Michael Thielens: 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.
Michael Thielens
Largest movements
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Cash +€35,014
up €35,014 (+33.2%), from €105,365 to €140,379
mainly Net result for the year (+€187,367) and Current investments (+€125,000)
- Receivables within one year +€3,594
up €3,594 (+6.9%), from €51,958 to €55,552
of which Other amounts receivable: +€6,872
- Other debts -€89,213
down €89,213 (-32.2%), from €277,375 to €188,162
- Trade debts +€4,154
up €4,154 (+125%), from €3,327 to €7,481
- Gross operating margin +€75,813
up €75,813 (+45.3%), from €167,228 to €243,040
- Taxes +€20,511
up €20,511 (+64.0%), from €32,061 to €52,571
- Financial income +€3,781
up €3,781 (+1,879%), from €201 to €3,983
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 | €297,634 | €211,478 | -€86,157 | -28.9% |
| Fixed assets | 21/28 | €15,311 | €14,503 | -€809 | -5.3% |
| Tangible fixed assets | 22/27 | €15,311 | €14,503 | -€809 | -5.3% |
| Plant, machinery and equipment | 23 | €7,435 | €6,228 | -€1,206 | -16.2% |
| Furniture and vehicles | 24 | €7,877 | €8,274 | +€398 | +5.0% |
| Current assets | 29/58 | €282,323 | €196,975 | -€85,348 | -30.2% |
| Amounts receivable within one year | 40/41 | €51,958 | €55,552 | +€3,594 | +6.9% |
| Trade receivables | 40 | €51,463 | €48,186 | -€3,278 | -6.4% |
| Other amounts receivable | 41 | €494 | €7,366 | +€6,872 | +1,390% |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €105,365 | €140,379 | +€35,014 | +33.2% |
| Deferred charges and accrued income | 490/1 | - | €1,045 | +€1,045 | |
| Total equity and liabilities | 10/49 | €297,634 | €211,478 | -€86,157 | -28.9% |
| Equity | 10/15 | €2,998 | €2,500 | -€498 | -16.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €498 | - | -€498 | |
| Amounts payable | 17/49 | €294,637 | €208,978 | -€85,659 | -29.1% |
| Amounts payable within one year | 42/48 | €294,637 | €208,978 | -€85,659 | -29.1% |
| Trade debts | 44 | €3,327 | €7,481 | +€4,154 | +125% |
| Suppliers | 440/4 | €3,327 | €7,481 | +€4,154 | +125% |
| Taxes, remuneration and social security | 45 | €13,935 | €13,334 | -€600 | -4.3% |
| Taxes | 450/3 | €13,374 | €13,334 | -€40 | -0.3% |
| Remuneration and social security | 454/9 | €561 | - | -€561 | |
| Other amounts payable | 47/48 | €277,375 | €188,162 | -€89,213 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,516 | €3,755 | +€239 | +6.8% |
| Other operating charges | 640/8 | €940 | €903 | -€36 | -3.9% |
| Gross operating margin | 9900 | €167,228 | €243,040 | +€75,813 | +45.3% |
| Operating profit (loss) | 9901 | €162,772 | €238,382 | +€75,610 | +46.5% |
| Financial income | 75/76B | €201 | €3,983 | +€3,781 | +1,879% |
| Recurring financial income | 75 | €201 | €3,983 | +€3,781 | +1,879% |
| Financial charges | 65/66B | €2,465 | €2,426 | -€39 | -1.6% |
| Recurring financial charges | 65 | €2,465 | €2,426 | -€39 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €160,508 | €239,939 | +€79,430 | +49.5% |
| Income taxes | 67/77 | €32,061 | €52,571 | +€20,511 | +64.0% |
| Profit (loss) for the period | 9904 | €128,448 | €187,367 | +€58,920 | +45.9% |
| Profit (loss) for the period to be appropriated | 9905 | €128,448 | €187,367 | +€58,920 | +45.9% |
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 13 October 2026 via checked.be.