TH. 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.
TH. IMMO
Largest movements
- Cash +€75,541
up €75,541 (+95.1%), from €79,432 to €154,973
mainly Trade debts (+€29,843) and Depreciation (+€20,270)
- Tangible fixed assets -€20,270
down €20,270 (-5.4%), from €374,159 to €353,889
- Receivables within one year -€10,000
no longer reported in 2026 (was €10,000)
- Trade debts +€29,843
up €29,843 (+2535.7%), from €1,177 to €31,020
- Reserves +€9,352
up €9,352 (+5.6%), from €167,000 to €176,352
of which Distributable reserves: +€9,352
- Accrued charges and deferred income +€7,039
up €7,039 (+79.8%), from €8,822 to €15,861
- Other operating charges +€30,238
up €30,238 (+396.3%), from €7,629 to €37,867
- Gross operating margin +€17,160
up €17,160 (+28.1%), from €61,056 to €78,216
- Depreciation -€3,880
down €3,880 (-16.1%), from €24,150 to €20,270
- Taxes -€3,032
down €3,032 (-44.9%), from €6,760 to €3,728
- Financial charges +€1,262
up €1,262 (+22.0%), from €5,737 to €6,999
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €463,591 | €509,459 | +€45,868 | +9.9% |
| Fixed assets | 21/28 | €374,159 | €353,889 | -€20,270 | -5.4% |
| Tangible fixed assets | 22/27 | €374,159 | €353,889 | -€20,270 | -5.4% |
| Land and buildings | 22 | €374,159 | €353,889 | -€20,270 | -5.4% |
| Current assets | 29/58 | €89,432 | €155,570 | +€66,138 | +74.0% |
| Amounts receivable within one year | 40/41 | €10,000 | - | -€10,000 | |
| Other amounts receivable | 41 | €10,000 | - | -€10,000 | |
| Cash at bank and in hand | 54/58 | €79,432 | €154,973 | +€75,541 | +95.1% |
| Deferred charges and accrued income | 490/1 | - | €597 | +€597 | |
| Total equity and liabilities | 10/49 | €463,591 | €509,459 | +€45,868 | +9.9% |
| Equity | 10/15 | €371,341 | €380,694 | +€9,352 | +2.5% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €167,000 | €176,352 | +€9,352 | +5.6% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €158,000 | €167,352 | +€9,352 | +5.9% |
| Profit (loss) carried forward | 14 | €114,341 | €114,341 | = | 0.0% |
| Amounts payable | 17/49 | €92,249 | €128,765 | +€36,516 | +39.6% |
| Amounts payable after more than one year | 17 | €70,000 | €70,000 | = | 0.0% |
| Other amounts payable | 178/9 | €70,000 | €70,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €13,427 | €42,904 | +€29,477 | +219.5% |
| Trade debts | 44 | €1,177 | €31,020 | +€29,843 | +2535.7% |
| Suppliers | 440/4 | €1,177 | €31,020 | +€29,843 | +2535.7% |
| Taxes, remuneration and social security | 45 | €6,760 | €3,728 | -€3,032 | -44.9% |
| Taxes | 450/3 | €6,760 | €3,728 | -€3,032 | -44.9% |
| Other amounts payable | 47/48 | €5,491 | €8,157 | +€2,666 | +48.6% |
| Accrued charges and deferred income | 492/3 | €8,822 | €15,861 | +€7,039 | +79.8% |
| Non-recurring operating income | 76A | €350 | €636 | +€286 | +81.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,150 | €20,270 | -€3,880 | -16.1% |
| Other operating charges | 640/8 | €7,629 | €37,867 | +€30,238 | +396.3% |
| Gross operating margin | 9900 | €61,056 | €78,216 | +€17,160 | +28.1% |
| Operating profit (loss) | 9901 | €29,277 | €20,079 | -€9,198 | -31.4% |
| Financial income | 75/76B | €130 | - | -€130 | |
| Recurring financial income | 75 | €130 | - | -€130 | |
| Financial charges | 65/66B | €5,737 | €6,999 | +€1,262 | +22.0% |
| Recurring financial charges | 65 | €5,737 | €6,999 | +€1,262 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | €23,669 | €13,080 | -€10,589 | -44.7% |
| Income taxes | 67/77 | €6,760 | €3,728 | -€3,032 | -44.9% |
| Profit (loss) for the period | 9904 | €16,909 | €9,352 | -€7,557 | -44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,909 | €9,352 | -€7,557 | -44.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.