PH. THISSE CONSEIL: 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.
PH. THISSE CONSEIL
Largest movements
- Cash -€27,237
down €27,237 (-21.6%), from €125,996 to €98,759
mainly Other debts (-€55,656) and Current investments (-€12,413)
- Current investments +€12,413
up €12,413 (+4.1%), from €302,898 to €315,312
- Receivables within one year +€9,132
up €9,132 (+134%), from €6,791 to €15,924
- Other debts -€55,656
down €55,656 (-33.8%), from €164,679 to €109,023
- Reserves +€51,790
up €51,790 (+22.4%), from €230,738 to €282,529
- Financial income +€11,616
up €11,616 (+174%), from €6,658 to €18,273
- Gross operating margin -€9,084
down €9,084 (-12.1%), from €74,977 to €65,893
- Taxes +€1,943
up €1,943 (+8.1%), from €23,991 to €25,935
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €451,261 | €444,894 | -€6,367 | -1.4% |
| Fixed assets | 21/28 | €15,575 | €14,900 | -€675 | -4.3% |
| Tangible fixed assets | 22/27 | €15,550 | €14,875 | -€675 | -4.3% |
| Land and buildings | 22 | €15,550 | €14,875 | -€675 | -4.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €435,686 | €429,994 | -€5,692 | -1.3% |
| Amounts receivable within one year | 40/41 | €6,791 | €15,924 | +€9,132 | +134% |
| Trade receivables | 40 | €6,791 | €15,924 | +€9,132 | +134% |
| Current investments | 50/53 | €302,898 | €315,312 | +€12,413 | +4.1% |
| Cash at bank and in hand | 54/58 | €125,996 | €98,759 | -€27,237 | -21.6% |
| Total equity and liabilities | 10/49 | €451,261 | €444,894 | -€6,367 | -1.4% |
| Equity | 10/15 | €264,555 | €316,345 | +€51,790 | +19.6% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €230,738 | €282,529 | +€51,790 | +22.4% |
| Distributable reserves | 133 | €230,738 | €282,529 | +€51,790 | +22.4% |
| Profit (loss) carried forward | 14 | €9,028 | €9,028 | = | 0.0% |
| Amounts payable | 17/49 | €186,706 | €128,549 | -€58,157 | -31.1% |
| Amounts payable within one year | 42/48 | €186,706 | €128,549 | -€58,157 | -31.1% |
| Trade debts | 44 | €3,660 | €2,350 | -€1,310 | -35.8% |
| Suppliers | 440/4 | €3,660 | €2,350 | -€1,310 | -35.8% |
| Taxes, remuneration and social security | 45 | €18,368 | €17,176 | -€1,192 | -6.5% |
| Taxes | 450/3 | €18,368 | €17,176 | -€1,192 | -6.5% |
| Other amounts payable | 47/48 | €164,679 | €109,023 | -€55,656 | -33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €675 | €675 | = | 0.0% |
| Other operating charges | 640/8 | €3,291 | €3,430 | +€139 | +4.2% |
| Gross operating margin | 9900 | €74,977 | €65,893 | -€9,084 | -12.1% |
| Operating profit (loss) | 9901 | €71,011 | €61,788 | -€9,223 | -13.0% |
| Financial income | 75/76B | €6,658 | €18,273 | +€11,616 | +174% |
| Recurring financial income | 75 | €6,658 | €18,273 | +€11,616 | +174% |
| Financial charges | 65/66B | €2,828 | €2,336 | -€492 | -17.4% |
| Recurring financial charges | 65 | €2,828 | €2,336 | -€492 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €74,840 | €77,725 | +€2,885 | +3.9% |
| Income taxes | 67/77 | €23,991 | €25,935 | +€1,943 | +8.1% |
| Profit (loss) for the period | 9904 | €50,849 | €51,790 | +€942 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,849 | €51,790 | +€942 | +1.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.