LORIN THULIER: 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.
LORIN THULIER
Largest movements
- Current investments -€540,000
down €540,000 (-87.1%), from €620,000 to €80,000
- Cash -€34,128
down €34,128 (-41.3%), from €82,557 to €48,429
mainly Other debts (-€566,016) and Contributions, distributions and other (-€41,928)
- Tangible fixed assets +€18,911
new in 2025: €18,911
of which Furniture and vehicles: +€17,059
- Receivables within one year -€12,439
down €12,439 (-68.5%), from €18,167 to €5,729
of which Trade receivables: -€16,456
- Other debts -€566,016
down €566,016 (-92.8%), from €610,119 to €44,103
- Gross operating margin -€5,967
down €5,967 (-8.7%), from €68,663 to €62,695
- Depreciation +€4,497
new in 2025: €4,497
- Financial charges +€4,331
up €4,331 (+2,357%), from €184 to €4,515
- Taxes -€3,525
down €3,525 (-23.1%), from €15,289 to €11,764
- Financial income +€1,080
new in 2025: €1,080
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 | €720,865 | €153,209 | -€567,656 | -78.7% |
| Fixed assets | 21/28 | €141 | €19,052 | +€18,911 | +13,412% |
| Tangible fixed assets | 22/27 | - | €18,911 | +€18,911 | |
| Plant, machinery and equipment | 23 | - | €1,851 | +€1,851 | |
| Furniture and vehicles | 24 | - | €17,059 | +€17,059 | |
| Financial fixed assets | 28 | €141 | €141 | = | 0.0% |
| Current assets | 29/58 | €720,724 | €134,157 | -€586,567 | -81.4% |
| Amounts receivable within one year | 40/41 | €18,167 | €5,729 | -€12,439 | -68.5% |
| Trade receivables | 40 | €16,456 | - | -€16,456 | |
| Other amounts receivable | 41 | €1,711 | €5,729 | +€4,017 | +235% |
| Current investments | 50/53 | €620,000 | €80,000 | -€540,000 | -87.1% |
| Cash at bank and in hand | 54/58 | €82,557 | €48,429 | -€34,128 | -41.3% |
| Total equity and liabilities | 10/49 | €720,865 | €153,209 | -€567,656 | -78.7% |
| Equity | 10/15 | €96,509 | €96,509 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,909 | €77,909 | = | 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% |
| Distributable reserves | 133 | €76,049 | €76,049 | = | 0.0% |
| Amounts payable | 17/49 | €624,356 | €56,700 | -€567,656 | -90.9% |
| Amounts payable within one year | 42/48 | €622,778 | €56,700 | -€566,078 | -90.9% |
| Trade debts | 44 | €1,733 | €2,844 | +€1,111 | +64.1% |
| Suppliers | 440/4 | €1,733 | €2,844 | +€1,111 | +64.1% |
| Taxes, remuneration and social security | 45 | €10,926 | €9,753 | -€1,173 | -10.7% |
| Taxes | 450/3 | €7,928 | €6,732 | -€1,196 | -15.1% |
| Remuneration and social security | 454/9 | €2,998 | €3,021 | +€22 | +0.7% |
| Other amounts payable | 47/48 | €610,119 | €44,103 | -€566,016 | -92.8% |
| Accrued charges and deferred income | 492/3 | €1,578 | - | -€1,578 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,497 | +€4,497 | |
| Other operating charges | 640/8 | €1,036 | €1,071 | +€35 | +3.4% |
| Gross operating margin | 9900 | €68,663 | €62,695 | -€5,967 | -8.7% |
| Operating profit (loss) | 9901 | €67,627 | €57,127 | -€10,499 | -15.5% |
| Financial income | 75/76B | - | €1,080 | +€1,080 | |
| Recurring financial income | 75 | - | €1,080 | +€1,080 | |
| Financial charges | 65/66B | €184 | €4,515 | +€4,331 | +2,357% |
| Recurring financial charges | 65 | €184 | €4,515 | +€4,331 | +2,357% |
| Profit (loss) for the period before taxes | 9903 | €67,443 | €53,692 | -€13,751 | -20.4% |
| Income taxes | 67/77 | €15,289 | €11,764 | -€3,525 | -23.1% |
| Profit (loss) for the period | 9904 | €52,154 | €41,928 | -€10,226 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,154 | €41,928 | -€10,226 | -19.6% |
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 14 October 2026 via checked.be.