Thijo: 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.
Thijo
Largest movements
- Tangible fixed assets +€76,687
up €76,687 (+5.6%), from €1.4m to €1.4m
of which Land and buildings: +€50,011
- Cash -€39,140
down €39,140 (-32.1%), from €122,009 to €82,869
mainly Investment in fixed assets (net) (-€107,108) and Debts after one year (-€61,982)
- Debts after one year -€61,982
down €61,982 (-15.6%), from €397,059 to €335,077
of which Financial debts: -€61,424
- Profit (loss) carried forward +€58,739
up €58,739 (+87.1%), from -€67,438 to -€8,699
- Trade debts +€38,603
new in 2025: €38,603
- Gross operating margin -€12,583
down €12,583 (-9.4%), from €133,913 to €121,330
- Depreciation +€4,573
up €4,573 (+17.7%), from €25,848 to €30,421
- Financial charges -€2,718
down €2,718 (-11.7%), from €23,151 to €20,433
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 | €1,555,037 | €1,595,050 | +€40,013 | +2.6% |
| Fixed assets | 21/28 | €1,370,877 | €1,447,564 | +€76,687 | +5.6% |
| Tangible fixed assets | 22/27 | €1,369,377 | €1,446,064 | +€76,687 | +5.6% |
| Land and buildings | 22 | €1,346,855 | €1,396,866 | +€50,011 | +3.7% |
| Plant, machinery and equipment | 23 | - | €555 | +€555 | |
| Other tangible fixed assets | 26 | €22,523 | €48,643 | +€26,120 | +116.0% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €184,160 | €147,486 | -€36,674 | -19.9% |
| Amounts receivable after more than one year | 29 | €60,144 | €62,549 | +€2,406 | +4.0% |
| Other amounts receivable | 291 | €60,144 | €62,549 | +€2,406 | +4.0% |
| Cash at bank and in hand | 54/58 | €122,009 | €82,869 | -€39,140 | -32.1% |
| Deferred charges and accrued income | 490/1 | €2,008 | €2,069 | +€61 | +3.0% |
| Total equity and liabilities | 10/49 | €1,555,037 | €1,595,050 | +€40,013 | +2.6% |
| Equity | 10/15 | €382,996 | €441,735 | +€58,739 | +15.3% |
| Contributions | 10/11 | €438,592 | €438,592 | = | 0.0% |
| Reserves | 13 | €11,842 | €11,842 | = | 0.0% |
| Distributable reserves | 133 | €11,842 | €11,842 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,438 | -€8,699 | +€58,739 | +87.1% |
| Amounts payable | 17/49 | €1,172,041 | €1,153,315 | -€18,726 | -1.6% |
| Amounts payable after more than one year | 17 | €397,059 | €335,077 | -€61,982 | -15.6% |
| Financial debts | 170/4 | €378,418 | €316,994 | -€61,424 | -16.2% |
| Other amounts payable | 178/9 | €18,641 | €18,083 | -€558 | -3.0% |
| Amounts payable within one year | 42/48 | €774,982 | €818,238 | +€43,256 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €58,481 | €61,424 | +€2,944 | +5.0% |
| Trade debts | 44 | - | €38,603 | +€38,603 | |
| Suppliers | 440/4 | - | €38,603 | +€38,603 | |
| Other amounts payable | 47/48 | €716,502 | €718,211 | +€1,709 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,848 | €30,421 | +€4,573 | +17.7% |
| Other operating charges | 640/8 | €13,457 | €14,142 | +€686 | +5.1% |
| Gross operating margin | 9900 | €133,913 | €121,330 | -€12,583 | -9.4% |
| Operating profit (loss) | 9901 | €94,609 | €76,766 | -€17,842 | -18.9% |
| Financial income | 75/76B | €2,320 | €2,406 | +€86 | +3.7% |
| Recurring financial income | 75 | €2,320 | €2,406 | +€86 | +3.7% |
| Financial charges | 65/66B | €23,151 | €20,433 | -€2,718 | -11.7% |
| Recurring financial charges | 65 | €23,151 | €20,433 | -€2,718 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €73,777 | €58,739 | -€15,038 | -20.4% |
| Profit (loss) for the period | 9904 | €73,777 | €58,739 | -€15,038 | -20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €73,777 | €58,739 | -€15,038 | -20.4% |
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 30 September 2026 via checked.be.