Third-i: 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.
Third-i
Largest movements
- Receivables within one year -€77,412
down €77,412 (-29.5%), from €262,261 to €184,849
of which Trade receivables: -€98,052
- Cash +€66,256
up €66,256 (+54.0%), from €122,679 to €188,935
mainly Receivables within one year (+€77,412) and Net result for the year (+€32,390)
- Trade debts -€35,104
down €35,104 (-46.3%), from €75,800 to €40,696
- Profit (loss) carried forward +€32,390
up €32,390 (+47.5%), from -€68,211 to -€35,821
- Debts after one year -€28,354
no longer reported in 2025 (was €28,354)
- Current portion of long-term debt +€24,076
up €24,076 (+562.8%), from €4,278 to €28,354
- Other debts -€9,021
down €9,021 (-11.7%), from €76,915 to €67,895
- Gross operating margin +€100,967
up €100,967, from -€63,464 to €37,503
- Financial charges +€1,813
up €1,813 (+140.1%), from €1,294 to €3,107
- Depreciation -€1,267
down €1,267 (-33.2%), from €3,816 to €2,549
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 | €394,611 | €381,998 | -€12,613 | -3.2% |
| Fixed assets | 21/28 | €8,345 | €8,213 | -€132 | -1.6% |
| Tangible fixed assets | 22/27 | €6,105 | €5,973 | -€132 | -2.2% |
| Plant, machinery and equipment | 23 | €2,300 | €2,809 | +€509 | +22.1% |
| Furniture and vehicles | 24 | €225 | - | -€225 | |
| Other tangible fixed assets | 26 | €3,580 | €3,164 | -€416 | -11.6% |
| Financial fixed assets | 28 | €2,240 | €2,240 | = | 0.0% |
| Current assets | 29/58 | €386,266 | €373,785 | -€12,481 | -3.2% |
| Amounts receivable within one year | 40/41 | €262,261 | €184,849 | -€77,412 | -29.5% |
| Trade receivables | 40 | €174,382 | €76,330 | -€98,052 | -56.2% |
| Other amounts receivable | 41 | €87,879 | €108,519 | +€20,640 | +23.5% |
| Cash at bank and in hand | 54/58 | €122,679 | €188,935 | +€66,256 | +54.0% |
| Deferred charges and accrued income | 490/1 | €1,326 | - | -€1,326 | |
| Total equity and liabilities | 10/49 | €394,611 | €381,998 | -€12,613 | -3.2% |
| Equity | 10/15 | €205,751 | €238,141 | +€32,390 | +15.7% |
| Contributions | 10/11 | €47,000 | €47,000 | = | 0.0% |
| Reserves | 13 | €226,962 | €226,962 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,700 | €4,700 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,700 | €4,700 | = | 0.0% |
| Distributable reserves | 133 | €222,262 | €222,262 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,211 | -€35,821 | +€32,390 | +47.5% |
| Amounts payable | 17/49 | €188,860 | €143,856 | -€45,004 | -23.8% |
| Amounts payable after more than one year | 17 | €28,354 | - | -€28,354 | |
| Financial debts | 170/4 | €28,354 | - | -€28,354 | |
| Amounts payable within one year | 42/48 | €160,506 | €143,856 | -€16,650 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €4,278 | €28,354 | +€24,076 | +562.8% |
| Trade debts | 44 | €75,800 | €40,696 | -€35,104 | -46.3% |
| Suppliers | 440/4 | €75,800 | €40,696 | -€35,104 | -46.3% |
| Taxes, remuneration and social security | 45 | €3,513 | €6,912 | +€3,399 | +96.7% |
| Taxes | 450/3 | €3,513 | €6,912 | +€3,399 | +96.7% |
| Other amounts payable | 47/48 | €76,915 | €67,895 | -€9,021 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,816 | €2,549 | -€1,267 | -33.2% |
| Other operating charges | 640/8 | €500 | €301 | -€199 | -39.8% |
| Gross operating margin | 9900 | -€63,464 | €37,503 | +€100,967 | |
| Operating profit (loss) | 9901 | -€67,780 | €34,653 | +€102,433 | |
| Financial income | 75/76B | €927 | €857 | -€70 | -7.6% |
| Recurring financial income | 75 | €927 | €857 | -€70 | -7.6% |
| Financial charges | 65/66B | €1,294 | €3,107 | +€1,813 | +140.1% |
| Recurring financial charges | 65 | €1,294 | €3,107 | +€1,813 | +140.1% |
| Profit (loss) for the period before taxes | 9903 | -€68,148 | €32,402 | +€100,549 | |
| Income taxes | 67/77 | €63 | €12 | -€52 | -81.5% |
| Profit (loss) for the period | 9904 | -€68,211 | €32,390 | +€100,601 | |
| Profit (loss) for the period to be appropriated | 9905 | -€68,211 | €32,390 | +€100,601 |
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 28 September 2026 via checked.be.