THYRSEL - 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.
THYRSEL - IMMO
Largest movements
- Current investments -€17.1m
down €17.1m (-34.0%), from €50.3m to €33.2m
- Debts after one year -€16.9m
no longer reported in 2025 (was €16.9m)
- Financial charges +€2.3m
up €2.3m (+434.2%), from €535,795 to €2.9m
- Financial income -€282,527
down €282,527 (-5.5%), from €5.2m to €4.9m
of which Non-recurring financial income: -€2.2m
- Gross operating margin +€34,217
up €34,217 (+96.1%), from -€35,606 to -€1,389
- Taxes -€1,801
no longer reported in 2025 (was €1,801)
- Depreciation +€512
up €512 (+0.9%), from €53,976 to €54,487
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 | €330,548,016 | €314,669,172 | -€15.9m | -4.8% |
| Fixed assets | 21/28 | €279,634,588 | €279,855,417 | +€220,829 | +0.1% |
| Tangible fixed assets | 22/27 | €1,710,309 | €1,655,821 | -€54,487 | -3.2% |
| Land and buildings | 22 | €1,710,309 | €1,655,821 | -€54,487 | -3.2% |
| Financial fixed assets | 28 | €277,924,279 | €278,199,595 | +€275,316 | +0.1% |
| Current assets | 29/58 | €50,913,428 | €34,813,756 | -€16.1m | -31.6% |
| Amounts receivable within one year | 40/41 | €330,357 | €378,924 | +€48,568 | +14.7% |
| Other amounts receivable | 41 | €330,357 | €378,924 | +€48,568 | +14.7% |
| Current investments | 50/53 | €50,253,128 | €33,177,843 | -€17.1m | -34.0% |
| Cash at bank and in hand | 54/58 | €329,426 | €1,256,275 | +€926,849 | +281.4% |
| Deferred charges and accrued income | 490/1 | €518 | €713 | +€196 | +37.8% |
| Total equity and liabilities | 10/49 | €330,548,016 | €314,669,172 | -€15.9m | -4.8% |
| Equity | 10/15 | €78,258,674 | €80,226,104 | +€2.0m | +2.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €26,780 | €26,780 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,780 | €26,780 | = | 0.0% |
| Legal reserve | 130 | €26,780 | €26,780 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,169,894 | €80,137,324 | +€2.0m | +2.5% |
| Amounts payable | 17/49 | €252,289,343 | €234,443,068 | -€17.8m | -7.1% |
| Amounts payable after more than one year | 17 | €16,917,500 | - | -€16.9m | |
| Financial debts | 170/4 | €16,917,500 | - | -€16.9m | |
| Amounts payable within one year | 42/48 | €235,142,943 | €233,812,941 | -€1.3m | -0.6% |
| Trade debts | 44 | €2,175 | - | -€2,175 | |
| Suppliers | 440/4 | €2,175 | - | -€2,175 | |
| Other amounts payable | 47/48 | €235,140,768 | €233,812,941 | -€1.3m | -0.6% |
| Accrued charges and deferred income | 492/3 | €228,899 | €630,127 | +€401,227 | +175.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,976 | €54,487 | +€512 | +0.9% |
| Other operating charges | 640/8 | €4,914 | €5,045 | +€131 | +2.7% |
| Non-recurring operating charges | 66A | €60,800 | - | -€60,800 | |
| Gross operating margin | 9900 | -€35,606 | -€1,389 | +€34,217 | +96.1% |
| Operating profit (loss) | 9901 | -€155,296 | -€60,922 | +€94,374 | +60.8% |
| Financial income | 75/76B | €5,172,981 | €4,890,454 | -€282,527 | -5.5% |
| Recurring financial income | 75 | €2,980,457 | €4,890,454 | +€1.9m | +64.1% |
| Non-recurring financial income | 76B | €2,192,523 | - | -€2.2m | |
| Financial charges | 65/66B | €535,795 | €2,862,101 | +€2.3m | +434.2% |
| Recurring financial charges | 65 | €535,795 | €2,862,101 | +€2.3m | +434.2% |
| Profit (loss) for the period before taxes | 9903 | €4,481,889 | €1,967,431 | -€2.5m | -56.1% |
| Income taxes | 67/77 | €1,801 | - | -€1,801 | |
| Profit (loss) for the period | 9904 | €4,480,088 | €1,967,431 | -€2.5m | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,480,088 | €1,967,431 | -€2.5m | -56.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.