TERTHOLEN 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
TERTHOLEN IMMO
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€29,944
2024 · -€31,115+€1,171
Equity
€828,190
2024 · €858,134-€29,944
Cash
€18,070
2024 · €21,273-€3,203
Balance sheet total
€2.9m
2024 · €2.8m+€79,580
Largest movements
Assets
- Tangible fixed assets +€90,227
up €90,227 (+3.6%), from €2.5m to €2.6m
of which Land and buildings: +€91,061
Equity and liabilities
- Debts after one year +€82,163
up €82,163 (+5.1%), from €1.6m to €1.7m
- Other debts +€50,363
up €50,363 (+524%), from €9,609 to €59,972
Income statement
- Gross operating margin +€22,758
up €22,758 (+11.8%), from €193,266 to €216,024
- Depreciation +€16,249
up €16,249 (+10.3%), from €157,006 to €173,255
- Other operating charges +€9,261
up €9,261 (+53.1%), from €17,439 to €26,700
- Taxes -€4,405
no longer reported in 2025 (was €4,405)
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
-€31,115
Gross operating margin
+€22,758
Depreciation
-€16,249
Other operating charges
-€9,261
Financial income
+€20
Financial charges
-€503
Taxes
+€4,405
Result 2025
-€29,944
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
+€186,088
Investment
-€263,481
Financing
+€74,190
Cash 2024
€21,273
From operations (derived)
+€186,088
Net result for the year
-€29,944
Depreciation
+€173,255
Receivables within one year
+€17,224
Deferred charges and accrued income
-€9,781
Provisions
-€8,698
Trade debts
-€4,039
Tax, wage and social debts
-€2,292
Other debts
+€50,363
Investment (derived)
-€263,481
Investment in fixed assets (net)
-€263,481
Financing
+€74,190
Debts after one year
+€82,163
Current portion of long-term debt
-€7,972
Cash 2025
€18,070
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,826,776 | €2,906,356 | +€79,580 | +2.8% |
| Fixed assets | 21/28 | €2,483,175 | €2,573,402 | +€90,227 | +3.6% |
| Tangible fixed assets | 22/27 | €2,482,100 | €2,572,327 | +€90,227 | +3.6% |
| Land and buildings | 22 | €2,477,497 | €2,568,557 | +€91,061 | +3.7% |
| Plant, machinery and equipment | 23 | €4,604 | €3,769 | -€834 | -18.1% |
| Financial fixed assets | 28 | €1,075 | €1,075 | = | 0.0% |
| Current assets | 29/58 | €343,600 | €332,954 | -€10,646 | -3.1% |
| Amounts receivable within one year | 40/41 | €320,317 | €303,093 | -€17,224 | -5.4% |
| Trade receivables | 40 | €3,087 | €23,976 | +€20,889 | +677% |
| Other amounts receivable | 41 | €317,230 | €279,117 | -€38,113 | -12.0% |
| Cash at bank and in hand | 54/58 | €21,273 | €18,070 | -€3,203 | -15.1% |
| Deferred charges and accrued income | 490/1 | €2,011 | €11,792 | +€9,781 | +486% |
| Total equity and liabilities | 10/49 | €2,826,776 | €2,906,356 | +€79,580 | +2.8% |
| Equity | 10/15 | €858,134 | €828,190 | -€29,944 | -3.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €594,252 | €594,252 | = | 0.0% |
| Reserves | 13 | €487,755 | €461,660 | -€26,095 | -5.3% |
| Non-distributable reserves | 130/1 | €389 | €389 | = | 0.0% |
| Legal reserve | 130 | €389 | €389 | = | 0.0% |
| Tax-exempt reserves | 132 | €487,366 | €461,271 | -€26,095 | -5.4% |
| Profit (loss) carried forward | 14 | -€285,846 | -€289,696 | -€3,850 | -1.3% |
| Provisions and deferred taxes | 16 | €162,455 | €153,757 | -€8,698 | -5.4% |
| Deferred taxes | 168 | €162,455 | €153,757 | -€8,698 | -5.4% |
| Amounts payable | 17/49 | €1,806,186 | €1,924,409 | +€118,223 | +6.5% |
| Amounts payable after more than one year | 17 | €1,618,067 | €1,700,229 | +€82,163 | +5.1% |
| Financial debts | 170/4 | €1,618,067 | €1,700,229 | +€82,163 | +5.1% |
| Amounts payable within one year | 42/48 | €188,120 | €224,180 | +€36,060 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €166,435 | €158,463 | -€7,972 | -4.8% |
| Trade debts | 44 | €5,379 | €1,340 | -€4,039 | -75.1% |
| Suppliers | 440/4 | €5,379 | €1,340 | -€4,039 | -75.1% |
| Taxes, remuneration and social security | 45 | €6,697 | €4,405 | -€2,292 | -34.2% |
| Taxes | 450/3 | €6,697 | €4,405 | -€2,292 | -34.2% |
| Other amounts payable | 47/48 | €9,609 | €59,972 | +€50,363 | +524% |
| Non-recurring operating income | 76A | €992 | €49 | -€942 | -95.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,006 | €173,255 | +€16,249 | +10.3% |
| Other operating charges | 640/8 | €17,439 | €26,700 | +€9,261 | +53.1% |
| Gross operating margin | 9900 | €193,266 | €216,024 | +€22,758 | +11.8% |
| Operating profit (loss) | 9901 | €18,821 | €16,069 | -€2,752 | -14.6% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €54,230 | €54,732 | +€503 | +0.9% |
| Recurring financial charges | 65 | €54,230 | €54,732 | +€503 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | -€35,409 | -€38,643 | -€3,234 | -9.1% |
| Transfer from deferred taxes | 780 | €8,698 | €8,698 | = | 0.0% |
| Income taxes | 67/77 | €4,405 | - | -€4,405 | |
| Profit (loss) for the period | 9904 | -€31,115 | -€29,944 | +€1,171 | +3.8% |
| Transfer from tax-exempt reserves | 789 | €26,095 | €26,095 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,020 | -€3,850 | +€1,171 | +23.3% |
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 20 October 2026 via checked.be.