Th!nk E: 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.
Th!nk E
Largest movements
- Cash +€4.5m
up €4.5m (+1095.3%), from €408,104 to €4.9m
mainly Other debts (+€4.3m) and Deferred charges and accrued income (+€450,764)
- Deferred charges and accrued income -€450,764
down €450,764 (-39.5%), from €1.1m to €689,256
- Receivables within one year -€363,872
down €363,872 (-70.8%), from €513,905 to €150,033
of which Trade receivables: -€393,483
- Tangible fixed assets -€94,663
down €94,663 (-45.2%), from €209,600 to €114,937
of which Furniture and vehicles: -€47,868
- Other debts +€4.3m
up €4.3m (+438306.8%), from €980 to €4.3m
- Accrued charges and deferred income -€731,634
down €731,634 (-64.5%), from €1.1m to €403,216
- Gross operating margin -€138,478
down €138,478 (-8.5%), from €1.6m to €1.5m
- Staff costs -€131,019
down €131,019 (-10.3%), from €1.3m to €1.1m
- Provisions -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Taxes -€44,419
down €44,419 (-72.6%), from €61,148 to €16,730
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 | €2,271,629 | €5,832,218 | +€3.6m | +156.7% |
| Fixed assets | 21/28 | €209,600 | €114,937 | -€94,663 | -45.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €209,600 | €114,937 | -€94,663 | -45.2% |
| Plant, machinery and equipment | 23 | €853 | €0 | -€853 | -100.0% |
| Furniture and vehicles | 24 | €110,006 | €62,139 | -€47,868 | -43.5% |
| Other tangible fixed assets | 26 | €98,741 | €52,799 | -€45,942 | -46.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €2,062,029 | €5,717,280 | +€3.7m | +177.3% |
| Amounts receivable within one year | 40/41 | €513,905 | €150,033 | -€363,872 | -70.8% |
| Trade receivables | 40 | €435,202 | €41,719 | -€393,483 | -90.4% |
| Other amounts receivable | 41 | €78,702 | €108,313 | +€29,611 | +37.6% |
| Cash at bank and in hand | 54/58 | €408,104 | €4,877,992 | +€4.5m | +1095.3% |
| Deferred charges and accrued income | 490/1 | €1,140,021 | €689,256 | -€450,764 | -39.5% |
| Total equity and liabilities | 10/49 | €2,271,629 | €5,832,218 | +€3.6m | +156.7% |
| Equity | 10/15 | €510,873 | €531,703 | +€20,830 | +4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €489,957 | €509,757 | +€19,800 | +4.0% |
| Tax-exempt reserves | 132 | €11,197 | €11,197 | = | 0.0% |
| Distributable reserves | 133 | €478,760 | €498,560 | +€19,800 | +4.1% |
| Profit (loss) carried forward | 14 | €2,316 | €3,346 | +€1,030 | +44.5% |
| Provisions and deferred taxes | 16 | €100,000 | €100,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €100,000 | €100,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,660,756 | €5,200,514 | +€3.5m | +213.1% |
| Amounts payable within one year | 42/48 | €525,907 | €4,797,299 | +€4.3m | +812.2% |
| Trade debts | 44 | €394,592 | €396,111 | +€1,519 | +0.4% |
| Suppliers | 440/4 | €394,592 | €396,111 | +€1,519 | +0.4% |
| Taxes, remuneration and social security | 45 | €130,335 | €105,108 | -€25,227 | -19.4% |
| Taxes | 450/3 | €35,290 | €16,836 | -€18,454 | -52.3% |
| Remuneration and social security | 454/9 | €95,045 | €88,271 | -€6,774 | -7.1% |
| Other amounts payable | 47/48 | €980 | €4,296,080 | +€4.3m | +438306.8% |
| Accrued charges and deferred income | 492/3 | €1,134,850 | €403,216 | -€731,634 | -64.5% |
| Remuneration, social security and pensions | 62 | €1,273,802 | €1,142,784 | -€131,019 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,097 | €71,967 | -€4,131 | -5.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Other operating charges | 640/8 | €3,239 | €6,740 | +€3,501 | +108.1% |
| Gross operating margin | 9900 | €1,620,619 | €1,482,141 | -€138,478 | -8.5% |
| Operating profit (loss) | 9901 | €167,480 | €260,650 | +€93,170 | +55.6% |
| Financial income | 75/76B | €3,081 | €27 | -€3,054 | -99.1% |
| Recurring financial income | 75 | €3,081 | €27 | -€3,054 | -99.1% |
| Financial charges | 65/66B | €4,459 | €1,917 | -€2,542 | -57.0% |
| Recurring financial charges | 65 | €4,459 | €1,917 | -€2,542 | -57.0% |
| Profit (loss) for the period before taxes | 9903 | €166,102 | €258,760 | +€92,658 | +55.8% |
| Income taxes | 67/77 | €61,148 | €16,730 | -€44,419 | -72.6% |
| Profit (loss) for the period | 9904 | €104,954 | €242,030 | +€137,077 | +130.6% |
| Profit (loss) for the period to be appropriated | 9905 | €104,954 | €242,030 | +€137,077 | +130.6% |
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.