THIELEMANS & GO: 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.
THIELEMANS & GO
Largest movements
- Intangible fixed assets -€150,000
down €150,000 (-66.8%), from €224,384 to €74,384
- Cash +€72,460
up €72,460 (+43.8%), from €165,363 to €237,823
mainly Depreciation (+€180,272) and Net result for the year (+€22,277)
- Deferred charges and accrued income +€29,202
up €29,202 (+273%), from €10,679 to €39,881
- Receivables within one year +€19,973
up €19,973 (+128%), from €15,630 to €35,603
of which Trade receivables: +€10,418
- Stocks and contracts +€11,051
up €11,051 (+4.1%), from €271,258 to €282,309
- Trade debts -€61,743
down €61,743 (-12.8%), from €483,527 to €421,784
- Debts after one year -€26,640
down €26,640 (-57.6%), from €46,278 to €19,637
- Profit (loss) carried forward +€22,277
up €22,277, from -€16,753 to €5,524
- Tax, wage and social debts +€20,602
up €20,602 (+45.7%), from €45,077 to €65,678
of which Taxes: +€19,453
- Accrued charges and deferred income +€18,698
new in 2025: €18,698
- Gross operating margin +€50,603
up €50,603 (+6.9%), from €732,128 to €782,731
- Staff costs -€47,363
down €47,363 (-8.2%), from €574,648 to €527,286
- Other operating charges -€20,887
down €20,887 (-61.9%), from €33,727 to €12,840
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 | €761,256 | €735,012 | -€26,244 | -3.4% |
| Fixed assets | 21/28 | €298,326 | €139,395 | -€158,931 | -53.3% |
| Intangible fixed assets | 21 | €224,384 | €74,384 | -€150,000 | -66.8% |
| Tangible fixed assets | 22/27 | €73,943 | €65,011 | -€8,931 | -12.1% |
| Plant, machinery and equipment | 23 | €16,920 | €20,108 | +€3,188 | +18.8% |
| Furniture and vehicles | 24 | €0 | €2,217 | +€2,217 | |
| Leasing and similar rights | 25 | €17,854 | €11,902 | -€5,951 | -33.3% |
| Other tangible fixed assets | 26 | €39,169 | €30,784 | -€8,385 | -21.4% |
| Current assets | 29/58 | €462,930 | €595,617 | +€132,687 | +28.7% |
| Stocks and contracts in progress | 3 | €271,258 | €282,309 | +€11,051 | +4.1% |
| Stocks | 30/36 | €271,258 | €282,309 | +€11,051 | +4.1% |
| Amounts receivable within one year | 40/41 | €15,630 | €35,603 | +€19,973 | +128% |
| Trade receivables | 40 | €4,283 | €14,701 | +€10,418 | +243% |
| Other amounts receivable | 41 | €11,347 | €20,902 | +€9,555 | +84.2% |
| Cash at bank and in hand | 54/58 | €165,363 | €237,823 | +€72,460 | +43.8% |
| Deferred charges and accrued income | 490/1 | €10,679 | €39,881 | +€29,202 | +273% |
| Total equity and liabilities | 10/49 | €761,256 | €735,012 | -€26,244 | -3.4% |
| Equity | 10/15 | €133,247 | €155,524 | +€22,277 | +16.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,753 | €5,524 | +€22,277 | |
| Amounts payable | 17/49 | €628,009 | €579,488 | -€48,521 | -7.7% |
| Amounts payable after more than one year | 17 | €46,278 | €19,637 | -€26,640 | -57.6% |
| Financial debts | 170/4 | €46,278 | €19,637 | -€26,640 | -57.6% |
| Amounts payable within one year | 42/48 | €581,731 | €541,152 | -€40,579 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €25,451 | €26,640 | +€1,189 | +4.7% |
| Financial debts | 43 | €26,240 | €26,240 | = | 0.0% |
| Credit institutions | 430/8 | €26,240 | €26,240 | = | 0.0% |
| Trade debts | 44 | €483,527 | €421,784 | -€61,743 | -12.8% |
| Suppliers | 440/4 | €483,527 | €421,784 | -€61,743 | -12.8% |
| Taxes, remuneration and social security | 45 | €45,077 | €65,678 | +€20,602 | +45.7% |
| Taxes | 450/3 | €4,359 | €23,812 | +€19,453 | +446% |
| Remuneration and social security | 454/9 | €40,717 | €41,866 | +€1,149 | +2.8% |
| Other amounts payable | 47/48 | €1,437 | €810 | -€627 | -43.6% |
| Accrued charges and deferred income | 492/3 | - | €18,698 | +€18,698 | |
| Remuneration, social security and pensions | 62 | €574,648 | €527,286 | -€47,363 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,043 | €180,272 | +€1,229 | +0.7% |
| Other operating charges | 640/8 | €33,727 | €12,840 | -€20,887 | -61.9% |
| Gross operating margin | 9900 | €732,128 | €782,731 | +€50,603 | +6.9% |
| Operating profit (loss) | 9901 | -€55,291 | €62,334 | +€117,625 | |
| Financial income | 75/76B | €119 | €1,416 | +€1,297 | +1,091% |
| Recurring financial income | 75 | €119 | €1,416 | +€1,297 | +1,091% |
| Financial charges | 65/66B | €42,001 | €41,472 | -€529 | -1.3% |
| Recurring financial charges | 65 | €42,001 | €41,472 | -€529 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | -€97,173 | €22,277 | +€119,451 | |
| Income taxes | 67/77 | -€677 | €0 | +€677 | |
| Profit (loss) for the period | 9904 | -€96,496 | €22,277 | +€118,773 | |
| Profit (loss) for the period to be appropriated | 9905 | -€96,496 | €22,277 | +€118,773 |
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 26 October 2026 via checked.be.