THERABEL 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
THERABEL IMMO
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€881,764
2024 · -€647,429-€234,335
Equity
€15.6m
2024 · €16.5m-€881,764
Cash
€72,969
2024 · €58,882+€14,086
Balance sheet total
€18.4m
2024 · €18.1m+€339,031
Largest movements
Assets
- Tangible fixed assets +€321,761
up €321,761 (+1.8%), from €18.0m to €18.3m
of which Land and buildings: +€543,824
Equity and liabilities
- Debts after one year +€1.1m
up €1.1m (+73.1%), from €1.5m to €2.6m
of which Financial debts: +€1.1m
- Profit (loss) carried forward -€881,764
down €881,764 (-41.4%), from -€2.1m to -€3.0m
Income statement
- Services and other goods +€89,914
up €89,914 (+25.9%), from €346,748 to €436,661
- Other operating income -€58,548
down €58,548 (-97.6%), from €60,016 to €1,468
- Turnover -€58,188
down €58,188 (-12.8%), from €454,494 to €396,306
- Staff costs +€29,709
up €29,709 (+20.5%), from €144,977 to €174,685
- Financial charges -€8,221
down €8,221 (-14.7%), from €55,826 to €47,605
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
-€647,429
Turnover
-€58,188
Other operating income
-€58,548
Services and other goods
-€89,914
Staff costs
-€29,709
Depreciation
-€2,937
Other operating charges
+€329
Other operating items
-€3,600
Financial income
+€10
Financial charges
+€8,221
Result 2025
-€881,764
raises the resultlowers the resultnot broken down further in the accounts
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
-€181,321
Investment
-€905,273
Financing
+€1.1m
Cash 2024
€58,882
From operations (derived)
-€181,321
Net result for the year
-€881,764
Depreciation
+€583,512
Receivables within one year
-€4,700
Deferred charges and accrued income
+€1,516
Trade debts
+€40,866
Tax, wage and social debts
-€8,686
Accrued charges and deferred income
+€87,935
Investment (derived)
-€905,273
Investment in fixed assets (net)
-€905,273
Financing
+€1.1m
Debts after one year
+€1.1m
Cash 2025
€72,969
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,050,999 | €18,390,030 | +€339,031 | +1.9% |
| Fixed assets | 21/28 | €17,985,935 | €18,307,695 | +€321,761 | +1.8% |
| Tangible fixed assets | 22/27 | €17,985,935 | €18,307,695 | +€321,761 | +1.8% |
| Land and buildings | 22 | €15,926,612 | €16,470,436 | +€543,824 | +3.4% |
| Plant, machinery and equipment | 23 | €3,767 | €2,636 | -€1,130 | -30.0% |
| Other tangible fixed assets | 26 | €2,055,557 | €1,834,623 | -€220,934 | -10.7% |
| Current assets | 29/58 | €65,064 | €82,335 | +€17,271 | +26.5% |
| Amounts receivable within one year | 40/41 | €4,567 | €9,267 | +€4,700 | +103% |
| Other amounts receivable | 41 | €4,567 | €9,267 | +€4,700 | +103% |
| Cash at bank and in hand | 54/58 | €58,882 | €72,969 | +€14,086 | +23.9% |
| Deferred charges and accrued income | 490/1 | €1,614 | €99 | -€1,516 | -93.9% |
| Total equity and liabilities | 10/49 | €18,050,999 | €18,390,030 | +€339,031 | +1.9% |
| Equity | 10/15 | €16,474,400 | €15,592,636 | -€881,764 | -5.4% |
| Contributions | 10/11 | €18,542,451 | €18,542,451 | = | 0.0% |
| Capital | 10 | €18,542,451 | €18,542,451 | = | 0.0% |
| Issued capital | 100 | €18,542,451 | €18,542,451 | = | 0.0% |
| Reserves | 13 | €62,693 | €62,693 | = | 0.0% |
| Non-distributable reserves | 130/1 | €60,855 | €60,855 | = | 0.0% |
| Legal reserve | 130 | €60,855 | €60,855 | = | 0.0% |
| Distributable reserves | 133 | €1,838 | €1,838 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,130,744 | -€3,012,509 | -€881,764 | -41.4% |
| Amounts payable | 17/49 | €1,576,599 | €2,797,394 | +€1.2m | +77.4% |
| Amounts payable after more than one year | 17 | €1,506,400 | €2,607,080 | +€1.1m | +73.1% |
| Financial debts | 170/4 | €1,500,000 | €2,600,000 | +€1.1m | +73.3% |
| Other loans | 174 | €1,500,000 | €2,600,000 | +€1.1m | +73.3% |
| Other amounts payable | 178/9 | €6,400 | €7,080 | +€680 | +10.6% |
| Amounts payable within one year | 42/48 | €60,155 | €92,336 | +€32,180 | +53.5% |
| Trade debts | 44 | €38,892 | €79,758 | +€40,866 | +105% |
| Suppliers | 440/4 | €38,892 | €79,758 | +€40,866 | +105% |
| Taxes, remuneration and social security | 45 | €21,263 | €12,577 | -€8,686 | -40.8% |
| Remuneration and social security | 454/9 | €21,263 | €12,577 | -€8,686 | -40.8% |
| Accrued charges and deferred income | 492/3 | €10,043 | €97,979 | +€87,935 | +876% |
| Operating income | 70/76A | €518,109 | €397,774 | -€120,335 | -23.2% |
| Turnover | 70 | €454,494 | €396,306 | -€58,188 | -12.8% |
| Other operating income | 74 | €60,016 | €1,468 | -€58,548 | -97.6% |
| Non-recurring operating income | 76A | €3,600 | - | -€3,600 | |
| Operating charges | 60/66A | €1,109,713 | €1,231,943 | +€122,230 | +11.0% |
| Services and other goods | 61 | €346,748 | €436,661 | +€89,914 | +25.9% |
| Remuneration, social security and pensions | 62 | €144,977 | €174,685 | +€29,709 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €580,575 | €583,512 | +€2,937 | +0.5% |
| Other operating charges | 640/8 | €37,413 | €37,084 | -€329 | -0.9% |
| Operating profit (loss) | 9901 | -€591,604 | -€834,169 | -€242,565 | -41.0% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Income from current assets | 751 | - | €10 | +€10 | |
| Financial charges | 65/66B | €55,826 | €47,605 | -€8,221 | -14.7% |
| Recurring financial charges | 65 | €55,826 | €47,605 | -€8,221 | -14.7% |
| Debt charges | 650 | €53,229 | €44,917 | -€8,311 | -15.6% |
| Other financial charges | 652/9 | €2,597 | €2,688 | +€91 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | -€647,429 | -€881,764 | -€234,335 | -36.2% |
| Profit (loss) for the period | 9904 | -€647,429 | -€881,764 | -€234,335 | -36.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€647,429 | -€881,764 | -€234,335 | -36.2% |
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 13 October 2026 via checked.be.