IMMO TEN HOREN: 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
IMMO TEN HOREN
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€277,468
2024 · €10,524+€266,944
Equity
€1.9m
2024 · €1.7m+€277,468
Cash
€8
2024 · €868-€860
Balance sheet total
€1.9m
2024 · €1.7m+€268,540
Largest movements
Assets
- Receivables within one year +€264,673
up €264,673 (+365%), from €72,505 to €337,178
Equity and liabilities
- Profit (loss) carried forward +€277,468
up €277,468 (+69.0%), from €402,382 to €679,851
Income statement
- Gross operating margin +€257,108
up €257,108 (+913%), from €28,167 to €285,275
- Financial income +€6,001
up €6,001 (+240,032%), from €3 to €6,003
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
€10,524
Gross operating margin
+€257,108
Depreciation
+€1,432
Other operating charges
-€370
Financial income
+€6,001
Financial charges
+€415
Taxes
+€2,358
Result 2025
€277,468
raises the resultlowers the result
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
+€8,750
Investment
-€9,610
Financing
€0
Cash 2024
€868
From operations (derived)
+€8,750
Net result for the year
+€277,468
Depreciation
+€4,980
Receivables within one year
-€264,673
Deferred charges and accrued income
-€96
Tax, wage and social debts
-€8,928
Investment (derived)
-€9,610
Investment in fixed assets (net)
-€9,610
Cash 2025
€8
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,664,594 | €1,933,134 | +€268,540 | +16.1% |
| Fixed assets | 21/28 | €1,588,264 | €1,592,895 | +€4,630 | +0.3% |
| Tangible fixed assets | 22/27 | €174,094 | €169,115 | -€4,980 | -2.9% |
| Land and buildings | 22 | €133,388 | €132,870 | -€519 | -0.4% |
| Other tangible fixed assets | 26 | €40,706 | €36,245 | -€4,461 | -11.0% |
| Financial fixed assets | 28 | €1,414,170 | €1,423,780 | +€9,610 | +0.7% |
| Current assets | 29/58 | €76,330 | €340,239 | +€263,909 | +346% |
| Amounts receivable within one year | 40/41 | €72,505 | €337,178 | +€264,673 | +365% |
| Other amounts receivable | 41 | €72,505 | €337,178 | +€264,673 | +365% |
| Current investments | 50/53 | €131 | €131 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €868 | €8 | -€860 | -99.1% |
| Deferred charges and accrued income | 490/1 | €2,826 | €2,923 | +€96 | +3.4% |
| Total equity and liabilities | 10/49 | €1,664,594 | €1,933,134 | +€268,540 | +16.1% |
| Equity | 10/15 | €1,655,666 | €1,933,134 | +€277,468 | +16.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,234,683 | €1,234,683 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,232,823 | €1,232,823 | = | 0.0% |
| Profit (loss) carried forward | 14 | €402,382 | €679,851 | +€277,468 | +69.0% |
| Amounts payable | 17/49 | €8,928 | - | -€8,928 | |
| Amounts payable within one year | 42/48 | €8,928 | - | -€8,928 | |
| Taxes, remuneration and social security | 45 | €8,928 | - | -€8,928 | |
| Taxes | 450/3 | €8,928 | - | -€8,928 | |
| Non-recurring operating income | 76A | - | €271,199 | +€271,199 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,412 | €4,980 | -€1,432 | -22.3% |
| Other operating charges | 640/8 | €6,793 | €7,163 | +€370 | +5.4% |
| Gross operating margin | 9900 | €28,167 | €285,275 | +€257,108 | +913% |
| Operating profit (loss) | 9901 | €14,962 | €273,133 | +€258,171 | +1,725% |
| Financial income | 75/76B | €3 | €6,003 | +€6,001 | +240,032% |
| Recurring financial income | 75 | €3 | €6,003 | +€6,001 | +240,032% |
| Financial charges | 65/66B | €502 | €87 | -€415 | -82.6% |
| Recurring financial charges | 65 | €502 | €87 | -€415 | -82.6% |
| Profit (loss) for the period before taxes | 9903 | €14,463 | €279,049 | +€264,586 | +1,829% |
| Income taxes | 67/77 | €3,939 | €1,581 | -€2,358 | -59.9% |
| Profit (loss) for the period | 9904 | €10,524 | €277,468 | +€266,944 | +2,537% |
| Profit (loss) for the period to be appropriated | 9905 | €10,524 | €277,468 | +€266,944 | +2,537% |
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 25 October 2026 via checked.be.