INGE THOELEN: 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.
INGE THOELEN
Largest movements
- Current investments +€150,508
up €150,508 (+50.2%), from €300,000 to €450,508
- Cash +€146,277
up €146,277 (+18.8%), from €778,414 to €924,690
mainly Net result for the year (+€323,218) and Tax, wage and social debts (+€52,080)
- Receivables within one year -€34,148
down €34,148 (-71.9%), from €47,467 to €13,319
- Tangible fixed assets -€30,976
down €30,976 (-8.2%), from €379,234 to €348,258
of which Land and buildings: -€16,467
- Reserves +€179,676
up €179,676 (+12.9%), from €1.4m to €1.6m
of which Distributable reserves: +€179,676
- Tax, wage and social debts +€52,080
up €52,080 (+97.1%), from €53,608 to €105,687
- Gross operating margin +€11,320
up €11,320 (+2.3%), from €493,084 to €504,405
- Financial income +€10,428
up €10,428 (+797%), from €1,309 to €11,737
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 | €1,506,982 | €1,739,215 | +€232,233 | +15.4% |
| Fixed assets | 21/28 | €379,234 | €348,258 | -€30,976 | -8.2% |
| Tangible fixed assets | 22/27 | €379,234 | €348,258 | -€30,976 | -8.2% |
| Land and buildings | 22 | €323,883 | €307,416 | -€16,467 | -5.1% |
| Plant, machinery and equipment | 23 | €8,268 | €4,693 | -€3,575 | -43.2% |
| Furniture and vehicles | 24 | €47,084 | €36,150 | -€10,934 | -23.2% |
| Current assets | 29/58 | €1,127,747 | €1,390,957 | +€263,210 | +23.3% |
| Amounts receivable within one year | 40/41 | €47,467 | €13,319 | -€34,148 | -71.9% |
| Other amounts receivable | 41 | €47,467 | €13,319 | -€34,148 | -71.9% |
| Current investments | 50/53 | €300,000 | €450,508 | +€150,508 | +50.2% |
| Cash at bank and in hand | 54/58 | €778,414 | €924,690 | +€146,277 | +18.8% |
| Deferred charges and accrued income | 490/1 | €1,866 | €2,440 | +€574 | +30.8% |
| Total equity and liabilities | 10/49 | €1,506,982 | €1,739,215 | +€232,233 | +15.4% |
| Equity | 10/15 | €1,452,235 | €1,631,910 | +€179,676 | +12.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,393,793 | €1,573,469 | +€179,676 | +12.9% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €777 | €777 | = | 0.0% |
| Distributable reserves | 133 | €1,391,161 | €1,570,836 | +€179,676 | +12.9% |
| Profit (loss) carried forward | 14 | €39,892 | €39,892 | = | 0.0% |
| Amounts payable | 17/49 | €54,747 | €107,305 | +€52,558 | +96.0% |
| Amounts payable within one year | 42/48 | €54,747 | €107,305 | +€52,558 | +96.0% |
| Trade debts | 44 | €744 | €1,617 | +€873 | +117% |
| Suppliers | 440/4 | €744 | €1,617 | +€873 | +117% |
| Taxes, remuneration and social security | 45 | €53,608 | €105,687 | +€52,080 | +97.1% |
| Taxes | 450/3 | €53,608 | €105,687 | +€52,080 | +97.1% |
| Other amounts payable | 47/48 | €395 | - | -€395 | |
| Non-recurring operating income | 76A | €22,000 | - | -€22,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,131 | €39,845 | +€1,715 | +4.5% |
| Other operating charges | 640/8 | €1,889 | €5,702 | +€3,814 | +202% |
| Gross operating margin | 9900 | €493,084 | €504,405 | +€11,320 | +2.3% |
| Operating profit (loss) | 9901 | €453,065 | €458,857 | +€5,792 | +1.3% |
| Financial income | 75/76B | €1,309 | €11,737 | +€10,428 | +797% |
| Recurring financial income | 75 | €1,309 | €11,737 | +€10,428 | +797% |
| Financial charges | 65/66B | €285 | €4,189 | +€3,904 | +1,368% |
| Recurring financial charges | 65 | €285 | €345 | +€59 | +20.8% |
| Non-recurring financial charges | 66B | - | €3,845 | +€3,845 | |
| Profit (loss) for the period before taxes | 9903 | €454,089 | €466,405 | +€12,316 | +2.7% |
| Income taxes | 67/77 | €142,500 | €143,187 | +€687 | +0.5% |
| Profit (loss) for the period | 9904 | €311,589 | €323,218 | +€11,629 | +3.7% |
| Transfer from tax-exempt reserves | 789 | €6,204 | - | -€6,204 | |
| Profit (loss) for the period to be appropriated | 9905 | €317,793 | €323,218 | +€5,425 | +1.7% |
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 26 October 2026 via checked.be.