THAPAS: 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.
THAPAS
Largest movements
- Tangible fixed assets +€99,472
up €99,472 (+310.5%), from €32,037 to €131,509
of which Furniture and vehicles: +€65,527
- Receivables within one year +€68,423
up €68,423 (+109.4%), from €62,567 to €130,990
- Cash -€27,825
down €27,825 (-54.4%), from €51,124 to €23,299
mainly Investment in fixed assets (net) (-€116,436) and Receivables within one year (-€68,423)
- Reserves +€53,415
new in 2025: €53,415
- Debts after one year +€41,025
new in 2025: €41,025
- Tax, wage and social debts +€32,148
up €32,148 (+91.9%), from €34,990 to €67,138
of which Remuneration and social security: +€30,409
- Profit (loss) carried forward +€17,810
up €17,810 (+33.3%), from €53,415 to €71,225
- Trade debts -€15,391
down €15,391 (-29.0%), from €53,035 to €37,644
- Gross operating margin +€16,536
up €16,536 (+5.0%), from €328,585 to €345,121
- Staff costs +€11,539
up €11,539 (+5.3%), from €219,790 to €231,329
- Depreciation +€7,235
up €7,235 (+74.4%), from €9,729 to €16,964
- Financial charges -€3,887
down €3,887 (-38.3%), from €10,144 to €6,257
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 | €156,440 | €294,445 | +€138,005 | +88.2% |
| Fixed assets | 21/28 | €36,537 | €136,009 | +€99,472 | +272.3% |
| Tangible fixed assets | 22/27 | €32,037 | €131,509 | +€99,472 | +310.5% |
| Plant, machinery and equipment | 23 | €27,284 | €61,229 | +€33,945 | +124.4% |
| Furniture and vehicles | 24 | €4,753 | €70,280 | +€65,527 | +1378.6% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €119,903 | €158,436 | +€38,533 | +32.1% |
| Stocks and contracts in progress | 3 | €6,212 | €4,147 | -€2,065 | -33.2% |
| Stocks | 30/36 | €6,212 | €4,147 | -€2,065 | -33.2% |
| Amounts receivable within one year | 40/41 | €62,567 | €130,990 | +€68,423 | +109.4% |
| Other amounts receivable | 41 | €62,567 | €130,990 | +€68,423 | +109.4% |
| Cash at bank and in hand | 54/58 | €51,124 | €23,299 | -€27,825 | -54.4% |
| Total equity and liabilities | 10/49 | €156,440 | €294,445 | +€138,005 | +88.2% |
| Equity | 10/15 | €68,415 | €139,640 | +€71,225 | +104.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | - | €53,415 | +€53,415 | |
| Distributable reserves | 133 | - | €53,415 | +€53,415 | |
| Profit (loss) carried forward | 14 | €53,415 | €71,225 | +€17,810 | +33.3% |
| Amounts payable | 17/49 | €88,025 | €154,805 | +€66,780 | +75.9% |
| Amounts payable after more than one year | 17 | - | €41,025 | +€41,025 | |
| Financial debts | 170/4 | - | €41,025 | +€41,025 | |
| Amounts payable within one year | 42/48 | €88,025 | €113,261 | +€25,236 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | - | €8,479 | +€8,479 | |
| Trade debts | 44 | €53,035 | €37,644 | -€15,391 | -29.0% |
| Suppliers | 440/4 | €53,035 | €37,644 | -€15,391 | -29.0% |
| Taxes, remuneration and social security | 45 | €34,990 | €67,138 | +€32,148 | +91.9% |
| Taxes | 450/3 | €22,345 | €24,084 | +€1,739 | +7.8% |
| Remuneration and social security | 454/9 | €12,645 | €43,054 | +€30,409 | +240.5% |
| Accrued charges and deferred income | 492/3 | - | €519 | +€519 | |
| Remuneration, social security and pensions | 62 | €219,790 | €231,329 | +€11,539 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,729 | €16,964 | +€7,235 | +74.4% |
| Other operating charges | 640/8 | €4,462 | €2,418 | -€2,044 | -45.8% |
| Gross operating margin | 9900 | €328,585 | €345,121 | +€16,536 | +5.0% |
| Operating profit (loss) | 9901 | €94,604 | €94,410 | -€194 | -0.2% |
| Financial income | 75/76B | €2,636 | €475 | -€2,161 | -82.0% |
| Recurring financial income | 75 | €2,636 | €475 | -€2,161 | -82.0% |
| Financial charges | 65/66B | €10,144 | €6,257 | -€3,887 | -38.3% |
| Recurring financial charges | 65 | €10,144 | €6,257 | -€3,887 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | €87,096 | €88,628 | +€1,532 | +1.8% |
| Income taxes | 67/77 | €16,677 | €17,403 | +€726 | +4.4% |
| Profit (loss) for the period | 9904 | €70,419 | €71,225 | +€806 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €70,419 | €71,225 | +€806 | +1.1% |
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 30 September 2026 via checked.be.