THUSCALIS: 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
THUSCALIS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€70,808
2024 · €84,385-€13,577
Equity
€3.1m
2024 · €3.1m+€34,808
Cash
€8,074
2024 · €2,877+€5,197
Balance sheet total
€3.4m
2024 · €3.4m+€17,758
Largest movements
Assets
- Receivables after one year +€43,677
up €43,677 (+6.0%), from €726,731 to €770,408
- Receivables within one year -€37,016
down €37,016 (-14.8%), from €249,750 to €212,733
of which Other amounts receivable: -€36,246
Equity and liabilities
- Reserves +€34,808
up €34,808 (+1.3%), from €2.7m to €2.7m
of which Non-distributable reserves: +€70,808
Income statement
- Gross operating margin -€15,190
down €15,190 (-13.6%), from €111,405 to €96,216
- Taxes -€6,033
down €6,033 (-22.0%), from €27,380 to €21,347
- Depreciation +€2,450
up €2,450 (+39.9%), from €6,138 to €8,588
- Other operating charges +€2,151
up €2,151 (+14.1%), from €15,273 to €17,424
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
€84,385
Gross operating margin
-€15,190
Depreciation
-€2,450
Other operating charges
-€2,151
Financial income
+€843
Financial charges
-€662
Taxes
+€6,033
Result 2025
€70,808
raises the resultlowers the result
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
+€73,322
Investment
-€21,448
Financing
-€46,677
Cash 2024
€2,877
From operations (derived)
+€73,322
Net result for the year
+€70,808
Depreciation
+€8,588
Receivables after one year
-€43,677
Receivables within one year
+€37,016
Deferred charges and accrued income
+€6,960
Trade debts
-€1,565
Tax, wage and social debts
-€15,354
Other debts
+€10,350
Accrued charges and deferred income
+€195
Investment (derived)
-€21,448
Investment in fixed assets (net)
-€21,448
Financing
-€46,677
Debts after one year
-€16,044
Current portion of long-term debt
+€5,367
Contributions, distributions and other
-€36,000
Cash 2025
€8,074
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,373,138 | €3,390,896 | +€17,758 | +0.5% |
| Fixed assets | 21/28 | €2,353,957 | €2,366,817 | +€12,860 | +0.5% |
| Tangible fixed assets | 22/27 | €159,984 | €173,177 | +€13,193 | +8.2% |
| Land and buildings | 22 | €155,682 | €168,804 | +€13,122 | +8.4% |
| Plant, machinery and equipment | 23 | €804 | €1,330 | +€526 | +65.5% |
| Other tangible fixed assets | 26 | €3,498 | €3,044 | -€455 | -13.0% |
| Financial fixed assets | 28 | €2,193,973 | €2,193,640 | -€333 | 0.0% |
| Current assets | 29/58 | €1,019,181 | €1,024,079 | +€4,898 | +0.5% |
| Amounts receivable after more than one year | 29 | €726,731 | €770,408 | +€43,677 | +6.0% |
| Other amounts receivable | 291 | €726,731 | €770,408 | +€43,677 | +6.0% |
| Amounts receivable within one year | 40/41 | €249,750 | €212,733 | -€37,016 | -14.8% |
| Trade receivables | 40 | €2,380 | €1,610 | -€770 | -32.3% |
| Other amounts receivable | 41 | €247,369 | €211,123 | -€36,246 | -14.7% |
| Cash at bank and in hand | 54/58 | €2,877 | €8,074 | +€5,197 | +181% |
| Deferred charges and accrued income | 490/1 | €39,823 | €32,864 | -€6,960 | -17.5% |
| Total equity and liabilities | 10/49 | €3,373,138 | €3,390,896 | +€17,758 | +0.5% |
| Equity | 10/15 | €3,055,609 | €3,090,418 | +€34,808 | +1.1% |
| Contributions | 10/11 | €371,003 | €371,003 | = | 0.0% |
| Reserves | 13 | €2,684,606 | €2,719,414 | +€34,808 | +1.3% |
| Non-distributable reserves | 130/1 | €204,057 | €274,865 | +€70,808 | +34.7% |
| Other | 1319 | €204,057 | €274,865 | +€70,808 | +34.7% |
| Distributable reserves | 133 | €2,480,549 | €2,444,549 | -€36,000 | -1.5% |
| Amounts payable | 17/49 | €317,529 | €300,479 | -€17,050 | -5.4% |
| Amounts payable after more than one year | 17 | €191,390 | €175,346 | -€16,044 | -8.4% |
| Financial debts | 170/4 | €191,390 | €175,346 | -€16,044 | -8.4% |
| Amounts payable within one year | 42/48 | €125,953 | €124,752 | -€1,201 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €15,738 | €21,105 | +€5,367 | +34.1% |
| Trade debts | 44 | €5,950 | €4,385 | -€1,565 | -26.3% |
| Suppliers | 440/4 | €5,950 | €4,385 | -€1,565 | -26.3% |
| Taxes, remuneration and social security | 45 | €43,099 | €27,745 | -€15,354 | -35.6% |
| Taxes | 450/3 | €43,099 | €27,745 | -€15,354 | -35.6% |
| Other amounts payable | 47/48 | €61,167 | €71,517 | +€10,350 | +16.9% |
| Accrued charges and deferred income | 492/3 | €185 | €380 | +€195 | +105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,138 | €8,588 | +€2,450 | +39.9% |
| Other operating charges | 640/8 | €15,273 | €17,424 | +€2,151 | +14.1% |
| Gross operating margin | 9900 | €111,405 | €96,216 | -€15,190 | -13.6% |
| Operating profit (loss) | 9901 | €89,995 | €70,204 | -€19,791 | -22.0% |
| Financial income | 75/76B | €26,186 | €27,029 | +€843 | +3.2% |
| Recurring financial income | 75 | €26,186 | €27,029 | +€843 | +3.2% |
| Financial charges | 65/66B | €4,415 | €5,078 | +€662 | +15.0% |
| Recurring financial charges | 65 | €4,415 | €4,744 | +€329 | +7.4% |
| Non-recurring financial charges | 66B | - | €333 | +€333 | |
| Profit (loss) for the period before taxes | 9903 | €111,765 | €92,155 | -€19,610 | -17.5% |
| Income taxes | 67/77 | €27,380 | €21,347 | -€6,033 | -22.0% |
| Profit (loss) for the period | 9904 | €84,385 | €70,808 | -€13,577 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €84,385 | €70,808 | -€13,577 | -16.1% |
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 19 October 2026 via checked.be.