THAWMAT: 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.
THAWMAT
Largest movements
- Tangible fixed assets -€15,556
down €15,556 (-45.8%), from €33,961 to €18,405
- Cash +€6,377
up €6,377 (+34.3%), from €18,605 to €24,981
mainly Investment in fixed assets (net) (+€9,060) and Depreciation (+€6,496)
- Receivables within one year +€3,547
up €3,547 (+2.9%), from €120,771 to €124,318
- Provisions -€8,000
no longer reported in 2025 (was €8,000)
- Profit (loss) carried forward +€4,563
up €4,563 (+5.3%), from €86,305 to €90,867
- Tax, wage and social debts -€1,876
down €1,876 (-27.0%), from €6,958 to €5,082
of which Remuneration and social security: -€2,180
- Gross operating margin -€64,603
down €64,603 (-93.5%), from €69,109 to €4,506
- Staff costs -€40,549
no longer reported in 2025 (was €40,549)
- Depreciation -€3,645
down €3,645 (-35.9%), from €10,141 to €6,496
- Other operating charges -€2,133
no longer reported in 2025 (was €2,133)
- Financial charges -€1,303
down €1,303 (-95.6%), from €1,363 to €60
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 | €173,337 | €167,704 | -€5,632 | -3.2% |
| Fixed assets | 21/28 | €33,961 | €18,405 | -€15,556 | -45.8% |
| Tangible fixed assets | 22/27 | €33,961 | €18,405 | -€15,556 | -45.8% |
| Furniture and vehicles | 24 | €33,961 | €18,405 | -€15,556 | -45.8% |
| Current assets | 29/58 | €139,376 | €149,300 | +€9,924 | +7.1% |
| Amounts receivable within one year | 40/41 | €120,771 | €124,318 | +€3,547 | +2.9% |
| Other amounts receivable | 41 | €120,771 | €124,318 | +€3,547 | +2.9% |
| Cash at bank and in hand | 54/58 | €18,605 | €24,981 | +€6,377 | +34.3% |
| Total equity and liabilities | 10/49 | €173,337 | €167,704 | -€5,632 | -3.2% |
| Equity | 10/15 | €106,703 | €111,265 | +€4,563 | +4.3% |
| Contributions | 10/11 | €18,549 | €18,549 | = | 0.0% |
| Reserves | 13 | €1,849 | €1,849 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,849 | €1,849 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,849 | €1,849 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,305 | €90,867 | +€4,563 | +5.3% |
| Provisions and deferred taxes | 16 | €8,000 | - | -€8,000 | |
| Provisions for liabilities and charges | 160/5 | €8,000 | - | -€8,000 | |
| Other liabilities and charges | 164/5 | €8,000 | - | -€8,000 | |
| Amounts payable | 17/49 | €58,634 | €56,439 | -€2,195 | -3.7% |
| Amounts payable after more than one year | 17 | €9,589 | €9,589 | = | 0.0% |
| Financial debts | 170/4 | €9,589 | €9,589 | = | 0.0% |
| Amounts payable within one year | 42/48 | €49,045 | €46,850 | -€2,195 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €6,769 | €6,769 | = | 0.0% |
| Trade debts | 44 | €319 | - | -€319 | |
| Suppliers | 440/4 | €319 | - | -€319 | |
| Taxes, remuneration and social security | 45 | €6,958 | €5,082 | -€1,876 | -27.0% |
| Taxes | 450/3 | €1,435 | €1,738 | +€303 | +21.1% |
| Remuneration and social security | 454/9 | €5,523 | €3,343 | -€2,180 | -39.5% |
| Other amounts payable | 47/48 | €35,000 | €35,000 | = | 0.0% |
| Non-recurring operating income | 76A | - | €8,000 | +€8,000 | |
| Remuneration, social security and pensions | 62 | €40,549 | - | -€40,549 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,141 | €6,496 | -€3,645 | -35.9% |
| Other operating charges | 640/8 | €2,133 | - | -€2,133 | |
| Gross operating margin | 9900 | €69,109 | €4,506 | -€64,603 | -93.5% |
| Operating profit (loss) | 9901 | €16,286 | -€1,989 | -€18,276 | |
| Financial income | 75/76B | €6,741 | €6,612 | -€129 | -1.9% |
| Recurring financial income | 75 | €6,741 | €6,612 | -€129 | -1.9% |
| Financial charges | 65/66B | €1,363 | €60 | -€1,303 | -95.6% |
| Recurring financial charges | 65 | €1,363 | €60 | -€1,303 | -95.6% |
| Profit (loss) for the period before taxes | 9903 | €21,663 | €4,563 | -€17,101 | -78.9% |
| Profit (loss) for the period | 9904 | €21,663 | €4,563 | -€17,101 | -78.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,663 | €4,563 | -€17,101 | -78.9% |
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 29 October 2026 via checked.be.