BY THR: 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.
BY THR
Largest movements
- Receivables within one year +€51,073
up €51,073 (+148%), from €34,413 to €85,487
of which Other amounts receivable: +€55,775
- Cash -€6,486
down €6,486 (-7.2%), from €90,415 to €83,930
mainly Receivables within one year (-€51,073) and Deferred charges and accrued income (-€156)
- Tangible fixed assets -€1,992
down €1,992 (-47.2%), from €4,224 to €2,232
- Profit (loss) carried forward +€28,524
up €28,524 (+44.0%), from €64,828 to €93,352
- Tax, wage and social debts +€13,399
up €13,399 (+68.2%), from €19,635 to €33,034
of which Taxes: +€8,204
- Staff costs +€10,750
up €10,750 (+108%), from €9,963 to €20,714
- Gross operating margin +€8,711
up €8,711 (+14.7%), from €59,345 to €68,056
- Financial charges +€3,232
up €3,232 (+161%), from €2,011 to €5,243
- Taxes +€2,114
up €2,114 (+20.9%), from €10,134 to €12,248
- Financial income +€1,954
up €1,954 (+150%), from €1,306 to €3,261
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €132,157 | €174,908 | +€42,752 | +32.3% |
| Fixed assets | 21/28 | €7,224 | €5,232 | -€1,992 | -27.6% |
| Tangible fixed assets | 22/27 | €4,224 | €2,232 | -€1,992 | -47.2% |
| Plant, machinery and equipment | 23 | €4,224 | €2,232 | -€1,992 | -47.2% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €124,933 | €169,676 | +€44,743 | +35.8% |
| Stocks and contracts in progress | 3 | €104 | €104 | = | 0.0% |
| Stocks | 30/36 | €104 | €104 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €34,413 | €85,487 | +€51,073 | +148% |
| Trade receivables | 40 | €4,701 | - | -€4,701 | |
| Other amounts receivable | 41 | €29,712 | €85,487 | +€55,775 | +188% |
| Cash at bank and in hand | 54/58 | €90,415 | €83,930 | -€6,486 | -7.2% |
| Deferred charges and accrued income | 490/1 | - | €156 | +€156 | |
| Total equity and liabilities | 10/49 | €132,157 | €174,908 | +€42,752 | +32.3% |
| Equity | 10/15 | €112,472 | €140,995 | +€28,524 | +25.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €29,043 | €29,043 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €27,183 | €27,183 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,828 | €93,352 | +€28,524 | +44.0% |
| Amounts payable | 17/49 | €19,685 | €33,913 | +€14,228 | +72.3% |
| Amounts payable within one year | 42/48 | €19,685 | €33,913 | +€14,228 | +72.3% |
| Trade debts | 44 | €50 | €879 | +€829 | +1,668% |
| Suppliers | 440/4 | €50 | €879 | +€829 | +1,668% |
| Taxes, remuneration and social security | 45 | €19,635 | €33,034 | +€13,399 | +68.2% |
| Taxes | 450/3 | €18,543 | €26,747 | +€8,204 | +44.2% |
| Remuneration and social security | 454/9 | €1,093 | €6,287 | +€5,195 | +475% |
| Remuneration, social security and pensions | 62 | €9,963 | €20,714 | +€10,750 | +108% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,294 | €1,992 | -€1,303 | -39.5% |
| Other operating charges | 640/8 | €1,116 | €2,596 | +€1,480 | +133% |
| Gross operating margin | 9900 | €59,345 | €68,056 | +€8,711 | +14.7% |
| Operating profit (loss) | 9901 | €44,971 | €42,754 | -€2,217 | -4.9% |
| Financial income | 75/76B | €1,306 | €3,261 | +€1,954 | +150% |
| Recurring financial income | 75 | €1,306 | €3,261 | +€1,954 | +150% |
| Financial charges | 65/66B | €2,011 | €5,243 | +€3,232 | +161% |
| Recurring financial charges | 65 | €2,011 | €5,243 | +€3,232 | +161% |
| Profit (loss) for the period before taxes | 9903 | €44,266 | €40,772 | -€3,494 | -7.9% |
| Income taxes | 67/77 | €10,134 | €12,248 | +€2,114 | +20.9% |
| Profit (loss) for the period | 9904 | €34,132 | €28,524 | -€5,608 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,132 | €28,524 | -€5,608 | -16.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.