TBT 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.
TBT IMMO
Largest movements
- Cash +€246,884
up €246,884 (+2,690%), from €9,177 to €256,061
mainly Other debts (+€544,753) and Stocks and contracts (+€179,097)
- Stocks and contracts -€179,097
no longer reported in 2025 (was €179,097)
- Tangible fixed assets -€40,765
down €40,765 (-11.6%), from €352,480 to €311,715
of which Land and buildings: -€26,030
- Receivables within one year -€40,123
down €40,123 (-81.8%), from €49,042 to €8,919
of which Other amounts receivable: -€39,719
- Other debts +€544,753
new in 2025: €544,753
- Profit (loss) carried forward -€172,539
down €172,539 (-1,306%), from -€13,215 to -€185,754
- Trade debts -€147,841
down €147,841 (-99.9%), from €147,981 to €140
of which Suppliers: -€147,981
- Current portion of long-term debt -€110,986
down €110,986 (-66.6%), from €166,644 to €55,659
- Debts after one year -€74,946
down €74,946 (-49.7%), from €150,817 to €75,871
of which Financial debts: -€77,446
- Turnover -€930,801
no longer reported in 2025 (was €930,801)
- Purchases and services -€757,965
no longer reported in 2025 (was €757,965)
- Gross operating margin -€178,444
down €178,444 (-97.8%), from €182,536 to €4,092
- Staff costs +€62,144
up €62,144 (+67.5%), from €92,082 to €154,227
- Write-downs -€29,770
new in 2025: -€29,770
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 | €593,320 | €578,519 | -€14,801 | -2.5% |
| Fixed assets | 21/28 | €354,581 | €311,715 | -€42,866 | -12.1% |
| Intangible fixed assets | 21 | €1,411 | - | -€1,411 | |
| Tangible fixed assets | 22/27 | €352,480 | €311,715 | -€40,765 | -11.6% |
| Land and buildings | 22 | €319,213 | €293,184 | -€26,030 | -8.2% |
| Plant, machinery and equipment | 23 | €25,688 | €18,532 | -€7,156 | -27.9% |
| Leasing and similar rights | 25 | €7,579 | - | -€7,579 | |
| Financial fixed assets | 28 | €690 | - | -€690 | |
| Current assets | 29/58 | €238,738 | €266,804 | +€28,065 | +11.8% |
| Stocks and contracts in progress | 3 | €179,097 | - | -€179,097 | |
| Stocks | 30/36 | €179,097 | - | -€179,097 | |
| Amounts receivable within one year | 40/41 | €49,042 | €8,919 | -€40,123 | -81.8% |
| Trade receivables | 40 | €1,030 | €626 | -€404 | -39.2% |
| Other amounts receivable | 41 | €48,012 | €8,293 | -€39,719 | -82.7% |
| Cash at bank and in hand | 54/58 | €9,177 | €256,061 | +€246,884 | +2,690% |
| Deferred charges and accrued income | 490/1 | €1,422 | €1,824 | +€402 | +28.2% |
| Total equity and liabilities | 10/49 | €593,320 | €578,519 | -€14,801 | -2.5% |
| Equity | 10/15 | €86,540 | -€102,014 | -€188,554 | |
| Contributions | 10/11 | €76,900 | €76,900 | = | 0.0% |
| Reserves | 13 | €22,855 | €6,840 | -€16,015 | -70.1% |
| Non-distributable reserves | 130/1 | €6,840 | - | -€6,840 | |
| Reserves not available under the articles | 1311 | €6,840 | - | -€6,840 | |
| Tax-exempt reserves | 132 | €16,015 | - | -€16,015 | |
| Distributable reserves | 133 | - | €6,840 | +€6,840 | |
| Profit (loss) carried forward | 14 | -€13,215 | -€185,754 | -€172,539 | -1,306% |
| Amounts payable | 17/49 | €506,779 | €680,533 | +€173,753 | +34.3% |
| Amounts payable after more than one year | 17 | €150,817 | €75,871 | -€74,946 | -49.7% |
| Financial debts | 170/4 | €150,817 | €73,371 | -€77,446 | -51.4% |
| Other amounts payable | 178/9 | - | €2,500 | +€2,500 | |
| Amounts payable within one year | 42/48 | €355,757 | €604,662 | +€248,905 | +70.0% |
| Current portion of amounts payable after more than one year | 42 | €166,644 | €55,659 | -€110,986 | -66.6% |
| Trade debts | 44 | €147,981 | €140 | -€147,841 | -99.9% |
| Suppliers | 440/4 | €147,981 | - | -€147,981 | |
| Bills of exchange payable | 441 | - | €140 | +€140 | |
| Advances received on contracts in progress | 46 | €20,233 | - | -€20,233 | |
| Taxes, remuneration and social security | 45 | €20,899 | €4,110 | -€16,789 | -80.3% |
| Taxes | 450/3 | €11,592 | €4,110 | -€7,481 | -64.5% |
| Remuneration and social security | 454/9 | €9,308 | - | -€9,308 | |
| Other amounts payable | 47/48 | - | €544,753 | +€544,753 | |
| Accrued charges and deferred income | 492/3 | €205 | - | -€205 | |
| Turnover | 70 | €930,801 | - | -€930,801 | |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €757,965 | - | -€757,965 | |
| Remuneration, social security and pensions | 62 | €92,082 | €154,227 | +€62,144 | +67.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,834 | €42,828 | -€5,005 | -10.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€29,770 | -€29,770 | |
| Other operating charges | 640/8 | €5,004 | €8,373 | +€3,369 | +67.3% |
| Non-recurring operating charges | 66A | - | €1,411 | +€1,411 | |
| Gross operating margin | 9900 | €182,536 | €4,092 | -€178,444 | -97.8% |
| Operating profit (loss) | 9901 | €37,616 | -€172,977 | -€210,593 | |
| Financial income | 75/76B | €3,032 | €1,642 | -€1,390 | -45.8% |
| Recurring financial income | 75 | €3,032 | €1,642 | -€1,390 | -45.8% |
| Financial charges | 65/66B | €16,886 | €16,896 | +€9 | +0.1% |
| Recurring financial charges | 65 | €16,886 | €16,896 | +€9 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €23,762 | -€188,230 | -€211,992 | |
| Income taxes | 67/77 | €2,599 | €324 | -€2,275 | -87.5% |
| Profit (loss) for the period | 9904 | €21,163 | -€188,554 | -€209,717 | |
| Transfer from tax-exempt reserves | 789 | - | €16,015 | +€16,015 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,163 | -€172,539 | -€193,702 |
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 13 October 2026 via checked.be.