THAX: 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.
THAX
Largest movements
- Receivables within one year -€22,371
down €22,371 (-97.2%), from €23,011 to €640
of which Other amounts receivable: -€23,011
- Tangible fixed assets -€13,188
down €13,188 (-20.0%), from €66,046 to €52,858
of which Land and buildings: -€12,326
- Cash -€11,840
down €11,840 (-39.4%), from €30,039 to €18,199
mainly Debts after one year (-€55,000) and Other debts (-€1,230)
- Debts after one year -€55,000
down €55,000 (-8.8%), from €622,000 to €567,000
- Profit (loss) carried forward +€8,897
up €8,897 (+1.6%), from -€541,041 to -€532,145
- Other debts -€1,230
down €1,230 (-12.3%), from €9,965 to €8,735
- Depreciation -€14,328
down €14,328 (-50.5%), from €28,390 to €14,063
- Gross operating margin -€7,484
down €7,484 (-20.2%), from €37,008 to €29,524
- Other operating charges +€1,876
up €1,876 (+40.4%), from €4,645 to €6,521
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 | €119,924 | €72,533 | -€47,391 | -39.5% |
| Fixed assets | 21/28 | €66,046 | €52,858 | -€13,188 | -20.0% |
| Tangible fixed assets | 22/27 | €66,046 | €52,858 | -€13,188 | -20.0% |
| Land and buildings | 22 | €63,270 | €50,944 | -€12,326 | -19.5% |
| Furniture and vehicles | 24 | €2,087 | €1,755 | -€333 | -15.9% |
| Other tangible fixed assets | 26 | €689 | €160 | -€529 | -76.8% |
| Current assets | 29/58 | €53,878 | €19,674 | -€34,203 | -63.5% |
| Amounts receivable within one year | 40/41 | €23,011 | €640 | -€22,371 | -97.2% |
| Trade receivables | 40 | - | €640 | +€640 | |
| Other amounts receivable | 41 | €23,011 | - | -€23,011 | |
| Cash at bank and in hand | 54/58 | €30,039 | €18,199 | -€11,840 | -39.4% |
| Deferred charges and accrued income | 490/1 | €827 | €835 | +€8 | +1.0% |
| Total equity and liabilities | 10/49 | €119,924 | €72,533 | -€47,391 | -39.5% |
| Equity | 10/15 | -€516,041 | -€507,145 | +€8,897 | +1.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€541,041 | -€532,145 | +€8,897 | +1.6% |
| Amounts payable | 17/49 | €635,965 | €579,677 | -€56,288 | -8.9% |
| Amounts payable after more than one year | 17 | €622,000 | €567,000 | -€55,000 | -8.8% |
| Financial debts | 170/4 | €622,000 | €567,000 | -€55,000 | -8.8% |
| Amounts payable within one year | 42/48 | €13,965 | €12,677 | -€1,288 | -9.2% |
| Trade debts | 44 | €3,973 | €3,853 | -€120 | -3.0% |
| Suppliers | 440/4 | €3,973 | €3,853 | -€120 | -3.0% |
| Taxes, remuneration and social security | 45 | €27 | €89 | +€62 | +229.0% |
| Taxes | 450/3 | €27 | €89 | +€62 | +229.0% |
| Other amounts payable | 47/48 | €9,965 | €8,735 | -€1,230 | -12.3% |
| Non-recurring operating income | 76A | €6,198 | - | -€6,198 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,390 | €14,063 | -€14,328 | -50.5% |
| Other operating charges | 640/8 | €4,645 | €6,521 | +€1,876 | +40.4% |
| Gross operating margin | 9900 | €37,008 | €29,524 | -€7,484 | -20.2% |
| Operating profit (loss) | 9901 | €3,972 | €8,940 | +€4,968 | +125.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €39 | €44 | +€5 | +11.5% |
| Recurring financial charges | 65 | €39 | €44 | +€5 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €3,933 | €8,897 | +€4,963 | +126.2% |
| Income taxes | 67/77 | €27 | - | -€27 | |
| Profit (loss) for the period | 9904 | €3,906 | €8,897 | +€4,990 | +127.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,906 | €8,897 | +€4,990 | +127.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.