Thmswarin: 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.
Thmswarin
Largest movements
- Intangible fixed assets -€33,228
down €33,228 (-13.1%), from €253,804 to €220,576
- Cash -€5,963
down €5,963 (-61.4%), from €9,717 to €3,754
mainly Net result for the year (-€45,732) and Debts after one year (-€38,574)
- Receivables within one year -€4,950
down €4,950 (-27.5%), from €18,006 to €13,056
of which Trade receivables: -€18,006
- Trade debts +€61,337
up €61,337 (+126.9%), from €48,341 to €109,678
- Profit (loss) carried forward -€45,732
down €45,732 (-428.3%), from -€10,678 to -€56,411
- Debts after one year -€38,574
down €38,574 (-26.3%), from €146,646 to €108,072
- Advances received -€14,330
no longer reported in 2025 (was €14,330)
- Other debts -€13,427
no longer reported in 2025 (was €13,427)
- Gross operating margin -€19,414
down €19,414 (-11.4%), from €170,358 to €150,943
- Staff costs -€3,622
down €3,622 (-2.4%), from €152,528 to €148,906
- Financial charges +€1,842
up €1,842 (+21.2%), from €8,706 to €10,547
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 | €288,988 | €243,538 | -€45,449 | -15.7% |
| Fixed assets | 21/28 | €256,804 | €224,477 | -€32,327 | -12.6% |
| Intangible fixed assets | 21 | €253,804 | €220,576 | -€33,228 | -13.1% |
| Tangible fixed assets | 22/27 | - | €901 | +€901 | |
| Furniture and vehicles | 24 | - | €901 | +€901 | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €32,184 | €19,062 | -€13,122 | -40.8% |
| Stocks and contracts in progress | 3 | €2,717 | €2,252 | -€465 | -17.1% |
| Stocks | 30/36 | €2,717 | €2,252 | -€465 | -17.1% |
| Amounts receivable within one year | 40/41 | €18,006 | €13,056 | -€4,950 | -27.5% |
| Trade receivables | 40 | €18,006 | - | -€18,006 | |
| Other amounts receivable | 41 | €0 | €13,056 | +€13,056 | |
| Cash at bank and in hand | 54/58 | €9,717 | €3,754 | -€5,963 | -61.4% |
| Deferred charges and accrued income | 490/1 | €1,744 | - | -€1,744 | |
| Total equity and liabilities | 10/49 | €288,988 | €243,538 | -€45,449 | -15.7% |
| Equity | 10/15 | €9,322 | -€36,411 | -€45,732 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,678 | -€56,411 | -€45,732 | -428.3% |
| Amounts payable | 17/49 | €279,666 | €279,949 | +€283 | +0.1% |
| Amounts payable after more than one year | 17 | €146,646 | €108,072 | -€38,574 | -26.3% |
| Financial debts | 170/4 | €146,646 | €108,072 | -€38,574 | -26.3% |
| Amounts payable within one year | 42/48 | €133,020 | €171,877 | +€38,857 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €37,553 | €38,574 | +€1,022 | +2.7% |
| Trade debts | 44 | €48,341 | €109,678 | +€61,337 | +126.9% |
| Suppliers | 440/4 | €48,341 | €109,678 | +€61,337 | +126.9% |
| Advances received on contracts in progress | 46 | €14,330 | - | -€14,330 | |
| Taxes, remuneration and social security | 45 | €19,369 | €23,625 | +€4,256 | +22.0% |
| Taxes | 450/3 | €3,542 | €8,371 | +€4,829 | +136.3% |
| Remuneration and social security | 454/9 | €15,827 | €15,254 | -€572 | -3.6% |
| Other amounts payable | 47/48 | €13,427 | - | -€13,427 | |
| Remuneration, social security and pensions | 62 | €152,528 | €148,906 | -€3,622 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,228 | €33,672 | +€445 | +1.3% |
| Other operating charges | 640/8 | €3,908 | €3,725 | -€184 | -4.7% |
| Gross operating margin | 9900 | €170,358 | €150,943 | -€19,414 | -11.4% |
| Operating profit (loss) | 9901 | -€19,306 | -€35,360 | -€16,054 | -83.2% |
| Financial income | 75/76B | €32 | €354 | +€322 | +995.2% |
| Recurring financial income | 75 | €32 | €354 | +€322 | +995.2% |
| Financial charges | 65/66B | €8,706 | €10,547 | +€1,842 | +21.2% |
| Recurring financial charges | 65 | €8,706 | €10,547 | +€1,842 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | -€27,979 | -€45,553 | -€17,574 | -62.8% |
| Income taxes | 67/77 | €140 | €179 | +€40 | +28.5% |
| Profit (loss) for the period | 9904 | -€28,119 | -€45,732 | -€17,613 | -62.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,119 | -€45,732 | -€17,613 | -62.6% |
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.