VT-VASTGOED: 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.
What changed
VT-VASTGOED
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€14,902
2024 · -€93,152+€78,249
Equity
€3.8m
2024 · €3.8m-€14,902
Cash
€62,856
2024 · €441,625-€378,768
Balance sheet total
€12.5m
2024 · €13.4m-€874,661
Largest movements
Assets
- Tangible fixed assets -€558,759
down €558,759 (-4.4%), from €12.8m to €12.2m
of which Assets under construction and advance payments: -€3.8m
- Cash -€378,768
down €378,768 (-85.8%), from €441,625 to €62,856
mainly Current portion of long-term debt (-€567,013) and Trade debts (-€441,960)
Equity and liabilities
- Current portion of long-term debt -€567,013
down €567,013 (-94.7%), from €599,045 to €32,032
- Trade debts -€441,960
down €441,960 (-40.0%), from €1.1m to €662,423
- Debts after one year +€146,317
up €146,317 (+1.9%), from €7.8m to €7.9m
of which Financial debts: +€79,488
Income statement
- Gross operating margin +€85,721
up €85,721 (+20.6%), from €415,915 to €501,636
- Depreciation +€50,032
up €50,032 (+30.4%), from €164,335 to €214,367
- Write-downs -€9,434
down €9,434, from €4,717 to -€4,717
- Other operating charges +€6,335
up €6,335 (+14.2%), from €44,560 to €50,895
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
-€93,152
Gross operating margin
+€85,721
Depreciation
-€50,032
Write-downs
+€9,434
Other operating charges
-€6,335
Other operating items
+€138
Financial income
-€513
Financial charges
+€978
Taxes
-€2,056
Deferred taxes and other
+€40,914
Result 2025
-€14,902
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
-€302,464
Investment
+€344,392
Financing
-€420,696
Cash 2024
€441,625
From operations (derived)
-€302,464
Net result for the year
-€14,902
Depreciation
+€214,367
Stocks and contracts
+€64,105
Receivables within one year
-€128,125
Deferred charges and accrued income
+€1,154
Provisions
-€2,763
Trade debts
-€441,960
Tax, wage and social debts
+€9,806
Accrued charges and deferred income
-€4,146
Investment (derived)
+€344,392
Investment in fixed assets (net)
+€344,392
Financing
-€420,696
Debts after one year
+€146,317
Current portion of long-term debt
-€567,013
Cash 2025
€62,856
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,361,886 | €12,487,225 | -€874,661 | -6.5% |
| Fixed assets | 21/28 | €12,751,508 | €12,192,749 | -€558,759 | -4.4% |
| Tangible fixed assets | 22/27 | €12,751,508 | €12,192,749 | -€558,759 | -4.4% |
| Land and buildings | 22 | €8,495,665 | €11,707,509 | +€3.2m | +37.8% |
| Furniture and vehicles | 24 | €80,481 | €81,623 | +€1,142 | +1.4% |
| Assets under construction and advance payments | 27 | €4,175,362 | €403,617 | -€3.8m | -90.3% |
| Current assets | 29/58 | €610,378 | €294,476 | -€315,902 | -51.8% |
| Stocks and contracts in progress | 3 | €103,636 | €39,531 | -€64,105 | -61.9% |
| Stocks | 30/36 | €103,636 | €39,531 | -€64,105 | -61.9% |
| Amounts receivable within one year | 40/41 | €63,964 | €192,089 | +€128,125 | +200% |
| Trade receivables | 40 | €56,445 | €95,410 | +€38,965 | +69.0% |
| Other amounts receivable | 41 | €7,519 | €96,679 | +€89,160 | +1,186% |
| Cash at bank and in hand | 54/58 | €441,625 | €62,856 | -€378,768 | -85.8% |
| Deferred charges and accrued income | 490/1 | €1,154 | €0 | -€1,154 | -100% |
| Total equity and liabilities | 10/49 | €13,361,886 | €12,487,225 | -€874,661 | -6.5% |
| Equity | 10/15 | €3,767,583 | €3,752,681 | -€14,902 | -0.4% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Reserves | 13 | €220,158 | €211,869 | -€8,289 | -3.8% |
| Tax-exempt reserves | 132 | €218,299 | €210,010 | -€8,289 | -3.8% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,452,575 | -€1,459,188 | -€6,613 | -0.5% |
| Provisions and deferred taxes | 16 | €70,766 | €68,003 | -€2,763 | -3.9% |
| Deferred taxes | 168 | €70,766 | €68,003 | -€2,763 | -3.9% |
| Amounts payable | 17/49 | €9,523,536 | €8,666,541 | -€856,995 | -9.0% |
| Amounts payable after more than one year | 17 | €7,767,889 | €7,914,205 | +€146,317 | +1.9% |
| Financial debts | 170/4 | €7,595,176 | €7,674,664 | +€79,488 | +1.0% |
| Other amounts payable | 178/9 | €172,712 | €239,542 | +€66,829 | +38.7% |
| Amounts payable within one year | 42/48 | €1,703,428 | €704,262 | -€999,166 | -58.7% |
| Current portion of amounts payable after more than one year | 42 | €599,045 | €32,032 | -€567,013 | -94.7% |
| Trade debts | 44 | €1,104,383 | €662,423 | -€441,960 | -40.0% |
| Suppliers | 440/4 | €1,104,383 | €662,423 | -€441,960 | -40.0% |
| Taxes, remuneration and social security | 45 | - | €9,806 | +€9,806 | |
| Taxes | 450/3 | - | €9,806 | +€9,806 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €52,219 | €48,073 | -€4,146 | -7.9% |
| Non-recurring operating income | 76A | €166,878 | €173,183 | +€6,305 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,335 | €214,367 | +€50,032 | +30.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,717 | -€4,717 | -€9,434 | |
| Other operating charges | 640/8 | €44,560 | €50,895 | +€6,335 | +14.2% |
| Non-recurring operating charges | 66A | €138 | €0 | -€138 | -100% |
| Gross operating margin | 9900 | €415,915 | €501,636 | +€85,721 | +20.6% |
| Operating profit (loss) | 9901 | €202,165 | €241,091 | +€38,926 | +19.3% |
| Financial income | 75/76B | €1,086 | €573 | -€513 | -47.2% |
| Recurring financial income | 75 | €1,086 | €573 | -€513 | -47.2% |
| Financial charges | 65/66B | €265,770 | €264,792 | -€978 | -0.4% |
| Recurring financial charges | 65 | €265,770 | €264,792 | -€978 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | -€62,519 | -€23,128 | +€39,391 | +63.0% |
| Transfer from deferred taxes | 780 | €2,784 | €2,763 | -€21 | -0.8% |
| Transfer to deferred taxes | 680 | €40,936 | €0 | -€40,936 | -100% |
| Income taxes | 67/77 | -€7,519 | -€5,463 | +€2,056 | +27.3% |
| Profit (loss) for the period | 9904 | -€93,152 | -€14,902 | +€78,249 | +84.0% |
| Transfer from tax-exempt reserves | 789 | €8,352 | €8,289 | -€64 | -0.8% |
| Transfer to tax-exempt reserves | 689 | €122,807 | €0 | -€122,807 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€207,606 | -€6,613 | +€200,993 | +96.8% |
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 24 October 2026 via checked.be.