THENABLE: 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.
THENABLE
Largest movements
- Receivables within one year +€50,797
up €50,797 (+46.7%), from €108,722 to €159,519
of which Trade receivables: +€52,370
- Current investments -€40,801
down €40,801 (-100.0%), from €40,801 to €0
- Tangible fixed assets -€36,234
down €36,234 (-6.1%), from €597,309 to €561,075
of which Land and buildings: -€23,863
- Cash +€21,923
up €21,923 (+95.2%), from €23,037 to €44,960
mainly Depreciation (+€43,032) and Current investments (+€40,801)
- Debts after one year -€37,406
down €37,406 (-6.8%), from €552,459 to €515,053
- Other debts +€34,378
new in 2025: €34,378
- Profit (loss) carried forward -€28,785
down €28,785 (-22.9%), from €125,616 to €96,831
- Trade debts +€20,863
up €20,863 (+99.1%), from €21,047 to €41,910
- Write-downs -€19,067
down €19,067 (-100.0%), from €19,067 to €0
- Gross operating margin -€12,675
down €12,675 (-6.7%), from €190,187 to €177,512
- Depreciation +€4,453
up €4,453 (+11.5%), from €38,579 to €43,032
- Other operating charges -€2,201
down €2,201 (-27.4%), from €8,019 to €5,819
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 | €811,146 | €803,475 | -€7,671 | -0.9% |
| Fixed assets | 21/28 | €612,310 | €578,576 | -€33,734 | -5.5% |
| Tangible fixed assets | 22/27 | €597,309 | €561,075 | -€36,234 | -6.1% |
| Land and buildings | 22 | €504,278 | €480,415 | -€23,863 | -4.7% |
| Plant, machinery and equipment | 23 | €1,254 | €940 | -€313 | -25.0% |
| Furniture and vehicles | 24 | €87,128 | €76,097 | -€11,030 | -12.7% |
| Other tangible fixed assets | 26 | €4,649 | €3,623 | -€1,027 | -22.1% |
| Financial fixed assets | 28 | €15,001 | €17,501 | +€2,500 | +16.7% |
| Current assets | 29/58 | €198,836 | €224,899 | +€26,063 | +13.1% |
| Amounts receivable within one year | 40/41 | €108,722 | €159,519 | +€50,797 | +46.7% |
| Trade receivables | 40 | €82,671 | €135,040 | +€52,370 | +63.3% |
| Other amounts receivable | 41 | €26,051 | €24,478 | -€1,573 | -6.0% |
| Current investments | 50/53 | €40,801 | €0 | -€40,801 | -100.0% |
| Cash at bank and in hand | 54/58 | €23,037 | €44,960 | +€21,923 | +95.2% |
| Deferred charges and accrued income | 490/1 | €26,277 | €20,421 | -€5,856 | -22.3% |
| Total equity and liabilities | 10/49 | €811,146 | €803,475 | -€7,671 | -0.9% |
| Equity | 10/15 | €147,616 | €118,831 | -€28,785 | -19.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,616 | €96,831 | -€28,785 | -22.9% |
| Amounts payable | 17/49 | €663,530 | €684,644 | +€21,114 | +3.2% |
| Amounts payable after more than one year | 17 | €552,459 | €515,053 | -€37,406 | -6.8% |
| Financial debts | 170/4 | €552,459 | €515,053 | -€37,406 | -6.8% |
| Amounts payable within one year | 42/48 | €111,071 | €169,591 | +€58,520 | +52.7% |
| Current portion of amounts payable after more than one year | 42 | €36,407 | €37,406 | +€999 | +2.7% |
| Financial debts | 43 | €10,747 | €11,865 | +€1,118 | +10.4% |
| Credit institutions | 430/8 | €10,747 | €11,865 | +€1,118 | +10.4% |
| Trade debts | 44 | €21,047 | €41,910 | +€20,863 | +99.1% |
| Suppliers | 440/4 | €21,047 | €41,910 | +€20,863 | +99.1% |
| Taxes, remuneration and social security | 45 | €42,870 | €44,033 | +€1,163 | +2.7% |
| Taxes | 450/3 | €25,786 | €29,420 | +€3,633 | +14.1% |
| Remuneration and social security | 454/9 | €17,083 | €14,613 | -€2,471 | -14.5% |
| Other amounts payable | 47/48 | - | €34,378 | +€34,378 | |
| Non-recurring operating income | 76A | €55 | €0 | -€55 | -100.0% |
| Remuneration, social security and pensions | 62 | €141,618 | €139,872 | -€1,746 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,579 | €43,032 | +€4,453 | +11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,067 | €0 | -€19,067 | -100.0% |
| Other operating charges | 640/8 | €8,019 | €5,819 | -€2,201 | -27.4% |
| Non-recurring operating charges | 66A | €7,069 | €0 | -€7,069 | -100.0% |
| Gross operating margin | 9900 | €190,187 | €177,512 | -€12,675 | -6.7% |
| Operating profit (loss) | 9901 | -€24,165 | -€11,210 | +€12,955 | +53.6% |
| Financial income | 75/76B | €917 | €177 | -€741 | -80.7% |
| Recurring financial income | 75 | €917 | €177 | -€741 | -80.7% |
| Financial charges | 65/66B | €18,469 | €17,131 | -€1,338 | -7.2% |
| Recurring financial charges | 65 | €18,469 | €17,131 | -€1,338 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | -€41,718 | -€28,165 | +€13,553 | +32.5% |
| Income taxes | 67/77 | €850 | €620 | -€230 | -27.0% |
| Profit (loss) for the period | 9904 | -€42,568 | -€28,785 | +€13,783 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,568 | -€28,785 | +€13,783 | +32.4% |
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 10 October 2026 via checked.be.