thaels: 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.
thaels
Largest movements
- Receivables within one year +€74,263
up €74,263 (+292.3%), from €25,410 to €99,673
- Cash -€22,679
down €22,679 (-39.4%), from €57,540 to €34,861
mainly Receivables within one year (-€74,263) and Investment in fixed assets (net) (-€34,548)
- Tangible fixed assets +€21,930
up €21,930 (+217.6%), from €10,080 to €32,010
- Deferred charges and accrued income +€2,817
up €2,817 (+180.0%), from €1,565 to €4,382
- Stocks and contracts -€2,517
no longer reported in 2025 (was €2,517)
- Profit (loss) carried forward +€47,694
up €47,694 (+82.5%), from €57,844 to €105,538
- Tax, wage and social debts +€17,313
up €17,313 (+55.2%), from €31,385 to €48,699
of which Taxes: +€13,608
- Other debts +€8,383
up €8,383 (+208.2%), from €4,027 to €12,409
- Gross operating margin +€63,232
up €63,232 (+95.1%), from €66,481 to €129,713
- Staff costs +€37,976
new in 2025: €37,976
- Depreciation +€4,729
up €4,729 (+59.9%), from €7,890 to €12,618
- Taxes +€4,623
up €4,623 (+34.9%), from €13,238 to €17,862
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 | €98,312 | €172,126 | +€73,814 | +75.1% |
| Fixed assets | 21/28 | €11,280 | €33,210 | +€21,930 | +194.4% |
| Tangible fixed assets | 22/27 | €10,080 | €32,010 | +€21,930 | +217.6% |
| Furniture and vehicles | 24 | €10,080 | €32,010 | +€21,930 | +217.6% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €87,032 | €138,917 | +€51,884 | +59.6% |
| Stocks and contracts in progress | 3 | €2,517 | - | -€2,517 | |
| Stocks | 30/36 | €2,517 | - | -€2,517 | |
| Amounts receivable within one year | 40/41 | €25,410 | €99,673 | +€74,263 | +292.3% |
| Trade receivables | 40 | €25,410 | €99,673 | +€74,263 | +292.3% |
| Cash at bank and in hand | 54/58 | €57,540 | €34,861 | -€22,679 | -39.4% |
| Deferred charges and accrued income | 490/1 | €1,565 | €4,382 | +€2,817 | +180.0% |
| Total equity and liabilities | 10/49 | €98,312 | €172,126 | +€73,814 | +75.1% |
| Equity | 10/15 | €62,844 | €110,538 | +€47,694 | +75.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,844 | €105,538 | +€47,694 | +82.5% |
| Amounts payable | 17/49 | €35,468 | €61,589 | +€26,120 | +73.6% |
| Amounts payable within one year | 42/48 | €35,468 | €61,355 | +€25,886 | +73.0% |
| Trade debts | 44 | €57 | €247 | +€190 | +337.1% |
| Suppliers | 440/4 | €57 | €247 | +€190 | +337.1% |
| Taxes, remuneration and social security | 45 | €31,385 | €48,699 | +€17,313 | +55.2% |
| Taxes | 450/3 | €31,385 | €44,993 | +€13,608 | +43.4% |
| Remuneration and social security | 454/9 | - | €3,705 | +€3,705 | |
| Other amounts payable | 47/48 | €4,027 | €12,409 | +€8,383 | +208.2% |
| Accrued charges and deferred income | 492/3 | - | €234 | +€234 | |
| Remuneration, social security and pensions | 62 | - | €37,976 | +€37,976 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,890 | €12,618 | +€4,729 | +59.9% |
| Other operating charges | 640/8 | €1,064 | €1,508 | +€444 | +41.8% |
| Gross operating margin | 9900 | €66,481 | €129,713 | +€63,232 | +95.1% |
| Operating profit (loss) | 9901 | €57,528 | €77,611 | +€20,083 | +34.9% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €57 | €58 | +€1 | +1.9% |
| Recurring financial charges | 65 | €57 | €58 | +€1 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €57,471 | €77,555 | +€20,084 | +34.9% |
| Income taxes | 67/77 | €13,238 | €17,862 | +€4,623 | +34.9% |
| Profit (loss) for the period | 9904 | €44,233 | €59,694 | +€15,461 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,233 | €59,694 | +€15,461 | +35.0% |
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.