VRC 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
VRC 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
€1.3m
2024 · €580,872+€676,296
Equity
€14.0m
2024 · €13.3m+€728,725
Cash
€1,388
2024 · €1.3m-€1.3m
Balance sheet total
€15.8m
2024 · €15.0m+€776,829
Largest movements
Assets
- Receivables within one year +€3.0m
up €3.0m (+192274.3%), from €1,578 to €3.0m
of which Other amounts receivable: +€2.9m
- Cash -€1.3m
down €1.3m (-99.9%), from €1.3m to €1,388
mainly Receivables within one year (-€3.0m) and Contributions, distributions and other (-€528,443)
- Tangible fixed assets -€982,854
down €982,854 (-7.1%), from €13.7m to €12.8m
of which Land and buildings: -€927,975
Equity and liabilities
- Reserves +€1.3m
up €1.3m (+43.9%), from €2.9m to €4.1m
of which Tax-exempt reserves: +€681,111
- Revaluation surpluses -€528,443
down €528,443 (-5.5%), from €9.6m to €9.1m
- Debts after one year -€269,996
down €269,996 (-24.8%), from €1.1m to €818,359
- Provisions +€227,037
up €227,037 (+2817.9%), from €8,057 to €235,094
- Tax, wage and social debts +€179,610
up €179,610 (+70.6%), from €254,287 to €433,898
Income statement
- Financial income +€23,327
up €23,327 (+523.4%), from €4,457 to €27,784
- Services and other goods -€17,125
down €17,125 (-12.5%), from €136,788 to €119,663
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
€580,872
Turnover
-€7,866
Other operating income
+€996
Services and other goods
+€17,125
Depreciation
+€13,449
Other operating charges
-€3,435
Other operating items
+€843,642
Financial income
+€23,327
Financial charges
+€7,618
Taxes
+€10,090
Deferred taxes and other
-€228,648
Result 2025
€1.3m
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
-€1.1m
Investment
+€718,729
Financing
-€888,443
Cash 2024
€1.3m
From operations (derived)
-€1.1m
Net result for the year
+€1.3m
Depreciation
+€264,125
Receivables within one year
-€3.0m
Provisions
+€227,037
Trade debts
+€1,458
Tax, wage and social debts
+€179,610
Investment (derived)
+€718,729
Investment in fixed assets (net)
+€718,729
Financing
-€888,443
Debts after one year
-€269,996
Current portion of long-term debt
-€90,000
Short-term financial debts
-€4
Contributions, distributions and other
-€528,443
Cash 2025
€1,388
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,027,148 | €15,803,977 | +€776,829 | +5.2% |
| Fixed assets | 21/28 | €13,748,834 | €12,765,980 | -€982,854 | -7.1% |
| Tangible fixed assets | 22/27 | €13,748,834 | €12,765,980 | -€982,854 | -7.1% |
| Land and buildings | 22 | €13,693,955 | €12,765,980 | -€927,975 | -6.8% |
| Assets under construction and advance payments | 27 | €54,879 | €0 | -€54,879 | -100.0% |
| Current assets | 29/58 | €1,278,314 | €3,037,998 | +€1.8m | +137.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,578 | €3,036,609 | +€3.0m | +192274.3% |
| Trade receivables | 40 | €197 | €98,968 | +€98,771 | +50018.0% |
| Other amounts receivable | 41 | €1,381 | €2,937,641 | +€2.9m | +212615.3% |
| Cash at bank and in hand | 54/58 | €1,276,736 | €1,388 | -€1.3m | -99.9% |
| Total equity and liabilities | 10/49 | €15,027,148 | €15,803,977 | +€776,829 | +5.2% |
| Equity | 10/15 | €13,268,398 | €13,997,124 | +€728,725 | +5.5% |
| Contributions | 10/11 | €770,000 | €770,000 | = | 0.0% |
| Capital | 10 | €770,000 | €770,000 | = | 0.0% |
| Issued capital | 100 | €770,000 | €770,000 | = | 0.0% |
| Revaluation surpluses | 12 | €9,635,159 | €9,106,716 | -€528,443 | -5.5% |
| Reserves | 13 | €2,863,239 | €4,120,408 | +€1.3m | +43.9% |
| Non-distributable reserves | 130/1 | €77,000 | €77,000 | = | 0.0% |
| Legal reserve | 130 | €77,000 | €77,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,171 | €705,281 | +€681,111 | +2817.9% |
| Distributable reserves | 133 | €2,762,069 | €3,338,126 | +€576,057 | +20.9% |
| Provisions and deferred taxes | 16 | €8,057 | €235,094 | +€227,037 | +2817.9% |
| Deferred taxes | 168 | €8,057 | €235,094 | +€227,037 | +2817.9% |
| Amounts payable | 17/49 | €1,750,693 | €1,571,760 | -€178,933 | -10.2% |
| Amounts payable after more than one year | 17 | €1,088,355 | €818,359 | -€269,996 | -24.8% |
| Financial debts | 170/4 | €1,088,355 | €818,359 | -€269,996 | -24.8% |
| Credit institutions | 173 | €1,088,355 | €818,359 | -€269,996 | -24.8% |
| Amounts payable within one year | 42/48 | €662,283 | €753,347 | +€91,063 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €359,996 | €269,996 | -€90,000 | -25.0% |
| Financial debts | 43 | €4 | €0 | -€4 | -100.0% |
| Credit institutions | 430/8 | €4 | €0 | -€4 | -100.0% |
| Trade debts | 44 | €47,996 | €49,453 | +€1,458 | +3.0% |
| Suppliers | 440/4 | €47,996 | €49,453 | +€1,458 | +3.0% |
| Taxes, remuneration and social security | 45 | €254,287 | €433,898 | +€179,610 | +70.6% |
| Taxes | 450/3 | €254,287 | €433,898 | +€179,610 | +70.6% |
| Accrued charges and deferred income | 492/3 | €54 | €54 | = | 0.0% |
| Operating income | 70/76A | €1,355,731 | €2,263,454 | +€907,723 | +67.0% |
| Turnover | 70 | €1,353,731 | €1,345,865 | -€7,866 | -0.6% |
| Other operating income | 74 | €2,000 | €2,996 | +€996 | +49.8% |
| Non-recurring operating income | 76A | - | €914,593 | +€914,593 | |
| Operating charges | 60/66A | €521,236 | €565,048 | +€43,813 | +8.4% |
| Services and other goods | 61 | €136,788 | €119,663 | -€17,125 | -12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €277,574 | €264,125 | -€13,449 | -4.8% |
| Other operating charges | 640/8 | €106,823 | €110,259 | +€3,435 | +3.2% |
| Non-recurring operating charges | 66A | €50 | €71,002 | +€70,952 | +141903.2% |
| Operating profit (loss) | 9901 | €834,496 | €1,698,405 | +€863,910 | +103.5% |
| Financial income | 75/76B | €4,457 | €27,784 | +€23,327 | +523.4% |
| Recurring financial income | 75 | €4,457 | €27,784 | +€23,327 | +523.4% |
| Income from current assets | 751 | €4,457 | €27,784 | +€23,327 | +523.4% |
| Financial charges | 65/66B | €37,705 | €30,087 | -€7,618 | -20.2% |
| Recurring financial charges | 65 | €37,705 | €30,087 | -€7,618 | -20.2% |
| Debt charges | 650 | €32,777 | €25,980 | -€6,797 | -20.7% |
| Other financial charges | 652/9 | €4,928 | €4,107 | -€821 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €801,248 | €1,696,103 | +€894,855 | +111.7% |
| Transfer from deferred taxes | 780 | €1,611 | €1,611 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €228,648 | +€228,648 | |
| Income taxes | 67/77 | €221,987 | €211,898 | -€10,090 | -4.5% |
| Taxes | 670/3 | €222,000 | €212,060 | -€9,940 | -4.5% |
| Tax adjustments and reversals of tax provisions | 77 | €13 | €162 | +€150 | +1191.3% |
| Profit (loss) for the period | 9904 | €580,872 | €1,257,168 | +€676,296 | +116.4% |
| Transfer from tax-exempt reserves | 789 | €4,834 | €4,834 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €685,945 | +€685,945 | |
| Profit (loss) for the period to be appropriated | 9905 | €585,706 | €576,057 | -€9,649 | -1.6% |
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.