THAYD: 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.
THAYD
Largest movements
- Tangible fixed assets -€29,883
down €29,883 (-16.4%), from €182,498 to €152,615
of which Furniture and vehicles: -€19,713
- Receivables within one year +€18,749
up €18,749 (+30.0%), from €62,527 to €81,277
of which Other amounts receivable: +€11,403
- Cash +€18,491
up €18,491 (+3.3%), from €557,194 to €575,685
mainly Other debts (+€60,953) and Depreciation (+€38,270)
- Trade debts -€84,018
down €84,018 (-24.6%), from €342,105 to €258,087
- Other debts +€60,953
up €60,953 (+39.4%), from €154,539 to €215,492
- Tax, wage and social debts +€36,438
up €36,438 (+56.7%), from €64,312 to €100,750
of which Remuneration and social security: +€54,560
- Debts after one year -€14,617
down €14,617 (-30.1%), from €48,568 to €33,951
- Profit (loss) carried forward +€8,675
up €8,675 (+5.1%), from €170,333 to €179,008
- Gross operating margin -€441,258
down €441,258 (-37.7%), from €1.2m to €728,351
- Staff costs -€241,966
down €241,966 (-32.5%), from €743,434 to €501,468
- Taxes -€45,690
down €45,690 (-88.5%), from €51,617 to €5,927
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 | €825,072 | €830,574 | +€5,502 | +0.7% |
| Fixed assets | 21/28 | €187,172 | €152,902 | -€34,270 | -18.3% |
| Intangible fixed assets | 21 | €4,387 | - | -€4,387 | |
| Tangible fixed assets | 22/27 | €182,498 | €152,615 | -€29,883 | -16.4% |
| Plant, machinery and equipment | 23 | €61,810 | €52,998 | -€8,812 | -14.3% |
| Furniture and vehicles | 24 | €79,048 | €59,335 | -€19,713 | -24.9% |
| Other tangible fixed assets | 26 | €41,640 | €40,282 | -€1,358 | -3.3% |
| Financial fixed assets | 28 | €287 | €287 | = | 0.0% |
| Current assets | 29/58 | €637,899 | €677,671 | +€39,772 | +6.2% |
| Stocks and contracts in progress | 3 | €13,820 | €17,195 | +€3,375 | +24.4% |
| Stocks | 30/36 | €13,820 | €17,195 | +€3,375 | +24.4% |
| Amounts receivable within one year | 40/41 | €62,527 | €81,277 | +€18,749 | +30.0% |
| Trade receivables | 40 | €4,405 | €11,751 | +€7,347 | +166.8% |
| Other amounts receivable | 41 | €58,123 | €69,526 | +€11,403 | +19.6% |
| Cash at bank and in hand | 54/58 | €557,194 | €575,685 | +€18,491 | +3.3% |
| Deferred charges and accrued income | 490/1 | €4,358 | €3,515 | -€843 | -19.3% |
| Total equity and liabilities | 10/49 | €825,072 | €830,574 | +€5,502 | +0.7% |
| Equity | 10/15 | €180,333 | €189,008 | +€8,675 | +4.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €170,333 | €179,008 | +€8,675 | +5.1% |
| Amounts payable | 17/49 | €644,738 | €641,566 | -€3,173 | -0.5% |
| Amounts payable after more than one year | 17 | €48,568 | €33,951 | -€14,617 | -30.1% |
| Financial debts | 170/4 | €48,568 | €33,951 | -€14,617 | -30.1% |
| Amounts payable within one year | 42/48 | €593,710 | €607,615 | +€13,905 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €13,992 | €14,617 | +€625 | +4.5% |
| Financial debts | 43 | €18,762 | €18,669 | -€93 | -0.5% |
| Credit institutions | 430/8 | €18,762 | €18,669 | -€93 | -0.5% |
| Trade debts | 44 | €342,105 | €258,087 | -€84,018 | -24.6% |
| Suppliers | 440/4 | €342,105 | €258,087 | -€84,018 | -24.6% |
| Taxes, remuneration and social security | 45 | €64,312 | €100,750 | +€36,438 | +56.7% |
| Taxes | 450/3 | €19,098 | €976 | -€18,122 | -94.9% |
| Remuneration and social security | 454/9 | €45,214 | €99,773 | +€54,560 | +120.7% |
| Other amounts payable | 47/48 | €154,539 | €215,492 | +€60,953 | +39.4% |
| Accrued charges and deferred income | 492/3 | €2,461 | - | -€2,461 | |
| Remuneration, social security and pensions | 62 | €743,434 | €501,468 | -€241,966 | -32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,778 | €38,270 | -€1,508 | -3.8% |
| Other operating charges | 640/8 | €394 | €2,476 | +€2,081 | +527.7% |
| Gross operating margin | 9900 | €1,169,609 | €728,351 | -€441,258 | -37.7% |
| Operating profit (loss) | 9901 | €386,002 | €186,137 | -€199,865 | -51.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | +50.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +50.0% |
| Financial charges | 65/66B | €183,184 | €171,535 | -€11,648 | -6.4% |
| Recurring financial charges | 65 | €183,184 | €171,535 | -€11,648 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €202,819 | €14,602 | -€188,217 | -92.8% |
| Income taxes | 67/77 | €51,617 | €5,927 | -€45,690 | -88.5% |
| Profit (loss) for the period | 9904 | €151,202 | €8,675 | -€142,527 | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €151,202 | €8,675 | -€142,527 | -94.3% |
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 3 October 2026 via checked.be.