Immo - Thy: 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.
What changed
Immo - Thy
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€19,391
2024 · €91,931-€111,322
Equity
€259,789
2024 · €279,180-€19,391
Cash
€72,711
2024 · €76,467-€3,756
Balance sheet total
€777,806
2024 · €724,501+€53,305
Largest movements
Assets
- Tangible fixed assets +€155,050
up €155,050 (+28.4%), from €546,397 to €701,447
of which Land and buildings: +€437,920
- Current investments -€99,956
no longer reported in 2025 (was €99,956)
Equity and liabilities
- Debts after one year +€53,909
up €53,909 (+14.4%), from €373,872 to €427,781
- Other debts +€20,000
new in 2025: €20,000
- Profit (loss) carried forward -€18,382
down €18,382 (-230.1%), from -€7,987 to -€26,369
Income statement
- Gross operating margin -€170,179
down €170,179 (-93.7%), from €181,670 to €11,491
- Financial charges +€2,395
up €2,395 (+29.3%), from €8,169 to €10,564
- Depreciation +€2,005
up €2,005 (+13.5%), from €14,833 to €16,838
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
€91,931
Gross operating margin
-€170,179
Depreciation
-€2,005
Other operating charges
+€1,125
Other operating items
+€26,776
Financial income
+€1,750
Financial charges
-€2,395
Taxes
-€37
Deferred taxes and other
+€33,643
Result 2025
-€19,391
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.
From operations
+€7,715
Investment
-€71,932
Financing
+€60,461
Cash 2024
€76,467
From operations (derived)
+€7,715
Net result for the year
-€19,391
Depreciation
+€16,838
Receivables within one year
-€1,967
Provisions
-€337
Tax, wage and social debts
-€7,428
Other debts
+€20,000
Investment (derived)
-€71,932
Investment in fixed assets (net)
-€171,888
Current investments
+€99,956
Financing
+€60,461
Debts after one year
+€53,909
Current portion of long-term debt
+€6,552
Cash 2025
€72,711
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €724,501 | €777,806 | +€53,305 | +7.4% |
| Fixed assets | 21/28 | €546,397 | €701,447 | +€155,050 | +28.4% |
| Tangible fixed assets | 22/27 | €546,397 | €701,447 | +€155,050 | +28.4% |
| Land and buildings | 22 | €258,460 | €696,380 | +€437,920 | +169.4% |
| Furniture and vehicles | 24 | - | €5,067 | +€5,067 | |
| Assets under construction and advance payments | 27 | €287,937 | - | -€287,937 | |
| Current assets | 29/58 | €178,104 | €76,359 | -€101,745 | -57.1% |
| Amounts receivable within one year | 40/41 | €972 | €2,939 | +€1,967 | +202.4% |
| Other amounts receivable | 41 | €972 | €2,939 | +€1,967 | +202.4% |
| Current investments | 50/53 | €99,956 | - | -€99,956 | |
| Cash at bank and in hand | 54/58 | €76,467 | €72,711 | -€3,756 | -4.9% |
| Deferred charges and accrued income | 490/1 | €709 | €709 | = | 0.0% |
| Total equity and liabilities | 10/49 | €724,501 | €777,806 | +€53,305 | +7.4% |
| Equity | 10/15 | €279,180 | €259,789 | -€19,391 | -6.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €225,167 | €224,158 | -€1,009 | -0.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €99,918 | €98,909 | -€1,009 | -1.0% |
| Distributable reserves | 133 | €119,049 | €119,049 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,987 | -€26,369 | -€18,382 | -230.1% |
| Provisions and deferred taxes | 16 | €33,306 | €32,969 | -€337 | -1.0% |
| Deferred taxes | 168 | €33,306 | €32,969 | -€337 | -1.0% |
| Amounts payable | 17/49 | €412,015 | €485,048 | +€73,033 | +17.7% |
| Amounts payable after more than one year | 17 | €373,872 | €427,781 | +€53,909 | +14.4% |
| Financial debts | 170/4 | €373,872 | €427,781 | +€53,909 | +14.4% |
| Amounts payable within one year | 42/48 | €38,143 | €57,267 | +€19,124 | +50.1% |
| Current portion of amounts payable after more than one year | 42 | €30,715 | €37,267 | +€6,552 | +21.3% |
| Taxes, remuneration and social security | 45 | €7,428 | - | -€7,428 | |
| Taxes | 450/3 | €7,428 | - | -€7,428 | |
| Other amounts payable | 47/48 | - | €20,000 | +€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,833 | €16,838 | +€2,005 | +13.5% |
| Other operating charges | 640/8 | €6,692 | €5,567 | -€1,125 | -16.8% |
| Non-recurring operating charges | 66A | €26,776 | - | -€26,776 | |
| Gross operating margin | 9900 | €181,670 | €11,491 | -€170,179 | -93.7% |
| Operating profit (loss) | 9901 | €133,369 | -€10,914 | -€144,283 | |
| Financial income | 75/76B | - | €1,750 | +€1,750 | |
| Recurring financial income | 75 | - | €1,750 | +€1,750 | |
| Financial charges | 65/66B | €8,169 | €10,564 | +€2,395 | +29.3% |
| Recurring financial charges | 65 | €8,169 | €10,564 | +€2,395 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €125,200 | -€19,728 | -€144,928 | |
| Transfer from deferred taxes | 780 | - | €337 | +€337 | |
| Transfer to deferred taxes | 680 | €33,306 | - | -€33,306 | |
| Income taxes | 67/77 | -€37 | - | +€37 | |
| Profit (loss) for the period | 9904 | €91,931 | -€19,391 | -€111,322 | |
| Transfer from tax-exempt reserves | 789 | - | €1,009 | +€1,009 | |
| Transfer to tax-exempt reserves | 689 | €99,918 | - | -€99,918 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,987 | -€18,382 | -€10,395 | -130.1% |
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 8 October 2026 via checked.be.