FISCO THIELEN: 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.
FISCO THIELEN
Largest movements
- Receivables within one year +€28,400
up €28,400 (+156%), from €18,200 to €46,600
of which Trade receivables: +€28,400
- Cash -€6,462
down €6,462 (-29.3%), from €22,057 to €15,594
mainly Receivables within one year (-€28,400) and Debts after one year (-€4,795)
- Deferred charges and accrued income +€2,658
up €2,658 (+90.4%), from €2,939 to €5,597
- Profit (loss) carried forward +€29,178
up €29,178 (+36.5%), from €79,840 to €109,017
- Debts after one year -€4,795
down €4,795 (-18.2%), from €26,284 to €21,489
- Other debts -€2,624
down €2,624 (-3.7%), from €70,588 to €67,964
- Financial income -€9,948
down €9,948 (-99.2%), from €10,032 to €83
- Gross operating margin -€3,274
down €3,274 (-7.1%), from €45,867 to €42,594
- Other operating charges -€1,098
down €1,098 (-73.0%), from €1,506 to €407
- Financial charges -€644
down €644 (-29.6%), from €2,173 to €1,528
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 | €221,341 | €245,098 | +€23,758 | +10.7% |
| Fixed assets | 21/28 | €178,145 | €177,307 | -€838 | -0.5% |
| Tangible fixed assets | 22/27 | €1,945 | €1,107 | -€838 | -43.1% |
| Furniture and vehicles | 24 | €1,945 | €1,107 | -€838 | -43.1% |
| Financial fixed assets | 28 | €176,200 | €176,200 | = | 0.0% |
| Current assets | 29/58 | €43,196 | €67,792 | +€24,596 | +56.9% |
| Amounts receivable within one year | 40/41 | €18,200 | €46,600 | +€28,400 | +156% |
| Trade receivables | 40 | €8,200 | €36,600 | +€28,400 | +346% |
| Other amounts receivable | 41 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,057 | €15,594 | -€6,462 | -29.3% |
| Deferred charges and accrued income | 490/1 | €2,939 | €5,597 | +€2,658 | +90.4% |
| Total equity and liabilities | 10/49 | €221,341 | €245,098 | +€23,758 | +10.7% |
| Equity | 10/15 | €100,300 | €129,477 | +€29,178 | +29.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,840 | €109,017 | +€29,178 | +36.5% |
| Amounts payable | 17/49 | €121,041 | €115,621 | -€5,420 | -4.5% |
| Amounts payable after more than one year | 17 | €26,284 | €21,489 | -€4,795 | -18.2% |
| Financial debts | 170/4 | €26,284 | €21,489 | -€4,795 | -18.2% |
| Amounts payable within one year | 42/48 | €94,758 | €93,520 | -€1,238 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €6,652 | €7,319 | +€666 | +10.0% |
| Trade debts | 44 | €1,970 | €1,802 | -€168 | -8.5% |
| Suppliers | 440/4 | €1,970 | €1,802 | -€168 | -8.5% |
| Taxes, remuneration and social security | 45 | €15,547 | €16,436 | +€888 | +5.7% |
| Taxes | 450/3 | €7,747 | €8,636 | +€888 | +11.5% |
| Remuneration and social security | 454/9 | €7,800 | €7,800 | = | 0.0% |
| Other amounts payable | 47/48 | €70,588 | €67,964 | -€2,624 | -3.7% |
| Accrued charges and deferred income | 492/3 | - | €612 | +€612 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €570 | €838 | +€268 | +47.0% |
| Other operating charges | 640/8 | €1,506 | €407 | -€1,098 | -73.0% |
| Gross operating margin | 9900 | €45,867 | €42,594 | -€3,274 | -7.1% |
| Operating profit (loss) | 9901 | €43,791 | €41,348 | -€2,443 | -5.6% |
| Financial income | 75/76B | €10,032 | €83 | -€9,948 | -99.2% |
| Recurring financial income | 75 | €10,032 | €83 | -€9,948 | -99.2% |
| Financial charges | 65/66B | €2,173 | €1,528 | -€644 | -29.6% |
| Recurring financial charges | 65 | €2,173 | €1,528 | -€644 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €51,650 | €39,903 | -€11,747 | -22.7% |
| Income taxes | 67/77 | €11,010 | €10,725 | -€285 | -2.6% |
| Profit (loss) for the period | 9904 | €40,640 | €29,178 | -€11,463 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,640 | €29,178 | -€11,463 | -28.2% |
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 28 October 2026 via checked.be.