VLAGAN’IMMO: 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.
VLAGAN’IMMO
Largest movements
- Tangible fixed assets +€195,973
up €195,973 (+9.1%), from €2.2m to €2.4m
of which Land and buildings: +€214,757
- Short-term financial debts +€352,214
up €352,214 (+51.8%), from €679,868 to €1.0m
- Profit (loss) carried forward -€128,872
down €128,872 (-36.2%), from -€355,545 to -€484,417
- Debts after one year -€55,769
down €55,769 (-3.2%), from €1.7m to €1.7m
- Staff costs +€52,308
new in 2025: €52,308
- Depreciation +€35,164
up €35,164 (+65.3%), from €53,863 to €89,027
- Financial charges -€25,740
down €25,740 (-52.0%), from €49,488 to €23,749
- Other operating charges +€24,577
up €24,577 (+135.8%), from €18,093 to €42,670
- Gross operating margin -€1,577
down €1,577 (-2.0%), from €80,821 to €79,244
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 | €2,196,445 | €2,385,347 | +€188,902 | +8.6% |
| Fixed assets | 21/28 | €2,159,699 | €2,355,877 | +€196,178 | +9.1% |
| Tangible fixed assets | 22/27 | €2,159,699 | €2,355,672 | +€195,973 | +9.1% |
| Land and buildings | 22 | €1,994,811 | €2,209,568 | +€214,757 | +10.8% |
| Plant, machinery and equipment | 23 | €119,114 | €116,838 | -€2,276 | -1.9% |
| Furniture and vehicles | 24 | €45,775 | €29,267 | -€16,508 | -36.1% |
| Financial fixed assets | 28 | - | €205 | +€205 | |
| Current assets | 29/58 | €36,745 | €29,469 | -€7,276 | -19.8% |
| Amounts receivable within one year | 40/41 | €17,455 | €6,361 | -€11,094 | -63.6% |
| Trade receivables | 40 | €17,455 | €5,516 | -€11,938 | -68.4% |
| Other amounts receivable | 41 | - | €845 | +€845 | |
| Cash at bank and in hand | 54/58 | €16,839 | €18,887 | +€2,048 | +12.2% |
| Deferred charges and accrued income | 490/1 | €2,451 | €4,221 | +€1,769 | +72.2% |
| Total equity and liabilities | 10/49 | €2,196,445 | €2,385,347 | +€188,902 | +8.6% |
| Equity | 10/15 | -€280,545 | -€409,417 | -€128,872 | -45.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€355,545 | -€484,417 | -€128,872 | -36.2% |
| Amounts payable | 17/49 | €2,476,990 | €2,794,764 | +€317,774 | +12.8% |
| Amounts payable after more than one year | 17 | €1,725,134 | €1,669,365 | -€55,769 | -3.2% |
| Financial debts | 170/4 | €1,725,134 | €1,669,365 | -€55,769 | -3.2% |
| Amounts payable within one year | 42/48 | €751,856 | €1,125,399 | +€373,543 | +49.7% |
| Current portion of amounts payable after more than one year | 42 | €54,924 | €55,769 | +€845 | +1.5% |
| Financial debts | 43 | €679,868 | €1,032,082 | +€352,214 | +51.8% |
| Credit institutions | 430/8 | €679,868 | €1,032,082 | +€352,214 | +51.8% |
| Trade debts | 44 | €3,812 | €6,249 | +€2,438 | +64.0% |
| Suppliers | 440/4 | €3,812 | €6,249 | +€2,438 | +64.0% |
| Taxes, remuneration and social security | 45 | €1,402 | €8,648 | +€7,246 | +516.8% |
| Taxes | 450/3 | €1,402 | €4,654 | +€3,252 | +231.9% |
| Remuneration and social security | 454/9 | - | €3,994 | +€3,994 | |
| Other amounts payable | 47/48 | €11,850 | €22,650 | +€10,800 | +91.1% |
| Remuneration, social security and pensions | 62 | - | €52,308 | +€52,308 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,863 | €89,027 | +€35,164 | +65.3% |
| Other operating charges | 640/8 | €18,093 | €42,670 | +€24,577 | +135.8% |
| Gross operating margin | 9900 | €80,821 | €79,244 | -€1,577 | -2.0% |
| Operating profit (loss) | 9901 | €8,864 | -€104,762 | -€113,626 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €49,488 | €23,749 | -€25,740 | -52.0% |
| Recurring financial charges | 65 | €49,488 | €23,749 | -€25,740 | -52.0% |
| Profit (loss) for the period before taxes | 9903 | -€40,624 | -€128,511 | -€87,887 | -216.3% |
| Income taxes | 67/77 | €146 | €361 | +€215 | +146.8% |
| Profit (loss) for the period | 9904 | -€40,770 | -€128,872 | -€88,102 | -216.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,770 | -€128,872 | -€88,102 | -216.1% |
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 12 October 2026 via checked.be.