Thuiswest: 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
Thuiswest
NACE 68.202, Real estate activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.9m
2024 · €222,838-€2.1m
Equity
€148.4m
2024 · €149.4m-€983,754
Cash
€24.6m
2024 · €22.0m+€2.6m
Balance sheet total
€603.0m
2024 · €603.4m-€364,931
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Turnover +€4.2m
up €4.2m (+11.5%), from €36.6m to €40.8m
- Services and other goods +€2.2m
up €2.2m (+13.6%), from €16.0m to €18.2m
- Other operating income -€1.5m
down €1.5m (-32.1%), from €4.8m to €3.2m
- Goods and materials +€1.1m
up €1.1m (+119%), from €943,608 to €2.1m
of which Change in stocks: decrease (increase): +€1.4m
- Financial charges +€803,296
up €803,296 (+10.2%), from €7.8m to €8.6m
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
€222,838
Turnover
+€4.2m
Other operating income
-€1.5m
Goods and materials
-€1.1m
Services and other goods
-€2.2m
Staff costs
-€337,395
Depreciation
-€543,635
Write-downs
+€18,856
Provisions
+€101,328
Other operating charges
-€163,574
Other operating items
-€507,522
Financial income
+€671,600
Financial charges
-€803,296
Taxes
+€57,311
Deferred taxes and other
+€15,628
Result 2025
-€1.9m
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
+€15.3m
Investment
-€13.8m
Financing
+€1.1m
Cash 2024
€22.0m
From operations (derived)
+€15.3m
Net result for the year
-€1.9m
Depreciation
+€14.4m
Stocks and contracts
+€1.9m
Receivables within one year
+€655,949
Deferred charges and accrued income
-€217,620
Provisions
-€206,598
Trade debts
+€1.7m
Tax, wage and social debts
-€2.1m
Other debts
+€935,682
Accrued charges and deferred income
+€640
Investment (derived)
-€13.8m
Investment in fixed assets (net)
-€18.8m
Current investments
+€5.0m
Financing
+€1.1m
Debts after one year
-€1.1m
Current portion of long-term debt
+€1.4m
Contributions, distributions and other
+€895,996
Cash 2025
€24.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €603,409,744 | €603,044,813 | -€364,931 | -0.1% |
| Fixed assets | 21/28 | €550,314,448 | €554,742,571 | +€4.4m | +0.8% |
| Intangible fixed assets | 21 | €10,663 | €6,658 | -€4,005 | -37.6% |
| Tangible fixed assets | 22/27 | €549,222,485 | €553,383,547 | +€4.2m | +0.8% |
| Land and buildings | 22 | €524,188,156 | €529,411,224 | +€5.2m | +1.0% |
| Plant, machinery and equipment | 23 | €27,520 | €23,672 | -€3,848 | -14.0% |
| Furniture and vehicles | 24 | €445,050 | €380,970 | -€64,080 | -14.4% |
| Leasing and similar rights | 25 | €1,307,884 | €1,190,752 | -€117,132 | -9.0% |
| Other tangible fixed assets | 26 | €261,440 | €261,440 | = | 0.0% |
| Assets under construction and advance payments | 27 | €22,992,435 | €22,115,489 | -€876,946 | -3.8% |
| Financial fixed assets | 28 | €1,081,300 | €1,352,366 | +€271,066 | +25.1% |
| Other financial fixed assets | 284/8 | €1,081,300 | €1,352,366 | +€271,066 | +25.1% |
| Shares | 284 | €1,078,669 | €1,349,735 | +€271,066 | +25.1% |
| Amounts receivable and cash guarantees | 285/8 | €2,631 | €2,631 | = | 0.0% |
| Current assets | 29/58 | €53,095,296 | €48,302,242 | -€4.8m | -9.0% |
| Stocks and contracts in progress | 3 | €3,037,263 | €1,110,614 | -€1.9m | -63.4% |
| Stocks | 30/36 | €3,037,263 | €1,110,614 | -€1.9m | -63.4% |
| Raw materials and consumables | 30/31 | €91,335 | €106,717 | +€15,382 | +16.8% |
| Property held for sale | 35 | €2,945,928 | €1,003,897 | -€1.9m | -65.9% |
| Amounts receivable within one year | 40/41 | €3,041,355 | €2,385,406 | -€655,949 | -21.6% |
| Trade receivables | 40 | €1,741,142 | €956,239 | -€784,903 | -45.1% |
| Other amounts receivable | 41 | €1,300,213 | €1,429,167 | +€128,954 | +9.9% |
| Current investments | 50/53 | €20,260,008 | €15,261,099 | -€5.0m | -24.7% |
| Other investments | 51/53 | €20,260,008 | €15,261,099 | -€5.0m | -24.7% |
| Cash at bank and in hand | 54/58 | €21,998,883 | €24,569,716 | +€2.6m | +11.7% |
| Deferred charges and accrued income | 490/1 | €4,757,787 | €4,975,407 | +€217,620 | +4.6% |
| Total equity and liabilities | 10/49 | €603,409,744 | €603,044,813 | -€364,931 | -0.1% |
| Equity | 10/15 | €149,363,103 | €148,379,349 | -€983,754 | -0.7% |
| Contributions | 10/11 | €53,517 | €53,517 | = | 0.0% |
| Reserves | 13 | €123,093,034 | €121,213,284 | -€1.9m | -1.5% |
| Non-distributable reserves | 130/1 | €74,717,917 | €73,584,677 | -€1.1m | -1.5% |
| Reserves not available under the articles | 1311 | €74,717,917 | €73,584,677 | -€1.1m | -1.5% |
| Tax-exempt reserves | 132 | €48,375,117 | €47,628,607 | -€746,510 | -1.5% |
| Investment grants | 15 | €26,216,552 | €27,112,548 | +€895,996 | +3.4% |
| Provisions and deferred taxes | 16 | €4,872,311 | €4,665,713 | -€206,598 | -4.2% |
| Provisions for liabilities and charges | 160/5 | €1,766,276 | €1,547,790 | -€218,486 | -12.4% |
| Major repairs and maintenance | 162 | €1,766,276 | €1,547,790 | -€218,486 | -12.4% |
| Deferred taxes | 168 | €3,106,035 | €3,117,923 | +€11,888 | +0.4% |
| Amounts payable | 17/49 | €449,174,330 | €449,999,751 | +€825,421 | +0.2% |
| Amounts payable after more than one year | 17 | €418,571,694 | €417,423,265 | -€1.1m | -0.3% |
| Financial debts | 170/4 | €413,718,255 | €412,193,306 | -€1.5m | -0.4% |
| Leasing and similar obligations | 172 | €1,413,950 | €1,065,305 | -€348,645 | -24.7% |
| Credit institutions | 173 | €412,304,305 | €408,746,068 | -€3.6m | -0.9% |
| Other loans | 174 | - | €2,381,933 | +€2.4m | |
| Other amounts payable | 178/9 | €4,853,439 | €5,229,959 | +€376,520 | +7.8% |
| Amounts payable within one year | 42/48 | €27,400,987 | €29,374,197 | +€2.0m | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €17,197,452 | €18,594,786 | +€1.4m | +8.1% |
| Trade debts | 44 | €4,625,093 | €6,352,871 | +€1.7m | +37.4% |
| Suppliers | 440/4 | €4,625,093 | €6,352,871 | +€1.7m | +37.4% |
| Taxes, remuneration and social security | 45 | €3,630,999 | €1,543,415 | -€2.1m | -57.5% |
| Taxes | 450/3 | €2,760,856 | €562,479 | -€2.2m | -79.6% |
| Remuneration and social security | 454/9 | €870,143 | €980,936 | +€110,793 | +12.7% |
| Other amounts payable | 47/48 | €1,947,443 | €2,883,125 | +€935,682 | +48.0% |
| Accrued charges and deferred income | 492/3 | €3,201,649 | €3,202,289 | +€640 | 0.0% |
| Operating income | 70/76A | €42,544,427 | €44,418,454 | +€1.9m | +4.4% |
| Turnover | 70 | €36,565,841 | €40,776,434 | +€4.2m | +11.5% |
| Own construction capitalised | 72 | €265,614 | €230,589 | -€35,025 | -13.2% |
| Other operating income | 74 | €4,756,380 | €3,228,230 | -€1.5m | -32.1% |
| Non-recurring operating income | 76A | €956,592 | €183,201 | -€773,391 | -80.8% |
| Operating charges | 60/66A | €42,508,127 | €46,425,985 | +€3.9m | +9.2% |
| Goods for resale, raw materials and consumables | 60 | €943,608 | €2,065,304 | +€1.1m | +119% |
| Purchases | 600/8 | €422,894 | €138,654 | -€284,240 | -67.2% |
| Change in stocks: decrease (increase) | 609 | €520,714 | €1,926,650 | +€1.4m | +270% |
| Services and other goods | 61 | €16,020,600 | €18,193,236 | +€2.2m | +13.6% |
| Remuneration, social security and pensions | 62 | €7,258,994 | €7,596,389 | +€337,395 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,857,190 | €14,400,825 | +€543,635 | +3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €805,594 | €786,738 | -€18,856 | -2.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€117,159 | -€218,487 | -€101,328 | -86.5% |
| Other operating charges | 640/8 | €3,281,777 | €3,445,351 | +€163,574 | +5.0% |
| Non-recurring operating charges | 66A | €457,523 | €156,629 | -€300,894 | -65.8% |
| Operating profit (loss) | 9901 | €36,300 | -€2,007,531 | -€2.0m | |
| Financial income | 75/76B | €8,036,310 | €8,707,910 | +€671,600 | +8.4% |
| Recurring financial income | 75 | €8,036,310 | €8,707,910 | +€671,600 | +8.4% |
| Income from current assets | 751 | €562,893 | €559,414 | -€3,479 | -0.6% |
| Other financial income | 752/9 | €7,473,417 | €8,148,496 | +€675,079 | +9.0% |
| Financial charges | 65/66B | €7,840,431 | €8,643,727 | +€803,296 | +10.2% |
| Recurring financial charges | 65 | €7,840,431 | €8,643,727 | +€803,296 | +10.2% |
| Debt charges | 650 | €7,822,854 | €8,641,652 | +€818,798 | +10.5% |
| Other financial charges | 652/9 | €17,577 | €2,075 | -€15,502 | -88.2% |
| Profit (loss) for the period before taxes | 9903 | €232,179 | -€1,943,348 | -€2.2m | |
| Transfer from deferred taxes | 780 | €84,641 | €85,078 | +€437 | +0.5% |
| Transfer to deferred taxes | 680 | €31,538 | €16,347 | -€15,191 | -48.2% |
| Income taxes | 67/77 | €62,444 | €5,133 | -€57,311 | -91.8% |
| Taxes | 670/3 | €62,444 | €10,099 | -€52,345 | -83.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €4,966 | +€4,966 | |
| Profit (loss) for the period | 9904 | €222,838 | -€1,879,750 | -€2.1m | |
| Transfer from tax-exempt reserves | 789 | €1,051,576 | €1,057,117 | +€5,541 | +0.5% |
| Transfer to tax-exempt reserves | 689 | €599,212 | €310,608 | -€288,604 | -48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €675,202 | -€1,133,241 | -€1.8m |
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.