Dr. Britt Thaels: 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.
Dr. Britt Thaels
Largest movements
- Cash +€110,382
up €110,382 (+480%), from €23,004 to €133,387
mainly Net result for the year (+€73,447) and Tax, wage and social debts (+€22,530)
- Deferred charges and accrued income -€4,898
down €4,898 (-63.7%), from €7,687 to €2,790
- Tangible fixed assets -€4,271
down €4,271 (-22.2%), from €19,224 to €14,953
- Receivables within one year +€1,958
up €1,958 (+121%), from €1,615 to €3,573
- Reserves +€73,447
up €73,447 (+385%), from €19,075 to €92,522
- Tax, wage and social debts +€22,530
up €22,530 (+459%), from €4,907 to €27,437
of which Taxes: +€19,280
- Other debts +€6,711
up €6,711 (+30.8%), from €21,780 to €28,491
- Gross operating margin +€71,800
up €71,800 (+285%), from €25,198 to €96,998
- Taxes +€14,373
up €14,373 (+293%), from €4,907 to €19,280
- Depreciation +€3,066
up €3,066 (+254%), from €1,205 to €4,271
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 | €51,531 | €154,703 | +€103,172 | +200% |
| Fixed assets | 21/28 | €19,225 | €14,954 | -€4,271 | -22.2% |
| Intangible fixed assets | 21 | €1 | €1 | -€0 | -21.3% |
| Tangible fixed assets | 22/27 | €19,224 | €14,953 | -€4,271 | -22.2% |
| Furniture and vehicles | 24 | €19,224 | €14,953 | -€4,271 | -22.2% |
| Current assets | 29/58 | €32,307 | €139,750 | +€107,443 | +333% |
| Amounts receivable within one year | 40/41 | €1,615 | €3,573 | +€1,958 | +121% |
| Trade receivables | 40 | €1,615 | €3,573 | +€1,958 | +121% |
| Cash at bank and in hand | 54/58 | €23,004 | €133,387 | +€110,382 | +480% |
| Deferred charges and accrued income | 490/1 | €7,687 | €2,790 | -€4,898 | -63.7% |
| Total equity and liabilities | 10/49 | €51,531 | €154,703 | +€103,172 | +200% |
| Equity | 10/15 | €24,075 | €97,522 | +€73,447 | +305% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €19,075 | €92,522 | +€73,447 | +385% |
| Distributable reserves | 133 | €19,075 | €92,522 | +€73,447 | +385% |
| Amounts payable | 17/49 | €27,457 | €57,182 | +€29,725 | +108% |
| Amounts payable within one year | 42/48 | €27,457 | €57,182 | +€29,725 | +108% |
| Trade debts | 44 | €770 | €1,254 | +€484 | +62.9% |
| Suppliers | 440/4 | €770 | €1,254 | +€484 | +62.9% |
| Taxes, remuneration and social security | 45 | €4,907 | €27,437 | +€22,530 | +459% |
| Taxes | 450/3 | €4,907 | €24,187 | +€19,280 | +393% |
| Remuneration and social security | 454/9 | - | €3,250 | +€3,250 | |
| Other amounts payable | 47/48 | €21,780 | €28,491 | +€6,711 | +30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,205 | €4,271 | +€3,066 | +254% |
| Gross operating margin | 9900 | €25,198 | €96,998 | +€71,800 | +285% |
| Operating profit (loss) | 9901 | €23,993 | €92,727 | +€68,734 | +286% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €12 | - | -€12 | |
| Recurring financial charges | 65 | €12 | - | -€12 | |
| Profit (loss) for the period before taxes | 9903 | €23,982 | €92,727 | +€68,746 | +287% |
| Income taxes | 67/77 | €4,907 | €19,280 | +€14,373 | +293% |
| Profit (loss) for the period | 9904 | €19,075 | €73,447 | +€54,372 | +285% |
| Profit (loss) for the period to be appropriated | 9905 | €19,075 | €73,447 | +€54,372 | +285% |
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 22 October 2026 via checked.be.