J.M. THONARD: 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.
J.M. THONARD
Largest movements
- Cash -€1,139
down €1,139 (-3.5%), from €32,155 to €31,016
mainly Net result for the year (-€1,250) and Tax, wage and social debts (-€725)
- Profit (loss) carried forward -€1,250
down €1,250 (-8.8%), from €14,265 to €13,015
- Trade debts +€1,085
up €1,085 (+197%), from €552 to €1,636
- Tax, wage and social debts -€725
down €725 (-51.5%), from €1,407 to €682
- Other debts -€648
down €648 (-24.9%), from €2,602 to €1,955
- Gross operating margin -€3,325
down €3,325 (-57.3%), from €5,806 to €2,481
- Financial charges +€2,252
up €2,252 (+2,738%), from €82 to €2,334
- Taxes -€1,443
down €1,443 (-99.2%), from €1,455 to €12
- Other operating charges +€853
up €853 (+223%), from €382 to €1,235
- Depreciation -€73
down €73 (-31.3%), from €234 to €161
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 | €39,824 | €38,285 | -€1,538 | -3.9% |
| Fixed assets | 21/28 | €339 | €178 | -€161 | -47.4% |
| Tangible fixed assets | 22/27 | €339 | €178 | -€161 | -47.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €339 | €178 | -€161 | -47.4% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €39,484 | €38,107 | -€1,377 | -3.5% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,329 | €6,091 | -€238 | -3.8% |
| Trade receivables | 40 | €6,329 | €6,091 | -€238 | -3.8% |
| Cash at bank and in hand | 54/58 | €32,155 | €31,016 | -€1,139 | -3.5% |
| Total equity and liabilities | 10/49 | €39,824 | €38,285 | -€1,538 | -3.9% |
| Equity | 10/15 | €35,262 | €34,012 | -€1,250 | -3.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,405 | €2,405 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €545 | €545 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,265 | €13,015 | -€1,250 | -8.8% |
| Amounts payable | 17/49 | €4,562 | €4,273 | -€288 | -6.3% |
| Amounts payable within one year | 42/48 | €4,562 | €4,273 | -€288 | -6.3% |
| Trade debts | 44 | €552 | €1,636 | +€1,085 | +197% |
| Suppliers | 440/4 | €552 | €1,636 | +€1,085 | +197% |
| Taxes, remuneration and social security | 45 | €1,407 | €682 | -€725 | -51.5% |
| Taxes | 450/3 | €1,407 | €682 | -€725 | -51.5% |
| Other amounts payable | 47/48 | €2,602 | €1,955 | -€648 | -24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €234 | €161 | -€73 | -31.3% |
| Other operating charges | 640/8 | €382 | €1,235 | +€853 | +223% |
| Gross operating margin | 9900 | €5,806 | €2,481 | -€3,325 | -57.3% |
| Operating profit (loss) | 9901 | €5,189 | €1,085 | -€4,104 | -79.1% |
| Financial income | 75/76B | €30 | €11 | -€19 | -62.8% |
| Recurring financial income | 75 | €30 | €11 | -€19 | -62.8% |
| Financial charges | 65/66B | €82 | €2,334 | +€2,252 | +2,738% |
| Recurring financial charges | 65 | €82 | €2,334 | +€2,252 | +2,738% |
| Profit (loss) for the period before taxes | 9903 | €5,137 | -€1,238 | -€6,375 | |
| Income taxes | 67/77 | €1,455 | €12 | -€1,443 | -99.2% |
| Profit (loss) for the period | 9904 | €3,683 | -€1,250 | -€4,933 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,683 | -€1,250 | -€4,933 |
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 16 October 2026 via checked.be.