THIERRY THENAERS: 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.
THIERRY THENAERS
Largest movements
- Receivables within one year +€28,378
up €28,378 (+11.3%), from €250,847 to €279,225
of which Other amounts receivable: +€31,102
- Financial fixed assets -€15,748
down €15,748 (-45.4%), from €34,657 to €18,909
- Cash +€8,958
up €8,958 (+3,752%), from €239 to €9,197
mainly Other debts (+€18,453) and Investment in fixed assets (net) (+€15,459)
- Tangible fixed assets -€6,010
down €6,010 (-61.0%), from €9,854 to €3,844
of which Furniture and vehicles: -€6,258
- Trade debts -€23,794
down €23,794 (-35.6%), from €66,828 to €43,034
- Other debts +€18,453
new in 2025: €18,453
- Profit (loss) carried forward +€11,787
up €11,787 (+3.5%), from €334,813 to €346,599
- Tax, wage and social debts +€9,707
up €9,707 (+14.0%), from €69,270 to €78,977
- Gross operating margin +€18,794
up €18,794, from -€2,134 to €16,660
- Taxes +€3,821
up €3,821 (+103%), from €3,706 to €7,526
- Depreciation +€2,485
up €2,485 (+65.2%), from €3,813 to €6,298
- Financial charges -€1,584
down €1,584 (-43.8%), from €3,621 to €2,037
- Financial income -€1,560
down €1,560 (-10.8%), from €14,486 to €12,926
of which Non-recurring financial income: -€2,394
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 | €480,597 | €498,522 | +€17,925 | +3.7% |
| Fixed assets | 21/28 | €44,511 | €22,753 | -€21,758 | -48.9% |
| Tangible fixed assets | 22/27 | €9,854 | €3,844 | -€6,010 | -61.0% |
| Plant, machinery and equipment | 23 | €38 | €286 | +€248 | +654% |
| Furniture and vehicles | 24 | €9,816 | €3,558 | -€6,258 | -63.7% |
| Financial fixed assets | 28 | €34,657 | €18,909 | -€15,748 | -45.4% |
| Current assets | 29/58 | €436,086 | €475,769 | +€39,683 | +9.1% |
| Amounts receivable after more than one year | 29 | €185,000 | €185,000 | = | 0.0% |
| Other amounts receivable | 291 | €185,000 | €185,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €250,847 | €279,225 | +€28,378 | +11.3% |
| Trade receivables | 40 | €17,635 | €14,911 | -€2,724 | -15.4% |
| Other amounts receivable | 41 | €233,212 | €264,314 | +€31,102 | +13.3% |
| Cash at bank and in hand | 54/58 | €239 | €9,197 | +€8,958 | +3,752% |
| Deferred charges and accrued income | 490/1 | €0 | €2,346 | +€2,346 | |
| Total equity and liabilities | 10/49 | €480,597 | €498,522 | +€17,925 | +3.7% |
| Equity | 10/15 | €343,165 | €354,951 | +€11,787 | +3.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,152 | €2,152 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €292 | €292 | = | 0.0% |
| Profit (loss) carried forward | 14 | €334,813 | €346,599 | +€11,787 | +3.5% |
| Amounts payable | 17/49 | €137,432 | €143,571 | +€6,139 | +4.5% |
| Amounts payable within one year | 42/48 | €136,098 | €140,464 | +€4,366 | +3.2% |
| Trade debts | 44 | €66,828 | €43,034 | -€23,794 | -35.6% |
| Suppliers | 440/4 | €66,828 | €43,034 | -€23,794 | -35.6% |
| Taxes, remuneration and social security | 45 | €69,270 | €78,977 | +€9,707 | +14.0% |
| Taxes | 450/3 | €69,270 | €78,977 | +€9,707 | +14.0% |
| Other amounts payable | 47/48 | - | €18,453 | +€18,453 | |
| Accrued charges and deferred income | 492/3 | €1,334 | €3,106 | +€1,773 | +133% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,813 | €6,298 | +€2,485 | +65.2% |
| Other operating charges | 640/8 | €2,214 | €1,937 | -€276 | -12.5% |
| Gross operating margin | 9900 | -€2,134 | €16,660 | +€18,794 | |
| Operating profit (loss) | 9901 | -€8,161 | €8,424 | +€16,585 | |
| Financial income | 75/76B | €14,486 | €12,926 | -€1,560 | -10.8% |
| Recurring financial income | 75 | €12,091 | €12,926 | +€834 | +6.9% |
| Non-recurring financial income | 76B | €2,394 | - | -€2,394 | |
| Financial charges | 65/66B | €3,621 | €2,037 | -€1,584 | -43.8% |
| Recurring financial charges | 65 | €3,621 | €2,037 | -€1,584 | -43.8% |
| Profit (loss) for the period before taxes | 9903 | €2,703 | €19,313 | +€16,610 | +614% |
| Income taxes | 67/77 | €3,706 | €7,526 | +€3,821 | +103% |
| Profit (loss) for the period | 9904 | -€1,002 | €11,787 | +€12,789 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,002 | €11,787 | +€12,789 |
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 28 October 2026 via checked.be.