TIBO 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
TIBO IMMO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€27,675
2024 · €252,540-€224,866
Equity
€10.8m
2024 · €1.4m+€9.4m
Cash
€35,974
2024 · €41,046-€5,073
Balance sheet total
€24.9m
2024 · €14.1m+€10.9m
Largest movements
Assets
- Tangible fixed assets +€10.9m
up €10.9m (+78.3%), from €13.9m to €24.9m
of which Land and buildings: +€10.9m
Equity and liabilities
- Revaluation surpluses +€9.3m
up €9.3m (+14,804%), from €63,103 to €9.4m
- Other debts +€2.0m
up €2.0m (+47.3%), from €4.3m to €6.3m
- Debts after one year -€423,398
down €423,398 (-5.9%), from €7.2m to €6.8m
Income statement
- Depreciation +€231,543
up €231,543 (+36.2%), from €640,015 to €871,559
- Gross operating margin -€137,738
down €137,738 (-9.6%), from €1.4m to €1.3m
- Taxes -€81,271
down €81,271 (-77.5%), from €104,881 to €23,610
- Financial charges -€58,896
down €58,896 (-15.4%), from €381,610 to €322,714
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
€252,540
Gross operating margin
-€137,738
Depreciation
-€231,543
Other operating charges
+€5,119
Financial income
-€871
Financial charges
+€58,896
Taxes
+€81,271
Result 2025
€27,675
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
+€2.8m
Investment
-€11.8m
Financing
+€8.9m
Cash 2024
€41,046
From operations (derived)
+€2.8m
Net result for the year
+€27,675
Depreciation
+€871,559
Receivables within one year
+€59,385
Smaller working-capital items
-€3,625
Tax, wage and social debts
-€93,404
Other debts
+€2.0m
Accrued charges and deferred income
-€37,967
Investment (derived)
-€11.8m
Investment in fixed assets (net)
-€11.8m
Financing
+€8.9m
Debts after one year
-€423,398
Current portion of long-term debt
+€27,723
Contributions, distributions and other
+€9.3m
Cash 2025
€35,974
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,082,224 | €24,942,517 | +€10.9m | +77.1% |
| Fixed assets | 21/28 | €13,948,241 | €24,870,812 | +€10.9m | +78.3% |
| Tangible fixed assets | 22/27 | €13,948,241 | €24,870,812 | +€10.9m | +78.3% |
| Land and buildings | 22 | €13,945,638 | €24,851,690 | +€10.9m | +78.2% |
| Plant, machinery and equipment | 23 | €1,061 | €11,183 | +€10,123 | +955% |
| Furniture and vehicles | 24 | €1,200 | €7,825 | +€6,625 | +552% |
| Other tangible fixed assets | 26 | €342 | €114 | -€228 | -66.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €133,983 | €71,704 | -€62,279 | -46.5% |
| Amounts receivable within one year | 40/41 | €76,062 | €16,676 | -€59,385 | -78.1% |
| Trade receivables | 40 | €76,062 | €16,676 | -€59,385 | -78.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €41,046 | €35,974 | -€5,073 | -12.4% |
| Deferred charges and accrued income | 490/1 | €16,875 | €19,054 | +€2,179 | +12.9% |
| Total equity and liabilities | 10/49 | €14,082,224 | €24,942,517 | +€10.9m | +77.1% |
| Equity | 10/15 | €1,438,013 | €10,807,425 | +€9.4m | +652% |
| Contributions | 10/11 | €487,601 | €487,601 | = | 0.0% |
| Revaluation surpluses | 12 | €63,103 | €9,404,840 | +€9.3m | +14,804% |
| Reserves | 13 | €887,309 | €914,984 | +€27,675 | +3.1% |
| Non-distributable reserves | 130/1 | €2,349 | €2,349 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,349 | €2,349 | = | 0.0% |
| Tax-exempt reserves | 132 | €282,597 | €271,443 | -€11,154 | -3.9% |
| Distributable reserves | 133 | €602,364 | €641,193 | +€38,829 | +6.4% |
| Provisions and deferred taxes | 16 | €94,199 | €90,481 | -€3,718 | -3.9% |
| Deferred taxes | 168 | €94,199 | €90,481 | -€3,718 | -3.9% |
| Amounts payable | 17/49 | €12,550,012 | €14,044,610 | +€1.5m | +11.9% |
| Amounts payable after more than one year | 17 | €7,232,351 | €6,808,952 | -€423,398 | -5.9% |
| Financial debts | 170/4 | €7,232,351 | €6,808,952 | -€423,398 | -5.9% |
| Amounts payable within one year | 42/48 | €5,279,694 | €7,235,658 | +€2.0m | +37.0% |
| Current portion of amounts payable after more than one year | 42 | €821,614 | €849,337 | +€27,723 | +3.4% |
| Trade debts | 44 | €61,114 | €63,386 | +€2,272 | +3.7% |
| Suppliers | 440/4 | €61,114 | €63,386 | +€2,272 | +3.7% |
| Taxes, remuneration and social security | 45 | €124,793 | €31,389 | -€93,404 | -74.8% |
| Taxes | 450/3 | €124,793 | €31,389 | -€93,404 | -74.8% |
| Other amounts payable | 47/48 | €4,272,173 | €6,291,545 | +€2.0m | +47.3% |
| Accrued charges and deferred income | 492/3 | €37,967 | €0 | -€37,967 | -100% |
| Non-recurring operating income | 76A | €293,395 | €0 | -€293,395 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €640,015 | €871,559 | +€231,543 | +36.2% |
| Other operating charges | 640/8 | €65,231 | €60,112 | -€5,119 | -7.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,439,684 | €1,301,946 | -€137,738 | -9.6% |
| Operating profit (loss) | 9901 | €734,438 | €370,275 | -€364,163 | -49.6% |
| Financial income | 75/76B | €876 | €6 | -€871 | -99.4% |
| Recurring financial income | 75 | €876 | €6 | -€871 | -99.4% |
| Financial charges | 65/66B | €381,610 | €322,714 | -€58,896 | -15.4% |
| Recurring financial charges | 65 | €381,610 | €322,714 | -€58,896 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €353,704 | €47,567 | -€306,137 | -86.6% |
| Transfer from deferred taxes | 780 | €3,718 | €3,718 | = | 0.0% |
| Income taxes | 67/77 | €104,881 | €23,610 | -€81,271 | -77.5% |
| Profit (loss) for the period | 9904 | €252,540 | €27,675 | -€224,866 | -89.0% |
| Transfer from tax-exempt reserves | 789 | €11,154 | €11,154 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €263,695 | €38,829 | -€224,866 | -85.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.