THAU: 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.
THAU
Largest movements
- Receivables within one year +€169,619
up €169,619 (+4.1%), from €4.1m to €4.3m
of which Trade receivables: +€167,426
- Cash +€144,385
new in 2025: €144,385
mainly Trade debts (+€877,983) and Tax, wage and social debts (+€320,185)
- Stocks and contracts +€64,242
up €64,242 (+32.7%), from €196,239 to €260,481
- Deferred charges and accrued income +€58,367
up €58,367 (+46.3%), from €125,979 to €184,346
- Trade debts +€877,983
up €877,983 (+42.5%), from €2.1m to €2.9m
- Short-term financial debts -€650,748
down €650,748 (-53.9%), from €1.2m to €556,006
- Tax, wage and social debts +€320,185
up €320,185 (+116.4%), from €275,127 to €595,312
of which Taxes: +€325,663
- Current portion of long-term debt -€291,226
down €291,226 (-75.4%), from €386,019 to €94,793
- Debts after one year +€194,353
up €194,353 (+145.8%), from €133,333 to €327,686
- Gross operating margin +€166,081
up €166,081 (+8.1%), from €2.1m to €2.2m
- Other operating charges +€92,952
up €92,952 (+569.3%), from €16,327 to €109,279
- Write-downs +€72,287
up €72,287, from -€27,766 to €44,521
- Financial charges +€47,869
up €47,869 (+33.8%), from €141,598 to €189,467
- Taxes -€36,654
no longer reported in 2025 (was €36,654)
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 | €4,534,727 | €5,018,409 | +€483,682 | +10.7% |
| Formation expenses | 20 | €16,775 | €56,755 | +€39,980 | +238.3% |
| Fixed assets | 21/28 | €91,525 | €98,614 | +€7,089 | +7.7% |
| Intangible fixed assets | 21 | €3,000 | - | -€3,000 | |
| Tangible fixed assets | 22/27 | €54,753 | €50,842 | -€3,911 | -7.1% |
| Land and buildings | 22 | €70 | - | -€70 | |
| Plant, machinery and equipment | 23 | €21,183 | €17,239 | -€3,944 | -18.6% |
| Furniture and vehicles | 24 | €33,500 | €33,603 | +€103 | +0.3% |
| Financial fixed assets | 28 | €33,772 | €47,772 | +€14,000 | +41.5% |
| Current assets | 29/58 | €4,426,427 | €4,863,040 | +€436,613 | +9.9% |
| Amounts receivable after more than one year | 29 | €7,198 | €7,198 | = | 0.0% |
| Other amounts receivable | 291 | €7,198 | €7,198 | = | 0.0% |
| Stocks and contracts in progress | 3 | €196,239 | €260,481 | +€64,242 | +32.7% |
| Stocks | 30/36 | €196,239 | €260,481 | +€64,242 | +32.7% |
| Amounts receivable within one year | 40/41 | €4,095,861 | €4,265,480 | +€169,619 | +4.1% |
| Trade receivables | 40 | €1,576,388 | €1,743,814 | +€167,426 | +10.6% |
| Other amounts receivable | 41 | €2,519,473 | €2,521,666 | +€2,193 | +0.1% |
| Current investments | 50/53 | €1,150 | €1,150 | = | 0.0% |
| Cash at bank and in hand | 54/58 | - | €144,385 | +€144,385 | |
| Deferred charges and accrued income | 490/1 | €125,979 | €184,346 | +€58,367 | +46.3% |
| Total equity and liabilities | 10/49 | €4,534,727 | €5,018,409 | +€483,682 | +10.7% |
| Equity | 10/15 | €184,635 | €197,553 | +€12,918 | +7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €164,175 | €177,093 | +€12,918 | +7.9% |
| Amounts payable | 17/49 | €4,350,092 | €4,820,856 | +€470,764 | +10.8% |
| Amounts payable after more than one year | 17 | €133,333 | €327,686 | +€194,353 | +145.8% |
| Financial debts | 170/4 | €133,333 | €327,686 | +€194,353 | +145.8% |
| Amounts payable within one year | 42/48 | €4,023,541 | €4,188,780 | +€165,239 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €386,019 | €94,793 | -€291,226 | -75.4% |
| Financial debts | 43 | €1,206,754 | €556,006 | -€650,748 | -53.9% |
| Credit institutions | 430/8 | €1,206,754 | €556,006 | -€650,748 | -53.9% |
| Trade debts | 44 | €2,064,051 | €2,942,034 | +€877,983 | +42.5% |
| Suppliers | 440/4 | €2,064,051 | €2,942,034 | +€877,983 | +42.5% |
| Advances received on contracts in progress | 46 | €91,590 | €635 | -€90,955 | -99.3% |
| Taxes, remuneration and social security | 45 | €275,127 | €595,312 | +€320,185 | +116.4% |
| Taxes | 450/3 | €82,786 | €408,449 | +€325,663 | +393.4% |
| Remuneration and social security | 454/9 | €192,341 | €186,863 | -€5,478 | -2.8% |
| Accrued charges and deferred income | 492/3 | €193,218 | €304,390 | +€111,172 | +57.5% |
| Remuneration, social security and pensions | 62 | €1,879,003 | €1,843,326 | -€35,677 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,194 | €21,725 | +€17,531 | +418.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€27,766 | €44,521 | +€72,287 | |
| Other operating charges | 640/8 | €16,327 | €109,279 | +€92,952 | +569.3% |
| Non-recurring operating charges | 66A | -€20,968 | - | +€20,968 | |
| Gross operating margin | 9900 | €2,052,998 | €2,219,079 | +€166,081 | +8.1% |
| Operating profit (loss) | 9901 | €202,208 | €200,228 | -€1,980 | -1.0% |
| Financial income | 75/76B | €5,914 | €2,157 | -€3,757 | -63.5% |
| Recurring financial income | 75 | €5,914 | €2,157 | -€3,757 | -63.5% |
| Financial charges | 65/66B | €141,598 | €189,467 | +€47,869 | +33.8% |
| Recurring financial charges | 65 | €141,598 | €189,467 | +€47,869 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | €66,524 | €12,918 | -€53,606 | -80.6% |
| Income taxes | 67/77 | €36,654 | - | -€36,654 | |
| Profit (loss) for the period | 9904 | €29,870 | €12,918 | -€16,952 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,870 | €12,918 | -€16,952 | -56.8% |
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 7 October 2026 via checked.be.