THINKOUTLOUD: 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.
THINKOUTLOUD
Largest movements
- Tangible fixed assets -€36,219
down €36,219 (-43.7%), from €82,841 to €46,622
of which Furniture and vehicles: -€35,379
- Receivables within one year -€19,793
down €19,793 (-33.2%), from €59,533 to €39,740
of which Trade receivables: -€36,142
- Cash +€4,303
up €4,303 (+16.2%), from €26,566 to €30,869
mainly Depreciation (+€20,646) and Receivables within one year (+€19,793)
- Profit (loss) carried forward -€22,137
down €22,137, from €16,759 to -€5,378
- Debts after one year -€12,124
down €12,124 (-45.0%), from €26,967 to €14,843
- Tax, wage and social debts -€8,863
down €8,863 (-87.2%), from €10,162 to €1,299
- Current portion of long-term debt -€7,389
down €7,389 (-37.9%), from €19,512 to €12,124
- Gross operating margin -€61,263
down €61,263 (-91.1%), from €67,213 to €5,950
- Taxes -€10,563
down €10,563 (-97.6%), from €10,825 to €262
- Depreciation -€6,473
down €6,473 (-23.9%), from €27,119 to €20,646
- Other operating charges +€5,260
up €5,260 (+360.8%), from €1,458 to €6,718
- Financial charges -€804
down €804 (-30.9%), from €2,605 to €1,800
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 | €169,210 | €117,489 | -€51,721 | -30.6% |
| Fixed assets | 21/28 | €82,841 | €46,622 | -€36,219 | -43.7% |
| Tangible fixed assets | 22/27 | €82,841 | €46,622 | -€36,219 | -43.7% |
| Plant, machinery and equipment | 23 | €4,178 | €3,338 | -€840 | -20.1% |
| Furniture and vehicles | 24 | €78,662 | €43,284 | -€35,379 | -45.0% |
| Current assets | 29/58 | €86,369 | €70,867 | -€15,503 | -17.9% |
| Amounts receivable within one year | 40/41 | €59,533 | €39,740 | -€19,793 | -33.2% |
| Trade receivables | 40 | €36,392 | €250 | -€36,142 | -99.3% |
| Other amounts receivable | 41 | €23,141 | €39,490 | +€16,349 | +70.6% |
| Cash at bank and in hand | 54/58 | €26,566 | €30,869 | +€4,303 | +16.2% |
| Deferred charges and accrued income | 490/1 | €270 | €257 | -€12 | -4.6% |
| Total equity and liabilities | 10/49 | €169,210 | €117,489 | -€51,721 | -30.6% |
| Equity | 10/15 | €110,117 | €87,980 | -€22,137 | -20.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €80,958 | €80,958 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,474 | €1,474 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,474 | €1,474 | = | 0.0% |
| Distributable reserves | 133 | €79,484 | €79,484 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,759 | -€5,378 | -€22,137 | |
| Amounts payable | 17/49 | €59,093 | €29,509 | -€29,584 | -50.1% |
| Amounts payable after more than one year | 17 | €26,967 | €14,843 | -€12,124 | -45.0% |
| Financial debts | 170/4 | €26,967 | €14,843 | -€12,124 | -45.0% |
| Amounts payable within one year | 42/48 | €32,126 | €14,665 | -€17,461 | -54.4% |
| Current portion of amounts payable after more than one year | 42 | €19,512 | €12,124 | -€7,389 | -37.9% |
| Trade debts | 44 | €2,452 | €1,243 | -€1,209 | -49.3% |
| Suppliers | 440/4 | €2,452 | €1,243 | -€1,209 | -49.3% |
| Taxes, remuneration and social security | 45 | €10,162 | €1,299 | -€8,863 | -87.2% |
| Taxes | 450/3 | €10,162 | €1,299 | -€8,863 | -87.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,119 | €20,646 | -€6,473 | -23.9% |
| Other operating charges | 640/8 | €1,458 | €6,718 | +€5,260 | +360.8% |
| Gross operating margin | 9900 | €67,213 | €5,950 | -€61,263 | -91.1% |
| Operating profit (loss) | 9901 | €38,635 | -€21,415 | -€60,050 | |
| Financial income | 75/76B | €1,036 | €1,340 | +€304 | +29.4% |
| Recurring financial income | 75 | €1,036 | €1,340 | +€304 | +29.4% |
| Financial charges | 65/66B | €2,605 | €1,800 | -€804 | -30.9% |
| Recurring financial charges | 65 | €2,605 | €1,800 | -€804 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €37,067 | -€21,875 | -€58,942 | |
| Income taxes | 67/77 | €10,825 | €262 | -€10,563 | -97.6% |
| Profit (loss) for the period | 9904 | €26,242 | -€22,137 | -€48,379 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,242 | -€22,137 | -€48,379 |
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 3 October 2026 via checked.be.