THIJSEN-MEERT: 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.
THIJSEN-MEERT
Largest movements
- Cash +€16,272
up €16,272 (+27.9%), from €58,258 to €74,530
mainly Net result for the year (+€41,484) and Depreciation (+€24,851)
- Receivables within one year -€7,143
down €7,143 (-10.1%), from €70,479 to €63,336
of which Trade receivables: -€14,120
- Reserves +€41,484
up €41,484 (+28.0%), from €148,335 to €189,819
of which Distributable reserves: +€40,631
- Current portion of long-term debt -€12,305
down €12,305 (-53.7%), from €22,916 to €10,610
- Debts after one year -€10,610
down €10,610 (-34.3%), from €30,940 to €20,330
- Trade debts -€7,160
down €7,160 (-36.3%), from €19,743 to €12,583
- Accrued charges and deferred income -€4,251
down €4,251 (-17.0%), from €25,032 to €20,781
- Gross operating margin +€15,222
up €15,222 (+21.4%), from €70,992 to €86,215
- Taxes +€2,752
up €2,752 (+18.4%), from €14,917 to €17,669
- Other operating charges -€1,815
down €1,815 (-69.0%), from €2,630 to €815
- Depreciation +€1,191
up €1,191 (+5.0%), from €23,660 to €24,851
- Financial charges -€1,137
down €1,137 (-23.1%), from €4,921 to €3,784
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 | €274,167 | €278,459 | +€4,292 | +1.6% |
| Fixed assets | 21/28 | €137,494 | €135,271 | -€2,223 | -1.6% |
| Tangible fixed assets | 22/27 | €137,494 | €135,271 | -€2,223 | -1.6% |
| Land and buildings | 22 | €104,747 | €115,417 | +€10,669 | +10.2% |
| Plant, machinery and equipment | 23 | €2,964 | €3,971 | +€1,007 | +34.0% |
| Furniture and vehicles | 24 | €16,051 | €3,820 | -€12,231 | -76.2% |
| Other tangible fixed assets | 26 | €13,732 | €12,064 | -€1,668 | -12.1% |
| Current assets | 29/58 | €136,673 | €143,188 | +€6,515 | +4.8% |
| Amounts receivable within one year | 40/41 | €70,479 | €63,336 | -€7,143 | -10.1% |
| Trade receivables | 40 | €29,757 | €15,638 | -€14,120 | -47.4% |
| Other amounts receivable | 41 | €40,722 | €47,698 | +€6,977 | +17.1% |
| Cash at bank and in hand | 54/58 | €58,258 | €74,530 | +€16,272 | +27.9% |
| Deferred charges and accrued income | 490/1 | €7,936 | €5,322 | -€2,614 | -32.9% |
| Total equity and liabilities | 10/49 | €274,167 | €278,459 | +€4,292 | +1.6% |
| Equity | 10/15 | €166,935 | €208,419 | +€41,484 | +24.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €148,335 | €189,819 | +€41,484 | +28.0% |
| Non-distributable reserves | 130/1 | - | €854 | +€854 | |
| Own shares acquired | 1312 | - | €854 | +€854 | |
| Distributable reserves | 133 | €148,335 | €188,965 | +€40,631 | +27.4% |
| Amounts payable | 17/49 | €107,233 | €70,040 | -€37,192 | -34.7% |
| Amounts payable after more than one year | 17 | €30,940 | €20,330 | -€10,610 | -34.3% |
| Financial debts | 170/4 | €30,940 | €20,330 | -€10,610 | -34.3% |
| Amounts payable within one year | 42/48 | €51,261 | €28,930 | -€22,331 | -43.6% |
| Current portion of amounts payable after more than one year | 42 | €22,916 | €10,610 | -€12,305 | -53.7% |
| Trade debts | 44 | €19,743 | €12,583 | -€7,160 | -36.3% |
| Suppliers | 440/4 | €19,743 | €12,583 | -€7,160 | -36.3% |
| Taxes, remuneration and social security | 45 | €8,602 | €5,736 | -€2,866 | -33.3% |
| Taxes | 450/3 | €6,802 | €5,736 | -€1,066 | -15.7% |
| Remuneration and social security | 454/9 | €1,800 | - | -€1,800 | |
| Accrued charges and deferred income | 492/3 | €25,032 | €20,781 | -€4,251 | -17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,660 | €24,851 | +€1,191 | +5.0% |
| Other operating charges | 640/8 | €2,630 | €815 | -€1,815 | -69.0% |
| Gross operating margin | 9900 | €70,992 | €86,215 | +€15,222 | +21.4% |
| Operating profit (loss) | 9901 | €44,702 | €60,549 | +€15,847 | +35.4% |
| Financial income | 75/76B | €2,109 | €2,389 | +€280 | +13.3% |
| Recurring financial income | 75 | €2,109 | €2,389 | +€280 | +13.3% |
| Financial charges | 65/66B | €4,921 | €3,784 | -€1,137 | -23.1% |
| Recurring financial charges | 65 | €4,921 | €3,784 | -€1,137 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €41,890 | €59,154 | +€17,264 | +41.2% |
| Income taxes | 67/77 | €14,917 | €17,669 | +€2,752 | +18.4% |
| Profit (loss) for the period | 9904 | €26,973 | €41,484 | +€14,511 | +53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,973 | €41,484 | +€14,511 | +53.8% |
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.