THIERS: what changed
Two fiscal 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.
THIERS
Largest movements
- Stocks and contracts -€1.2m
down €1.2m (-13.6%), from €9.0m to €7.8m
- Cash -€257,261
down €257,261 (-28.5%), from €902,272 to €645,011
mainly Short-term financial debts (-€1.4m) and Net result for the year (-€255,510)
- Short-term financial debts -€1.4m
down €1.4m (-42.9%), from €3.3m to €1.9m
- Other debts +€394,114
up €394,114 (+9.0%), from €4.4m to €4.8m
- Reserves -€255,510
down €255,510 (-21.1%), from €1.2m to €956,494
of which Distributable reserves: -€255,510
- Advances received -€180,000
down €180,000 (-100.0%), from €180,000 to €0
- Purchases and services -€905,833
down €905,833 (-30.2%), from €3.0m to €2.1m
- Turnover -€682,182
down €682,182 (-24.5%), from €2.8m to €2.1m
- Gross operating margin +€201,914
up €201,914 (+478.8%), from €42,171 to €244,085
- Financial charges -€70,291
down €70,291 (-19.5%), from €360,021 to €289,730
of which Financial charges: -€70,291
- Other operating charges +€60,146
up €60,146 (+121.7%), from €49,419 to €109,565
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.
Cash bridge derived
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 | €11,866,245 | €10,205,542 | -€1.7m | -14.0% |
| Fixed assets | 21/28 | €793,279 | €690,968 | -€102,311 | -12.9% |
| Tangible fixed assets | 22/27 | €792,508 | €690,197 | -€102,311 | -12.9% |
| Land and buildings | 22 | €792,508 | €690,197 | -€102,311 | -12.9% |
| Financial fixed assets | 28 | €771 | €771 | = | 0.0% |
| Current assets | 29/58 | €11,072,966 | €9,514,574 | -€1.6m | -14.1% |
| Stocks and contracts in progress | 3 | €9,001,497 | €7,773,349 | -€1.2m | -13.6% |
| Stocks | 30/36 | €9,001,497 | €7,773,349 | -€1.2m | -13.6% |
| Amounts receivable within one year | 40/41 | €1,163,732 | €1,088,096 | -€75,636 | -6.5% |
| Trade receivables | 40 | €976,855 | €906,724 | -€70,131 | -7.2% |
| Other amounts receivable | 41 | €186,877 | €181,372 | -€5,505 | -2.9% |
| Cash at bank and in hand | 54/58 | €902,272 | €645,011 | -€257,261 | -28.5% |
| Deferred charges and accrued income | 490/1 | €5,465 | €8,118 | +€2,653 | +48.5% |
| Total equity and liabilities | 10/49 | €11,866,245 | €10,205,542 | -€1.7m | -14.0% |
| Equity | 10/15 | €1,732,004 | €1,476,494 | -€255,510 | -14.8% |
| Contributions | 10/11 | €520,000 | €520,000 | = | 0.0% |
| Capital | 10 | €520,000 | €520,000 | = | 0.0% |
| Issued capital | 100 | €520,000 | €520,000 | = | 0.0% |
| Reserves | 13 | €1,212,004 | €956,494 | -€255,510 | -21.1% |
| Non-distributable reserves | 130/1 | €52,000 | €52,000 | = | 0.0% |
| Legal reserve | 130 | €52,000 | €52,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,016 | €4,016 | = | 0.0% |
| Distributable reserves | 133 | €1,155,988 | €900,478 | -€255,510 | -22.1% |
| Amounts payable | 17/49 | €10,134,241 | €8,729,048 | -€1.4m | -13.9% |
| Amounts payable after more than one year | 17 | €1,750,000 | €1,750,000 | = | 0.0% |
| Financial debts | 170/4 | €1,750,000 | €1,750,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,117,393 | €6,818,668 | -€1.3m | -16.0% |
| Financial debts | 43 | €3,251,384 | €1,857,233 | -€1.4m | -42.9% |
| Credit institutions | 430/8 | €3,251,384 | €1,857,233 | -€1.4m | -42.9% |
| Trade debts | 44 | €297,198 | €194,331 | -€102,867 | -34.6% |
| Suppliers | 440/4 | €297,198 | €194,331 | -€102,867 | -34.6% |
| Advances received on contracts in progress | 46 | €180,000 | €0 | -€180,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €22,904 | €7,083 | -€15,821 | -69.1% |
| Taxes | 450/3 | €22,904 | €7,083 | -€15,821 | -69.1% |
| Other amounts payable | 47/48 | €4,365,907 | €4,760,021 | +€394,114 | +9.0% |
| Accrued charges and deferred income | 492/3 | €266,847 | €160,381 | -€106,466 | -39.9% |
| Turnover | 70 | €2,787,161 | €2,104,979 | -€682,182 | -24.5% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €2,998,412 | €2,092,579 | -€905,833 | -30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,311 | €102,311 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,429 | €0 | -€6,429 | -100.0% |
| Other operating charges | 640/8 | €49,419 | €109,565 | +€60,146 | +121.7% |
| Non-recurring operating charges | 66A | - | €1,310 | +€1,310 | |
| Gross operating margin | 9900 | €42,171 | €244,085 | +€201,914 | +478.8% |
| Operating profit (loss) | 9901 | -€115,988 | €30,899 | +€146,887 | |
| Financial income | 75/76B | €62,421 | €3,320 | -€59,100 | -94.7% |
| Recurring financial income | 75 | €654 | €3,320 | +€2,666 | +407.6% |
| Non-recurring financial income | 76B | €61,767 | €0 | -€61,767 | -100.0% |
| Financial charges | 65/66B | €360,021 | €289,730 | -€70,291 | -19.5% |
| Recurring financial charges | 65 | €360,021 | €289,730 | -€70,291 | -19.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€413,589 | -€255,510 | +€158,078 | +38.2% |
| Income taxes | 67/77 | €159 | €0 | -€159 | -100.0% |
| Profit (loss) for the period | 9904 | -€413,747 | -€255,510 | +€158,237 | +38.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€413,747 | -€255,510 | +€158,237 | +38.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.