THIENPONDT: 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.
THIENPONDT
Largest movements
- Receivables within one year -€51,800
down €51,800 (-38.0%), from €136,305 to €84,505
of which Trade receivables: -€111,850
- Tangible fixed assets -€29,291
down €29,291 (-10.4%), from €281,929 to €252,638
of which Land and buildings: -€27,775
- Cash +€22,555
up €22,555 (+8.5%), from €265,747 to €288,302
mainly Other debts (+€399,550) and Net result for the year (+€115,369)
- Current investments +€13,558
up €13,558 (+2.4%), from €560,850 to €574,408
- Reserves -€445,282
down €445,282 (-58.5%), from €761,719 to €316,437
of which Distributable reserves: -€445,282
- Other debts +€399,550
up €399,550 (+313%), from €127,456 to €527,006
- Tax, wage and social debts +€28,501
up €28,501 (+279%), from €10,223 to €38,724
- Debts after one year -€21,309
down €21,309 (-56.8%), from €37,534 to €16,225
- Financial income +€40,093
up €40,093 (+344%), from €11,662 to €51,755
- Taxes +€14,528
up €14,528 (+51.5%), from €28,208 to €42,736
- Gross operating margin +€3,596
up €3,596 (+2.5%), from €144,164 to €147,760
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 | €1,247,260 | €1,204,172 | -€43,088 | -3.5% |
| Fixed assets | 21/28 | €281,929 | €252,638 | -€29,291 | -10.4% |
| Tangible fixed assets | 22/27 | €281,929 | €252,638 | -€29,291 | -10.4% |
| Land and buildings | 22 | €280,413 | €252,638 | -€27,775 | -9.9% |
| Furniture and vehicles | 24 | €1,516 | €0 | -€1,516 | -100% |
| Current assets | 29/58 | €965,331 | €951,533 | -€13,797 | -1.4% |
| Amounts receivable within one year | 40/41 | €136,305 | €84,505 | -€51,800 | -38.0% |
| Trade receivables | 40 | €130,493 | €18,643 | -€111,850 | -85.7% |
| Other amounts receivable | 41 | €5,813 | €65,862 | +€60,050 | +1,033% |
| Current investments | 50/53 | €560,850 | €574,408 | +€13,558 | +2.4% |
| Cash at bank and in hand | 54/58 | €265,747 | €288,302 | +€22,555 | +8.5% |
| Deferred charges and accrued income | 490/1 | €2,428 | €4,318 | +€1,890 | +77.8% |
| Total equity and liabilities | 10/49 | €1,247,260 | €1,204,172 | -€43,088 | -3.5% |
| Equity | 10/15 | €1,038,911 | €593,629 | -€445,282 | -42.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €761,719 | €316,437 | -€445,282 | -58.5% |
| Non-distributable reserves | 130/1 | €38,500 | €38,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €38,500 | €38,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €704,469 | €259,187 | -€445,282 | -63.2% |
| Profit (loss) carried forward | 14 | €252,192 | €252,192 | +€0 | 0.0% |
| Amounts payable | 17/49 | €208,349 | €610,542 | +€402,193 | +193% |
| Amounts payable after more than one year | 17 | €37,534 | €16,225 | -€21,309 | -56.8% |
| Financial debts | 170/4 | €37,534 | €16,225 | -€21,309 | -56.8% |
| Amounts payable within one year | 42/48 | €170,815 | €587,670 | +€416,855 | +244% |
| Current portion of amounts payable after more than one year | 42 | €33,023 | €21,309 | -€11,714 | -35.5% |
| Trade debts | 44 | €113 | €631 | +€518 | +460% |
| Suppliers | 440/4 | €113 | €631 | +€518 | +460% |
| Taxes, remuneration and social security | 45 | €10,223 | €38,724 | +€28,501 | +279% |
| Taxes | 450/3 | €10,223 | €38,724 | +€28,501 | +279% |
| Other amounts payable | 47/48 | €127,456 | €527,006 | +€399,550 | +313% |
| Accrued charges and deferred income | 492/3 | - | €6,647 | +€6,647 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,189 | €32,186 | -€3 | 0.0% |
| Other operating charges | 640/8 | €6,108 | €7,075 | +€967 | +15.8% |
| Gross operating margin | 9900 | €144,164 | €147,760 | +€3,596 | +2.5% |
| Operating profit (loss) | 9901 | €105,867 | €108,499 | +€2,632 | +2.5% |
| Financial income | 75/76B | €11,662 | €51,755 | +€40,093 | +344% |
| Recurring financial income | 75 | €11,662 | €51,755 | +€40,093 | +344% |
| Financial charges | 65/66B | €2,899 | €2,149 | -€751 | -25.9% |
| Recurring financial charges | 65 | €2,899 | €2,149 | -€751 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €114,629 | €158,106 | +€43,477 | +37.9% |
| Income taxes | 67/77 | €28,208 | €42,736 | +€14,528 | +51.5% |
| Profit (loss) for the period | 9904 | €86,421 | €115,369 | +€28,948 | +33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €86,421 | €115,369 | +€28,948 | +33.5% |
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 20 October 2026 via checked.be.