Dr. THYWISSEN THOMAS: 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. THYWISSEN THOMAS
Largest movements
- Receivables within one year -€63,801
down €63,801 (-25.2%), from €253,317 to €189,516
of which Other amounts receivable: -€63,903
- Current investments +€48,462
up €48,462 (+95.8%), from €50,567 to €99,029
- Cash -€34,068
down €34,068 (-27.5%), from €123,946 to €89,878
mainly Contributions, distributions and other (-€390,000) and Current investments (-€48,462)
- Deferred charges and accrued income -€9,127
down €9,127 (-64.3%), from €14,184 to €5,057
- Reserves -€43,159
down €43,159 (-10.6%), from €408,702 to €365,543
- Tax, wage and social debts -€8,641
down €8,641 (-51.9%), from €16,644 to €8,003
of which Taxes: -€8,641
- Gross operating margin -€31,506
down €31,506 (-6.4%), from €491,984 to €460,478
- Taxes -€9,383
down €9,383 (-7.8%), from €119,645 to €110,262
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 | €446,646 | €392,250 | -€54,396 | -12.2% |
| Fixed assets | 21/28 | €4,632 | €8,770 | +€4,137 | +89.3% |
| Tangible fixed assets | 22/27 | €4,632 | €8,770 | +€4,137 | +89.3% |
| Plant, machinery and equipment | 23 | €3,812 | €6,069 | +€2,256 | +59.2% |
| Furniture and vehicles | 24 | €820 | €2,701 | +€1,881 | +229% |
| Current assets | 29/58 | €442,014 | €383,480 | -€58,533 | -13.2% |
| Amounts receivable within one year | 40/41 | €253,317 | €189,516 | -€63,801 | -25.2% |
| Trade receivables | 40 | €197 | €299 | +€102 | +51.5% |
| Other amounts receivable | 41 | €253,120 | €189,217 | -€63,903 | -25.2% |
| Current investments | 50/53 | €50,567 | €99,029 | +€48,462 | +95.8% |
| Cash at bank and in hand | 54/58 | €123,946 | €89,878 | -€34,068 | -27.5% |
| Deferred charges and accrued income | 490/1 | €14,184 | €5,057 | -€9,127 | -64.3% |
| Total equity and liabilities | 10/49 | €446,646 | €392,250 | -€54,396 | -12.2% |
| Equity | 10/15 | €423,702 | €380,543 | -€43,159 | -10.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €408,702 | €365,543 | -€43,159 | -10.6% |
| Distributable reserves | 133 | €408,702 | €365,543 | -€43,159 | -10.6% |
| Amounts payable | 17/49 | €22,944 | €11,707 | -€11,238 | -49.0% |
| Amounts payable within one year | 42/48 | €22,891 | €11,707 | -€11,184 | -48.9% |
| Trade debts | 44 | €5,608 | €3,703 | -€1,905 | -34.0% |
| Suppliers | 440/4 | €5,608 | €3,703 | -€1,905 | -34.0% |
| Taxes, remuneration and social security | 45 | €16,644 | €8,003 | -€8,641 | -51.9% |
| Taxes | 450/3 | €12,641 | €4,000 | -€8,641 | -68.4% |
| Remuneration and social security | 454/9 | €4,003 | €4,003 | = | 0.0% |
| Other amounts payable | 47/48 | €638 | - | -€638 | |
| Accrued charges and deferred income | 492/3 | €54 | - | -€54 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €797 | €2,181 | +€1,385 | +174% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €31 | +€31 | |
| Other operating charges | 640/8 | €986 | €1,000 | +€14 | +1.4% |
| Gross operating margin | 9900 | €491,984 | €460,478 | -€31,506 | -6.4% |
| Operating profit (loss) | 9901 | €490,201 | €457,266 | -€32,935 | -6.7% |
| Financial income | 75/76B | €3,911 | €1,364 | -€2,547 | -65.1% |
| Recurring financial income | 75 | €3,911 | €1,364 | -€2,547 | -65.1% |
| Financial charges | 65/66B | €1,662 | €1,527 | -€135 | -8.1% |
| Recurring financial charges | 65 | €1,662 | €1,527 | -€135 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €492,451 | €457,103 | -€35,348 | -7.2% |
| Income taxes | 67/77 | €119,645 | €110,262 | -€9,383 | -7.8% |
| Profit (loss) for the period | 9904 | €372,806 | €346,841 | -€25,965 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €372,806 | €346,841 | -€25,965 | -7.0% |
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 25 October 2026 via checked.be.