KINE 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.
KINE THOELEN
Largest movements
- Receivables within one year +€28,813
up €28,813 (+15.1%), from €190,860 to €219,673
- Tangible fixed assets -€8,741
down €8,741 (-6.9%), from €127,396 to €118,655
of which Land and buildings: -€5,915
- Cash +€7,333
up €7,333 (+34.8%), from €21,068 to €28,401
mainly Net result for the year (+€57,136) and Depreciation (+€10,419)
- Reserves +€36,364
up €36,364 (+35.7%), from €101,860 to €138,224
- Other debts -€13,018
no longer reported in 2025 (was €13,018)
- Profit (loss) carried forward +€7,136
up €7,136 (+4.6%), from €154,606 to €161,743
- Current portion of long-term debt +€6,106
up €6,106 (+38.5%), from €15,859 to €21,965
- Debts after one year -€5,965
down €5,965 (-16.7%), from €35,812 to €29,847
- Gross operating margin +€7,745
up €7,745 (+9.1%), from €85,551 to €93,296
- Taxes +€1,333
up €1,333 (+6.4%), from €20,677 to €22,010
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 | €341,151 | €367,305 | +€26,154 | +7.7% |
| Fixed assets | 21/28 | €127,396 | €118,655 | -€8,741 | -6.9% |
| Tangible fixed assets | 22/27 | €127,396 | €118,655 | -€8,741 | -6.9% |
| Land and buildings | 22 | €112,925 | €107,010 | -€5,915 | -5.2% |
| Plant, machinery and equipment | 23 | €11,208 | €10,459 | -€750 | -6.7% |
| Furniture and vehicles | 24 | €3,263 | €1,187 | -€2,076 | -63.6% |
| Current assets | 29/58 | €213,754 | €248,649 | +€34,895 | +16.3% |
| Amounts receivable within one year | 40/41 | €190,860 | €219,673 | +€28,813 | +15.1% |
| Other amounts receivable | 41 | €190,860 | €219,673 | +€28,813 | +15.1% |
| Cash at bank and in hand | 54/58 | €21,068 | €28,401 | +€7,333 | +34.8% |
| Deferred charges and accrued income | 490/1 | €1,826 | €576 | -€1,250 | -68.5% |
| Total equity and liabilities | 10/49 | €341,151 | €367,305 | +€26,154 | +7.7% |
| Equity | 10/15 | €262,666 | €306,166 | +€43,500 | +16.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €101,860 | €138,224 | +€36,364 | +35.7% |
| Distributable reserves | 133 | €101,860 | €138,224 | +€36,364 | +35.7% |
| Profit (loss) carried forward | 14 | €154,606 | €161,743 | +€7,136 | +4.6% |
| Amounts payable | 17/49 | €78,484 | €61,138 | -€17,346 | -22.1% |
| Amounts payable after more than one year | 17 | €35,812 | €29,847 | -€5,965 | -16.7% |
| Financial debts | 170/4 | €35,812 | €29,847 | -€5,965 | -16.7% |
| Amounts payable within one year | 42/48 | €42,672 | €31,292 | -€11,381 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | €15,859 | €21,965 | +€6,106 | +38.5% |
| Trade debts | 44 | €0 | €526 | +€526 | +175,340% |
| Suppliers | 440/4 | €0 | €526 | +€526 | +175,340% |
| Taxes, remuneration and social security | 45 | €13,796 | €8,800 | -€4,995 | -36.2% |
| Taxes | 450/3 | €11,296 | €6,301 | -€4,995 | -44.2% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €13,018 | - | -€13,018 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,946 | €10,419 | +€473 | +4.8% |
| Other operating charges | 640/8 | €2,629 | €2,290 | -€339 | -12.9% |
| Gross operating margin | 9900 | €85,551 | €93,296 | +€7,745 | +9.1% |
| Operating profit (loss) | 9901 | €72,977 | €80,587 | +€7,610 | +10.4% |
| Financial charges | 65/66B | €1,373 | €1,440 | +€68 | +4.9% |
| Recurring financial charges | 65 | €1,373 | €1,440 | +€68 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €71,604 | €79,147 | +€7,543 | +10.5% |
| Income taxes | 67/77 | €20,677 | €22,010 | +€1,333 | +6.4% |
| Profit (loss) for the period | 9904 | €50,927 | €57,136 | +€6,210 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €50,927 | €57,136 | +€6,210 | +12.2% |
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 29 October 2026 via checked.be.