VLASTGOED: 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.
What changed
VLASTGOED
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€15.9m
2024 · €24,595+€15.9m
Equity
€29.4m
2024 · €2.1m+€27.3m
Cash
€1.4m
2024 · €15,345+€1.4m
Balance sheet total
€47.1m
2024 · €5.4m+€41.7m
Largest movements
Assets
- Financial fixed assets +€34.1m
up €34.1m (+806%), from €4.2m to €38.3m
- Receivables within one year +€6.2m
up €6.2m (+280,349%), from €2,196 to €6.2m
of which Other amounts receivable: +€5.3m
- Cash +€1.4m
up €1.4m (+9,321%), from €15,345 to €1.4m
mainly Net result for the year (+€15.9m) and Contributions, distributions and other (+€11.4m)
Equity and liabilities
- Reserves +€29.2m
up €29.2m (+25,691%), from €113,720 to €29.3m
of which Distributable reserves: +€28.6m
- Current portion of long-term debt +€6.0m
up €6.0m (+2,825%), from €213,333 to €6.2m
- Debts after one year +€3.4m
up €3.4m (+188%), from €1.8m to €5.2m
- Other debts +€3.0m
up €3.0m (+243%), from €1.2m to €4.3m
- Contributions -€1.9m
down €1.9m (-95.1%), from €2.0m to €100,000
Income statement
- Financial income +€16.0m
new in 2025: €16.0m
of which Financial income: +€9.9m
- Turnover +€415,785
up €415,785 (+280%), from €148,500 to €564,285
- Services and other goods +€375,512
up €375,512 (+1,609%), from €23,337 to €398,849
- Goods and materials +€103,467
new in 2025: €103,467
- Financial charges +€65,021
up €65,021 (+102%), from €63,897 to €128,919
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
€24,595
Turnover
+€415,785
Other operating income
+€230
Goods and materials
-€103,467
Services and other goods
-€375,512
Depreciation
-€2,359
Other operating charges
-€656
Financial income
+€16.0m
Financial charges
-€65,021
Taxes
+€8,184
Result 2025
€15.9m
raises the resultlowers the result
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.
From operations
+€14.7m
Investment
-€34.1m
Financing
+€20.8m
Cash 2024
€15,345
From operations (derived)
+€14.7m
Net result for the year
+€15.9m
Depreciation
+€28,304
Receivables within one year
-€6.2m
Deferred charges and accrued income
-€20,344
Trade debts
+€883,137
Tax, wage and social debts
+€930,852
Other debts
+€3.0m
Accrued charges and deferred income
+€93,422
Investment (derived)
-€34.1m
Investment in fixed assets (net)
-€34.1m
Financing
+€20.8m
Debts after one year
+€3.4m
Current portion of long-term debt
+€6.0m
Contributions, distributions and other
+€11.4m
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,419,645 | €47,079,707 | +€41.7m | +769% |
| Fixed assets | 21/28 | €5,400,356 | €39,452,261 | +€34.1m | +631% |
| Tangible fixed assets | 22/27 | €1,170,356 | €1,142,052 | -€28,304 | -2.4% |
| Land and buildings | 22 | €1,170,356 | €1,142,052 | -€28,304 | -2.4% |
| Financial fixed assets | 28 | €4,230,000 | €38,310,209 | +€34.1m | +806% |
| Affiliated companies | 280/1 | €4,230,000 | €38,310,209 | +€34.1m | +806% |
| Participating interests | 280 | €4,230,000 | €38,310,209 | +€34.1m | +806% |
| Current assets | 29/58 | €19,289 | €7,627,446 | +€7.6m | +39,443% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €2,196 | €6,159,689 | +€6.2m | +280,349% |
| Trade receivables | 40 | - | €889,740 | +€889,740 | |
| Other amounts receivable | 41 | €2,196 | €5,269,950 | +€5.3m | +239,839% |
| Cash at bank and in hand | 54/58 | €15,345 | €1,445,665 | +€1.4m | +9,321% |
| Deferred charges and accrued income | 490/1 | €1,748 | €22,092 | +€20,344 | +1,164% |
| Total equity and liabilities | 10/49 | €5,419,645 | €47,079,707 | +€41.7m | +769% |
| Equity | 10/15 | €2,142,399 | €29,429,621 | +€27.3m | +1,274% |
| Contributions | 10/11 | €2,028,680 | €100,000 | -€1.9m | -95.1% |
| Capital | 10 | €2,028,680 | - | -€2.0m | |
| Issued capital | 100 | €2,114,317 | - | -€2.1m | |
| Uncalled capital | 101 | €85,638 | - | -€85,638 | |
| Reserves | 13 | €113,720 | €29,329,621 | +€29.2m | +25,691% |
| Non-distributable reserves | 130/1 | €113,720 | €0 | -€113,720 | -100% |
| Legal reserve | 130 | €113,720 | - | -€113,720 | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Tax-exempt reserves | 132 | - | €702,402 | +€702,402 | |
| Distributable reserves | 133 | - | €28,627,219 | +€28.6m | |
| Amounts payable | 17/49 | €3,277,245 | €17,650,086 | +€14.4m | +439% |
| Amounts payable after more than one year | 17 | €1,813,333 | €5,224,286 | +€3.4m | +188% |
| Financial debts | 170/4 | €1,813,333 | €5,224,286 | +€3.4m | +188% |
| Credit institutions | 173 | €1,813,333 | €5,224,286 | +€3.4m | +188% |
| Amounts payable within one year | 42/48 | €1,463,912 | €12,332,379 | +€10.9m | +742% |
| Current portion of amounts payable after more than one year | 42 | €213,333 | €6,239,760 | +€6.0m | +2,825% |
| Trade debts | 44 | €3,415 | €886,552 | +€883,137 | +25,860% |
| Suppliers | 440/4 | €3,415 | €886,552 | +€883,137 | +25,860% |
| Taxes, remuneration and social security | 45 | €1,200 | €932,052 | +€930,852 | +77,571% |
| Taxes | 450/3 | €1,200 | €932,052 | +€930,852 | +77,571% |
| Other amounts payable | 47/48 | €1,245,964 | €4,274,015 | +€3.0m | +243% |
| Accrued charges and deferred income | 492/3 | €0 | €93,422 | +€93,422 | |
| Operating income | 70/76A | €149,650 | €565,665 | +€416,015 | +278% |
| Turnover | 70 | €148,500 | €564,285 | +€415,785 | +280% |
| Other operating income | 74 | €1,150 | €1,380 | +€230 | +20.0% |
| Operating charges | 60/66A | €52,981 | €534,974 | +€481,993 | +910% |
| Goods for resale, raw materials and consumables | 60 | - | €103,467 | +€103,467 | |
| Purchases | 600/8 | - | €103,467 | +€103,467 | |
| Services and other goods | 61 | €23,337 | €398,849 | +€375,512 | +1,609% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,945 | €28,304 | +€2,359 | +9.1% |
| Other operating charges | 640/8 | €3,698 | €4,354 | +€656 | +17.7% |
| Operating profit (loss) | 9901 | €96,669 | €30,691 | -€65,978 | -68.3% |
| Financial income | 75/76B | - | €15,984,840 | +€16.0m | |
| Recurring financial income | 75 | - | €9,883,475 | +€9.9m | |
| Income from financial fixed assets | 750 | - | €9,850,162 | +€9.9m | |
| Income from current assets | 751 | - | €33,313 | +€33,313 | |
| Non-recurring financial income | 76B | - | €6,101,365 | +€6.1m | |
| Financial charges | 65/66B | €63,897 | €128,919 | +€65,021 | +102% |
| Recurring financial charges | 65 | €63,897 | €128,919 | +€65,021 | +102% |
| Debt charges | 650 | €63,745 | €126,628 | +€62,883 | +98.6% |
| Other financial charges | 652/9 | €152 | €2,290 | +€2,138 | +1,403% |
| Profit (loss) for the period before taxes | 9903 | €32,771 | €15,886,612 | +€15.9m | +48,377% |
| Income taxes | 67/77 | €8,177 | -€7 | -€8,184 | |
| Taxes | 670/3 | €8,200 | €0 | -€8,200 | -100% |
| Tax adjustments and reversals of tax provisions | 77 | €23 | €7 | -€16 | -69.4% |
| Profit (loss) for the period | 9904 | €24,595 | €15,886,620 | +€15.9m | +64,494% |
| Profit (loss) for the period to be appropriated | 9905 | €24,595 | €15,886,620 | +€15.9m | +64,494% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.