THODES: 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.
THODES
Largest movements
- Financial fixed assets -€90,144
down €90,144 (-13.4%), from €674,154 to €584,011
- Receivables within one year -€30,961
down €30,961 (-36.3%), from €85,185 to €54,224
of which Trade receivables: -€29,024
- Cash -€27,061
down €27,061 (-92.4%), from €29,283 to €2,222
mainly Net result for the year (-€139,542) and Trade debts (-€13,094)
- Receivables after one year -€20,000
no longer reported in 2025 (was €20,000)
- Tangible fixed assets -€9,684
down €9,684 (-31.0%), from €31,228 to €21,544
of which Leasing and similar rights: -€22,046
- Profit (loss) carried forward -€139,542
new in 2025: -€139,542
- Trade debts -€13,094
down €13,094 (-72.5%), from €18,064 to €4,970
- Financial charges +€120,902
up €120,902 (+330.8%), from €36,553 to €157,456
- Gross operating margin -€25,847
down €25,847 (-41.8%), from €61,778 to €35,931
- Taxes -€5,704
down €5,704 (-58.2%), from €9,807 to €4,103
- Depreciation +€955
up €955 (+8.7%), from €11,021 to €11,976
- Financial income -€737
down €737 (-97.5%), from €756 to €19
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 | €840,993 | €669,149 | -€171,844 | -20.4% |
| Fixed assets | 21/28 | €705,383 | €605,555 | -€99,828 | -14.2% |
| Tangible fixed assets | 22/27 | €31,228 | €21,544 | -€9,684 | -31.0% |
| Furniture and vehicles | 24 | €9,182 | €21,544 | +€12,362 | +134.6% |
| Leasing and similar rights | 25 | €22,046 | - | -€22,046 | |
| Financial fixed assets | 28 | €674,154 | €584,011 | -€90,144 | -13.4% |
| Current assets | 29/58 | €135,611 | €63,594 | -€72,017 | -53.1% |
| Amounts receivable after more than one year | 29 | €20,000 | - | -€20,000 | |
| Other amounts receivable | 291 | €20,000 | - | -€20,000 | |
| Amounts receivable within one year | 40/41 | €85,185 | €54,224 | -€30,961 | -36.3% |
| Trade receivables | 40 | €29,750 | €726 | -€29,024 | -97.6% |
| Other amounts receivable | 41 | €55,435 | €53,498 | -€1,937 | -3.5% |
| Cash at bank and in hand | 54/58 | €29,283 | €2,222 | -€27,061 | -92.4% |
| Deferred charges and accrued income | 490/1 | €1,142 | €7,148 | +€6,006 | +525.7% |
| Total equity and liabilities | 10/49 | €840,993 | €669,149 | -€171,844 | -20.4% |
| Equity | 10/15 | €577,325 | €437,784 | -€139,542 | -24.2% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €202,325 | €202,325 | = | 0.0% |
| Distributable reserves | 133 | €202,325 | €202,325 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€139,542 | -€139,542 | |
| Amounts payable | 17/49 | €263,668 | €231,365 | -€32,303 | -12.3% |
| Amounts payable within one year | 42/48 | €245,135 | €216,661 | -€28,473 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €6,555 | - | -€6,555 | |
| Trade debts | 44 | €18,064 | €4,970 | -€13,094 | -72.5% |
| Suppliers | 440/4 | €18,064 | €4,970 | -€13,094 | -72.5% |
| Taxes, remuneration and social security | 45 | €8,669 | €8,177 | -€492 | -5.7% |
| Taxes | 450/3 | €8,669 | €8,177 | -€492 | -5.7% |
| Other amounts payable | 47/48 | €211,847 | €203,514 | -€8,333 | -3.9% |
| Accrued charges and deferred income | 492/3 | €18,533 | €14,704 | -€3,829 | -20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,021 | €11,976 | +€955 | +8.7% |
| Other operating charges | 640/8 | €2,254 | €1,957 | -€297 | -13.2% |
| Gross operating margin | 9900 | €61,778 | €35,931 | -€25,847 | -41.8% |
| Operating profit (loss) | 9901 | €48,504 | €21,998 | -€26,506 | -54.6% |
| Financial income | 75/76B | €756 | €19 | -€737 | -97.5% |
| Recurring financial income | 75 | €756 | €19 | -€737 | -97.5% |
| Financial charges | 65/66B | €36,553 | €157,456 | +€120,902 | +330.8% |
| Recurring financial charges | 65 | €36,553 | €157,456 | +€120,902 | +330.8% |
| Profit (loss) for the period before taxes | 9903 | €12,706 | -€135,439 | -€148,145 | |
| Income taxes | 67/77 | €9,807 | €4,103 | -€5,704 | -58.2% |
| Profit (loss) for the period | 9904 | €2,900 | -€139,542 | -€142,441 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,900 | -€139,542 | -€142,441 |
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.