | 42/48 | €200,480 | €235,536 | +€35,056 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €172,364 | €184,898 | +€12,534 | +7.3% |
| Trade debts | 44 | €1,613 | €812 | -€801 | -49.7% |
| Suppliers | 440/4 | €1,613 | €812 | -€801 | -49.7% |
| Taxes, remuneration and social security | 45 | €4,538 | €28,409 | +€23,872 | +526.0% |
| Taxes | 450/3 | €4,538 | €28,409 | +€23,872 | +526.0% |
| Other amounts payable | 47/48 | €21,966 | €21,417 | -€548 | -2.5% |
| Accrued charges and deferred income | 492/3 | €27,568 | €0 | -€27,568 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,630 | €124,630 | -€0 | 0.0% |
| Other operating charges | 640/8 | €14,534 | €15,401 | +€868 | +6.0% |
| Gross operating margin | 9900 | €221,198 | €225,095 | +€3,898 | +1.8% |
| Operating profit (loss) | 9901 | €82,035 | €85,064 | +€3,030 | +3.7% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €15,843 | €14,334 | -€1,509 | -9.5% |
| Recurring financial charges | 65 | €15,843 | €14,334 | -€1,509 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €66,192 | €70,731 | +€4,539 | +6.9% |
| Transfer from deferred taxes | 780 | €3,184 | €3,184 | = | 0.0% |
| Income taxes | 67/77 | €25,114 | €28,265 | +€3,152 | +12.5% |
| Profit (loss) for the period | 9904 | €44,262 | €45,650 | +€1,388 | +3.1% |
| Transfer from tax-exempt reserves | 789 | €9,553 | €9,553 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,815 | €55,203 | +€1,388 | +2.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.