THIESSEN PAUL: 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.
THIESSEN PAUL
Largest movements
- Tangible fixed assets -€63,502
down €63,502 (-14.6%), from €434,526 to €371,024
of which Land and buildings: -€39,942
- Receivables within one year +€10,229
up €10,229 (+52.2%), from €19,589 to €29,818
- Stocks and contracts -€8,573
down €8,573 (-40.0%), from €21,432 to €12,859
- Debts after one year -€58,007
down €58,007 (-28.1%), from €206,119 to €148,112
- Tax, wage and social debts -€22,256
down €22,256 (-88.2%), from €25,234 to €2,978
of which Remuneration and social security: -€14,615
- Other debts +€18,690
up €18,690 (+1,865%), from €1,002 to €19,692
- Current portion of long-term debt -€15,877
down €15,877 (-21.5%), from €73,907 to €58,030
- Short-term financial debts +€10,228
up €10,228 (+26.0%), from €39,310 to €49,538
- Staff costs -€100,091
down €100,091, from €99,047 to -€1,044
- Gross operating margin -€95,956
down €95,956 (-53.6%), from €179,108 to €83,152
- Financial charges +€3,365
up €3,365 (+31.1%), from €10,808 to €14,173
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 | €805,425 | €737,677 | -€67,748 | -8.4% |
| Fixed assets | 21/28 | €446,842 | €383,340 | -€63,502 | -14.2% |
| Tangible fixed assets | 22/27 | €434,526 | €371,024 | -€63,502 | -14.6% |
| Land and buildings | 22 | €308,906 | €268,964 | -€39,942 | -12.9% |
| Plant, machinery and equipment | 23 | €16,323 | €11,723 | -€4,601 | -28.2% |
| Furniture and vehicles | 24 | €81,007 | €62,337 | -€18,670 | -23.0% |
| Other tangible fixed assets | 26 | €28,289 | €28,000 | -€289 | -1.0% |
| Financial fixed assets | 28 | €12,316 | €12,316 | = | 0.0% |
| Current assets | 29/58 | €358,583 | €354,337 | -€4,246 | -1.2% |
| Amounts receivable after more than one year | 29 | €193,036 | €193,036 | = | 0.0% |
| Other amounts receivable | 291 | €193,036 | €193,036 | = | 0.0% |
| Stocks and contracts in progress | 3 | €21,432 | €12,859 | -€8,573 | -40.0% |
| Stocks | 30/36 | €21,432 | €12,859 | -€8,573 | -40.0% |
| Amounts receivable within one year | 40/41 | €19,589 | €29,818 | +€10,229 | +52.2% |
| Trade receivables | 40 | €19,589 | €29,818 | +€10,229 | +52.2% |
| Current investments | 50/53 | €90,313 | €90,313 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,863 | €25,143 | -€3,719 | -12.9% |
| Deferred charges and accrued income | 490/1 | €5,350 | €3,167 | -€2,183 | -40.8% |
| Total equity and liabilities | 10/49 | €805,425 | €737,677 | -€67,748 | -8.4% |
| Equity | 10/15 | €412,867 | €415,116 | +€2,249 | +0.5% |
| Contributions | 10/11 | €21,763 | €21,763 | = | 0.0% |
| Reserves | 13 | €391,104 | €393,353 | +€2,249 | +0.6% |
| Distributable reserves | 133 | €391,104 | €393,353 | +€2,249 | +0.6% |
| Amounts payable | 17/49 | €392,559 | €322,562 | -€69,997 | -17.8% |
| Amounts payable after more than one year | 17 | €206,119 | €148,112 | -€58,007 | -28.1% |
| Financial debts | 170/4 | €206,119 | €148,112 | -€58,007 | -28.1% |
| Amounts payable within one year | 42/48 | €186,440 | €174,450 | -€11,990 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €73,907 | €58,030 | -€15,877 | -21.5% |
| Financial debts | 43 | €39,310 | €49,538 | +€10,228 | +26.0% |
| Credit institutions | 430/8 | €39,310 | €49,538 | +€10,228 | +26.0% |
| Trade debts | 44 | €46,986 | €44,212 | -€2,775 | -5.9% |
| Suppliers | 440/4 | €46,986 | €44,212 | -€2,775 | -5.9% |
| Taxes, remuneration and social security | 45 | €25,234 | €2,978 | -€22,256 | -88.2% |
| Taxes | 450/3 | €9,119 | €1,478 | -€7,641 | -83.8% |
| Remuneration and social security | 454/9 | €16,115 | €1,500 | -€14,615 | -90.7% |
| Other amounts payable | 47/48 | €1,002 | €19,692 | +€18,690 | +1,865% |
| Remuneration, social security and pensions | 62 | €99,047 | -€1,044 | -€100,091 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,816 | €63,502 | -€314 | -0.5% |
| Other operating charges | 640/8 | €3,936 | €2,805 | -€1,131 | -28.7% |
| Gross operating margin | 9900 | €179,108 | €83,152 | -€95,956 | -53.6% |
| Operating profit (loss) | 9901 | €12,309 | €17,889 | +€5,581 | +45.3% |
| Financial income | 75/76B | €1 | €10 | +€8 | +585% |
| Recurring financial income | 75 | €1 | €10 | +€8 | +585% |
| Financial charges | 65/66B | €10,808 | €14,173 | +€3,365 | +31.1% |
| Recurring financial charges | 65 | €10,808 | €14,173 | +€3,365 | +31.1% |
| Profit (loss) for the period before taxes | 9903 | €1,502 | €3,727 | +€2,224 | +148% |
| Income taxes | 67/77 | €557 | €1,478 | +€921 | +166% |
| Profit (loss) for the period | 9904 | €946 | €2,249 | +€1,303 | +138% |
| Profit (loss) for the period to be appropriated | 9905 | €946 | €2,249 | +€1,303 | +138% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.