THINABO: 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.
THINABO
Largest movements
- Tangible fixed assets +€107,903
up €107,903 (+11.6%), from €933,557 to €1.0m
of which Plant, machinery and equipment: +€103,427
- Stocks and contracts +€102,235
up €102,235 (+81.3%), from €125,703 to €227,938
of which Contracts in progress: +€98,800
- Receivables within one year +€43,970
up €43,970 (+62.3%), from €70,590 to €114,560
of which Other amounts receivable: +€52,272
- Other debts +€241,028
up €241,028 (+83.9%), from €287,188 to €528,216
- Profit (loss) carried forward -€178,699
down €178,699 (-185.2%), from -€96,509 to -€275,208
- Current portion of long-term debt +€88,164
up €88,164 (+197.5%), from €44,636 to €132,800
- Short-term financial debts +€63,537
new in 2025: €63,537
- Trade debts +€50,958
up €50,958 (+39.3%), from €129,638 to €180,596
- Staff costs +€143,111
up €143,111 (+315.8%), from €45,312 to €188,423
- Depreciation +€19,078
up €19,078 (+105.9%), from €18,022 to €37,101
- Financial charges +€11,592
up €11,592 (+112.1%), from €10,341 to €21,932
- Gross operating margin -€9,654
down €9,654 (-10.5%), from €91,831 to €82,177
- Other operating charges +€1,073
up €1,073 (+14.0%), from €7,668 to €8,741
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 | €1,156,927 | €1,424,834 | +€267,908 | +23.2% |
| Fixed assets | 21/28 | €934,555 | €1,042,958 | +€108,403 | +11.6% |
| Tangible fixed assets | 22/27 | €933,557 | €1,041,460 | +€107,903 | +11.6% |
| Land and buildings | 22 | €883,747 | €873,072 | -€10,675 | -1.2% |
| Plant, machinery and equipment | 23 | €5,818 | €109,245 | +€103,427 | +1777.7% |
| Furniture and vehicles | 24 | €43,992 | €59,144 | +€15,151 | +34.4% |
| Financial fixed assets | 28 | €997 | €1,497 | +€500 | +50.1% |
| Current assets | 29/58 | €222,372 | €381,876 | +€159,505 | +71.7% |
| Stocks and contracts in progress | 3 | €125,703 | €227,938 | +€102,235 | +81.3% |
| Stocks | 30/36 | €17,023 | €20,458 | +€3,435 | +20.2% |
| Contracts in progress | 37 | €108,680 | €207,480 | +€98,800 | +90.9% |
| Amounts receivable within one year | 40/41 | €70,590 | €114,560 | +€43,970 | +62.3% |
| Trade receivables | 40 | €38,209 | €29,907 | -€8,302 | -21.7% |
| Other amounts receivable | 41 | €32,381 | €84,652 | +€52,272 | +161.4% |
| Cash at bank and in hand | 54/58 | €12,272 | €18,659 | +€6,388 | +52.1% |
| Deferred charges and accrued income | 490/1 | €13,808 | €20,720 | +€6,912 | +50.1% |
| Total equity and liabilities | 10/49 | €1,156,927 | €1,424,834 | +€267,908 | +23.2% |
| Equity | 10/15 | -€54,509 | -€233,208 | -€178,699 | -327.8% |
| Contributions | 10/11 | €42,000 | €42,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,509 | -€275,208 | -€178,699 | -185.2% |
| Amounts payable | 17/49 | €1,211,436 | €1,658,042 | +€446,607 | +36.9% |
| Amounts payable after more than one year | 17 | €738,566 | €741,619 | +€3,053 | +0.4% |
| Financial debts | 170/4 | €738,566 | €741,619 | +€3,053 | +0.4% |
| Amounts payable within one year | 42/48 | €467,405 | €916,424 | +€449,018 | +96.1% |
| Current portion of amounts payable after more than one year | 42 | €44,636 | €132,800 | +€88,164 | +197.5% |
| Financial debts | 43 | - | €63,537 | +€63,537 | |
| Credit institutions | 430/8 | - | €63,537 | +€63,537 | |
| Trade debts | 44 | €129,638 | €180,596 | +€50,958 | +39.3% |
| Suppliers | 440/4 | €129,638 | €180,596 | +€50,958 | +39.3% |
| Taxes, remuneration and social security | 45 | €5,943 | €11,275 | +€5,331 | +89.7% |
| Taxes | 450/3 | €567 | €10 | -€558 | -98.3% |
| Remuneration and social security | 454/9 | €5,376 | €11,265 | +€5,889 | +109.5% |
| Other amounts payable | 47/48 | €287,188 | €528,216 | +€241,028 | +83.9% |
| Accrued charges and deferred income | 492/3 | €5,465 | €0 | -€5,465 | -100.0% |
| Non-recurring operating income | 76A | €14,500 | €0 | -€14,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €45,312 | €188,423 | +€143,111 | +315.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,022 | €37,101 | +€19,078 | +105.9% |
| Other operating charges | 640/8 | €7,668 | €8,741 | +€1,073 | +14.0% |
| Non-recurring operating charges | 66A | - | €4,752 | +€4,752 | |
| Gross operating margin | 9900 | €91,831 | €82,177 | -€9,654 | -10.5% |
| Operating profit (loss) | 9901 | €20,829 | -€156,839 | -€177,668 | |
| Financial income | 75/76B | €41 | €83 | +€42 | +103.3% |
| Recurring financial income | 75 | €41 | €83 | +€42 | +103.3% |
| Financial charges | 65/66B | €10,341 | €21,932 | +€11,592 | +112.1% |
| Recurring financial charges | 65 | €10,341 | €21,932 | +€11,592 | +112.1% |
| Profit (loss) for the period before taxes | 9903 | €10,529 | -€178,689 | -€189,218 | |
| Income taxes | 67/77 | - | €10 | +€10 | |
| Profit (loss) for the period | 9904 | €10,529 | -€178,699 | -€189,227 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,529 | -€178,699 | -€189,227 |
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 10 October 2026 via checked.be.