THADDEUS et Cie: 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.
THADDEUS et Cie
Largest movements
- Cash +€250,683
up €250,683 (+220%), from €113,863 to €364,546
mainly Net result for the year (+€173,795) and Depreciation (+€105,587)
- Tangible fixed assets -€105,678
down €105,678 (-5.5%), from €1.9m to €1.8m
of which Land and buildings: -€98,287
- Receivables within one year -€33,169
down €33,169 (-43.0%), from €77,083 to €43,914
of which Trade receivables: -€33,169
- Profit (loss) carried forward +€173,795
up €173,795, from -€78,819 to €94,977
- Other debts -€35,182
down €35,182 (-25.0%), from €140,553 to €105,371
- Debts after one year -€30,165
down €30,165 (-1.6%), from €1.8m to €1.8m
of which Financial debts: -€101,114
- Write-downs -€327,739
down €327,739 (-100%), from €327,739 to €0
- Gross operating margin +€105,645
up €105,645 (+43.7%), from €241,649 to €347,294
- Financial charges -€20,737
down €20,737 (-25.9%), from €80,126 to €59,390
- Depreciation -€7,801
down €7,801 (-6.9%), from €113,388 to €105,587
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 | €2,120,015 | €2,231,196 | +€111,181 | +5.2% |
| Fixed assets | 21/28 | €1,928,414 | €1,822,736 | -€105,678 | -5.5% |
| Tangible fixed assets | 22/27 | €1,917,024 | €1,811,346 | -€105,678 | -5.5% |
| Land and buildings | 22 | €1,868,590 | €1,770,303 | -€98,287 | -5.3% |
| Plant, machinery and equipment | 23 | €48,343 | €41,043 | -€7,300 | -15.1% |
| Furniture and vehicles | 24 | €91 | €0 | -€91 | -100% |
| Financial fixed assets | 28 | €11,390 | €11,390 | = | 0.0% |
| Current assets | 29/58 | €191,601 | €408,460 | +€216,859 | +113% |
| Amounts receivable within one year | 40/41 | €77,083 | €43,914 | -€33,169 | -43.0% |
| Trade receivables | 40 | €77,083 | €43,914 | -€33,169 | -43.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €113,863 | €364,546 | +€250,683 | +220% |
| Deferred charges and accrued income | 490/1 | €655 | €0 | -€655 | -100% |
| Total equity and liabilities | 10/49 | €2,120,015 | €2,231,196 | +€111,181 | +5.2% |
| Equity | 10/15 | €3,832 | €177,628 | +€173,795 | +4,535% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €20,678 | €20,678 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,481 | €14,481 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€78,819 | €94,977 | +€173,795 | |
| Amounts payable | 17/49 | €2,116,183 | €2,053,568 | -€62,615 | -3.0% |
| Amounts payable after more than one year | 17 | €1,839,253 | €1,809,089 | -€30,165 | -1.6% |
| Financial debts | 170/4 | €334,395 | €233,281 | -€101,114 | -30.2% |
| Other amounts payable | 178/9 | €1,504,858 | €1,575,807 | +€70,949 | +4.7% |
| Amounts payable within one year | 42/48 | €276,930 | €244,479 | -€32,450 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €99,568 | €101,114 | +€1,545 | +1.6% |
| Trade debts | 44 | €15,069 | €22,988 | +€7,918 | +52.5% |
| Suppliers | 440/4 | €15,069 | €22,988 | +€7,918 | +52.5% |
| Taxes, remuneration and social security | 45 | €21,738 | €15,007 | -€6,732 | -31.0% |
| Taxes | 450/3 | €21,738 | €15,007 | -€6,732 | -31.0% |
| Other amounts payable | 47/48 | €140,553 | €105,371 | -€35,182 | -25.0% |
| Non-recurring operating income | 76A | - | €90,240 | +€90,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,388 | €105,587 | -€7,801 | -6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €327,739 | €0 | -€327,739 | -100% |
| Other operating charges | 640/8 | €7,632 | €8,430 | +€798 | +10.5% |
| Non-recurring operating charges | 66A | - | €91 | +€91 | |
| Gross operating margin | 9900 | €241,649 | €347,294 | +€105,645 | +43.7% |
| Operating profit (loss) | 9901 | -€207,111 | €233,185 | +€440,296 | |
| Financial charges | 65/66B | €80,126 | €59,390 | -€20,737 | -25.9% |
| Recurring financial charges | 65 | €80,126 | €59,390 | -€20,737 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | -€287,237 | €173,795 | +€461,033 | |
| Profit (loss) for the period | 9904 | -€287,237 | €173,795 | +€461,033 | |
| Profit (loss) for the period to be appropriated | 9905 | -€287,237 | €173,795 | +€461,033 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.