TF IMMO: 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
TF IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€173,260
2024 · €62,362+€110,898
Equity
€3.5m
2024 · €3.5m-€14,240
Cash
€156,167
2024 · €130,712+€25,455
Balance sheet total
€10.1m
2024 · €10.0m+€57,143
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves -€245,676
down €245,676 (-12.7%), from €1.9m to €1.7m
of which Tax-exempt reserves: -€245,676
- Profit (loss) carried forward +€231,436
up €231,436 (+14.6%), from €1.6m to €1.8m
Income statement
- Gross operating margin +€153,217
up €153,217 (+25.9%), from €592,020 to €745,237
- Taxes +€51,149
up €51,149 (+102297.9%), from €50 to €51,199
- Purchases and services +€43,140
up €43,140 (+27.3%), from €158,131 to €201,271
- Turnover -€23,775
down €23,775 (-94.1%), from €25,275 to €1,500
- Depreciation -€9,433
down €9,433 (-2.7%), from €350,075 to €340,642
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
€62,362
Gross operating margin
+€153,217
Staff costs
+€319
Depreciation
+€9,433
Other operating charges
+€3,773
Financial income
+€777
Financial charges
-€3,925
Taxes
-€51,149
Deferred taxes and other
-€1,547
Result 2025
€173,260
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
+€486,351
Investment
-€360,110
Financing
-€100,786
Cash 2024
€130,712
From operations (derived)
+€486,351
Net result for the year
+€173,260
Depreciation
+€340,642
Receivables within one year
-€15,695
Deferred charges and accrued income
+€3,474
Provisions
-€81,891
Trade debts
+€54,519
Tax, wage and social debts
+€11,190
Other debts
-€3,929
Accrued charges and deferred income
+€4,780
Investment (derived)
-€360,110
Investment in fixed assets (net)
-€360,110
Financing
-€100,786
Debts after one year
+€52,678
Current portion of long-term debt
+€34,035
Contributions, distributions and other
-€187,500
Cash 2025
€156,167
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,036,563 | €10,093,706 | +€57,143 | +0.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €9,848,769 | €9,868,237 | +€19,468 | +0.2% |
| Tangible fixed assets | 22/27 | €9,795,520 | €9,814,987 | +€19,468 | +0.2% |
| Land and buildings | 22 | €9,185,456 | €9,249,649 | +€64,193 | +0.7% |
| Plant, machinery and equipment | 23 | €587,242 | €524,228 | -€63,015 | -10.7% |
| Furniture and vehicles | 24 | €22,821 | €41,111 | +€18,290 | +80.1% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €53,249 | €53,249 | = | 0.0% |
| Current assets | 29/58 | €187,794 | €225,469 | +€37,675 | +20.1% |
| Amounts receivable within one year | 40/41 | €53,607 | €69,302 | +€15,695 | +29.3% |
| Trade receivables | 40 | €39,607 | €49,989 | +€10,382 | +26.2% |
| Other amounts receivable | 41 | €14,000 | €19,313 | +€5,313 | +37.9% |
| Cash at bank and in hand | 54/58 | €130,712 | €156,167 | +€25,455 | +19.5% |
| Deferred charges and accrued income | 490/1 | €3,474 | €0 | -€3,474 | -100.0% |
| Total equity and liabilities | 10/49 | €10,036,563 | €10,093,706 | +€57,143 | +0.6% |
| Equity | 10/15 | €3,539,079 | €3,524,839 | -€14,240 | -0.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,934,730 | €1,689,054 | -€245,676 | -12.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,932,871 | €1,687,195 | -€245,676 | -12.7% |
| Profit (loss) carried forward | 14 | €1,585,757 | €1,817,193 | +€231,436 | +14.6% |
| Provisions and deferred taxes | 16 | €644,290 | €562,399 | -€81,891 | -12.7% |
| Deferred taxes | 168 | €644,290 | €562,399 | -€81,891 | -12.7% |
| Amounts payable | 17/49 | €5,853,194 | €6,006,467 | +€153,274 | +2.6% |
| Amounts payable after more than one year | 17 | €5,297,985 | €5,350,663 | +€52,678 | +1.0% |
| Financial debts | 170/4 | €5,274,705 | €5,332,263 | +€57,558 | +1.1% |
| Other amounts payable | 178/9 | €23,280 | €18,400 | -€4,880 | -21.0% |
| Amounts payable within one year | 42/48 | €549,279 | €645,094 | +€95,816 | +17.4% |
| Current portion of amounts payable after more than one year | 42 | €418,284 | €452,319 | +€34,035 | +8.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €42,840 | €97,360 | +€54,519 | +127.3% |
| Suppliers | 440/4 | €42,840 | €97,360 | +€54,519 | +127.3% |
| Taxes, remuneration and social security | 45 | €2,310 | €13,500 | +€11,190 | +484.5% |
| Taxes | 450/3 | €2,310 | €0 | -€2,310 | -100.0% |
| Remuneration and social security | 454/9 | €0 | €13,500 | +€13,500 | |
| Other amounts payable | 47/48 | €85,845 | €81,916 | -€3,929 | -4.6% |
| Accrued charges and deferred income | 492/3 | €5,930 | €10,710 | +€4,780 | +80.6% |
| Turnover | 70 | €25,275 | €1,500 | -€23,775 | -94.1% |
| Non-recurring operating income | 76A | - | €185,727 | +€185,727 | |
| Goods, raw materials, services and sundry goods | 60/61 | €158,131 | €201,271 | +€43,140 | +27.3% |
| Remuneration, social security and pensions | 62 | €319 | - | -€319 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €350,075 | €340,642 | -€9,433 | -2.7% |
| Other operating charges | 640/8 | €59,619 | €55,846 | -€3,773 | -6.3% |
| Non-recurring operating charges | 66A | €63 | €63 | +€0 | +0.5% |
| Gross operating margin | 9900 | €592,020 | €745,237 | +€153,217 | +25.9% |
| Operating profit (loss) | 9901 | €181,943 | €348,685 | +€166,742 | +91.6% |
| Financial income | 75/76B | €170 | €947 | +€777 | +456.8% |
| Recurring financial income | 75 | €170 | €947 | +€777 | +456.8% |
| Financial charges | 65/66B | €140,639 | €144,564 | +€3,925 | +2.8% |
| Recurring financial charges | 65 | €140,639 | €144,564 | +€3,925 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €41,474 | €205,068 | +€163,594 | +394.5% |
| Transfer from deferred taxes | 780 | €20,938 | €26,876 | +€5,938 | +28.4% |
| Transfer to deferred taxes | 680 | - | €7,484 | +€7,484 | |
| Income taxes | 67/77 | €50 | €51,199 | +€51,149 | +102297.9% |
| Profit (loss) for the period | 9904 | €62,362 | €173,260 | +€110,898 | +177.8% |
| Transfer from tax-exempt reserves | 789 | €62,813 | €80,629 | +€17,816 | +28.4% |
| Transfer to tax-exempt reserves | 689 | - | €22,453 | +€22,453 | |
| Profit (loss) for the period to be appropriated | 9905 | €125,175 | €231,436 | +€106,261 | +84.9% |
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 7 October 2026 via checked.be.