THAMSEKU: 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.
THAMSEKU
Largest movements
- Tangible fixed assets -€1,296
down €1,296 (-18.7%), from €6,937 to €5,641
of which Plant, machinery and equipment: -€2,000
- Cash +€845
up €845 (+22.0%), from €3,842 to €4,687
mainly Other debts (+€5,211) and Depreciation (+€2,496)
- Stocks and contracts +€654
up €654 (+6.1%), from €10,803 to €11,457
- Other debts +€5,211
up €5,211 (+12.8%), from €40,655 to €45,866
- Profit (loss) carried forward -€5,003
down €5,003 (-13.4%), from -€37,361 to -€42,364
- Trade debts -€1,909
down €1,909 (-82.5%), from €2,313 to €404
- Tax, wage and social debts +€1,679
new in 2025: €1,679
- Gross operating margin +€14,636
up €14,636 (+97.2%), from -€15,059 to -€422
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 | €24,208 | €24,185 | -€22 | -0.1% |
| Fixed assets | 21/28 | €9,337 | €8,041 | -€1,296 | -13.9% |
| Tangible fixed assets | 22/27 | €6,937 | €5,641 | -€1,296 | -18.7% |
| Plant, machinery and equipment | 23 | €5,830 | €3,830 | -€2,000 | -34.3% |
| Furniture and vehicles | 24 | €1,107 | €1,811 | +€704 | +63.6% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €14,871 | €16,145 | +€1,274 | +8.6% |
| Stocks and contracts in progress | 3 | €10,803 | €11,457 | +€654 | +6.1% |
| Stocks | 30/36 | €10,803 | €11,457 | +€654 | +6.1% |
| Amounts receivable within one year | 40/41 | €226 | €0 | -€226 | -100% |
| Other amounts receivable | 41 | €226 | €0 | -€226 | -100% |
| Cash at bank and in hand | 54/58 | €3,842 | €4,687 | +€845 | +22.0% |
| Total equity and liabilities | 10/49 | €24,208 | €24,185 | -€22 | -0.1% |
| Equity | 10/15 | -€18,761 | -€23,764 | -€5,003 | -26.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€37,361 | -€42,364 | -€5,003 | -13.4% |
| Amounts payable | 17/49 | €42,969 | €47,949 | +€4,980 | +11.6% |
| Amounts payable within one year | 42/48 | €42,969 | €47,949 | +€4,980 | +11.6% |
| Trade debts | 44 | €2,313 | €404 | -€1,909 | -82.5% |
| Suppliers | 440/4 | €2,313 | €404 | -€1,909 | -82.5% |
| Taxes, remuneration and social security | 45 | - | €1,679 | +€1,679 | |
| Taxes | 450/3 | - | €1,679 | +€1,679 | |
| Other amounts payable | 47/48 | €40,655 | €45,866 | +€5,211 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,459 | €2,496 | +€37 | +1.5% |
| Other operating charges | 640/8 | €2,014 | €2,041 | +€27 | +1.3% |
| Gross operating margin | 9900 | -€15,059 | -€422 | +€14,636 | +97.2% |
| Operating profit (loss) | 9901 | -€19,531 | -€4,959 | +€14,572 | +74.6% |
| Financial income | 75/76B | €17 | €16 | -€1 | -6.2% |
| Recurring financial income | 75 | €17 | €16 | -€1 | -6.2% |
| Financial charges | 65/66B | €45 | €58 | +€13 | +29.3% |
| Recurring financial charges | 65 | €45 | €58 | +€13 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | -€19,559 | -€5,001 | +€14,558 | +74.4% |
| Income taxes | 67/77 | €0 | €2 | +€2 | |
| Profit (loss) for the period | 9904 | -€19,559 | -€5,003 | +€14,556 | +74.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,559 | -€5,003 | +€14,556 | +74.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.