THACS: 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.
THACS
Largest movements
- Cash +€61,661
up €61,661 (+69.9%), from €88,250 to €149,911
mainly Net result for the year (+€61,355) and Other debts (+€52,991)
- Receivables within one year +€14,711
up €14,711 (+20.8%), from €70,616 to €85,327
of which Trade receivables: +€12,672
- Tangible fixed assets -€11,726
down €11,726 (-85.0%), from €13,795 to €2,068
- Other debts +€52,991
up €52,991 (+57.4%), from €92,252 to €145,242
- Trade debts +€25,981
up €25,981 (+102.4%), from €25,361 to €51,342
- Current portion of long-term debt -€7,617
down €7,617 (-74.8%), from €10,178 to €2,561
- Tax, wage and social debts -€4,858
down €4,858 (-12.6%), from €38,550 to €33,692
of which Taxes: -€6,488
- Debts after one year -€2,561
no longer reported in 2025 (was €2,561)
- Gross operating margin +€5,365
up €5,365 (+5.4%), from €99,917 to €105,282
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 | €172,660 | €237,951 | +€65,291 | +37.8% |
| Fixed assets | 21/28 | €13,795 | €2,068 | -€11,726 | -85.0% |
| Tangible fixed assets | 22/27 | €13,795 | €2,068 | -€11,726 | -85.0% |
| Furniture and vehicles | 24 | €13,795 | €2,068 | -€11,726 | -85.0% |
| Current assets | 29/58 | €158,866 | €235,883 | +€77,017 | +48.5% |
| Amounts receivable within one year | 40/41 | €70,616 | €85,327 | +€14,711 | +20.8% |
| Trade receivables | 40 | €69,935 | €82,606 | +€12,672 | +18.1% |
| Other amounts receivable | 41 | €681 | €2,720 | +€2,039 | +299.2% |
| Cash at bank and in hand | 54/58 | €88,250 | €149,911 | +€61,661 | +69.9% |
| Deferred charges and accrued income | 490/1 | - | €646 | +€646 | |
| Total equity and liabilities | 10/49 | €172,660 | €237,951 | +€65,291 | +37.8% |
| Equity | 10/15 | €3,759 | €5,114 | +€1,355 | +36.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,259 | €2,614 | +€1,355 | +107.7% |
| Amounts payable | 17/49 | €168,902 | €232,837 | +€63,935 | +37.9% |
| Amounts payable after more than one year | 17 | €2,561 | - | -€2,561 | |
| Financial debts | 170/4 | €2,561 | - | -€2,561 | |
| Amounts payable within one year | 42/48 | €166,341 | €232,837 | +€66,496 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €10,178 | €2,561 | -€7,617 | -74.8% |
| Trade debts | 44 | €25,361 | €51,342 | +€25,981 | +102.4% |
| Suppliers | 440/4 | €25,361 | €51,342 | +€25,981 | +102.4% |
| Taxes, remuneration and social security | 45 | €38,550 | €33,692 | -€4,858 | -12.6% |
| Taxes | 450/3 | €38,550 | €32,062 | -€6,488 | -16.8% |
| Remuneration and social security | 454/9 | - | €1,630 | +€1,630 | |
| Other amounts payable | 47/48 | €92,252 | €145,242 | +€52,991 | +57.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,702 | €11,726 | -€976 | -7.7% |
| Other operating charges | 640/8 | €6,617 | €6,858 | +€242 | +3.7% |
| Gross operating margin | 9900 | €99,917 | €105,282 | +€5,365 | +5.4% |
| Operating profit (loss) | 9901 | €80,598 | €86,698 | +€6,099 | +7.6% |
| Financial income | 75/76B | €13 | €11 | -€2 | -12.3% |
| Recurring financial income | 75 | €13 | €11 | -€2 | -12.3% |
| Financial charges | 65/66B | €323 | €806 | +€483 | +149.6% |
| Recurring financial charges | 65 | €323 | €806 | +€483 | +149.6% |
| Profit (loss) for the period before taxes | 9903 | €80,288 | €85,903 | +€5,615 | +7.0% |
| Income taxes | 67/77 | €23,750 | €24,548 | +€798 | +3.4% |
| Profit (loss) for the period | 9904 | €56,539 | €61,355 | +€4,817 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €56,539 | €61,355 | +€4,817 | +8.5% |
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 8 October 2026 via checked.be.