Thierens André: 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.
Thierens André
Largest movements
- Current investments -€782,045
down €782,045 (-78.1%), from €1.0m to €219,742
- Reserves -€900,000
down €900,000 (-84.1%), from €1.1m to €170,082
of which Distributable reserves: -€900,000
- Profit (loss) carried forward +€110,940
up €110,940 (+96.6%), from -€114,886 to -€3,946
- Financial income +€111,931
up €111,931 (+4,138%), from €2,705 to €114,636
- Gross operating margin -€18,315
down €18,315, from €18,017 to -€298
- Taxes +€654
up €654 (+176%), from €372 to €1,026
- Other operating charges -€466
down €466 (-20.4%), from €2,289 to €1,823
- Financial charges -€286
down €286 (-36.0%), from €794 to €508
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 | €1,413,481 | €621,962 | -€791,519 | -56.0% |
| Fixed assets | 21/28 | €41 | - | -€41 | |
| Tangible fixed assets | 22/27 | €41 | - | -€41 | |
| Furniture and vehicles | 24 | €41 | - | -€41 | |
| Current assets | 29/58 | €1,413,440 | €621,962 | -€791,478 | -56.0% |
| Amounts receivable within one year | 40/41 | €90,142 | €88,036 | -€2,106 | -2.3% |
| Trade receivables | 40 | €25,561 | €19,144 | -€6,417 | -25.1% |
| Other amounts receivable | 41 | €64,581 | €68,892 | +€4,311 | +6.7% |
| Current investments | 50/53 | €1,001,787 | €219,742 | -€782,045 | -78.1% |
| Cash at bank and in hand | 54/58 | €321,100 | €313,766 | -€7,334 | -2.3% |
| Deferred charges and accrued income | 490/1 | €411 | €418 | +€7 | +1.7% |
| Total equity and liabilities | 10/49 | €1,413,481 | €621,962 | -€791,519 | -56.0% |
| Equity | 10/15 | €1,401,496 | €612,436 | -€789,060 | -56.3% |
| Contributions | 10/11 | €446,300 | €446,300 | = | 0.0% |
| Capital | 10 | €446,300 | €446,300 | = | 0.0% |
| Issued capital | 100 | €446,300 | €446,300 | = | 0.0% |
| Reserves | 13 | €1,070,082 | €170,082 | -€900,000 | -84.1% |
| Non-distributable reserves | 130/1 | €79,740 | €79,740 | = | 0.0% |
| Legal reserve | 130 | €44,630 | €44,630 | = | 0.0% |
| Other | 1319 | €35,110 | €35,110 | = | 0.0% |
| Tax-exempt reserves | 132 | €992 | €992 | = | 0.0% |
| Distributable reserves | 133 | €989,350 | €89,350 | -€900,000 | -91.0% |
| Profit (loss) carried forward | 14 | -€114,886 | -€3,946 | +€110,940 | +96.6% |
| Amounts payable | 17/49 | €11,985 | €9,526 | -€2,459 | -20.5% |
| Amounts payable within one year | 42/48 | €11,985 | €9,526 | -€2,459 | -20.5% |
| Trade debts | 44 | €1,171 | €1,535 | +€364 | +31.1% |
| Suppliers | 440/4 | €1,171 | €1,535 | +€364 | +31.1% |
| Taxes, remuneration and social security | 45 | €6,000 | €3,486 | -€2,514 | -41.9% |
| Taxes | 450/3 | €3,008 | €3,486 | +€478 | +15.9% |
| Remuneration and social security | 454/9 | €2,992 | - | -€2,992 | |
| Other amounts payable | 47/48 | €4,814 | €4,505 | -€309 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304 | €41 | -€263 | -86.5% |
| Other operating charges | 640/8 | €2,289 | €1,823 | -€466 | -20.4% |
| Gross operating margin | 9900 | €18,017 | -€298 | -€18,315 | |
| Operating profit (loss) | 9901 | €15,424 | -€2,162 | -€17,586 | |
| Financial income | 75/76B | €2,705 | €114,636 | +€111,931 | +4,138% |
| Recurring financial income | 75 | €2,705 | €114,636 | +€111,931 | +4,138% |
| Financial charges | 65/66B | €794 | €508 | -€286 | -36.0% |
| Recurring financial charges | 65 | €794 | €508 | -€286 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €17,335 | €111,966 | +€94,631 | +546% |
| Income taxes | 67/77 | €372 | €1,026 | +€654 | +176% |
| Profit (loss) for the period | 9904 | €16,963 | €110,940 | +€93,977 | +554% |
| Profit (loss) for the period to be appropriated | 9905 | €16,963 | €110,940 | +€93,977 | +554% |
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 24 October 2026 via checked.be.