Thierens Concept: 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 Concept
Largest movements
- Tangible fixed assets +€64,484
up €64,484 (+72.2%), from €89,322 to €153,805
of which Furniture and vehicles: +€68,650
- Cash -€44,601
down €44,601 (-31.0%), from €144,051 to €99,450
mainly Investment in fixed assets (net) (-€71,841) and Current investments (-€25,614)
- Current investments +€25,614
up €25,614 (+44.5%), from €57,557 to €83,171
- Receivables within one year -€4,051
down €4,051 (-19.4%), from €20,874 to €16,823
of which Trade receivables: -€2,615
- Reserves +€45,000
up €45,000 (+15.6%), from €288,500 to €333,500
- Gross operating margin +€19,501
up €19,501 (+35.4%), from €55,057 to €74,558
- Depreciation -€14,848
down €14,848 (-66.9%), from €22,205 to €7,357
- Taxes +€10,569
up €10,569 (+95.5%), from €11,065 to €21,634
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 | €312,429 | €355,669 | +€43,240 | +13.8% |
| Fixed assets | 21/28 | €89,322 | €153,805 | +€64,484 | +72.2% |
| Tangible fixed assets | 22/27 | €89,322 | €153,805 | +€64,484 | +72.2% |
| Land and buildings | 22 | €82,016 | €78,053 | -€3,963 | -4.8% |
| Plant, machinery and equipment | 23 | €1,760 | €1,558 | -€203 | -11.5% |
| Furniture and vehicles | 24 | €5,545 | €74,195 | +€68,650 | +1,238% |
| Current assets | 29/58 | €223,108 | €201,864 | -€21,244 | -9.5% |
| Amounts receivable within one year | 40/41 | €20,874 | €16,823 | -€4,051 | -19.4% |
| Trade receivables | 40 | €18,494 | €15,880 | -€2,615 | -14.1% |
| Other amounts receivable | 41 | €2,379 | €943 | -€1,436 | -60.4% |
| Current investments | 50/53 | €57,557 | €83,171 | +€25,614 | +44.5% |
| Cash at bank and in hand | 54/58 | €144,051 | €99,450 | -€44,601 | -31.0% |
| Deferred charges and accrued income | 490/1 | €626 | €2,420 | +€1,794 | +286% |
| Total equity and liabilities | 10/49 | €312,429 | €355,669 | +€43,240 | +13.8% |
| Equity | 10/15 | €306,050 | €351,842 | +€45,791 | +15.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €288,500 | €333,500 | +€45,000 | +15.6% |
| Distributable reserves | 133 | €288,500 | €333,500 | +€45,000 | +15.6% |
| Profit (loss) carried forward | 14 | €5,150 | €5,942 | +€791 | +15.4% |
| Amounts payable | 17/49 | €6,379 | €3,828 | -€2,551 | -40.0% |
| Amounts payable within one year | 42/48 | €6,379 | €3,828 | -€2,551 | -40.0% |
| Trade debts | 44 | €2,769 | €253 | -€2,516 | -90.9% |
| Suppliers | 440/4 | €2,769 | €253 | -€2,516 | -90.9% |
| Taxes, remuneration and social security | 45 | €3,359 | €1,371 | -€1,989 | -59.2% |
| Taxes | 450/3 | €3,359 | €1,371 | -€1,989 | -59.2% |
| Other amounts payable | 47/48 | €251 | €2,205 | +€1,954 | +779% |
| Non-recurring operating income | 76A | - | €9,855 | +€9,855 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,205 | €7,357 | -€14,848 | -66.9% |
| Other operating charges | 640/8 | €684 | €595 | -€90 | -13.1% |
| Gross operating margin | 9900 | €55,057 | €74,558 | +€19,501 | +35.4% |
| Operating profit (loss) | 9901 | €32,167 | €66,606 | +€34,439 | +107% |
| Financial income | 75/76B | €1,483 | €878 | -€605 | -40.8% |
| Recurring financial income | 75 | €1,483 | €878 | -€605 | -40.8% |
| Financial charges | 65/66B | €54 | €59 | +€5 | +8.7% |
| Recurring financial charges | 65 | €54 | €59 | +€5 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €33,596 | €67,425 | +€33,829 | +101% |
| Income taxes | 67/77 | €11,065 | €21,634 | +€10,569 | +95.5% |
| Profit (loss) for the period | 9904 | €22,531 | €45,791 | +€23,261 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €22,531 | €45,791 | +€23,261 | +103% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.