MANAGEMENT THEUNISSEN: 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.
MANAGEMENT THEUNISSEN
Largest movements
- Current investments +€1.5m
new in 2025: €1.5m
- Financial fixed assets -€500,000
down €500,000 (-100%), from €500,000 to €0
- Tangible fixed assets +€148,451
up €148,451 (+5,754%), from €2,580 to €151,031
of which Land and buildings: +€131,542
- Receivables within one year -€25,758
down €25,758 (-70.3%), from €36,636 to €10,878
of which Trade receivables: -€15,147
- Reserves +€1.2m
up €1.2m (+328%), from €358,857 to €1.5m
- Other debts -€280,053
down €280,053 (-71.8%), from €389,952 to €109,899
- Debts after one year +€125,014
new in 2025: €125,014
- Tax, wage and social debts +€82,608
up €82,608 (+5,370%), from €1,538 to €84,147
- Trade debts -€23,182
down €23,182 (-98.2%), from €23,595 to €413
- Financial income +€1.5m
new in 2025: €1.5m
of which Non-recurring financial income: +€1.5m
- Gross operating margin -€245,720
down €245,720, from €101,612 to -€144,108
- Taxes +€67,476
up €67,476 (+318%), from €21,250 to €88,726
- Financial charges -€3,739
down €3,739 (-19.7%), from €18,988 to €15,248
- Depreciation +€2,974
up €2,974 (+1,222%), from €243 to €3,217
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 | €798,861 | €1,881,727 | +€1.1m | +136% |
| Fixed assets | 21/28 | €502,580 | €151,031 | -€351,549 | -69.9% |
| Tangible fixed assets | 22/27 | €2,580 | €151,031 | +€148,451 | +5,754% |
| Land and buildings | 22 | - | €131,542 | +€131,542 | |
| Plant, machinery and equipment | 23 | €2,580 | €2,243 | -€337 | -13.1% |
| Furniture and vehicles | 24 | €0 | €2,185 | +€2,185 | |
| Other tangible fixed assets | 26 | - | €15,060 | +€15,060 | |
| Financial fixed assets | 28 | €500,000 | €0 | -€500,000 | -100% |
| Current assets | 29/58 | €296,281 | €1,730,696 | +€1.4m | +484% |
| Amounts receivable within one year | 40/41 | €36,636 | €10,878 | -€25,758 | -70.3% |
| Trade receivables | 40 | €15,147 | €0 | -€15,147 | -100% |
| Other amounts receivable | 41 | €21,490 | €10,878 | -€10,611 | -49.4% |
| Current investments | 50/53 | - | €1,472,341 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €248,297 | €243,722 | -€4,576 | -1.8% |
| Deferred charges and accrued income | 490/1 | €11,347 | €3,755 | -€7,592 | -66.9% |
| Total equity and liabilities | 10/49 | €798,861 | €1,881,727 | +€1.1m | +136% |
| Equity | 10/15 | €365,057 | €1,542,841 | +€1.2m | +323% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €358,857 | €1,536,641 | +€1.2m | +328% |
| Distributable reserves | 133 | €358,857 | €1,536,641 | +€1.2m | +328% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €433,804 | €338,886 | -€94,918 | -21.9% |
| Amounts payable after more than one year | 17 | - | €125,014 | +€125,014 | |
| Financial debts | 170/4 | - | €125,014 | +€125,014 | |
| Amounts payable within one year | 42/48 | €415,085 | €201,537 | -€213,548 | -51.4% |
| Current portion of amounts payable after more than one year | 42 | - | €7,079 | +€7,079 | |
| Trade debts | 44 | €23,595 | €413 | -€23,182 | -98.2% |
| Suppliers | 440/4 | €23,595 | €413 | -€23,182 | -98.2% |
| Taxes, remuneration and social security | 45 | €1,538 | €84,147 | +€82,608 | +5,370% |
| Taxes | 450/3 | €1,538 | €84,147 | +€82,608 | +5,370% |
| Other amounts payable | 47/48 | €389,952 | €109,899 | -€280,053 | -71.8% |
| Accrued charges and deferred income | 492/3 | €18,719 | €12,335 | -€6,384 | -34.1% |
| Non-recurring operating income | 76A | €15,289 | €0 | -€15,289 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €243 | €3,217 | +€2,974 | +1,222% |
| Other operating charges | 640/8 | €1,408 | €1,124 | -€284 | -20.2% |
| Gross operating margin | 9900 | €101,612 | -€144,108 | -€245,720 | |
| Operating profit (loss) | 9901 | €99,960 | -€148,449 | -€248,409 | |
| Financial income | 75/76B | - | €1,477,040 | +€1.5m | |
| Recurring financial income | 75 | - | €24,637 | +€24,637 | |
| Non-recurring financial income | 76B | - | €1,452,403 | +€1.5m | |
| Financial charges | 65/66B | €18,988 | €15,248 | -€3,739 | -19.7% |
| Recurring financial charges | 65 | €18,988 | €15,248 | -€3,739 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €80,973 | €1,313,343 | +€1.2m | +1,522% |
| Income taxes | 67/77 | €21,250 | €88,726 | +€67,476 | +318% |
| Profit (loss) for the period | 9904 | €59,723 | €1,224,617 | +€1.2m | +1,950% |
| Profit (loss) for the period to be appropriated | 9905 | €59,723 | €1,224,617 | +€1.2m | +1,950% |
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 22 October 2026 via checked.be.