ThDerm: 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.
ThDerm
Largest movements
- Cash +€60,532
up €60,532 (+55.2%), from €109,580 to €170,112
mainly Other debts (+€168,712) and Net result for the year (+€71,767)
- Tangible fixed assets -€5,051
down €5,051 (-14.3%), from €35,440 to €30,389
of which Other tangible fixed assets: -€3,323
- Receivables within one year -€4,496
down €4,496 (-58.1%), from €7,741 to €3,245
of which Trade receivables: -€5,299
- Other debts +€168,712
up €168,712 (+7373.5%), from €2,288 to €171,000
- Profit (loss) carried forward -€99,233
down €99,233 (-77.0%), from €128,822 to €29,589
- Tax, wage and social debts -€17,340
down €17,340 (-91.0%), from €19,062 to €1,722
- Gross operating margin +€3,322
up €3,322 (+3.3%), from €100,579 to €103,901
- Financial charges -€1,956
down €1,956 (-79.0%), from €2,475 to €519
- Depreciation +€1,140
up €1,140 (+11.3%), from €10,081 to €11,221
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 | €155,016 | €206,611 | +€51,596 | +33.3% |
| Fixed assets | 21/28 | €35,440 | €30,389 | -€5,051 | -14.3% |
| Tangible fixed assets | 22/27 | €35,440 | €30,389 | -€5,051 | -14.3% |
| Plant, machinery and equipment | 23 | €2,061 | €879 | -€1,182 | -57.4% |
| Furniture and vehicles | 24 | €20,435 | €19,891 | -€545 | -2.7% |
| Other tangible fixed assets | 26 | €12,943 | €9,620 | -€3,323 | -25.7% |
| Current assets | 29/58 | €119,576 | €176,222 | +€56,646 | +47.4% |
| Amounts receivable within one year | 40/41 | €7,741 | €3,245 | -€4,496 | -58.1% |
| Trade receivables | 40 | €7,741 | €2,442 | -€5,299 | -68.5% |
| Other amounts receivable | 41 | €0 | €803 | +€803 | |
| Cash at bank and in hand | 54/58 | €109,580 | €170,112 | +€60,532 | +55.2% |
| Deferred charges and accrued income | 490/1 | €2,255 | €2,865 | +€610 | +27.0% |
| Total equity and liabilities | 10/49 | €155,016 | €206,611 | +€51,596 | +33.3% |
| Equity | 10/15 | €131,822 | €32,589 | -€99,233 | -75.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,822 | €29,589 | -€99,233 | -77.0% |
| Amounts payable | 17/49 | €23,193 | €174,023 | +€150,829 | +650.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €22,583 | €173,392 | +€150,809 | +667.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,233 | €670 | -€563 | -45.7% |
| Suppliers | 440/4 | €1,233 | €670 | -€563 | -45.7% |
| Taxes, remuneration and social security | 45 | €19,062 | €1,722 | -€17,340 | -91.0% |
| Taxes | 450/3 | €19,062 | €1,722 | -€17,340 | -91.0% |
| Other amounts payable | 47/48 | €2,288 | €171,000 | +€168,712 | +7373.5% |
| Accrued charges and deferred income | 492/3 | €611 | €631 | +€20 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,081 | €11,221 | +€1,140 | +11.3% |
| Other operating charges | 640/8 | €653 | €912 | +€260 | +39.8% |
| Gross operating margin | 9900 | €100,579 | €103,901 | +€3,322 | +3.3% |
| Operating profit (loss) | 9901 | €89,845 | €91,767 | +€1,922 | +2.1% |
| Financial income | 75/76B | €42 | €344 | +€301 | +711.6% |
| Recurring financial income | 75 | €42 | €344 | +€301 | +711.6% |
| Financial charges | 65/66B | €2,475 | €519 | -€1,956 | -79.0% |
| Recurring financial charges | 65 | €2,475 | €519 | -€1,956 | -79.0% |
| Profit (loss) for the period before taxes | 9903 | €87,412 | €91,592 | +€4,180 | +4.8% |
| Income taxes | 67/77 | €19,062 | €19,825 | +€763 | +4.0% |
| Profit (loss) for the period | 9904 | €68,350 | €71,767 | +€3,417 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,350 | €71,767 | +€3,417 | +5.0% |
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 4 October 2026 via checked.be.