LUC THAENS: 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.
LUC THAENS
Largest movements
- Cash +€37,207
up €37,207 (+107%), from €34,699 to €71,906
mainly Net result for the year (+€39,409) and Receivables within one year (+€11,457)
- Receivables within one year -€11,457
down €11,457 (-94.4%), from €12,134 to €677
of which Trade receivables: -€11,457
- Tangible fixed assets -€8,115
down €8,115 (-40.4%), from €20,098 to €11,983
- Reserves +€21,227
up €21,227 (+16.2%), from €131,220 to €152,447
- Other debts -€4,315
down €4,315 (-18.0%), from €23,927 to €19,612
- Tax, wage and social debts +€2,189
up €2,189 (+41.9%), from €5,227 to €7,416
of which Remuneration and social security: +€1,750
- Gross operating margin +€4,454
up €4,454 (+8.0%), from €55,485 to €59,939
- Taxes +€1,325
up €1,325 (+9.4%), from €14,029 to €15,354
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 | €187,410 | €204,672 | +€17,262 | +9.2% |
| Fixed assets | 21/28 | €20,203 | €12,088 | -€8,115 | -40.2% |
| Tangible fixed assets | 22/27 | €20,098 | €11,983 | -€8,115 | -40.4% |
| Furniture and vehicles | 24 | €20,098 | €11,983 | -€8,115 | -40.4% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €167,207 | €192,584 | +€25,376 | +15.2% |
| Amounts receivable within one year | 40/41 | €12,134 | €677 | -€11,457 | -94.4% |
| Trade receivables | 40 | €12,076 | €619 | -€11,457 | -94.9% |
| Other amounts receivable | 41 | €58 | €58 | = | 0.0% |
| Current investments | 50/53 | €120,000 | €120,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €34,699 | €71,906 | +€37,207 | +107% |
| Deferred charges and accrued income | 490/1 | €374 | €0 | -€374 | -100% |
| Total equity and liabilities | 10/49 | €187,410 | €204,672 | +€17,262 | +9.2% |
| Equity | 10/15 | €155,221 | €176,447 | +€21,227 | +13.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €131,220 | €152,447 | +€21,227 | +16.2% |
| Distributable reserves | 133 | €131,220 | €152,447 | +€21,227 | +16.2% |
| Profit (loss) carried forward | 14 | €11,601 | €11,601 | = | 0.0% |
| Amounts payable | 17/49 | €32,190 | €28,225 | -€3,965 | -12.3% |
| Amounts payable within one year | 42/48 | €32,190 | €28,225 | -€3,965 | -12.3% |
| Trade debts | 44 | €3,035 | €1,196 | -€1,839 | -60.6% |
| Suppliers | 440/4 | €3,035 | €1,196 | -€1,839 | -60.6% |
| Taxes, remuneration and social security | 45 | €5,227 | €7,416 | +€2,189 | +41.9% |
| Taxes | 450/3 | €5,227 | €5,666 | +€439 | +8.4% |
| Remuneration and social security | 454/9 | - | €1,750 | +€1,750 | |
| Other amounts payable | 47/48 | €23,927 | €19,612 | -€4,315 | -18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,115 | €8,115 | = | 0.0% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €55,485 | €59,939 | +€4,454 | +8.0% |
| Operating profit (loss) | 9901 | €46,921 | €51,363 | +€4,441 | +9.5% |
| Financial income | 75/76B | €3,016 | €3,480 | +€464 | +15.4% |
| Recurring financial income | 75 | €3,016 | €3,480 | +€464 | +15.4% |
| Financial charges | 65/66B | €119 | €80 | -€39 | -32.6% |
| Recurring financial charges | 65 | €119 | €80 | -€39 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €49,818 | €54,763 | +€4,945 | +9.9% |
| Income taxes | 67/77 | €14,029 | €15,354 | +€1,325 | +9.4% |
| Profit (loss) for the period | 9904 | €35,789 | €39,409 | +€3,620 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,789 | €39,409 | +€3,620 | +10.1% |
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 31 October 2026 via checked.be.