THANS RAF: 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.
THANS RAF
Largest movements
- Tangible fixed assets -€175,599
down €175,599 (-97.3%), from €180,414 to €4,815
of which Land and buildings: -€180,000
- Receivables within one year +€93,925
up €93,925 (+2599.7%), from €3,613 to €97,538
of which Trade receivables: +€93,857
- Stocks and contracts +€76,154
new in 2025: €76,154
- Cash +€15,411
up €15,411 (+128.3%), from €12,009 to €27,420
mainly Investment in fixed assets (net) (+€175,040) and Trade debts (+€87,052)
- Current investments +€6,000
up €6,000 (+12.0%), from €50,000 to €56,000
- Trade debts +€87,052
up €87,052 (+14592.3%), from €597 to €87,649
- Short-term financial debts -€78,494
down €78,494 (-58.1%), from €135,000 to €56,506
- Profit (loss) carried forward +€16,741
up €16,741, from -€16,622 to €119
- Other debts -€5,560
down €5,560 (-59.8%), from €9,301 to €3,741
- Reserves -€4,000
down €4,000 (-3.6%), from €109,700 to €105,700
- Gross operating margin +€17,214
up €17,214 (+295.1%), from €5,834 to €23,048
- Financial charges +€9,733
up €9,733 (+381.2%), from €2,553 to €12,286
- Financial income +€955
up €955 (+43.9%), from €2,173 to €3,128
- Depreciation -€389
down €389 (-41.0%), from €948 to €559
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 | €246,036 | €261,974 | +€15,939 | +6.5% |
| Fixed assets | 21/28 | €180,414 | €4,815 | -€175,599 | -97.3% |
| Tangible fixed assets | 22/27 | €180,414 | €4,815 | -€175,599 | -97.3% |
| Land and buildings | 22 | €180,000 | - | -€180,000 | |
| Plant, machinery and equipment | 23 | €322 | €3,350 | +€3,028 | +940.0% |
| Furniture and vehicles | 24 | €91 | €1,464 | +€1,373 | +1501.1% |
| Current assets | 29/58 | €65,622 | €257,160 | +€191,538 | +291.9% |
| Stocks and contracts in progress | 3 | - | €76,154 | +€76,154 | |
| Stocks | 30/36 | - | €76,154 | +€76,154 | |
| Amounts receivable within one year | 40/41 | €3,613 | €97,538 | +€93,925 | +2599.7% |
| Trade receivables | 40 | €1,578 | €95,435 | +€93,857 | +5949.4% |
| Other amounts receivable | 41 | €2,035 | €2,103 | +€68 | +3.3% |
| Current investments | 50/53 | €50,000 | €56,000 | +€6,000 | +12.0% |
| Cash at bank and in hand | 54/58 | €12,009 | €27,420 | +€15,411 | +128.3% |
| Deferred charges and accrued income | 490/1 | - | €48 | +€48 | |
| Total equity and liabilities | 10/49 | €246,036 | €261,974 | +€15,939 | +6.5% |
| Equity | 10/15 | €101,138 | €113,879 | +€12,741 | +12.6% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €109,700 | €105,700 | -€4,000 | -3.6% |
| Distributable reserves | 133 | €109,700 | €105,700 | -€4,000 | -3.6% |
| Profit (loss) carried forward | 14 | -€16,622 | €119 | +€16,741 | |
| Amounts payable | 17/49 | €144,897 | €148,095 | +€3,198 | +2.2% |
| Amounts payable within one year | 42/48 | €144,897 | €148,095 | +€3,198 | +2.2% |
| Financial debts | 43 | €135,000 | €56,506 | -€78,494 | -58.1% |
| Credit institutions | 430/8 | €135,000 | €56,506 | -€78,494 | -58.1% |
| Trade debts | 44 | €597 | €87,649 | +€87,052 | +14592.3% |
| Suppliers | 440/4 | €597 | €87,649 | +€87,052 | +14592.3% |
| Taxes, remuneration and social security | 45 | - | €200 | +€200 | |
| Taxes | 450/3 | - | €200 | +€200 | |
| Other amounts payable | 47/48 | €9,301 | €3,741 | -€5,560 | -59.8% |
| Non-recurring operating income | 76A | - | €25,000 | +€25,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €948 | €559 | -€389 | -41.0% |
| Other operating charges | 640/8 | €535 | €487 | -€48 | -9.0% |
| Non-recurring operating charges | 66A | €21,600 | - | -€21,600 | |
| Gross operating margin | 9900 | €5,834 | €23,048 | +€17,214 | +295.1% |
| Operating profit (loss) | 9901 | -€17,250 | €22,001 | +€39,251 | |
| Financial income | 75/76B | €2,173 | €3,128 | +€955 | +43.9% |
| Recurring financial income | 75 | €2,173 | €3,128 | +€955 | +43.9% |
| Financial charges | 65/66B | €2,553 | €12,286 | +€9,733 | +381.2% |
| Recurring financial charges | 65 | €2,553 | €12,286 | +€9,733 | +381.2% |
| Profit (loss) for the period before taxes | 9903 | -€17,629 | €12,844 | +€30,473 | |
| Income taxes | 67/77 | €277 | €103 | -€174 | -63.0% |
| Profit (loss) for the period | 9904 | -€17,906 | €12,741 | +€30,647 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,906 | €12,741 | +€30,647 |
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 12 October 2026 via checked.be.