ThoDo: 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.
ThoDo
Largest movements
- Financial fixed assets +€348,885
new in 2025: €348,885
- Cash -€38,961
down €38,961 (-36.7%), from €106,157 to €67,196
mainly Investment in fixed assets (net) (-€365,294) and Contributions, distributions and other (-€80,000)
- Receivables after one year -€10,000
no longer reported in 2025 (was €10,000)
- Tangible fixed assets +€6,876
up €6,876 (+48.9%), from €14,060 to €20,937
- Provisions +€275,000
new in 2025: €275,000
- Other debts +€63,841
up €63,841 (+179732.1%), from €36 to €63,876
- Profit (loss) carried forward -€36,800
down €36,800 (-35.1%), from €104,836 to €68,036
- Tax, wage and social debts +€13,107
up €13,107 (+87.5%), from €14,984 to €28,091
- Current portion of long-term debt -€8,098
no longer reported in 2025 (was €8,098)
- Gross operating margin +€5,072
up €5,072 (+8.3%), from €61,038 to €66,110
- Depreciation +€1,863
up €1,863 (+24.3%), from €7,669 to €9,532
- Taxes +€1,395
up €1,395 (+12.7%), from €10,986 to €12,381
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 | €130,361 | €438,347 | +€307,987 | +236.3% |
| Fixed assets | 21/28 | €14,060 | €369,822 | +€355,761 | +2530.3% |
| Tangible fixed assets | 22/27 | €14,060 | €20,937 | +€6,876 | +48.9% |
| Furniture and vehicles | 24 | €14,060 | €20,937 | +€6,876 | +48.9% |
| Financial fixed assets | 28 | - | €348,885 | +€348,885 | |
| Current assets | 29/58 | €116,300 | €68,526 | -€47,775 | -41.1% |
| Amounts receivable after more than one year | 29 | €10,000 | - | -€10,000 | |
| Other amounts receivable | 291 | €10,000 | - | -€10,000 | |
| Cash at bank and in hand | 54/58 | €106,157 | €67,196 | -€38,961 | -36.7% |
| Deferred charges and accrued income | 490/1 | €144 | €1,330 | +€1,186 | +825.4% |
| Total equity and liabilities | 10/49 | €130,361 | €438,347 | +€307,987 | +236.3% |
| Equity | 10/15 | €106,836 | €70,036 | -€36,800 | -34.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,836 | €68,036 | -€36,800 | -35.1% |
| Provisions and deferred taxes | 16 | - | €275,000 | +€275,000 | |
| Provisions for liabilities and charges | 160/5 | - | €275,000 | +€275,000 | |
| Other liabilities and charges | 164/5 | - | €275,000 | +€275,000 | |
| Amounts payable | 17/49 | €23,525 | €93,311 | +€69,787 | +296.7% |
| Amounts payable within one year | 42/48 | €23,525 | €93,311 | +€69,787 | +296.7% |
| Current portion of amounts payable after more than one year | 42 | €8,098 | - | -€8,098 | |
| Trade debts | 44 | €408 | €1,344 | +€937 | +229.6% |
| Suppliers | 440/4 | €408 | €1,344 | +€937 | +229.6% |
| Taxes, remuneration and social security | 45 | €14,984 | €28,091 | +€13,107 | +87.5% |
| Taxes | 450/3 | €14,984 | €28,091 | +€13,107 | +87.5% |
| Other amounts payable | 47/48 | €36 | €63,876 | +€63,841 | +179732.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,669 | €9,532 | +€1,863 | +24.3% |
| Other operating charges | 640/8 | €1,283 | €1,233 | -€49 | -3.9% |
| Gross operating margin | 9900 | €61,038 | €66,110 | +€5,072 | +8.3% |
| Operating profit (loss) | 9901 | €52,086 | €55,344 | +€3,259 | +6.3% |
| Financial income | 75/76B | €332 | €400 | +€68 | +20.6% |
| Recurring financial income | 75 | €332 | €400 | +€68 | +20.6% |
| Financial charges | 65/66B | €360 | €164 | -€196 | -54.5% |
| Recurring financial charges | 65 | €360 | €164 | -€196 | -54.5% |
| Profit (loss) for the period before taxes | 9903 | €52,057 | €55,581 | +€3,523 | +6.8% |
| Income taxes | 67/77 | €10,986 | €12,381 | +€1,395 | +12.7% |
| Profit (loss) for the period | 9904 | €41,071 | €43,200 | +€2,129 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €41,071 | €43,200 | +€2,129 | +5.2% |
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 28 September 2026 via checked.be.