Frederick Thoen: 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.
Frederick Thoen
Largest movements
- Cash +€76,657
up €76,657 (+261%), from €29,355 to €106,011
mainly Net result for the year (+€134,765) and Current investments (+€41,068)
- Tangible fixed assets +€61,336
up €61,336 (+103%), from €59,575 to €120,911
of which Furniture and vehicles: +€63,219
- Current investments -€41,068
down €41,068 (-27.0%), from €152,105 to €111,038
- Receivables within one year +€27,455
up €27,455 (+77.6%), from €35,392 to €62,847
of which Other amounts receivable: +€21,184
- Reserves +€133,906
up €133,906 (+60.9%), from €219,928 to €353,834
- Tax, wage and social debts -€12,713
down €12,713 (-24.7%), from €51,559 to €38,846
- Trade debts +€4,134
up €4,134 (+85.8%), from €4,818 to €8,952
- Gross operating margin -€26,963
down €26,963 (-12.4%), from €217,227 to €190,264
- Depreciation -€5,213
down €5,213 (-58.7%), from €8,877 to €3,664
- Financial income +€4,175
up €4,175 (+4,946%), from €84 to €4,259
- Taxes +€3,335
up €3,335 (+6.9%), from €48,133 to €51,468
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 | €279,069 | €402,632 | +€123,563 | +44.3% |
| Fixed assets | 21/28 | €59,575 | €120,911 | +€61,336 | +103% |
| Tangible fixed assets | 22/27 | €59,575 | €120,911 | +€61,336 | +103% |
| Land and buildings | 22 | €45,083 | €44,106 | -€977 | -2.2% |
| Plant, machinery and equipment | 23 | €1,333 | €427 | -€906 | -68.0% |
| Furniture and vehicles | 24 | €13,159 | €76,378 | +€63,219 | +480% |
| Current assets | 29/58 | €219,493 | €281,721 | +€62,227 | +28.4% |
| Amounts receivable within one year | 40/41 | €35,392 | €62,847 | +€27,455 | +77.6% |
| Trade receivables | 40 | €34,923 | €41,194 | +€6,271 | +18.0% |
| Other amounts receivable | 41 | €469 | €21,653 | +€21,184 | +4,513% |
| Current investments | 50/53 | €152,105 | €111,038 | -€41,068 | -27.0% |
| Cash at bank and in hand | 54/58 | €29,355 | €106,011 | +€76,657 | +261% |
| Deferred charges and accrued income | 490/1 | €2,641 | €1,825 | -€817 | -30.9% |
| Total equity and liabilities | 10/49 | €279,069 | €402,632 | +€123,563 | +44.3% |
| Equity | 10/15 | €220,928 | €354,834 | +€133,906 | +60.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €219,928 | €353,834 | +€133,906 | +60.9% |
| Distributable reserves | 133 | €219,928 | €353,834 | +€133,906 | +60.9% |
| Amounts payable | 17/49 | €58,141 | €47,798 | -€10,343 | -17.8% |
| Amounts payable within one year | 42/48 | €58,141 | €47,798 | -€10,343 | -17.8% |
| Trade debts | 44 | €4,818 | €8,952 | +€4,134 | +85.8% |
| Suppliers | 440/4 | €4,818 | €8,952 | +€4,134 | +85.8% |
| Taxes, remuneration and social security | 45 | €51,559 | €38,846 | -€12,713 | -24.7% |
| Taxes | 450/3 | €51,559 | €38,846 | -€12,713 | -24.7% |
| Other amounts payable | 47/48 | €1,763 | - | -€1,763 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,877 | €3,664 | -€5,213 | -58.7% |
| Other operating charges | 640/8 | €1,711 | €1,472 | -€239 | -14.0% |
| Gross operating margin | 9900 | €217,227 | €190,264 | -€26,963 | -12.4% |
| Operating profit (loss) | 9901 | €206,640 | €185,128 | -€21,512 | -10.4% |
| Financial income | 75/76B | €84 | €4,259 | +€4,175 | +4,946% |
| Recurring financial income | 75 | €84 | €4,259 | +€4,175 | +4,946% |
| Financial charges | 65/66B | €2,744 | €3,154 | +€410 | +15.0% |
| Recurring financial charges | 65 | €2,744 | €3,154 | +€410 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | €203,980 | €186,233 | -€17,748 | -8.7% |
| Income taxes | 67/77 | €48,133 | €51,468 | +€3,335 | +6.9% |
| Profit (loss) for the period | 9904 | €155,848 | €134,765 | -€21,083 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €155,848 | €134,765 | -€21,083 | -13.5% |
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 23 October 2026 via checked.be.