TPR - 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.
What changed
TPR - IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€63,976
2024 · €11,513+€52,463
Equity
€2.1m
2024 · €2.9m-€836,024
Cash
€44,114
2024 · €13,735+€30,379
Balance sheet total
€4.1m
2024 · €4.3m-€224,176
Largest movements
Assets
- Receivables after one year -€375,000
down €375,000 (-88.2%), from €425,000 to €50,000
- Current investments +€327,376
up €327,376 (+35.3%), from €927,645 to €1.3m
- Tangible fixed assets -€207,189
down €207,189 (-7.3%), from €2.8m to €2.6m
of which Land and buildings: -€188,381
Equity and liabilities
- Reserves -€836,024
down €836,024 (-36.0%), from €2.3m to €1.5m
of which Distributable reserves: -€821,439
- Other debts +€723,681
up €723,681 (+331.8%), from €218,139 to €941,821
- Debts after one year -€83,739
down €83,739 (-9.4%), from €893,823 to €810,085
of which Financial debts: -€84,484
Income statement
- Other operating charges -€45,555
down €45,555 (-32.5%), from €140,069 to €94,514
- Depreciation -€28,213
down €28,213 (-12.0%), from €235,402 to €207,189
- Taxes +€27,385
up €27,385 (+104.4%), from €26,221 to €53,606
- Gross operating margin +€15,683
up €15,683 (+4.0%), from €396,886 to €412,569
- Financial income -€8,546
down €8,546 (-26.6%), from €32,156 to €23,610
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
€11,513
Gross operating margin
+€15,683
Depreciation
+€28,213
Other operating charges
+€45,555
Financial income
-€8,546
Financial charges
-€1,057
Taxes
-€27,385
Result 2025
€63,976
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.
From operations
+€1.4m
Investment
-€327,376
Financing
-€1.0m
Cash 2024
€13,735
From operations (derived)
+€1.4m
Net result for the year
+€63,976
Depreciation
+€207,189
Receivables after one year
+€375,000
Receivables within one year
+€7,900
Deferred charges and accrued income
-€8,157
Provisions
-€4,862
Trade debts
-€24,999
Tax, wage and social debts
+€27,924
Other debts
+€723,681
Accrued charges and deferred income
+€10,128
Investment (derived)
-€327,376
Current investments
-€327,376
Financing
-€1.0m
Debts after one year
-€83,739
Current portion of long-term debt
-€36,287
Contributions, distributions and other
-€900,000
Cash 2025
€44,114
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,339,814 | €4,115,638 | -€224,176 | -5.2% |
| Fixed assets | 21/28 | €2,823,065 | €2,615,876 | -€207,189 | -7.3% |
| Tangible fixed assets | 22/27 | €2,823,065 | €2,615,876 | -€207,189 | -7.3% |
| Land and buildings | 22 | €2,769,187 | €2,580,806 | -€188,381 | -6.8% |
| Plant, machinery and equipment | 23 | €8,868 | €5,560 | -€3,309 | -37.3% |
| Furniture and vehicles | 24 | €2,114 | €707 | -€1,406 | -66.5% |
| Leasing and similar rights | 25 | €42,896 | €28,803 | -€14,093 | -32.9% |
| Current assets | 29/58 | €1,516,749 | €1,499,762 | -€16,987 | -1.1% |
| Amounts receivable after more than one year | 29 | €425,000 | €50,000 | -€375,000 | -88.2% |
| Other amounts receivable | 291 | €425,000 | €50,000 | -€375,000 | -88.2% |
| Amounts receivable within one year | 40/41 | €129,276 | €121,376 | -€7,900 | -6.1% |
| Trade receivables | 40 | €113,262 | €120,751 | +€7,488 | +6.6% |
| Other amounts receivable | 41 | €16,013 | €625 | -€15,388 | -96.1% |
| Current investments | 50/53 | €927,645 | €1,255,021 | +€327,376 | +35.3% |
| Cash at bank and in hand | 54/58 | €13,735 | €44,114 | +€30,379 | +221.2% |
| Deferred charges and accrued income | 490/1 | €21,093 | €29,251 | +€8,157 | +38.7% |
| Total equity and liabilities | 10/49 | €4,339,814 | €4,115,638 | -€224,176 | -5.2% |
| Equity | 10/15 | €2,892,573 | €2,056,549 | -€836,024 | -28.9% |
| Contributions | 10/11 | €567,306 | €567,306 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Outside capital | 11 | €367,306 | €367,306 | = | 0.0% |
| Share premium | 1100/10 | €367,306 | €367,306 | = | 0.0% |
| Reserves | 13 | €2,325,268 | €1,489,244 | -€836,024 | -36.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €263,474 | €248,889 | -€14,585 | -5.5% |
| Distributable reserves | 133 | €2,041,793 | €1,220,354 | -€821,439 | -40.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €82,520 | €77,658 | -€4,862 | -5.9% |
| Deferred taxes | 168 | €82,520 | €77,658 | -€4,862 | -5.9% |
| Amounts payable | 17/49 | €1,364,721 | €1,981,431 | +€616,709 | +45.2% |
| Amounts payable after more than one year | 17 | €893,823 | €810,085 | -€83,739 | -9.4% |
| Financial debts | 170/4 | €893,093 | €808,610 | -€84,484 | -9.5% |
| Other amounts payable | 178/9 | €730 | €1,475 | +€745 | +102.1% |
| Amounts payable within one year | 42/48 | €414,849 | €1,105,169 | +€690,320 | +166.4% |
| Current portion of amounts payable after more than one year | 42 | €121,265 | €84,978 | -€36,287 | -29.9% |
| Trade debts | 44 | €75,445 | €50,446 | -€24,999 | -33.1% |
| Suppliers | 440/4 | €75,445 | €50,446 | -€24,999 | -33.1% |
| Taxes, remuneration and social security | 45 | - | €27,924 | +€27,924 | |
| Taxes | 450/3 | - | €27,924 | +€27,924 | |
| Other amounts payable | 47/48 | €218,139 | €941,821 | +€723,681 | +331.8% |
| Accrued charges and deferred income | 492/3 | €56,049 | €66,177 | +€10,128 | +18.1% |
| Non-recurring operating income | 76A | €8,084 | €0 | -€8,084 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235,402 | €207,189 | -€28,213 | -12.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €140,069 | €94,514 | -€45,555 | -32.5% |
| Gross operating margin | 9900 | €396,886 | €412,569 | +€15,683 | +4.0% |
| Operating profit (loss) | 9901 | €21,414 | €110,866 | +€89,451 | +417.7% |
| Financial income | 75/76B | €32,156 | €23,610 | -€8,546 | -26.6% |
| Recurring financial income | 75 | €32,156 | €23,610 | -€8,546 | -26.6% |
| Financial charges | 65/66B | €20,699 | €21,756 | +€1,057 | +5.1% |
| Recurring financial charges | 65 | €20,699 | €21,756 | +€1,057 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €32,872 | €112,720 | +€79,848 | +242.9% |
| Transfer from deferred taxes | 780 | €4,862 | €4,862 | = | 0.0% |
| Income taxes | 67/77 | €26,221 | €53,606 | +€27,385 | +104.4% |
| Profit (loss) for the period | 9904 | €11,513 | €63,976 | +€52,463 | +455.7% |
| Transfer from tax-exempt reserves | 789 | €14,585 | €14,585 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,098 | €78,561 | +€52,463 | +201.0% |
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 3 October 2026 via checked.be.