Thodde: 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.
Thodde
Largest movements
- Receivables within one year +€137,059
up €137,059 (+48.0%), from €285,594 to €422,653
of which Trade receivables: +€116,646
- Stocks and contracts -€50,119
down €50,119 (-22.2%), from €225,671 to €175,552
- Tangible fixed assets -€37,034
down €37,034 (-11.5%), from €323,437 to €286,402
- Trade debts +€69,955
up €69,955 (+36.3%), from €192,846 to €262,801
- Short-term financial debts -€25,000
down €25,000 (-50.0%), from €50,000 to €25,000
- Tax, wage and social debts -€13,835
down €13,835 (-100.0%), from €13,836 to €1
- Advances received +€11,144
new in 2025: €11,144
- Other debts +€10,398
up €10,398 (+5.8%), from €180,677 to €191,075
- Gross operating margin +€11,691
up €11,691 (+33.1%), from €35,336 to €47,027
- Depreciation +€6,888
up €6,888 (+22.1%), from €31,220 to €38,108
- Financial charges -€6,579
down €6,579 (-36.3%), from €18,147 to €11,569
- Other operating charges -€2,268
down €2,268 (-46.5%), from €4,880 to €2,612
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.
Derived cash bridge
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 | €851,452 | €896,899 | +€45,447 | +5.3% |
| Fixed assets | 21/28 | €323,437 | €286,402 | -€37,034 | -11.5% |
| Tangible fixed assets | 22/27 | €323,437 | €286,402 | -€37,034 | -11.5% |
| Land and buildings | 22 | €253,765 | €239,654 | -€14,111 | -5.6% |
| Plant, machinery and equipment | 23 | €50,178 | €36,855 | -€13,323 | -26.6% |
| Furniture and vehicles | 24 | €19,493 | €9,892 | -€9,601 | -49.3% |
| Current assets | 29/58 | €528,015 | €610,497 | +€82,481 | +15.6% |
| Stocks and contracts in progress | 3 | €225,671 | €175,552 | -€50,119 | -22.2% |
| Stocks | 30/36 | €225,671 | €175,552 | -€50,119 | -22.2% |
| Amounts receivable within one year | 40/41 | €285,594 | €422,653 | +€137,059 | +48.0% |
| Trade receivables | 40 | €271,836 | €388,482 | +€116,646 | +42.9% |
| Other amounts receivable | 41 | €13,758 | €34,171 | +€20,413 | +148% |
| Cash at bank and in hand | 54/58 | €16,603 | €12,079 | -€4,524 | -27.2% |
| Deferred charges and accrued income | 490/1 | €148 | €213 | +€65 | +44.0% |
| Total equity and liabilities | 10/49 | €851,452 | €896,899 | +€45,447 | +5.3% |
| Equity | 10/15 | €122,895 | €118,704 | -€4,191 | -3.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €139,981 | €139,981 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €139,881 | €139,881 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,087 | -€22,277 | -€4,191 | -23.2% |
| Amounts payable | 17/49 | €728,558 | €778,195 | +€49,638 | +6.8% |
| Amounts payable after more than one year | 17 | €263,406 | €259,403 | -€4,004 | -1.5% |
| Financial debts | 170/4 | €263,406 | €259,403 | -€4,004 | -1.5% |
| Amounts payable within one year | 42/48 | €465,151 | €518,793 | +€53,641 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €27,793 | €28,772 | +€978 | +3.5% |
| Financial debts | 43 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Credit institutions | 430/8 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Trade debts | 44 | €192,846 | €262,801 | +€69,955 | +36.3% |
| Suppliers | 440/4 | €192,846 | €262,801 | +€69,955 | +36.3% |
| Advances received on contracts in progress | 46 | - | €11,144 | +€11,144 | |
| Taxes, remuneration and social security | 45 | €13,836 | €1 | -€13,835 | -100.0% |
| Taxes | 450/3 | €13,836 | €1 | -€13,835 | -100.0% |
| Other amounts payable | 47/48 | €180,677 | €191,075 | +€10,398 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,220 | €38,108 | +€6,888 | +22.1% |
| Other operating charges | 640/8 | €4,880 | €2,612 | -€2,268 | -46.5% |
| Gross operating margin | 9900 | €35,336 | €47,027 | +€11,691 | +33.1% |
| Operating profit (loss) | 9901 | -€764 | €6,307 | +€7,071 | |
| Financial income | 75/76B | €777 | €1,071 | +€294 | +37.8% |
| Recurring financial income | 75 | €777 | €1,071 | +€294 | +37.8% |
| Financial charges | 65/66B | €18,147 | €11,569 | -€6,579 | -36.3% |
| Recurring financial charges | 65 | €18,147 | €11,569 | -€6,579 | -36.3% |
| Profit (loss) for the period before taxes | 9903 | -€18,134 | -€4,190 | +€13,944 | +76.9% |
| Income taxes | 67/77 | -€47 | €0 | +€47 | |
| Profit (loss) for the period | 9904 | -€18,087 | -€4,191 | +€13,896 | +76.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,087 | -€4,191 | +€13,896 | +76.8% |
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 30 October 2026 via checked.be.