DR. JOHAN THYS: 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.
DR. JOHAN THYS
Largest movements
- Current investments -€322,511
no longer reported in 2025 (was €322,511)
- Receivables within one year -€114,186
down €114,186 (-89.5%), from €127,614 to €13,428
of which Other amounts receivable: -€114,186
- Tangible fixed assets -€58,743
down €58,743 (-24.3%), from €241,645 to €182,902
of which Furniture and vehicles: -€45,983
- Cash -€13,639
down €13,639 (-64.8%), from €21,049 to €7,410
mainly Contributions, distributions and other (-€493,216) and Net result for the year (-€56,036)
- Reserves -€493,216
down €493,216 (-75.9%), from €649,434 to €156,218
of which Distributable reserves: -€493,216
- Other debts +€74,484
new in 2025: €74,484
- Profit (loss) carried forward -€56,036
down €56,036 (-270.5%), from -€20,715 to -€76,752
- Debts after one year -€29,341
down €29,341 (-51.4%), from €57,048 to €27,707
- Current portion of long-term debt -€11,002
down €11,002 (-27.3%), from €40,343 to €29,341
- Gross operating margin -€46,341
down €46,341 (-87.8%), from €52,784 to €6,444
- Taxes -€14,675
down €14,675 (-95.0%), from €15,455 to €780
- Financial income -€7,304
down €7,304 (-27.3%), from €26,716 to €19,412
- Financial charges -€3,542
down €3,542 (-46.7%), from €7,583 to €4,041
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €730,443 | €218,227 | -€512,216 | -70.1% |
| Fixed assets | 21/28 | €241,645 | €182,902 | -€58,743 | -24.3% |
| Tangible fixed assets | 22/27 | €241,645 | €182,902 | -€58,743 | -24.3% |
| Plant, machinery and equipment | 23 | €6,427 | €9,325 | +€2,898 | +45.1% |
| Furniture and vehicles | 24 | €113,798 | €67,815 | -€45,983 | -40.4% |
| Other tangible fixed assets | 26 | €121,420 | €105,763 | -€15,658 | -12.9% |
| Current assets | 29/58 | €488,798 | €35,325 | -€453,473 | -92.8% |
| Amounts receivable after more than one year | 29 | €7,850 | €3,950 | -€3,899 | -49.7% |
| Other amounts receivable | 291 | €7,850 | €3,950 | -€3,899 | -49.7% |
| Amounts receivable within one year | 40/41 | €127,614 | €13,428 | -€114,186 | -89.5% |
| Trade receivables | 40 | €2,000 | €2,000 | = | 0.0% |
| Other amounts receivable | 41 | €125,614 | €11,428 | -€114,186 | -90.9% |
| Current investments | 50/53 | €322,511 | - | -€322,511 | |
| Cash at bank and in hand | 54/58 | €21,049 | €7,410 | -€13,639 | -64.8% |
| Deferred charges and accrued income | 490/1 | €9,775 | €10,537 | +€762 | +7.8% |
| Total equity and liabilities | 10/49 | €730,443 | €218,227 | -€512,216 | -70.1% |
| Equity | 10/15 | €628,719 | €79,466 | -€549,252 | -87.4% |
| Reserves | 13 | €649,434 | €156,218 | -€493,216 | -75.9% |
| Tax-exempt reserves | 132 | €168 | €168 | = | 0.0% |
| Distributable reserves | 133 | €649,265 | €156,049 | -€493,216 | -76.0% |
| Profit (loss) carried forward | 14 | -€20,715 | -€76,752 | -€56,036 | -270.5% |
| Amounts payable | 17/49 | €101,725 | €138,761 | +€37,036 | +36.4% |
| Amounts payable after more than one year | 17 | €57,048 | €27,707 | -€29,341 | -51.4% |
| Financial debts | 170/4 | €57,048 | €27,707 | -€29,341 | -51.4% |
| Amounts payable within one year | 42/48 | €42,780 | €110,758 | +€67,978 | +158.9% |
| Current portion of amounts payable after more than one year | 42 | €40,343 | €29,341 | -€11,002 | -27.3% |
| Trade debts | 44 | €505 | €4,921 | +€4,416 | +874.5% |
| Suppliers | 440/4 | €505 | €4,921 | +€4,416 | +874.5% |
| Taxes, remuneration and social security | 45 | €1,931 | €2,011 | +€79 | +4.1% |
| Taxes | 450/3 | €813 | €940 | +€127 | +15.6% |
| Remuneration and social security | 454/9 | €1,118 | €1,071 | -€48 | -4.3% |
| Other amounts payable | 47/48 | - | €74,484 | +€74,484 | |
| Accrued charges and deferred income | 492/3 | €1,897 | €297 | -€1,601 | -84.4% |
| Remuneration, social security and pensions | 62 | €8,990 | €8,897 | -€93 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,686 | €64,105 | +€419 | +0.7% |
| Other operating charges | 640/8 | €4,500 | €4,069 | -€432 | -9.6% |
| Gross operating margin | 9900 | €52,784 | €6,444 | -€46,341 | -87.8% |
| Operating profit (loss) | 9901 | -€24,392 | -€70,627 | -€46,235 | -189.5% |
| Financial income | 75/76B | €26,716 | €19,412 | -€7,304 | -27.3% |
| Recurring financial income | 75 | €26,716 | €19,412 | -€7,304 | -27.3% |
| Financial charges | 65/66B | €7,583 | €4,041 | -€3,542 | -46.7% |
| Recurring financial charges | 65 | €7,583 | €4,041 | -€3,542 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,260 | -€55,256 | -€49,996 | -950.5% |
| Income taxes | 67/77 | €15,455 | €780 | -€14,675 | -95.0% |
| Profit (loss) for the period | 9904 | -€20,715 | -€56,036 | -€35,321 | -170.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,715 | -€56,036 | -€35,321 | -170.5% |
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 9 October 2026 via checked.be.