Roel Thyssen: 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.
Roel Thyssen
Largest movements
- Tangible fixed assets +€48,077
up €48,077 (+93.2%), from €51,581 to €99,658
of which Furniture and vehicles: +€51,185
- Receivables after one year -€40,000
down €40,000 (-100%), from €40,000 to €0
- Cash -€17,769
down €17,769 (-14.0%), from €126,535 to €108,766
mainly Investment in fixed assets (net) (-€61,625) and Other debts (-€48,933)
- Other debts -€48,933
down €48,933 (-70.2%), from €69,717 to €20,784
- Debts after one year +€32,211
new in 2025: €32,211
- Current portion of long-term debt +€8,789
new in 2025: €8,789
- Tax, wage and social debts -€6,121
down €6,121 (-54.2%), from €11,291 to €5,171
- Reserves +€4,004
up €4,004 (+2.2%), from €181,785 to €185,789
of which Distributable reserves: +€4,004
- Gross operating margin -€19,409
down €19,409 (-48.9%), from €39,704 to €20,295
- Taxes -€8,135
down €8,135 (-73.3%), from €11,101 to €2,965
- Depreciation +€7,802
up €7,802 (+185%), from €4,207 to €12,009
- Financial charges +€1,351
up €1,351 (+290%), from €466 to €1,817
- Financial income -€611
down €611 (-29.9%), from €2,042 to €1,431
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 | €279,341 | €269,733 | -€9,608 | -3.4% |
| Fixed assets | 21/28 | €51,831 | €101,448 | +€49,617 | +95.7% |
| Intangible fixed assets | 21 | - | €1,540 | +€1,540 | |
| Tangible fixed assets | 22/27 | €51,581 | €99,658 | +€48,077 | +93.2% |
| Plant, machinery and equipment | 23 | €2,627 | €2,089 | -€538 | -20.5% |
| Furniture and vehicles | 24 | €3,874 | €55,058 | +€51,185 | +1,321% |
| Other tangible fixed assets | 26 | €45,081 | €42,511 | -€2,570 | -5.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €227,510 | €168,285 | -€59,225 | -26.0% |
| Amounts receivable after more than one year | 29 | €40,000 | €0 | -€40,000 | -100% |
| Other amounts receivable | 291 | €40,000 | €0 | -€40,000 | -100% |
| Amounts receivable within one year | 40/41 | €17,719 | €15,057 | -€2,662 | -15.0% |
| Trade receivables | 40 | €14,225 | €12,216 | -€2,009 | -14.1% |
| Other amounts receivable | 41 | €3,493 | €2,841 | -€653 | -18.7% |
| Current investments | 50/53 | €40,000 | €40,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €126,535 | €108,766 | -€17,769 | -14.0% |
| Deferred charges and accrued income | 490/1 | €3,256 | €4,463 | +€1,207 | +37.1% |
| Total equity and liabilities | 10/49 | €279,341 | €269,733 | -€9,608 | -3.4% |
| Equity | 10/15 | €194,785 | €198,789 | +€4,004 | +2.1% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €181,785 | €185,789 | +€4,004 | +2.2% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Own shares acquired | 1312 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €141,785 | €145,789 | +€4,004 | +2.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €84,556 | €70,944 | -€13,612 | -16.1% |
| Amounts payable after more than one year | 17 | - | €32,211 | +€32,211 | |
| Financial debts | 170/4 | - | €32,211 | +€32,211 | |
| Amounts payable within one year | 42/48 | €84,556 | €38,733 | -€45,823 | -54.2% |
| Current portion of amounts payable after more than one year | 42 | - | €8,789 | +€8,789 | |
| Financial debts | 43 | €372 | €0 | -€372 | -100% |
| Credit institutions | 430/8 | €372 | €0 | -€372 | -100% |
| Trade debts | 44 | €3,175 | €3,990 | +€815 | +25.7% |
| Suppliers | 440/4 | €3,175 | €3,990 | +€815 | +25.7% |
| Taxes, remuneration and social security | 45 | €11,291 | €5,171 | -€6,121 | -54.2% |
| Taxes | 450/3 | €11,291 | €5,171 | -€6,121 | -54.2% |
| Other amounts payable | 47/48 | €69,717 | €20,784 | -€48,933 | -70.2% |
| Non-recurring operating income | 76A | - | €5,304 | +€5,304 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,207 | €12,009 | +€7,802 | +185% |
| Other operating charges | 640/8 | €1,247 | €931 | -€316 | -25.4% |
| Non-recurring operating charges | 66A | €115 | €0 | -€115 | -100% |
| Gross operating margin | 9900 | €39,704 | €20,295 | -€19,409 | -48.9% |
| Operating profit (loss) | 9901 | €34,135 | €7,355 | -€26,780 | -78.5% |
| Financial income | 75/76B | €2,042 | €1,431 | -€611 | -29.9% |
| Recurring financial income | 75 | €2,042 | €1,431 | -€611 | -29.9% |
| Financial charges | 65/66B | €466 | €1,817 | +€1,351 | +290% |
| Recurring financial charges | 65 | €466 | €1,817 | +€1,351 | +290% |
| Profit (loss) for the period before taxes | 9903 | €35,710 | €6,969 | -€28,741 | -80.5% |
| Income taxes | 67/77 | €11,101 | €2,965 | -€8,135 | -73.3% |
| Profit (loss) for the period | 9904 | €24,610 | €4,004 | -€20,606 | -83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,610 | €4,004 | -€20,606 | -83.7% |
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 15 October 2026 via checked.be.