LD THIEU: 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.
LD THIEU
Largest movements
- Receivables within one year -€75,283
down €75,283 (-65.5%), from €114,937 to €39,654
of which Trade receivables: -€97,589
- Cash +€15,669
up €15,669 (+104%), from €15,036 to €30,704
mainly Receivables within one year (+€75,283) and Tax, wage and social debts (+€66,013)
- Stocks and contracts +€3,770
up €3,770 (+4.4%), from €85,684 to €89,454
- Tax, wage and social debts +€66,013
up €66,013 (+1,225%), from €5,387 to €71,400
of which Remuneration and social security: +€60,562
- Other debts -€58,281
down €58,281 (-68.9%), from €84,575 to €26,295
- Trade debts -€55,804
down €55,804 (-48.0%), from €116,238 to €60,434
- Profit (loss) carried forward -€9,118
down €9,118, from €7,433 to -€1,685
- Staff costs +€51,262
up €51,262 (+48.8%), from €105,105 to €156,367
- Gross operating margin +€37,196
up €37,196 (+32.4%), from €114,724 to €151,920
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 | €234,093 | €176,904 | -€57,190 | -24.4% |
| Fixed assets | 21/28 | €18,436 | €17,091 | -€1,345 | -7.3% |
| Tangible fixed assets | 22/27 | €11,966 | €10,621 | -€1,345 | -11.2% |
| Furniture and vehicles | 24 | €5,223 | €3,466 | -€1,756 | -33.6% |
| Other tangible fixed assets | 26 | €6,743 | €7,155 | +€411 | +6.1% |
| Financial fixed assets | 28 | €6,470 | €6,470 | = | 0.0% |
| Current assets | 29/58 | €215,657 | €159,813 | -€55,845 | -25.9% |
| Stocks and contracts in progress | 3 | €85,684 | €89,454 | +€3,770 | +4.4% |
| Stocks | 30/36 | €85,684 | €89,454 | +€3,770 | +4.4% |
| Amounts receivable within one year | 40/41 | €114,937 | €39,654 | -€75,283 | -65.5% |
| Trade receivables | 40 | €99,523 | €1,933 | -€97,589 | -98.1% |
| Other amounts receivable | 41 | €15,415 | €37,721 | +€22,306 | +145% |
| Cash at bank and in hand | 54/58 | €15,036 | €30,704 | +€15,669 | +104% |
| Total equity and liabilities | 10/49 | €234,093 | €176,904 | -€57,190 | -24.4% |
| Equity | 10/15 | €27,893 | €18,775 | -€9,118 | -32.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,433 | -€1,685 | -€9,118 | |
| Amounts payable | 17/49 | €206,200 | €158,129 | -€48,072 | -23.3% |
| Amounts payable within one year | 42/48 | €206,200 | €158,129 | -€48,072 | -23.3% |
| Trade debts | 44 | €116,238 | €60,434 | -€55,804 | -48.0% |
| Suppliers | 440/4 | €116,238 | €60,434 | -€55,804 | -48.0% |
| Taxes, remuneration and social security | 45 | €5,387 | €71,400 | +€66,013 | +1,225% |
| Taxes | 450/3 | - | €5,451 | +€5,451 | |
| Remuneration and social security | 454/9 | €5,387 | €65,949 | +€60,562 | +1,124% |
| Other amounts payable | 47/48 | €84,575 | €26,295 | -€58,281 | -68.9% |
| Remuneration, social security and pensions | 62 | €105,105 | €156,367 | +€51,262 | +48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,291 | €1,345 | +€54 | +4.1% |
| Other operating charges | 640/8 | €1,297 | €1,277 | -€20 | -1.6% |
| Gross operating margin | 9900 | €114,724 | €151,920 | +€37,196 | +32.4% |
| Operating profit (loss) | 9901 | €7,031 | -€7,069 | -€14,100 | |
| Financial charges | 65/66B | €1,966 | €2,049 | +€83 | +4.2% |
| Recurring financial charges | 65 | €1,966 | €2,049 | +€83 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €5,065 | -€9,118 | -€14,183 | |
| Profit (loss) for the period | 9904 | €5,065 | -€9,118 | -€14,183 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,065 | -€9,118 | -€14,183 |
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 17 October 2026 via checked.be.