THINKWOOD: 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.
THINKWOOD
Largest movements
- Receivables within one year +€31,795
up €31,795 (+8,901%), from €357 to €32,152
of which Trade receivables: +€29,845
- Tangible fixed assets -€19,354
down €19,354 (-7.0%), from €278,014 to €258,660
of which Land and buildings: -€9,712
- Stocks and contracts +€6,856
up €6,856 (+5.0%), from €137,470 to €144,326
of which Stocks: +€13,856
- Trade debts +€24,610
up €24,610 (+51.4%), from €47,845 to €72,455
- Debts after one year -€12,637
down €12,637 (-4.2%), from €298,040 to €285,403
- Tax, wage and social debts -€9,864
down €9,864 (-16.0%), from €61,633 to €51,769
of which Taxes: -€7,906
- Financial charges +€11,047
up €11,047 (+168%), from €6,578 to €17,626
- Staff costs -€7,230
down €7,230 (-2.6%), from €281,513 to €274,282
- Depreciation -€6,694
down €6,694 (-23.8%), from €28,159 to €21,465
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 | €642,419 | €653,279 | +€10,860 | +1.7% |
| Fixed assets | 21/28 | €278,014 | €258,660 | -€19,354 | -7.0% |
| Tangible fixed assets | 22/27 | €278,014 | €258,660 | -€19,354 | -7.0% |
| Land and buildings | 22 | €262,680 | €252,967 | -€9,712 | -3.7% |
| Plant, machinery and equipment | 23 | €1,092 | €266 | -€826 | -75.6% |
| Furniture and vehicles | 24 | €14,242 | €5,427 | -€8,815 | -61.9% |
| Current assets | 29/58 | €364,406 | €394,619 | +€30,213 | +8.3% |
| Stocks and contracts in progress | 3 | €137,470 | €144,326 | +€6,856 | +5.0% |
| Stocks | 30/36 | €130,470 | €144,326 | +€13,856 | +10.6% |
| Contracts in progress | 37 | €7,000 | - | -€7,000 | |
| Amounts receivable within one year | 40/41 | €357 | €32,152 | +€31,795 | +8,901% |
| Trade receivables | 40 | €155 | €30,000 | +€29,845 | +19,237% |
| Other amounts receivable | 41 | €202 | €2,152 | +€1,950 | +965% |
| Cash at bank and in hand | 54/58 | €218,886 | €213,506 | -€5,379 | -2.5% |
| Deferred charges and accrued income | 490/1 | €7,693 | €4,634 | -€3,059 | -39.8% |
| Total equity and liabilities | 10/49 | €642,419 | €653,279 | +€10,860 | +1.7% |
| Equity | 10/15 | €201,064 | €204,759 | +€3,695 | +1.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €182,464 | €186,159 | +€3,695 | +2.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €180,604 | €184,299 | +€3,695 | +2.0% |
| Amounts payable | 17/49 | €441,355 | €448,520 | +€7,165 | +1.6% |
| Amounts payable after more than one year | 17 | €298,040 | €285,403 | -€12,637 | -4.2% |
| Financial debts | 170/4 | €298,040 | €285,403 | -€12,637 | -4.2% |
| Amounts payable within one year | 42/48 | €143,315 | €162,652 | +€19,336 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €18,076 | €19,789 | +€1,713 | +9.5% |
| Trade debts | 44 | €47,845 | €72,455 | +€24,610 | +51.4% |
| Suppliers | 440/4 | €47,845 | €72,455 | +€24,610 | +51.4% |
| Taxes, remuneration and social security | 45 | €61,633 | €51,769 | -€9,864 | -16.0% |
| Taxes | 450/3 | €18,102 | €10,196 | -€7,906 | -43.7% |
| Remuneration and social security | 454/9 | €43,531 | €41,573 | -€1,958 | -4.5% |
| Other amounts payable | 47/48 | €15,761 | €18,639 | +€2,878 | +18.3% |
| Accrued charges and deferred income | 492/3 | - | €465 | +€465 | |
| Remuneration, social security and pensions | 62 | €281,513 | €274,282 | -€7,230 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,159 | €21,465 | -€6,694 | -23.8% |
| Other operating charges | 640/8 | €2,300 | €2,132 | -€169 | -7.3% |
| Gross operating margin | 9900 | €326,363 | €327,045 | +€682 | +0.2% |
| Operating profit (loss) | 9901 | €14,391 | €29,167 | +€14,775 | +103% |
| Financial income | 75/76B | €556 | €508 | -€49 | -8.7% |
| Recurring financial income | 75 | €556 | €508 | -€49 | -8.7% |
| Financial charges | 65/66B | €6,578 | €17,626 | +€11,047 | +168% |
| Recurring financial charges | 65 | €6,578 | €17,626 | +€11,047 | +168% |
| Profit (loss) for the period before taxes | 9903 | €8,369 | €12,049 | +€3,680 | +44.0% |
| Income taxes | 67/77 | €4,798 | €5,954 | +€1,156 | +24.1% |
| Profit (loss) for the period | 9904 | €3,571 | €6,095 | +€2,523 | +70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,571 | €6,095 | +€2,523 | +70.7% |
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 14 October 2026 via checked.be.