THOAS PROJECTS: 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.
THOAS PROJECTS
Largest movements
- Receivables within one year +€65,217
up €65,217 (+355.6%), from €18,338 to €83,554
of which Trade receivables: +€68,417
- Tangible fixed assets -€11,382
down €11,382 (-21.3%), from €53,363 to €41,981
of which Leasing and similar rights: -€9,984
- Cash +€10,013
up €10,013 (+39.8%), from €25,151 to €35,165
mainly Net result for the year (+€73,518) and Depreciation (+€12,502)
- Reserves +€73,518
up €73,518 (+170.3%), from €43,169 to €116,687
- Debts after one year -€7,623
down €7,623 (-28.7%), from €26,525 to €18,902
- Tax, wage and social debts +€2,348
up €2,348 (+16.2%), from €14,537 to €16,885
- Advances received -€2,199
down €2,199 (-100.0%), from €2,199 to €0
- Other debts -€1,996
down €1,996 (-100.0%), from €1,996 to €0
- Gross operating margin +€35,224
up €35,224 (+41.4%), from €85,035 to €120,260
- Taxes +€8,385
up €8,385 (+35.8%), from €23,432 to €31,817
- Depreciation +€4,613
up €4,613 (+58.5%), from €7,889 to €12,502
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 | €115,995 | €181,737 | +€65,741 | +56.7% |
| Fixed assets | 21/28 | €70,363 | €60,389 | -€9,974 | -14.2% |
| Intangible fixed assets | 21 | - | €1,408 | +€1,408 | |
| Tangible fixed assets | 22/27 | €53,363 | €41,981 | -€11,382 | -21.3% |
| Plant, machinery and equipment | 23 | €3,116 | €3,450 | +€334 | +10.7% |
| Furniture and vehicles | 24 | €6,629 | €4,897 | -€1,732 | -26.1% |
| Leasing and similar rights | 25 | €43,618 | €33,635 | -€9,984 | -22.9% |
| Financial fixed assets | 28 | €17,000 | €17,000 | = | 0.0% |
| Current assets | 29/58 | €45,632 | €121,348 | +€75,715 | +165.9% |
| Amounts receivable within one year | 40/41 | €18,338 | €83,554 | +€65,217 | +355.6% |
| Trade receivables | 40 | €10,161 | €78,578 | +€68,417 | +673.4% |
| Other amounts receivable | 41 | €8,177 | €4,976 | -€3,201 | -39.1% |
| Cash at bank and in hand | 54/58 | €25,151 | €35,165 | +€10,013 | +39.8% |
| Deferred charges and accrued income | 490/1 | €2,143 | €2,629 | +€486 | +22.7% |
| Total equity and liabilities | 10/49 | €115,995 | €181,737 | +€65,741 | +56.7% |
| Equity | 10/15 | €58,769 | €132,287 | +€73,518 | +125.1% |
| Contributions | 10/11 | €15,600 | €15,600 | = | 0.0% |
| Reserves | 13 | €43,169 | €116,687 | +€73,518 | +170.3% |
| Distributable reserves | 133 | €43,169 | €116,687 | +€73,518 | +170.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €57,226 | €49,450 | -€7,776 | -13.6% |
| Amounts payable after more than one year | 17 | €26,525 | €18,902 | -€7,623 | -28.7% |
| Financial debts | 170/4 | €26,525 | €18,902 | -€7,623 | -28.7% |
| Amounts payable within one year | 42/48 | €30,701 | €30,547 | -€153 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €7,350 | €7,623 | +€272 | +3.7% |
| Trade debts | 44 | €4,618 | €6,039 | +€1,421 | +30.8% |
| Suppliers | 440/4 | €4,618 | €6,039 | +€1,421 | +30.8% |
| Advances received on contracts in progress | 46 | €2,199 | €0 | -€2,199 | -100.0% |
| Taxes, remuneration and social security | 45 | €14,537 | €16,885 | +€2,348 | +16.2% |
| Taxes | 450/3 | €14,537 | €16,885 | +€2,348 | +16.2% |
| Other amounts payable | 47/48 | €1,996 | €0 | -€1,996 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,889 | €12,502 | +€4,613 | +58.5% |
| Other operating charges | 640/8 | €1,889 | €1,269 | -€620 | -32.8% |
| Gross operating margin | 9900 | €85,035 | €120,260 | +€35,224 | +41.4% |
| Operating profit (loss) | 9901 | €75,258 | €106,489 | +€31,232 | +41.5% |
| Financial income | 75/76B | - | €199 | +€199 | |
| Recurring financial income | 75 | - | €199 | +€199 | |
| Financial charges | 65/66B | €1,063 | €1,353 | +€290 | +27.3% |
| Recurring financial charges | 65 | €1,063 | €1,353 | +€290 | +27.3% |
| Profit (loss) for the period before taxes | 9903 | €74,195 | €105,335 | +€31,140 | +42.0% |
| Income taxes | 67/77 | €23,432 | €31,817 | +€8,385 | +35.8% |
| Profit (loss) for the period | 9904 | €50,763 | €73,518 | +€22,755 | +44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €50,763 | €73,518 | +€22,755 | +44.8% |
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 12 October 2026 via checked.be.