THOANT: 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.
THOANT
Largest movements
- Cash -€110,700
down €110,700 (-61.8%), from €179,262 to €68,563
mainly Debts after one year (-€111,264) and Other debts (-€56,366)
- Tangible fixed assets -€73,585
down €73,585 (-2.9%), from €2.5m to €2.4m
- Receivables within one year +€50,855
up €50,855 (+42.6%), from €119,344 to €170,199
of which Trade receivables: +€50,720
- Debts after one year -€111,264
down €111,264 (-6.1%), from €1.8m to €1.7m
of which Financial debts: -€111,264
- Other debts -€56,366
down €56,366 (-6.5%), from €860,774 to €804,409
- Profit (loss) carried forward +€30,453
up €30,453 (+24.7%), from -€123,084 to -€92,631
- Gross operating margin -€33,108
down €33,108 (-16.0%), from €206,951 to €173,843
- Financial charges -€22,670
down €22,670 (-34.4%), from €65,894 to €43,223
- Financial income -€3,102
down €3,102 (-84.3%), from €3,682 to €579
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 | €2,797,949 | €2,664,562 | -€133,387 | -4.8% |
| Fixed assets | 21/28 | €2,499,204 | €2,425,619 | -€73,585 | -2.9% |
| Tangible fixed assets | 22/27 | €2,499,204 | €2,425,619 | -€73,585 | -2.9% |
| Land and buildings | 22 | €2,499,204 | €2,425,619 | -€73,585 | -2.9% |
| Current assets | 29/58 | €298,745 | €238,943 | -€59,802 | -20.0% |
| Amounts receivable within one year | 40/41 | €119,344 | €170,199 | +€50,855 | +42.6% |
| Trade receivables | 40 | €119,033 | €169,753 | +€50,720 | +42.6% |
| Other amounts receivable | 41 | €312 | €447 | +€135 | +43.4% |
| Cash at bank and in hand | 54/58 | €179,262 | €68,563 | -€110,700 | -61.8% |
| Deferred charges and accrued income | 490/1 | €139 | €181 | +€43 | +30.7% |
| Total equity and liabilities | 10/49 | €2,797,949 | €2,664,562 | -€133,387 | -4.8% |
| Equity | 10/15 | -€17,998 | €12,455 | +€30,453 | |
| Contributions | 10/11 | €105,086 | €105,086 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€123,084 | -€92,631 | +€30,453 | +24.7% |
| Amounts payable | 17/49 | €2,815,947 | €2,652,107 | -€163,840 | -5.8% |
| Amounts payable after more than one year | 17 | €1,828,789 | €1,717,525 | -€111,264 | -6.1% |
| Financial debts | 170/4 | €650,192 | €538,928 | -€111,264 | -17.1% |
| Other amounts payable | 178/9 | €1,178,597 | €1,178,597 | = | 0.0% |
| Amounts payable within one year | 42/48 | €984,382 | €932,536 | -€51,847 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €111,264 | €111,264 | = | 0.0% |
| Trade debts | 44 | €4,763 | €9,169 | +€4,406 | +92.5% |
| Suppliers | 440/4 | €4,763 | €9,169 | +€4,406 | +92.5% |
| Taxes, remuneration and social security | 45 | €7,581 | €7,694 | +€113 | +1.5% |
| Taxes | 450/3 | €7,581 | €7,694 | +€113 | +1.5% |
| Other amounts payable | 47/48 | €860,774 | €804,409 | -€56,366 | -6.5% |
| Accrued charges and deferred income | 492/3 | €2,776 | €2,047 | -€729 | -26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,609 | €90,027 | +€418 | +0.5% |
| Other operating charges | 640/8 | €10,404 | €10,719 | +€315 | +3.0% |
| Gross operating margin | 9900 | €206,951 | €173,843 | -€33,108 | -16.0% |
| Operating profit (loss) | 9901 | €106,938 | €73,097 | -€33,841 | -31.6% |
| Financial income | 75/76B | €3,682 | €579 | -€3,102 | -84.3% |
| Recurring financial income | 75 | €3,682 | €579 | -€3,102 | -84.3% |
| Financial charges | 65/66B | €65,894 | €43,223 | -€22,670 | -34.4% |
| Recurring financial charges | 65 | €65,894 | €43,223 | -€22,670 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €44,726 | €30,453 | -€14,273 | -31.9% |
| Profit (loss) for the period | 9904 | €44,726 | €30,453 | -€14,273 | -31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,726 | €30,453 | -€14,273 | -31.9% |
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 4 October 2026 via checked.be.