VS 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.
VS IMMO
Largest movements
- Tangible fixed assets -€39,426
down €39,426 (-7.5%), from €523,622 to €484,196
of which Land and buildings: -€41,418
- Cash -€23,208
down €23,208 (-60.1%), from €38,639 to €15,431
mainly Debts after one year (-€43,241) and Other debts (-€21,610)
- Receivables within one year +€10,407
up €10,407 (+298.2%), from €3,490 to €13,897
- Debts after one year -€43,241
down €43,241 (-9.6%), from €450,232 to €406,991
- Other debts -€21,610
down €21,610 (-99.0%), from €21,830 to €220
- Profit (loss) carried forward +€21,372
new in 2025: €21,372
- Gross operating margin -€19,521
down €19,521 (-13.5%), from €144,490 to €124,969
- Taxes -€11,292
down €11,292 (-59.4%), from €18,997 to €7,705
- Depreciation -€5,277
down €5,277 (-10.5%), from €50,203 to €44,926
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 | €565,751 | €515,119 | -€50,632 | -8.9% |
| Fixed assets | 21/28 | €523,622 | €484,196 | -€39,426 | -7.5% |
| Tangible fixed assets | 22/27 | €523,622 | €484,196 | -€39,426 | -7.5% |
| Land and buildings | 22 | €521,068 | €479,650 | -€41,418 | -7.9% |
| Plant, machinery and equipment | 23 | €1,084 | €794 | -€290 | -26.7% |
| Furniture and vehicles | 24 | €1,470 | €3,752 | +€2,282 | +155.2% |
| Current assets | 29/58 | €42,129 | €30,923 | -€11,206 | -26.6% |
| Amounts receivable within one year | 40/41 | €3,490 | €13,897 | +€10,407 | +298.2% |
| Other amounts receivable | 41 | €3,490 | €13,897 | +€10,407 | +298.2% |
| Cash at bank and in hand | 54/58 | €38,639 | €15,431 | -€23,208 | -60.1% |
| Deferred charges and accrued income | 490/1 | - | €1,596 | +€1,596 | |
| Total equity and liabilities | 10/49 | €565,751 | €515,119 | -€50,632 | -8.9% |
| Equity | 10/15 | €24,000 | €45,372 | +€21,372 | +89.0% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €21,372 | +€21,372 | |
| Amounts payable | 17/49 | €541,751 | €469,747 | -€72,003 | -13.3% |
| Amounts payable after more than one year | 17 | €450,232 | €406,991 | -€43,241 | -9.6% |
| Financial debts | 170/4 | €450,232 | €406,991 | -€43,241 | -9.6% |
| Amounts payable within one year | 42/48 | €80,519 | €51,756 | -€28,763 | -35.7% |
| Current portion of amounts payable after more than one year | 42 | €42,821 | €43,241 | +€420 | +1.0% |
| Trade debts | 44 | €6,451 | €3,290 | -€3,161 | -49.0% |
| Suppliers | 440/4 | €6,451 | €3,290 | -€3,161 | -49.0% |
| Taxes, remuneration and social security | 45 | €9,417 | €5,005 | -€4,412 | -46.8% |
| Taxes | 450/3 | €5,380 | - | -€5,380 | |
| Remuneration and social security | 454/9 | €4,038 | €5,005 | +€968 | +24.0% |
| Other amounts payable | 47/48 | €21,830 | €220 | -€21,610 | -99.0% |
| Accrued charges and deferred income | 492/3 | €11,000 | €11,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €34,798 | €36,117 | +€1,319 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,203 | €44,926 | -€5,277 | -10.5% |
| Other operating charges | 640/8 | €8,860 | €9,227 | +€367 | +4.1% |
| Gross operating margin | 9900 | €144,490 | €124,969 | -€19,521 | -13.5% |
| Operating profit (loss) | 9901 | €50,629 | €34,699 | -€15,930 | -31.5% |
| Financial income | 75/76B | €1 | €143 | +€142 | +22943.5% |
| Recurring financial income | 75 | €1 | €143 | +€142 | +22943.5% |
| Financial charges | 65/66B | €5,950 | €5,765 | -€185 | -3.1% |
| Recurring financial charges | 65 | €5,950 | €5,765 | -€185 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €44,679 | €29,077 | -€15,603 | -34.9% |
| Income taxes | 67/77 | €18,997 | €7,705 | -€11,292 | -59.4% |
| Profit (loss) for the period | 9904 | €25,682 | €21,372 | -€4,310 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,682 | €21,372 | -€4,310 | -16.8% |
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 10 October 2026 via checked.be.