THAENS: 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.
THAENS
Largest movements
- Receivables within one year -€64,307
down €64,307 (-24.2%), from €265,284 to €200,977
of which Trade receivables: -€63,215
- Cash +€13,596
up €13,596 (+42.0%), from €32,398 to €45,994
mainly Receivables within one year (+€64,307) and Other debts (+€4,225)
- Trade debts -€57,766
down €57,766 (-56.8%), from €101,750 to €43,984
- Gross operating margin -€17,514
down €17,514, from €16,797 to -€717
- Other operating charges -€1,522
down €1,522 (-34.9%), from €4,359 to €2,838
- Depreciation +€303
up €303 (+666.6%), from €45 to €348
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 | €887,021 | €830,151 | -€56,870 | -6.4% |
| Fixed assets | 21/28 | €168,276 | €167,928 | -€348 | -0.2% |
| Tangible fixed assets | 22/27 | €1,694 | €1,346 | -€348 | -20.5% |
| Plant, machinery and equipment | 23 | €1,694 | €1,346 | -€348 | -20.5% |
| Financial fixed assets | 28 | €166,581 | €166,581 | = | 0.0% |
| Current assets | 29/58 | €718,746 | €662,223 | -€56,522 | -7.9% |
| Stocks and contracts in progress | 3 | €115,882 | €112,332 | -€3,550 | -3.1% |
| Stocks | 30/36 | €115,882 | €112,332 | -€3,550 | -3.1% |
| Amounts receivable within one year | 40/41 | €265,284 | €200,977 | -€64,307 | -24.2% |
| Trade receivables | 40 | €214,191 | €150,977 | -€63,215 | -29.5% |
| Other amounts receivable | 41 | €51,092 | €50,000 | -€1,092 | -2.1% |
| Current investments | 50/53 | €302,513 | €302,513 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €32,398 | €45,994 | +€13,596 | +42.0% |
| Deferred charges and accrued income | 490/1 | €2,669 | €408 | -€2,261 | -84.7% |
| Total equity and liabilities | 10/49 | €887,021 | €830,151 | -€56,870 | -6.4% |
| Equity | 10/15 | €723,914 | €719,967 | -€3,947 | -0.5% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €24,789 | €24,789 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | €451,231 | €447,284 | -€3,947 | -0.9% |
| Amounts payable | 17/49 | €163,108 | €110,184 | -€52,923 | -32.4% |
| Amounts payable within one year | 42/48 | €163,108 | €110,184 | -€52,923 | -32.4% |
| Trade debts | 44 | €101,750 | €43,984 | -€57,766 | -56.8% |
| Suppliers | 440/4 | €101,750 | €43,984 | -€57,766 | -56.8% |
| Advances received on contracts in progress | 46 | €29,320 | €29,320 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,960 | €2,578 | +€617 | +31.5% |
| Taxes | 450/3 | - | €603 | +€603 | |
| Remuneration and social security | 454/9 | €1,960 | €1,975 | +€14 | +0.7% |
| Other amounts payable | 47/48 | €30,077 | €34,302 | +€4,225 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45 | €348 | +€303 | +666.6% |
| Other operating charges | 640/8 | €4,359 | €2,838 | -€1,522 | -34.9% |
| Gross operating margin | 9900 | €16,797 | -€717 | -€17,514 | |
| Operating profit (loss) | 9901 | €12,392 | -€3,902 | -€16,294 | |
| Financial income | 75/76B | €29 | €2 | -€26 | -91.5% |
| Recurring financial income | 75 | €29 | €2 | -€26 | -91.5% |
| Financial charges | 65/66B | €62 | €48 | -€15 | -24.0% |
| Recurring financial charges | 65 | €62 | €48 | -€15 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €12,358 | -€3,947 | -€16,306 | |
| Profit (loss) for the period | 9904 | €12,358 | -€3,947 | -€16,306 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,358 | -€3,947 | -€16,306 |
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.