MANAGEMENT THYS: what changed
Two fiscal 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 THYS
Largest movements
- Receivables within one year -€949,498
down €949,498 (-95.0%), from €999,533 to €50,036
of which Other amounts receivable: -€995,733
- Financial fixed assets +€750,000
up €750,000 (+35.8%), from €2.1m to €2.8m
- Cash +€244,466
up €244,466 (+473.5%), from €51,629 to €296,095
mainly Receivables within one year (+€949,498) and Net result for the year (+€471,824)
- Reserves +€471,824
up €471,824 (+25.0%), from €1.9m to €2.4m
- Other debts -€385,430
down €385,430 (-70.4%), from €547,565 to €162,134
- Tax, wage and social debts +€52,051
up €52,051 (+345.8%), from €15,051 to €67,102
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Current portion of long-term debt -€44,000
down €44,000 (-91.7%), from €48,000 to €4,000
- Financial income +€420,303
up €420,303 (+1068.5%), from €39,335 to €459,638
- Taxes +€54,741
up €54,741 (+181.4%), from €30,177 to €84,918
- Gross operating margin +€43,989
up €43,989 (+38.0%), from €115,835 to €159,823
- Other operating charges +€11,419
up €11,419 (+424.6%), from €2,690 to €14,108
- Staff costs -€3,483
no longer reported in 2025 (was €3,483)
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.
Cash bridge derived
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 | €3,164,726 | €3,205,979 | +€41,252 | +1.3% |
| Fixed assets | 21/28 | €2,110,393 | €2,854,523 | +€744,129 | +35.3% |
| Tangible fixed assets | 22/27 | €14,267 | €8,396 | -€5,871 | -41.2% |
| Plant, machinery and equipment | 23 | €1,313 | €862 | -€452 | -34.4% |
| Furniture and vehicles | 24 | €12,954 | €7,535 | -€5,419 | -41.8% |
| Financial fixed assets | 28 | €2,096,126 | €2,846,126 | +€750,000 | +35.8% |
| Current assets | 29/58 | €1,054,333 | €351,456 | -€702,877 | -66.7% |
| Amounts receivable within one year | 40/41 | €999,533 | €50,036 | -€949,498 | -95.0% |
| Trade receivables | 40 | €0 | €46,236 | +€46,236 | |
| Other amounts receivable | 41 | €999,533 | €3,800 | -€995,733 | -99.6% |
| Cash at bank and in hand | 54/58 | €51,629 | €296,095 | +€244,466 | +473.5% |
| Deferred charges and accrued income | 490/1 | €3,171 | €5,326 | +€2,155 | +68.0% |
| Total equity and liabilities | 10/49 | €3,164,726 | €3,205,979 | +€41,252 | +1.3% |
| Equity | 10/15 | €1,898,300 | €2,370,124 | +€471,824 | +24.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,885,900 | €2,357,724 | +€471,824 | +25.0% |
| Distributable reserves | 133 | €1,885,900 | €2,357,724 | +€471,824 | +25.0% |
| Amounts payable | 17/49 | €1,266,427 | €835,855 | -€430,572 | -34.0% |
| Amounts payable after more than one year | 17 | €604,000 | €600,000 | -€4,000 | -0.7% |
| Financial debts | 170/4 | €604,000 | €600,000 | -€4,000 | -0.7% |
| Amounts payable within one year | 42/48 | €661,488 | €235,855 | -€425,633 | -64.3% |
| Current portion of amounts payable after more than one year | 42 | €48,000 | €4,000 | -€44,000 | -91.7% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €872 | €2,619 | +€1,747 | +200.2% |
| Suppliers | 440/4 | €872 | €2,619 | +€1,747 | +200.2% |
| Taxes, remuneration and social security | 45 | €15,051 | €67,102 | +€52,051 | +345.8% |
| Taxes | 450/3 | €15,051 | €67,102 | +€52,051 | +345.8% |
| Other amounts payable | 47/48 | €547,565 | €162,134 | -€385,430 | -70.4% |
| Accrued charges and deferred income | 492/3 | €939 | - | -€939 | |
| Non-recurring operating income | 76A | €0 | €2,188 | +€2,188 | |
| Remuneration, social security and pensions | 62 | €3,483 | - | -€3,483 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,536 | €5,021 | -€515 | -9.3% |
| Other operating charges | 640/8 | €2,690 | €14,108 | +€11,419 | +424.6% |
| Gross operating margin | 9900 | €115,835 | €159,823 | +€43,989 | +38.0% |
| Operating profit (loss) | 9901 | €104,126 | €140,694 | +€36,568 | +35.1% |
| Financial income | 75/76B | €39,335 | €459,638 | +€420,303 | +1068.5% |
| Recurring financial income | 75 | €39,335 | €459,638 | +€420,303 | +1068.5% |
| Financial charges | 65/66B | €46,456 | €43,590 | -€2,866 | -6.2% |
| Recurring financial charges | 65 | €46,456 | €43,590 | -€2,866 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €97,005 | €556,742 | +€459,737 | +473.9% |
| Income taxes | 67/77 | €30,177 | €84,918 | +€54,741 | +181.4% |
| Profit (loss) for the period | 9904 | €66,828 | €471,824 | +€404,996 | +606.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,828 | €471,824 | +€404,996 | +606.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.