THIFO: 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.
THIFO
Largest movements
- Receivables within one year -€40,638
down €40,638 (-30.9%), from €131,628 to €90,990
- Other debts -€35,143
down €35,143 (-2.2%), from €1.6m to €1.6m
- Financial income -€323,700
down €323,700 (-51.6%), from €627,000 to €303,300
- Taxes -€56,472
no longer reported in 2025 (was €56,472)
- Gross operating margin +€2,290
up €2,290 (+50.3%), from -€4,555 to -€2,265
- Other operating charges -€73
down €73 (-6.1%), from €1,199 to €1,126
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 | €2,685,588 | €2,650,569 | -€35,018 | -1.3% |
| Fixed assets | 21/28 | €2,550,000 | €2,550,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,550,000 | €2,550,000 | = | 0.0% |
| Current assets | 29/58 | €135,588 | €100,569 | -€35,018 | -25.8% |
| Amounts receivable within one year | 40/41 | €131,628 | €90,990 | -€40,638 | -30.9% |
| Other amounts receivable | 41 | €131,628 | €90,990 | -€40,638 | -30.9% |
| Cash at bank and in hand | 54/58 | €3,769 | €9,214 | +€5,445 | +144.5% |
| Deferred charges and accrued income | 490/1 | €191 | €365 | +€175 | +91.5% |
| Total equity and liabilities | 10/49 | €2,685,588 | €2,650,569 | -€35,018 | -1.3% |
| Equity | 10/15 | €1,073,661 | €1,073,661 | = | 0.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €773,661 | €773,661 | = | 0.0% |
| Distributable reserves | 133 | €773,661 | €773,661 | = | 0.0% |
| Amounts payable | 17/49 | €1,611,927 | €1,576,909 | -€35,018 | -2.2% |
| Amounts payable within one year | 42/48 | €1,611,850 | €1,576,830 | -€35,020 | -2.2% |
| Trade debts | 44 | €850 | €973 | +€123 | +14.5% |
| Suppliers | 440/4 | €850 | €973 | +€123 | +14.5% |
| Other amounts payable | 47/48 | €1,611,000 | €1,575,857 | -€35,143 | -2.2% |
| Accrued charges and deferred income | 492/3 | €77 | €78 | +€1 | +1.7% |
| Other operating charges | 640/8 | €1,199 | €1,126 | -€73 | -6.1% |
| Gross operating margin | 9900 | -€4,555 | -€2,265 | +€2,290 | +50.3% |
| Operating profit (loss) | 9901 | -€5,754 | -€3,392 | +€2,363 | +41.1% |
| Financial income | 75/76B | €627,000 | €303,300 | -€323,700 | -51.6% |
| Recurring financial income | 75 | €627,000 | €303,300 | -€323,700 | -51.6% |
| Financial charges | 65/66B | €51 | €51 | = | 0.0% |
| Recurring financial charges | 65 | €51 | €51 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €621,195 | €299,857 | -€321,337 | -51.7% |
| Income taxes | 67/77 | €56,472 | - | -€56,472 | |
| Profit (loss) for the period | 9904 | €564,723 | €299,857 | -€264,865 | -46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €564,723 | €299,857 | -€264,865 | -46.9% |
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 1 October 2026 via checked.be.