VSD 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.
VSD IMMO
Largest movements
- Cash -€21,580
down €21,580 (-80.2%), from €26,903 to €5,323
mainly Debts after one year (-€217,026) and Net result for the year (-€33,787)
- Stocks and contracts +€10,282
up €10,282 (+1.3%), from €770,594 to €780,876
- Other debts +€249,700
up €249,700 (+3170.0%), from €7,877 to €257,577
- Debts after one year -€217,026
down €217,026 (-25.9%), from €837,026 to €620,000
of which Other amounts payable: -€235,000
- Profit (loss) carried forward -€33,787
down €33,787 (-45.3%), from -€74,636 to -€108,423
- Trade debts -€9,365
down €9,365 (-92.0%), from €10,178 to €813
of which Bills of exchange payable: -€10,178
- Financial charges -€11,456
down €11,456 (-28.5%), from €40,129 to €28,673
- Gross operating margin -€172
down €172 (-3.5%), from -€4,892 to -€5,064
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 | €799,966 | €786,916 | -€13,050 | -1.6% |
| Current assets | 29/58 | €799,966 | €786,916 | -€13,050 | -1.6% |
| Stocks and contracts in progress | 3 | €770,594 | €780,876 | +€10,282 | +1.3% |
| Stocks | 30/36 | €770,594 | €780,876 | +€10,282 | +1.3% |
| Amounts receivable within one year | 40/41 | €2,469 | €717 | -€1,752 | -71.0% |
| Other amounts receivable | 41 | €2,469 | €717 | -€1,752 | -71.0% |
| Cash at bank and in hand | 54/58 | €26,903 | €5,323 | -€21,580 | -80.2% |
| Total equity and liabilities | 10/49 | €799,966 | €786,916 | -€13,050 | -1.6% |
| Equity | 10/15 | -€69,636 | -€103,423 | -€33,787 | -48.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,636 | -€108,423 | -€33,787 | -45.3% |
| Amounts payable | 17/49 | €869,602 | €890,339 | +€20,737 | +2.4% |
| Amounts payable after more than one year | 17 | €837,026 | €620,000 | -€217,026 | -25.9% |
| Financial debts | 170/4 | €562,026 | €580,000 | +€17,974 | +3.2% |
| Other amounts payable | 178/9 | €275,000 | €40,000 | -€235,000 | -85.5% |
| Amounts payable within one year | 42/48 | €18,055 | €258,390 | +€240,335 | +1331.1% |
| Trade debts | 44 | €10,178 | €813 | -€9,365 | -92.0% |
| Suppliers | 440/4 | - | €813 | +€813 | |
| Bills of exchange payable | 441 | €10,178 | - | -€10,178 | |
| Other amounts payable | 47/48 | €7,877 | €257,577 | +€249,700 | +3170.0% |
| Accrued charges and deferred income | 492/3 | €14,521 | €11,949 | -€2,572 | -17.7% |
| Other operating charges | 640/8 | €63 | €50 | -€13 | -20.6% |
| Gross operating margin | 9900 | -€4,892 | -€5,064 | -€172 | -3.5% |
| Operating profit (loss) | 9901 | -€4,955 | -€5,114 | -€159 | -3.2% |
| Financial charges | 65/66B | €40,129 | €28,673 | -€11,456 | -28.5% |
| Recurring financial charges | 65 | €40,129 | €28,673 | -€11,456 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | -€45,084 | -€33,787 | +€11,297 | +25.1% |
| Profit (loss) for the period | 9904 | -€45,084 | -€33,787 | +€11,297 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,084 | -€33,787 | +€11,297 | +25.1% |
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 30 September 2026 via checked.be.