VS IMMO-RENOV: what changed
VS IMMO-RENOV
Largest movements
- Receivables within one year +€86,091
up €86,091 (+36.4%), from €236,488 to €322,579
of which Trade receivables: +€73,312
- Cash +€17,416
up €17,416 (+437%), from €3,984 to €21,400
mainly Trade debts (+€56,669) and Net result for the year (+€38,540)
- Tangible fixed assets -€4,348
down €4,348 (-35.2%), from €12,352 to €8,004
- Trade debts +€56,669
up €56,669 (+707%), from €8,016 to €64,685
of which Suppliers: +€48,269
- Reserves +€38,540
up €38,540 (+2,072%), from €1,860 to €40,400
- Tax, wage and social debts +€14,236
up €14,236 (+105%), from €13,605 to €27,841
of which Taxes: +€15,736
- Profit (loss) carried forward -€9,250
down €9,250 (-4.6%), from €199,296 to €190,046
- Accrued charges and deferred income +€4,799
new in 2025: €4,799
- Gross operating margin +€39,817
up €39,817 (+168%), from €23,768 to €63,584
- Taxes +€16,919
up €16,919 (+366%), from €4,621 to €21,540
- Financial income +€9,717
up €9,717 (+96,972%), from €10 to €9,727
- Write-downs +€2,347
new in 2025: €2,347
- Other operating charges +€723
up €723 (+68.7%), from €1,052 to €1,775
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €253,859 | €352,518 | +€98,660 | +38.9% |
| Fixed assets | 21/28 | €12,414 | €8,306 | -€4,108 | -33.1% |
| Tangible fixed assets | 22/27 | €12,352 | €8,004 | -€4,348 | -35.2% |
| Furniture and vehicles | 24 | €12,352 | €8,004 | -€4,348 | -35.2% |
| Financial fixed assets | 28 | €62 | €302 | +€240 | +387% |
| Current assets | 29/58 | €241,445 | €344,213 | +€102,768 | +42.6% |
| Amounts receivable within one year | 40/41 | €236,488 | €322,579 | +€86,091 | +36.4% |
| Trade receivables | 40 | €65,401 | €138,713 | +€73,312 | +112% |
| Other amounts receivable | 41 | €171,086 | €183,866 | +€12,780 | +7.5% |
| Cash at bank and in hand | 54/58 | €3,984 | €21,400 | +€17,416 | +437% |
| Deferred charges and accrued income | 490/1 | €974 | €234 | -€740 | -76.0% |
| Total equity and liabilities | 10/49 | €253,859 | €352,518 | +€98,660 | +38.9% |
| Equity | 10/15 | €219,756 | €249,046 | +€29,290 | +13.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €40,400 | +€38,540 | +2,072% |
| Distributable reserves | 133 | €1,860 | €40,400 | +€38,540 | +2,072% |
| Profit (loss) carried forward | 14 | €199,296 | €190,046 | -€9,250 | -4.6% |
| Amounts payable | 17/49 | €34,102 | €103,472 | +€69,370 | +203% |
| Amounts payable after more than one year | 17 | €4,635 | - | -€4,635 | |
| Financial debts | 170/4 | €4,635 | - | -€4,635 | |
| Amounts payable within one year | 42/48 | €29,468 | €98,673 | +€69,206 | +235% |
| Current portion of amounts payable after more than one year | 42 | €7,847 | €6,147 | -€1,700 | -21.7% |
| Trade debts | 44 | €8,016 | €64,685 | +€56,669 | +707% |
| Suppliers | 440/4 | €8,016 | €56,285 | +€48,269 | +602% |
| Bills of exchange payable | 441 | - | €8,400 | +€8,400 | |
| Taxes, remuneration and social security | 45 | €13,605 | €27,841 | +€14,236 | +105% |
| Taxes | 450/3 | €12,105 | €27,841 | +€15,736 | +130% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Accrued charges and deferred income | 492/3 | - | €4,799 | +€4,799 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,242 | €8,405 | +€163 | +2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,347 | +€2,347 | |
| Other operating charges | 640/8 | €1,052 | €1,775 | +€723 | +68.7% |
| Non-recurring operating charges | 66A | €620 | - | -€620 | |
| Gross operating margin | 9900 | €23,768 | €63,584 | +€39,817 | +168% |
| Operating profit (loss) | 9901 | €13,854 | €51,057 | +€37,203 | +269% |
| Financial income | 75/76B | €10 | €9,727 | +€9,717 | +96,972% |
| Recurring financial income | 75 | €10 | €9,727 | +€9,717 | +96,972% |
| Financial charges | 65/66B | €458 | €704 | +€246 | +53.8% |
| Recurring financial charges | 65 | €458 | €704 | +€246 | +53.8% |
| Profit (loss) for the period before taxes | 9903 | €13,406 | €60,080 | +€46,674 | +348% |
| Income taxes | 67/77 | €4,621 | €21,540 | +€16,919 | +366% |
| Profit (loss) for the period | 9904 | €8,786 | €38,540 | +€29,755 | +339% |
| Profit (loss) for the period to be appropriated | 9905 | €8,786 | €38,540 | +€29,755 | +339% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.