IMMO TIVOLI: 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.
IMMO TIVOLI
Largest movements
- Tangible fixed assets -€180,986
down €180,986 (-13.3%), from €1.4m to €1.2m
of which Land and buildings: -€175,438
- Debts after one year -€216,220
down €216,220 (-68.9%), from €313,772 to €97,552
- Profit (loss) carried forward +€56,537
up €56,537, from -€24,345 to €32,193
- Gross operating margin +€70,249
up €70,249 (+64.9%), from €108,188 to €178,437
- Financial charges -€12,148
down €12,148 (-48.9%), from €24,825 to €12,677
- Other operating charges -€5,285
down €5,285 (-12.1%), from €43,771 to €38,486
- Depreciation -€4,362
down €4,362 (-5.9%), from €73,347 to €68,986
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,358,053 | €1,177,743 | -€180,310 | -13.3% |
| Fixed assets | 21/28 | €1,355,824 | €1,174,838 | -€180,986 | -13.3% |
| Tangible fixed assets | 22/27 | €1,355,824 | €1,174,838 | -€180,986 | -13.3% |
| Land and buildings | 22 | €1,324,520 | €1,149,082 | -€175,438 | -13.2% |
| Plant, machinery and equipment | 23 | €19,082 | €16,325 | -€2,758 | -14.5% |
| Furniture and vehicles | 24 | €12,221 | €9,431 | -€2,790 | -22.8% |
| Current assets | 29/58 | €2,229 | €2,905 | +€676 | +30.3% |
| Amounts receivable within one year | 40/41 | €154 | €154 | = | 0.0% |
| Other amounts receivable | 41 | €154 | €154 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €694 | €207 | -€486 | -70.1% |
| Deferred charges and accrued income | 490/1 | €1,382 | €2,544 | +€1,162 | +84.1% |
| Total equity and liabilities | 10/49 | €1,358,053 | €1,177,743 | -€180,310 | -13.3% |
| Equity | 10/15 | €992,146 | €1,050,378 | +€58,232 | +5.9% |
| Contributions | 10/11 | €946,771 | €946,771 | = | 0.0% |
| Capital | 10 | €946,771 | €946,771 | = | 0.0% |
| Issued capital | 100 | €946,771 | €946,771 | = | 0.0% |
| Reserves | 13 | €69,720 | €71,414 | +€1,694 | +2.4% |
| Non-distributable reserves | 130/1 | €69,720 | €71,414 | +€1,694 | +2.4% |
| Legal reserve | 130 | €69,720 | €71,414 | +€1,694 | +2.4% |
| Profit (loss) carried forward | 14 | -€24,345 | €32,193 | +€56,537 | |
| Amounts payable | 17/49 | €365,907 | €127,365 | -€238,542 | -65.2% |
| Amounts payable after more than one year | 17 | €313,772 | €97,552 | -€216,220 | -68.9% |
| Financial debts | 170/4 | €313,772 | €97,552 | -€216,220 | -68.9% |
| Amounts payable within one year | 42/48 | €25,507 | €15,316 | -€10,191 | -40.0% |
| Trade debts | 44 | €18,608 | €7,269 | -€11,339 | -60.9% |
| Suppliers | 440/4 | €18,608 | €7,269 | -€11,339 | -60.9% |
| Taxes, remuneration and social security | 45 | €102 | €0 | -€102 | -100% |
| Taxes | 450/3 | €102 | €0 | -€102 | -100% |
| Other amounts payable | 47/48 | €6,797 | €8,047 | +€1,250 | +18.4% |
| Accrued charges and deferred income | 492/3 | €26,628 | €14,497 | -€12,131 | -45.6% |
| Non-recurring operating income | 76A | - | €95,217 | +€95,217 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,347 | €68,986 | -€4,362 | -5.9% |
| Other operating charges | 640/8 | €43,771 | €38,486 | -€5,285 | -12.1% |
| Gross operating margin | 9900 | €108,188 | €178,437 | +€70,249 | +64.9% |
| Operating profit (loss) | 9901 | -€8,931 | €70,965 | +€79,896 | |
| Financial income | 75/76B | €131 | €40 | -€91 | -69.6% |
| Recurring financial income | 75 | €131 | €40 | -€91 | -69.6% |
| Financial charges | 65/66B | €24,825 | €12,677 | -€12,148 | -48.9% |
| Recurring financial charges | 65 | €24,825 | €12,677 | -€12,148 | -48.9% |
| Profit (loss) for the period before taxes | 9903 | -€33,624 | €58,328 | +€91,952 | |
| Income taxes | 67/77 | €96 | €96 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€33,721 | €58,232 | +€91,952 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,721 | €58,232 | +€91,952 |
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 16 October 2026 via checked.be.