DR. M. THONON: 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. M. THONON
Largest movements
- Cash +€253,810
up €253,810 (+182%), from €139,268 to €393,078
mainly Net result for the year (+€301,281) and Trade debts (+€105,921)
- Receivables within one year +€125,186
up €125,186 (+126%), from €99,627 to €224,813
of which Trade receivables: +€123,617
- Tangible fixed assets +€110,227
up €110,227 (+10.1%), from €1.1m to €1.2m
of which Furniture and vehicles: +€136,150
- Current investments -€51,144
down €51,144 (-5.7%), from €900,507 to €849,364
- Reserves +€301,281
up €301,281 (+20.4%), from €1.5m to €1.8m
- Trade debts +€105,921
up €105,921 (+193%), from €54,775 to €160,696
- Debts after one year -€58,442
down €58,442 (-16.6%), from €352,802 to €294,360
of which Financial debts: -€58,442
- Tax, wage and social debts +€55,043
up €55,043 (+55.5%), from €99,223 to €154,266
- Other debts +€45,368
up €45,368 (+33.4%), from €135,781 to €181,149
- Gross operating margin +€103,041
up €103,041 (+29.7%), from €346,926 to €449,967
- Financial income -€39,116
down €39,116 (-31.7%), from €123,330 to €84,214
- Depreciation +€17,035
up €17,035 (+37.5%), from €45,478 to €62,513
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 | €2,240,104 | €2,668,162 | +€428,058 | +19.1% |
| Fixed assets | 21/28 | €1,088,402 | €1,198,629 | +€110,227 | +10.1% |
| Tangible fixed assets | 22/27 | €1,088,402 | €1,198,629 | +€110,227 | +10.1% |
| Land and buildings | 22 | €1,058,775 | €1,036,288 | -€22,487 | -2.1% |
| Plant, machinery and equipment | 23 | €27,419 | €23,983 | -€3,436 | -12.5% |
| Furniture and vehicles | 24 | €709 | €136,859 | +€136,150 | +19,213% |
| Other tangible fixed assets | 26 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €1,151,702 | €1,469,533 | +€317,831 | +27.6% |
| Amounts receivable within one year | 40/41 | €99,627 | €224,813 | +€125,186 | +126% |
| Trade receivables | 40 | €99,627 | €223,244 | +€123,617 | +124% |
| Other amounts receivable | 41 | €0 | €1,569 | +€1,569 | |
| Current investments | 50/53 | €900,507 | €849,364 | -€51,144 | -5.7% |
| Cash at bank and in hand | 54/58 | €139,268 | €393,078 | +€253,810 | +182% |
| Deferred charges and accrued income | 490/1 | €12,299 | €2,278 | -€10,021 | -81.5% |
| Total equity and liabilities | 10/49 | €2,240,104 | €2,668,162 | +€428,058 | +19.1% |
| Equity | 10/15 | €1,515,716 | €1,816,997 | +€301,281 | +19.9% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €1,478,516 | €1,779,797 | +€301,281 | +20.4% |
| Distributable reserves | 133 | €1,478,516 | €1,779,797 | +€301,281 | +20.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €724,388 | €851,165 | +€126,777 | +17.5% |
| Amounts payable after more than one year | 17 | €352,802 | €294,360 | -€58,442 | -16.6% |
| Financial debts | 170/4 | €348,752 | €290,310 | -€58,442 | -16.8% |
| Other amounts payable | 178/9 | €4,050 | €4,050 | = | 0.0% |
| Amounts payable within one year | 42/48 | €371,254 | €556,805 | +€185,551 | +50.0% |
| Current portion of amounts payable after more than one year | 42 | €81,476 | €60,694 | -€20,782 | -25.5% |
| Trade debts | 44 | €54,775 | €160,696 | +€105,921 | +193% |
| Suppliers | 440/4 | €54,775 | €160,696 | +€105,921 | +193% |
| Taxes, remuneration and social security | 45 | €99,223 | €154,266 | +€55,043 | +55.5% |
| Taxes | 450/3 | €99,223 | €154,266 | +€55,043 | +55.5% |
| Other amounts payable | 47/48 | €135,781 | €181,149 | +€45,368 | +33.4% |
| Accrued charges and deferred income | 492/3 | €332 | €0 | -€332 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,478 | €62,513 | +€17,035 | +37.5% |
| Other operating charges | 640/8 | €3,991 | €3,987 | -€4 | -0.1% |
| Gross operating margin | 9900 | €346,926 | €449,967 | +€103,041 | +29.7% |
| Operating profit (loss) | 9901 | €297,457 | €383,467 | +€86,010 | +28.9% |
| Financial income | 75/76B | €123,330 | €84,214 | -€39,116 | -31.7% |
| Recurring financial income | 75 | €123,330 | €84,214 | -€39,116 | -31.7% |
| Financial charges | 65/66B | €33,717 | €30,226 | -€3,490 | -10.4% |
| Recurring financial charges | 65 | €33,717 | €30,226 | -€3,490 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €387,070 | €437,455 | +€50,385 | +13.0% |
| Income taxes | 67/77 | €132,343 | €136,174 | +€3,831 | +2.9% |
| Profit (loss) for the period | 9904 | €254,727 | €301,281 | +€46,554 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €254,727 | €301,281 | +€46,554 | +18.3% |
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 19 October 2026 via checked.be.