THOEN 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.
THOEN IMMO
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+29.0%), from €4.7m to €6.0m
of which Land and buildings: +€1.3m
- Debts after one year +€686,191
up €686,191 (+37.7%), from €1.8m to €2.5m
- Other debts +€489,116
up €489,116 (+25.8%), from €1.9m to €2.4m
- Current portion of long-term debt +€96,400
up €96,400 (+49.3%), from €195,607 to €292,006
- Reserves +€83,238
up €83,238 (+14.4%), from €577,610 to €660,848
of which Distributable reserves: +€83,238
- Depreciation -€28,148
down €28,148 (-14.1%), from €198,938 to €170,790
- Financial charges +€17,509
up €17,509 (+37.0%), from €47,285 to €64,794
- Gross operating margin +€7,581
up €7,581 (+2.0%), from €388,505 to €396,087
- Other operating charges +€5,774
up €5,774 (+13.2%), from €43,627 to €49,401
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,838,365 | €6,190,087 | +€1.4m | +27.9% |
| Fixed assets | 21/28 | €4,689,308 | €6,040,337 | +€1.4m | +28.8% |
| Tangible fixed assets | 22/27 | €4,664,308 | €6,015,337 | +€1.4m | +29.0% |
| Land and buildings | 22 | €4,664,308 | €5,990,834 | +€1.3m | +28.4% |
| Assets under construction and advance payments | 27 | - | €24,503 | +€24,503 | |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €149,057 | €149,750 | +€693 | +0.5% |
| Amounts receivable within one year | 40/41 | €70,912 | €77,200 | +€6,288 | +8.9% |
| Trade receivables | 40 | €60,504 | €77,200 | +€16,695 | +27.6% |
| Other amounts receivable | 41 | €10,407 | €0 | -€10,407 | -100.0% |
| Current investments | 50/53 | €58,949 | €58,949 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,196 | €11,741 | -€7,455 | -38.8% |
| Deferred charges and accrued income | 490/1 | €0 | €1,860 | +€1,860 | |
| Total equity and liabilities | 10/49 | €4,838,365 | €6,190,087 | +€1.4m | +27.9% |
| Equity | 10/15 | €879,632 | €962,870 | +€83,238 | +9.5% |
| Contributions | 10/11 | €302,022 | €302,022 | = | 0.0% |
| Capital | 10 | €302,022 | €302,022 | = | 0.0% |
| Issued capital | 100 | €302,022 | €302,022 | = | 0.0% |
| Reserves | 13 | €577,610 | €660,848 | +€83,238 | +14.4% |
| Non-distributable reserves | 130/1 | €30,202 | €30,202 | = | 0.0% |
| Legal reserve | 130 | €30,202 | €30,202 | = | 0.0% |
| Tax-exempt reserves | 132 | €180 | €180 | = | 0.0% |
| Distributable reserves | 133 | €547,228 | €630,466 | +€83,238 | +15.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €3,958,734 | €5,227,217 | +€1.3m | +32.0% |
| Amounts payable after more than one year | 17 | €1,819,261 | €2,505,452 | +€686,191 | +37.7% |
| Financial debts | 170/4 | €1,819,261 | €2,505,452 | +€686,191 | +37.7% |
| Amounts payable within one year | 42/48 | €2,137,472 | €2,718,909 | +€581,437 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €195,607 | €292,006 | +€96,400 | +49.3% |
| Financial debts | 43 | - | €5,044 | +€5,044 | |
| Credit institutions | 430/8 | - | €5,044 | +€5,044 | |
| Trade debts | 44 | €5,383 | €30,590 | +€25,206 | +468.2% |
| Suppliers | 440/4 | €5,383 | €30,590 | +€25,206 | +468.2% |
| Taxes, remuneration and social security | 45 | €42,193 | €7,864 | -€34,329 | -81.4% |
| Taxes | 450/3 | €42,193 | €7,864 | -€34,329 | -81.4% |
| Other amounts payable | 47/48 | €1,894,289 | €2,383,405 | +€489,116 | +25.8% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,856 | +€856 | +42.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198,938 | €170,790 | -€28,148 | -14.1% |
| Other operating charges | 640/8 | €43,627 | €49,401 | +€5,774 | +13.2% |
| Gross operating margin | 9900 | €388,505 | €396,087 | +€7,581 | +2.0% |
| Operating profit (loss) | 9901 | €145,940 | €175,896 | +€29,956 | +20.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €47,285 | €64,794 | +€17,509 | +37.0% |
| Recurring financial charges | 65 | €47,285 | €64,794 | +€17,509 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €98,656 | €111,102 | +€12,447 | +12.6% |
| Income taxes | 67/77 | €26,884 | €27,864 | +€980 | +3.6% |
| Profit (loss) for the period | 9904 | €71,772 | €83,238 | +€11,466 | +16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €71,772 | €83,238 | +€11,466 | +16.0% |
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 9 October 2026 via checked.be.