TBO IMMO: 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
TBO IMMO
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€142,122
2024 · -€664,145+€522,023
Equity
-€931,303
2024 · -€789,182-€142,122
Cash
€13,273
2024 · -+€13,273
Balance sheet total
€9.9m
2024 · €9.9m-€1,646
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Trade debts +€166,413
up €166,413 (+1,387%), from €11,999 to €178,412
- Profit (loss) carried forward -€125,253
down €125,253 (-9.8%), from -€1.3m to -€1.4m
Income statement
- Gross operating margin +€475,140
up €475,140 (+281%), from €168,957 to €644,096
- Depreciation -€42,688
down €42,688 (-9.2%), from €462,676 to €419,987
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
-€664,145
Gross operating margin
+€475,140
Depreciation
+€42,688
Other operating charges
+€3,151
Other operating items
+€298
Financial income
+€58
Financial charges
+€689
Result 2025
-€142,122
raises 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
+€344,316
Investment
-€378,637
Financing
+€47,594
Cash 2024
€0
From operations (derived)
+€344,316
Net result for the year
-€142,122
Depreciation
+€419,987
Receivables within one year
-€26,480
Deferred charges and accrued income
+€48
Provisions
-€5,623
Trade debts
+€166,413
Accrued charges and deferred income
-€67,908
Investment (derived)
-€378,637
Investment in fixed assets (net)
-€378,637
Financing
+€47,594
Debts after one year
+€8,504
Current portion of long-term debt
+€44,133
Short-term financial debts
-€5,043
Cash 2025
€13,273
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,853,180 | €9,851,535 | -€1,646 | 0.0% |
| Fixed assets | 21/28 | €9,820,249 | €9,778,898 | -€41,351 | -0.4% |
| Tangible fixed assets | 22/27 | €9,819,749 | €9,778,398 | -€41,351 | -0.4% |
| Land and buildings | 22 | €9,819,749 | €9,770,211 | -€49,537 | -0.5% |
| Furniture and vehicles | 24 | - | €8,187 | +€8,187 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €32,932 | €72,637 | +€39,705 | +121% |
| Amounts receivable within one year | 40/41 | €29,774 | €56,254 | +€26,480 | +88.9% |
| Trade receivables | 40 | €29,774 | €22,837 | -€6,938 | -23.3% |
| Other amounts receivable | 41 | €0 | €33,417 | +€33,417 | |
| Cash at bank and in hand | 54/58 | - | €13,273 | +€13,273 | |
| Deferred charges and accrued income | 490/1 | €3,157 | €3,109 | -€48 | -1.5% |
| Total equity and liabilities | 10/49 | €9,853,180 | €9,851,535 | -€1,646 | 0.0% |
| Equity | 10/15 | -€789,182 | -€931,303 | -€142,122 | -18.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €468,402 | €451,533 | -€16,869 | -3.6% |
| Tax-exempt reserves | 132 | €468,402 | €451,533 | -€16,869 | -3.6% |
| Profit (loss) carried forward | 14 | -€1,276,184 | -€1,401,437 | -€125,253 | -9.8% |
| Provisions and deferred taxes | 16 | €111,478 | €105,855 | -€5,623 | -5.0% |
| Deferred taxes | 168 | €111,478 | €105,855 | -€5,623 | -5.0% |
| Amounts payable | 17/49 | €10,530,884 | €10,676,983 | +€146,099 | +1.4% |
| Amounts payable after more than one year | 17 | €10,256,532 | €10,265,036 | +€8,504 | +0.1% |
| Financial debts | 170/4 | €10,116,832 | €10,140,156 | +€23,324 | +0.2% |
| Other amounts payable | 178/9 | €139,700 | €124,880 | -€14,820 | -10.6% |
| Amounts payable within one year | 42/48 | €206,444 | €411,947 | +€205,503 | +99.5% |
| Current portion of amounts payable after more than one year | 42 | €188,763 | €232,895 | +€44,133 | +23.4% |
| Financial debts | 43 | €5,043 | €0 | -€5,043 | -100% |
| Credit institutions | 430/8 | €5,043 | €0 | -€5,043 | -100% |
| Trade debts | 44 | €11,999 | €178,412 | +€166,413 | +1,387% |
| Suppliers | 440/4 | €11,999 | €178,412 | +€166,413 | +1,387% |
| Other amounts payable | 47/48 | €640 | €640 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €67,908 | €0 | -€67,908 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €462,676 | €419,987 | -€42,688 | -9.2% |
| Other operating charges | 640/8 | €25,623 | €22,472 | -€3,151 | -12.3% |
| Non-recurring operating charges | 66A | €298 | €0 | -€298 | -100% |
| Gross operating margin | 9900 | €168,957 | €644,096 | +€475,140 | +281% |
| Operating profit (loss) | 9901 | -€319,640 | €201,637 | +€521,277 | |
| Financial income | 75/76B | €0 | €58 | +€58 | |
| Recurring financial income | 75 | €0 | €58 | +€58 | |
| Financial charges | 65/66B | €350,128 | €349,439 | -€689 | -0.2% |
| Recurring financial charges | 65 | €350,128 | €349,439 | -€689 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | -€669,768 | -€147,744 | +€522,023 | +77.9% |
| Transfer from deferred taxes | 780 | €5,623 | €5,623 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€664,145 | -€142,122 | +€522,023 | +78.6% |
| Transfer from tax-exempt reserves | 789 | €16,869 | €16,869 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€647,276 | -€125,253 | +€522,023 | +80.6% |
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 22 October 2026 via checked.be.