Herwig Thyssens: 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.
Herwig Thyssens
Largest movements
- Cash +€27,149
up €27,149 (+27.7%), from €97,989 to €125,138
mainly Net result for the year (+€59,064) and Receivables within one year (+€26,779)
- Receivables within one year -€26,779
down €26,779 (-72.6%), from €36,898 to €10,119
of which Trade receivables: -€19,579
- Tangible fixed assets -€10,252
down €10,252 (-36.5%), from €28,085 to €17,833
of which Plant, machinery and equipment: -€6,386
- Deferred charges and accrued income -€3,470
down €3,470 (-82.3%), from €4,215 to €745
- Trade debts -€16,073
down €16,073 (-78.4%), from €20,513 to €4,440
- Other debts +€5,359
new in 2025: €5,359
- Tax, wage and social debts -€3,670
down €3,670 (-23.3%), from €15,755 to €12,085
- Gross operating margin +€72,968
up €72,968 (+260.9%), from €27,965 to €100,933
- Financial charges +€13,111
up €13,111 (+2728.9%), from €480 to €13,592
- Taxes +€12,268
up €12,268 (+294.7%), from €4,163 to €16,431
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 | €167,186 | €153,835 | -€13,352 | -8.0% |
| Fixed assets | 21/28 | €28,085 | €17,833 | -€10,252 | -36.5% |
| Tangible fixed assets | 22/27 | €28,085 | €17,833 | -€10,252 | -36.5% |
| Land and buildings | 22 | €5,219 | €0 | -€5,219 | -100.0% |
| Plant, machinery and equipment | 23 | €14,722 | €8,337 | -€6,386 | -43.4% |
| Furniture and vehicles | 24 | €8,143 | €4,989 | -€3,155 | -38.7% |
| Other tangible fixed assets | 26 | - | €4,507 | +€4,507 | |
| Current assets | 29/58 | €139,102 | €136,002 | -€3,100 | -2.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €36,898 | €10,119 | -€26,779 | -72.6% |
| Trade receivables | 40 | €21,160 | €1,581 | -€19,579 | -92.5% |
| Other amounts receivable | 41 | €15,738 | €8,538 | -€7,200 | -45.7% |
| Cash at bank and in hand | 54/58 | €97,989 | €125,138 | +€27,149 | +27.7% |
| Deferred charges and accrued income | 490/1 | €4,215 | €745 | -€3,470 | -82.3% |
| Total equity and liabilities | 10/49 | €167,186 | €153,835 | -€13,352 | -8.0% |
| Equity | 10/15 | €130,918 | €131,950 | +€1,032 | +0.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €115,918 | €116,950 | +€1,032 | +0.9% |
| Distributable reserves | 133 | €115,918 | €116,950 | +€1,032 | +0.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,268 | €21,884 | -€14,384 | -39.7% |
| Amounts payable within one year | 42/48 | €36,268 | €21,884 | -€14,384 | -39.7% |
| Trade debts | 44 | €20,513 | €4,440 | -€16,073 | -78.4% |
| Suppliers | 440/4 | €20,513 | €4,440 | -€16,073 | -78.4% |
| Taxes, remuneration and social security | 45 | €15,755 | €12,085 | -€3,670 | -23.3% |
| Taxes | 450/3 | €15,755 | €12,085 | -€3,670 | -23.3% |
| Other amounts payable | 47/48 | - | €5,359 | +€5,359 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,954 | €10,973 | +€19 | +0.2% |
| Other operating charges | 640/8 | €1,383 | €874 | -€509 | -36.8% |
| Non-recurring operating charges | 66A | €3,360 | €0 | -€3,360 | -100.0% |
| Gross operating margin | 9900 | €27,965 | €100,933 | +€72,968 | +260.9% |
| Operating profit (loss) | 9901 | €12,268 | €89,086 | +€76,818 | +626.2% |
| Financial income | 75/76B | €569 | €0 | -€569 | -100.0% |
| Recurring financial income | 75 | €569 | €0 | -€569 | -100.0% |
| Financial charges | 65/66B | €480 | €13,592 | +€13,111 | +2728.9% |
| Recurring financial charges | 65 | €480 | €13,592 | +€13,111 | +2728.9% |
| Profit (loss) for the period before taxes | 9903 | €12,357 | €75,494 | +€63,138 | +511.0% |
| Income taxes | 67/77 | €4,163 | €16,431 | +€12,268 | +294.7% |
| Profit (loss) for the period | 9904 | €8,194 | €59,064 | +€50,870 | +620.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,194 | €59,064 | +€50,870 | +620.8% |
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 8 October 2026 via checked.be.