DR. Jo THIJS: 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. Jo THIJS
Largest movements
- Cash +€58,200
up €58,200 (+54.5%), from €106,709 to €164,909
mainly Net result for the year (+€82,282) and Other debts (+€14,923)
- Current investments +€28,220
up €28,220 (+9.9%), from €286,021 to €314,241
- Receivables within one year +€17,962
up €17,962 (+26.0%), from €69,115 to €87,077
of which Other amounts receivable: +€17,962
- Reserves +€82,282
up €82,282 (+20.0%), from €410,788 to €493,070
- Other debts +€14,923
up €14,923 (+39.2%), from €38,113 to €53,036
- Financial income -€30,927
down €30,927 (-84.1%), from €36,789 to €5,861
- Taxes -€11,640
down €11,640 (-26.4%), from €44,025 to €32,385
- Gross operating margin -€1,436
down €1,436 (-1.2%), from €117,488 to €116,051
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 | €477,812 | €580,193 | +€102,381 | +21.4% |
| Fixed assets | 21/28 | €15,359 | €13,339 | -€2,020 | -13.2% |
| Tangible fixed assets | 22/27 | €15,359 | €13,339 | -€2,020 | -13.2% |
| Plant, machinery and equipment | 23 | €8,324 | €8,298 | -€26 | -0.3% |
| Furniture and vehicles | 24 | €7,035 | €5,041 | -€1,994 | -28.3% |
| Current assets | 29/58 | €462,452 | €566,854 | +€104,402 | +22.6% |
| Amounts receivable within one year | 40/41 | €69,115 | €87,077 | +€17,962 | +26.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €69,115 | €87,077 | +€17,962 | +26.0% |
| Current investments | 50/53 | €286,021 | €314,241 | +€28,220 | +9.9% |
| Cash at bank and in hand | 54/58 | €106,709 | €164,909 | +€58,200 | +54.5% |
| Deferred charges and accrued income | 490/1 | €608 | €627 | +€19 | +3.2% |
| Total equity and liabilities | 10/49 | €477,812 | €580,193 | +€102,381 | +21.4% |
| Equity | 10/15 | €410,788 | €493,070 | +€82,282 | +20.0% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €410,788 | €493,070 | +€82,282 | +20.0% |
| Distributable reserves | 133 | €410,788 | €493,070 | +€82,282 | +20.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €67,024 | €87,123 | +€20,099 | +30.0% |
| Amounts payable within one year | 42/48 | €64,318 | €83,896 | +€19,578 | +30.4% |
| Trade debts | 44 | €4,389 | €3,846 | -€542 | -12.4% |
| Suppliers | 440/4 | €4,389 | €3,846 | -€542 | -12.4% |
| Taxes, remuneration and social security | 45 | €21,817 | €27,014 | +€5,198 | +23.8% |
| Taxes | 450/3 | €21,817 | €27,014 | +€5,198 | +23.8% |
| Other amounts payable | 47/48 | €38,113 | €53,036 | +€14,923 | +39.2% |
| Accrued charges and deferred income | 492/3 | €2,706 | €3,227 | +€521 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,161 | €2,020 | +€859 | +74.0% |
| Other operating charges | 640/8 | €1,458 | €1,357 | -€101 | -6.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €117,488 | €116,051 | -€1,436 | -1.2% |
| Operating profit (loss) | 9901 | €114,869 | €112,674 | -€2,195 | -1.9% |
| Financial income | 75/76B | €36,789 | €5,861 | -€30,927 | -84.1% |
| Recurring financial income | 75 | €36,789 | €5,861 | -€30,927 | -84.1% |
| Financial charges | 65/66B | €3,101 | €3,868 | +€767 | +24.7% |
| Recurring financial charges | 65 | €3,101 | €3,868 | +€767 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €148,557 | €114,667 | -€33,889 | -22.8% |
| Income taxes | 67/77 | €44,025 | €32,385 | -€11,640 | -26.4% |
| Profit (loss) for the period | 9904 | €104,532 | €82,282 | -€22,249 | -21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €104,532 | €82,282 | -€22,249 | -21.3% |
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 24 October 2026 via checked.be.