THEMA 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
THEMA IMMO
NACE 68.121, Development of residential building projects
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€458,390
2024 · -€452,181-€6,209
Equity
-€1.6m
2024 · -€1.2m-€458,390
Cash
€14,863
2024 · €12,496+€2,367
Balance sheet total
€7.3m
2024 · €7.5m-€109,239
Largest movements
Assets
- Tangible fixed assets -€152,975
down €152,975 (-3.2%), from €4.7m to €4.6m
of which Land and buildings: -€152,491
Equity and liabilities
- Profit (loss) carried forward -€458,390
down €458,390 (-7.7%), from -€5.9m to -€6.4m
- Debts after one year +€374,776
up €374,776 (+4.4%), from €8.5m to €8.9m
Income statement
- Gross operating margin -€117,521
down €117,521 (-55.0%), from €213,690 to €96,170
- Financial charges -€114,825
down €114,825 (-24.3%), from €472,826 to €358,001
- Depreciation -€20,412
down €20,412 (-9.3%), from €218,389 to €197,977
- Taxes +€17,252
new in 2025: €17,252
- Financial income -€15,503
down €15,503 (-23.5%), from €65,960 to €50,457
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
-€452,181
Gross operating margin
-€117,521
Depreciation
+€20,412
Other operating charges
+€8,829
Financial income
-€15,503
Financial charges
+€114,825
Taxes
-€17,252
Result 2025
-€458,390
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
-€325,556
Investment
-€46,853
Financing
+€374,776
Cash 2024
€12,496
From operations (derived)
-€325,556
Net result for the year
-€458,390
Depreciation
+€197,977
Receivables after one year
-€34,007
Receivables within one year
-€57
Deferred charges and accrued income
-€5,454
Trade debts
-€1,492
Tax, wage and social debts
-€9,802
Other debts
-€18,619
Accrued charges and deferred income
+€4,287
Investment (derived)
-€46,853
Investment in fixed assets (net)
-€46,853
Financing
+€374,776
Debts after one year
+€374,776
Cash 2025
€14,863
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,457,369 | €7,348,129 | -€109,239 | -1.5% |
| Fixed assets | 21/28 | €7,105,992 | €6,954,868 | -€151,124 | -2.1% |
| Tangible fixed assets | 22/27 | €4,733,988 | €4,581,013 | -€152,975 | -3.2% |
| Land and buildings | 22 | €4,730,546 | €4,578,055 | -€152,491 | -3.2% |
| Plant, machinery and equipment | 23 | €3,442 | €2,958 | -€483 | -14.0% |
| Financial fixed assets | 28 | €2,372,005 | €2,373,855 | +€1,851 | +0.1% |
| Current assets | 29/58 | €351,376 | €393,261 | +€41,885 | +11.9% |
| Amounts receivable after more than one year | 29 | €167,498 | €201,505 | +€34,007 | +20.3% |
| Other amounts receivable | 291 | €167,498 | €201,505 | +€34,007 | +20.3% |
| Amounts receivable within one year | 40/41 | €171,279 | €171,336 | +€57 | 0.0% |
| Trade receivables | 40 | €169,779 | €169,836 | +€57 | 0.0% |
| Other amounts receivable | 41 | €1,500 | €1,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,496 | €14,863 | +€2,367 | +18.9% |
| Deferred charges and accrued income | 490/1 | €103 | €5,557 | +€5,454 | +5299.8% |
| Total equity and liabilities | 10/49 | €7,457,369 | €7,348,129 | -€109,239 | -1.5% |
| Equity | 10/15 | -€1,165,711 | -€1,624,100 | -€458,390 | -39.3% |
| Contributions | 10/11 | €4,453,250 | €4,453,250 | = | 0.0% |
| Reserves | 13 | €315,217 | €315,217 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,405 | - | -€20,405 | |
| Reserves not available under the articles | 1311 | €20,405 | - | -€20,405 | |
| Distributable reserves | 133 | €294,812 | €315,217 | +€20,405 | +6.9% |
| Profit (loss) carried forward | 14 | -€5,934,177 | -€6,392,567 | -€458,390 | -7.7% |
| Amounts payable | 17/49 | €8,623,079 | €8,972,229 | +€349,150 | +4.0% |
| Amounts payable after more than one year | 17 | €8,540,765 | €8,915,541 | +€374,776 | +4.4% |
| Financial debts | 170/4 | €8,540,765 | €8,915,541 | +€374,776 | +4.4% |
| Amounts payable within one year | 42/48 | €81,112 | €51,200 | -€29,913 | -36.9% |
| Trade debts | 44 | €18,591 | €17,099 | -€1,492 | -8.0% |
| Suppliers | 440/4 | €18,591 | €17,099 | -€1,492 | -8.0% |
| Taxes, remuneration and social security | 45 | €12,297 | €2,496 | -€9,802 | -79.7% |
| Taxes | 450/3 | €12,297 | €2,496 | -€9,802 | -79.7% |
| Other amounts payable | 47/48 | €50,224 | €31,605 | -€18,619 | -37.1% |
| Accrued charges and deferred income | 492/3 | €1,202 | €5,489 | +€4,287 | +356.6% |
| Non-recurring operating income | 76A | €1,066 | €206 | -€860 | -80.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €218,389 | €197,977 | -€20,412 | -9.3% |
| Other operating charges | 640/8 | €40,616 | €31,787 | -€8,829 | -21.7% |
| Gross operating margin | 9900 | €213,690 | €96,170 | -€117,521 | -55.0% |
| Operating profit (loss) | 9901 | -€45,315 | -€133,594 | -€88,280 | -194.8% |
| Financial income | 75/76B | €65,960 | €50,457 | -€15,503 | -23.5% |
| Recurring financial income | 75 | €65,960 | €50,457 | -€15,503 | -23.5% |
| Financial charges | 65/66B | €472,826 | €358,001 | -€114,825 | -24.3% |
| Recurring financial charges | 65 | €472,826 | €358,001 | -€114,825 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | -€452,181 | -€441,138 | +€11,043 | +2.4% |
| Income taxes | 67/77 | - | €17,252 | +€17,252 | |
| Profit (loss) for the period | 9904 | -€452,181 | -€458,390 | -€6,209 | -1.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€452,181 | -€458,390 | -€6,209 | -1.4% |
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 11 October 2026 via checked.be.