THB 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
THB IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€61,594
2024 · €23,032-€84,626
Equity
€1.1m
2024 · €1.2m-€61,594
Cash
€13,427
2024 · €537+€12,890
Balance sheet total
€6.2m
2024 · €6.6m-€411,237
Largest movements
Assets
- Tangible fixed assets -€270,741
down €270,741 (-5.9%), from €4.6m to €4.3m
of which Land and buildings: -€262,336
- Financial fixed assets -€149,980
down €149,980 (-7.9%), from €1.9m to €1.7m
Equity and liabilities
- Debts after one year -€393,665
down €393,665 (-8.0%), from €4.9m to €4.5m
- Current portion of long-term debt +€109,667
up €109,667 (+28.6%), from €383,001 to €492,668
Income statement
- Gross operating margin -€73,279
down €73,279 (-15.0%), from €487,353 to €414,074
- Financial income -€5,910
down €5,910 (-6.0%), from €99,036 to €93,126
- Other operating charges +€5,488
up €5,488 (+16.1%), from €34,062 to €39,549
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
€23,032
Gross operating margin
-€73,279
Depreciation
-€37
Other operating charges
-€5,488
Financial income
-€5,910
Financial charges
+€88
Result 2025
-€61,594
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
+€151,748
Investment
+€145,140
Financing
-€283,998
Cash 2024
€537
From operations (derived)
+€151,748
Net result for the year
-€61,594
Depreciation
+€317,688
Receivables within one year
-€42,112
Deferred charges and accrued income
+€3,411
Trade debts
-€18,795
Accrued charges and deferred income
-€46,850
Investment (derived)
+€145,140
Investment in fixed assets (net)
+€145,140
Financing
-€283,998
Debts after one year
-€393,665
Current portion of long-term debt
+€109,667
Cash 2025
€13,427
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,628,306 | €6,217,069 | -€411,237 | -6.2% |
| Formation expenses | 20 | €4,957 | €2,351 | -€2,607 | -52.6% |
| Fixed assets | 21/28 | €6,605,095 | €6,144,874 | -€460,221 | -7.0% |
| Intangible fixed assets | 21 | €97,292 | €57,792 | -€39,500 | -40.6% |
| Tangible fixed assets | 22/27 | €4,611,356 | €4,340,614 | -€270,741 | -5.9% |
| Land and buildings | 22 | €4,589,452 | €4,327,117 | -€262,336 | -5.7% |
| Furniture and vehicles | 24 | €21,903 | €13,498 | -€8,405 | -38.4% |
| Financial fixed assets | 28 | €1,896,448 | €1,746,468 | -€149,980 | -7.9% |
| Current assets | 29/58 | €18,253 | €69,844 | +€51,591 | +282.6% |
| Amounts receivable within one year | 40/41 | €14,305 | €56,417 | +€42,112 | +294.4% |
| Trade receivables | 40 | €12,770 | €54,126 | +€41,357 | +323.9% |
| Other amounts receivable | 41 | €1,535 | €2,290 | +€755 | +49.2% |
| Cash at bank and in hand | 54/58 | €537 | €13,427 | +€12,890 | +2398.3% |
| Deferred charges and accrued income | 490/1 | €3,411 | - | -€3,411 | |
| Total equity and liabilities | 10/49 | €6,628,306 | €6,217,069 | -€411,237 | -6.2% |
| Equity | 10/15 | €1,206,017 | €1,144,423 | -€61,594 | -5.1% |
| Contributions | 10/11 | €1,150,000 | €1,150,000 | = | 0.0% |
| Capital | 10 | - | €1,150,000 | +€1.2m | |
| Issued capital | 100 | - | €1,150,000 | +€1.2m | |
| Outside capital | 11 | €1,150,000 | - | -€1.2m | |
| Other | 1109/19 | €1,150,000 | - | -€1.2m | |
| Reserves | 13 | €2,800 | €2,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,800 | €2,800 | = | 0.0% |
| Legal reserve | 130 | €2,800 | €2,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,216 | -€8,378 | -€61,594 | |
| Amounts payable | 17/49 | €5,422,289 | €5,072,646 | -€349,643 | -6.4% |
| Amounts payable after more than one year | 17 | €4,925,164 | €4,531,500 | -€393,665 | -8.0% |
| Financial debts | 170/4 | €4,925,164 | €4,531,500 | -€393,665 | -8.0% |
| Amounts payable within one year | 42/48 | €428,696 | €519,568 | +€90,872 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €383,001 | €492,668 | +€109,667 | +28.6% |
| Trade debts | 44 | €45,695 | €26,900 | -€18,795 | -41.1% |
| Suppliers | 440/4 | €45,695 | €26,900 | -€18,795 | -41.1% |
| Accrued charges and deferred income | 492/3 | €68,429 | €21,579 | -€46,850 | -68.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €317,651 | €317,688 | +€37 | 0.0% |
| Other operating charges | 640/8 | €34,062 | €39,549 | +€5,488 | +16.1% |
| Gross operating margin | 9900 | €487,353 | €414,074 | -€73,279 | -15.0% |
| Operating profit (loss) | 9901 | €135,640 | €56,837 | -€78,804 | -58.1% |
| Financial income | 75/76B | €99,036 | €93,126 | -€5,910 | -6.0% |
| Recurring financial income | 75 | €99,036 | €93,126 | -€5,910 | -6.0% |
| Financial charges | 65/66B | €211,644 | €211,557 | -€88 | 0.0% |
| Recurring financial charges | 65 | €211,644 | €211,557 | -€88 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €23,032 | -€61,594 | -€84,626 | |
| Profit (loss) for the period | 9904 | €23,032 | -€61,594 | -€84,626 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,032 | -€61,594 | -€84,626 |
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 8 October 2026 via checked.be.