Dr. THYWISSEN: 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. THYWISSEN
Largest movements
- Cash +€1.1m
up €1.1m (+776.1%), from €144,354 to €1.3m
mainly Current investments (+€807,429) and Net result for the year (+€237,688)
- Current investments -€807,429
down €807,429 (-56.4%), from €1.4m to €625,000
- Deferred charges and accrued income -€107,246
down €107,246 (-61.6%), from €174,100 to €66,855
- Receivables within one year +€28,350
up €28,350 (+1120.6%), from €2,530 to €30,880
- Reserves +€237,688
up €237,688 (+12.4%), from €1.9m to €2.2m
- Gross operating margin -€181,862
down €181,862 (-48.8%), from €372,385 to €190,523
- Taxes -€61,109
down €61,109 (-43.8%), from €139,651 to €78,542
- Financial income -€47,227
down €47,227 (-23.5%), from €201,131 to €153,904
- Depreciation +€16,713
up €16,713 (+569.2%), from €2,936 to €19,649
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 | €1,960,632 | €2,207,584 | +€246,952 | +12.6% |
| Fixed assets | 21/28 | €12,219 | €25,129 | +€12,910 | +105.7% |
| Tangible fixed assets | 22/27 | €12,219 | €25,129 | +€12,910 | +105.7% |
| Land and buildings | 22 | €4,609 | €0 | -€4,609 | -100.0% |
| Furniture and vehicles | 24 | €5,210 | €22,729 | +€17,519 | +336.3% |
| Other tangible fixed assets | 26 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €1,948,413 | €2,182,455 | +€234,042 | +12.0% |
| Amounts receivable after more than one year | 29 | €195,000 | €195,000 | = | 0.0% |
| Other amounts receivable | 291 | €195,000 | €195,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,530 | €30,880 | +€28,350 | +1120.6% |
| Other amounts receivable | 41 | €2,530 | €30,880 | +€28,350 | +1120.6% |
| Current investments | 50/53 | €1,432,429 | €625,000 | -€807,429 | -56.4% |
| Cash at bank and in hand | 54/58 | €144,354 | €1,264,720 | +€1.1m | +776.1% |
| Deferred charges and accrued income | 490/1 | €174,100 | €66,855 | -€107,246 | -61.6% |
| Total equity and liabilities | 10/49 | €1,960,632 | €2,207,584 | +€246,952 | +12.6% |
| Equity | 10/15 | €1,918,386 | €2,156,074 | +€237,688 | +12.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €1,917,886 | €2,155,574 | +€237,688 | +12.4% |
| Distributable reserves | 133 | €1,917,886 | €2,155,574 | +€237,688 | +12.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €42,246 | €51,510 | +€9,264 | +21.9% |
| Amounts payable within one year | 42/48 | €42,246 | €39,410 | -€2,836 | -6.7% |
| Trade debts | 44 | €11,810 | €2,994 | -€8,816 | -74.6% |
| Suppliers | 440/4 | €11,810 | €2,994 | -€8,816 | -74.6% |
| Taxes, remuneration and social security | 45 | €30,436 | €36,416 | +€5,981 | +19.7% |
| Taxes | 450/3 | €30,436 | €36,416 | +€5,981 | +19.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €12,100 | +€12,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,936 | €19,649 | +€16,713 | +569.2% |
| Other operating charges | 640/8 | €3,541 | €3,684 | +€143 | +4.0% |
| Non-recurring operating charges | 66A | - | €4,609 | +€4,609 | |
| Gross operating margin | 9900 | €372,385 | €190,523 | -€181,862 | -48.8% |
| Operating profit (loss) | 9901 | €365,909 | €162,581 | -€203,328 | -55.6% |
| Financial income | 75/76B | €201,131 | €153,904 | -€47,227 | -23.5% |
| Recurring financial income | 75 | €201,131 | €153,904 | -€47,227 | -23.5% |
| Financial charges | 65/66B | €1,393 | €255 | -€1,137 | -81.7% |
| Recurring financial charges | 65 | €1,393 | €255 | -€1,137 | -81.7% |
| Profit (loss) for the period before taxes | 9903 | €565,646 | €316,229 | -€249,417 | -44.1% |
| Income taxes | 67/77 | €139,651 | €78,542 | -€61,109 | -43.8% |
| Profit (loss) for the period | 9904 | €425,995 | €237,688 | -€188,308 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €425,995 | €237,688 | -€188,308 | -44.2% |
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 6 October 2026 via checked.be.