VR 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.
VR Immo
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+60.2%), from €2.1m to €3.4m
- Debts after one year +€1.4m
up €1.4m (+2334.6%), from €60,243 to €1.5m
- Trade debts -€140,319
down €140,319 (-98.9%), from €141,894 to €1,575
- Current portion of long-term debt -€106,667
no longer reported in 2025 (was €106,667)
- Reserves +€77,342
up €77,342 (+109.6%), from €70,558 to €147,900
- Gross operating margin +€168,725
up €168,725 (+2621.8%), from €6,435 to €175,161
- Depreciation +€43,254
up €43,254 (+103.9%), from €41,623 to €84,876
- Financial charges +€21,171
up €21,171 (+1537.6%), from €1,377 to €22,547
- Taxes -€4,153
down €4,153, from €1,934 to -€2,219
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 | €2,146,611 | €3,413,392 | +€1.3m | +59.0% |
| Fixed assets | 21/28 | €2,121,369 | €3,397,768 | +€1.3m | +60.2% |
| Tangible fixed assets | 22/27 | €2,121,369 | €3,397,768 | +€1.3m | +60.2% |
| Land and buildings | 22 | €2,121,369 | €3,397,768 | +€1.3m | +60.2% |
| Current assets | 29/58 | €25,242 | €15,623 | -€9,618 | -38.1% |
| Amounts receivable within one year | 40/41 | €16,500 | €10,329 | -€6,171 | -37.4% |
| Trade receivables | 40 | €10,000 | €10,324 | +€324 | +3.2% |
| Other amounts receivable | 41 | €6,500 | €5 | -€6,495 | -99.9% |
| Cash at bank and in hand | 54/58 | €8,742 | €5,295 | -€3,447 | -39.4% |
| Total equity and liabilities | 10/49 | €2,146,611 | €3,413,392 | +€1.3m | +59.0% |
| Equity | 10/15 | €1,837,808 | €1,915,150 | +€77,342 | +4.2% |
| Contributions | 10/11 | €1,767,250 | €1,767,250 | = | 0.0% |
| Outside capital | 11 | €1,767,250 | €1,767,250 | = | 0.0% |
| Other | 1109/19 | €1,767,250 | €1,767,250 | = | 0.0% |
| Reserves | 13 | €70,558 | €147,900 | +€77,342 | +109.6% |
| Distributable reserves | 133 | €70,558 | €147,900 | +€77,342 | +109.6% |
| Amounts payable | 17/49 | €308,803 | €1,498,242 | +€1.2m | +385.2% |
| Amounts payable after more than one year | 17 | €60,243 | €1,466,667 | +€1.4m | +2334.6% |
| Financial debts | 170/4 | €60,243 | €1,466,667 | +€1.4m | +2334.6% |
| Amounts payable within one year | 42/48 | €248,560 | €31,575 | -€216,985 | -87.3% |
| Current portion of amounts payable after more than one year | 42 | €106,667 | - | -€106,667 | |
| Trade debts | 44 | €141,894 | €1,575 | -€140,319 | -98.9% |
| Suppliers | 440/4 | €141,894 | €1,575 | -€140,319 | -98.9% |
| Other amounts payable | 47/48 | - | €30,000 | +€30,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,623 | €84,876 | +€43,254 | +103.9% |
| Other operating charges | 640/8 | €5,497 | €5,539 | +€43 | +0.8% |
| Gross operating margin | 9900 | €6,435 | €175,161 | +€168,725 | +2621.8% |
| Operating profit (loss) | 9901 | -€40,684 | €84,745 | +€125,429 | |
| Financial income | 75/76B | €12,837 | €12,926 | +€89 | +0.7% |
| Recurring financial income | 75 | €12,837 | €12,926 | +€89 | +0.7% |
| Financial charges | 65/66B | €1,377 | €22,547 | +€21,171 | +1537.6% |
| Recurring financial charges | 65 | €1,377 | €22,547 | +€21,171 | +1537.6% |
| Profit (loss) for the period before taxes | 9903 | -€29,224 | €75,123 | +€104,347 | |
| Income taxes | 67/77 | €1,934 | -€2,219 | -€4,153 | |
| Profit (loss) for the period | 9904 | -€31,158 | €77,342 | +€108,500 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,158 | €77,342 | +€108,500 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.