THISE: 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.
THISE
Largest movements
- Receivables within one year +€824,239
up €824,239 (+49.3%), from €1.7m to €2.5m
of which Trade receivables: +€526,247
- Cash +€277,266
up €277,266 (+189.4%), from €146,406 to €423,672
mainly Debts after one year (+€425,596) and Advances received (+€338,000)
- Stocks and contracts -€140,313
down €140,313 (-36.2%), from €387,931 to €247,618
of which Contracts in progress: -€75,226
- Tangible fixed assets +€139,278
up €139,278 (+20.0%), from €696,840 to €836,118
of which Leasing and similar rights: +€173,588
- Debts after one year +€425,596
up €425,596 (+125.3%), from €339,526 to €765,122
- Advances received +€338,000
new in 2025: €338,000
- Other debts +€119,686
up €119,686 (+119.3%), from €100,315 to €220,000
- Current portion of long-term debt +€113,573
up €113,573 (+73.6%), from €154,361 to €267,934
- Tax, wage and social debts -€112,643
down €112,643 (-18.4%), from €611,435 to €498,793
of which Remuneration and social security: -€58,144
- Provisions -€122,163
down €122,163 (-99.6%), from €122,687 to €524
- Gross operating margin -€90,237
down €90,237 (-5.4%), from €1.7m to €1.6m
- Financial charges -€55,859
down €55,859 (-44.3%), from €126,034 to €70,175
- Staff costs -€26,634
down €26,634 (-2.7%), from €997,923 to €971,289
- Write-downs -€22,519
down €22,519 (-100.0%), from €22,519 to €0
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 | €2,975,085 | €4,060,792 | +€1.1m | +36.5% |
| Fixed assets | 21/28 | €756,329 | €881,268 | +€124,939 | +16.5% |
| Intangible fixed assets | 21 | €59,315 | €44,476 | -€14,839 | -25.0% |
| Tangible fixed assets | 22/27 | €696,840 | €836,118 | +€139,278 | +20.0% |
| Land and buildings | 22 | €11,291 | €28,345 | +€17,054 | +151.0% |
| Plant, machinery and equipment | 23 | €218,657 | €146,713 | -€71,944 | -32.9% |
| Furniture and vehicles | 24 | €41,960 | €68,179 | +€26,219 | +62.5% |
| Leasing and similar rights | 25 | €347,085 | €520,672 | +€173,588 | +50.0% |
| Other tangible fixed assets | 26 | €77,848 | €72,208 | -€5,640 | -7.2% |
| Financial fixed assets | 28 | €174 | €674 | +€500 | +288.1% |
| Current assets | 29/58 | €2,218,756 | €3,179,524 | +€960,768 | +43.3% |
| Stocks and contracts in progress | 3 | €387,931 | €247,618 | -€140,313 | -36.2% |
| Stocks | 30/36 | €159,495 | €94,409 | -€65,087 | -40.8% |
| Contracts in progress | 37 | €228,435 | €153,210 | -€75,226 | -32.9% |
| Amounts receivable within one year | 40/41 | €1,672,284 | €2,496,523 | +€824,239 | +49.3% |
| Trade receivables | 40 | €667,765 | €1,194,012 | +€526,247 | +78.8% |
| Other amounts receivable | 41 | €1,004,518 | €1,302,511 | +€297,992 | +29.7% |
| Cash at bank and in hand | 54/58 | €146,406 | €423,672 | +€277,266 | +189.4% |
| Deferred charges and accrued income | 490/1 | €12,135 | €11,710 | -€425 | -3.5% |
| Total equity and liabilities | 10/49 | €2,975,085 | €4,060,792 | +€1.1m | +36.5% |
| Equity | 10/15 | €1,084,787 | €1,144,193 | +€59,406 | +5.5% |
| Contributions | 10/11 | €243,427 | €243,427 | = | 0.0% |
| Reserves | 13 | €196,619 | €196,619 | = | 0.0% |
| Distributable reserves | 133 | €196,619 | €196,619 | = | 0.0% |
| Profit (loss) carried forward | 14 | €640,062 | €701,028 | +€60,966 | +9.5% |
| Investment grants | 15 | €4,680 | €3,120 | -€1,560 | -33.3% |
| Amounts payable | 17/49 | €1,890,298 | €2,916,599 | +€1.0m | +54.3% |
| Amounts payable after more than one year | 17 | €339,526 | €765,122 | +€425,596 | +125.3% |
| Financial debts | 170/4 | €339,526 | €765,122 | +€425,596 | +125.3% |
| Amounts payable within one year | 42/48 | €1,550,772 | €2,151,477 | +€600,705 | +38.7% |
| Current portion of amounts payable after more than one year | 42 | €154,361 | €267,934 | +€113,573 | +73.6% |
| Financial debts | 43 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Credit institutions | 430/8 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Trade debts | 44 | €584,661 | €676,750 | +€92,089 | +15.8% |
| Suppliers | 440/4 | €584,661 | €676,750 | +€92,089 | +15.8% |
| Advances received on contracts in progress | 46 | - | €338,000 | +€338,000 | |
| Taxes, remuneration and social security | 45 | €611,435 | €498,793 | -€112,643 | -18.4% |
| Taxes | 450/3 | €479,412 | €424,913 | -€54,499 | -11.4% |
| Remuneration and social security | 454/9 | €132,023 | €73,879 | -€58,144 | -44.0% |
| Other amounts payable | 47/48 | €100,315 | €220,000 | +€119,686 | +119.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €997,923 | €971,289 | -€26,634 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,272 | €207,957 | +€10,685 | +5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,519 | €0 | -€22,519 | -100.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €122,687 | €524 | -€122,163 | -99.6% |
| Other operating charges | 640/8 | €28,916 | €22,648 | -€6,267 | -21.7% |
| Non-recurring operating charges | 66A | - | €652 | +€652 | |
| Gross operating margin | 9900 | €1,680,890 | €1,590,653 | -€90,237 | -5.4% |
| Operating profit (loss) | 9901 | €311,572 | €387,582 | +€76,010 | +24.4% |
| Financial income | 75/76B | €2,228 | €1,666 | -€562 | -25.2% |
| Recurring financial income | 75 | €2,228 | €1,666 | -€562 | -25.2% |
| Financial charges | 65/66B | €126,034 | €70,175 | -€55,859 | -44.3% |
| Recurring financial charges | 65 | €126,034 | €70,175 | -€55,859 | -44.3% |
| Profit (loss) for the period before taxes | 9903 | €187,767 | €319,074 | +€131,307 | +69.9% |
| Income taxes | 67/77 | €44,334 | €38,107 | -€6,226 | -14.0% |
| Profit (loss) for the period | 9904 | €143,433 | €280,966 | +€137,533 | +95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €143,433 | €280,966 | +€137,533 | +95.9% |
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 9 October 2026 via checked.be.