Thoen MD: 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.
Thoen MD
Largest movements
- Receivables within one year +€63,993
up €63,993 (+253.1%), from €25,287 to €89,280
- Cash +€36,388
up €36,388 (+187.6%), from €19,396 to €55,784
mainly Net result for the year (+€122,446) and Other debts (+€104,780)
- Tangible fixed assets -€5,432
down €5,432 (-32.4%), from €16,753 to €11,321
- Other debts +€104,780
up €104,780 (+286.5%), from €36,577 to €141,357
- Reserves -€21,354
down €21,354 (-99.4%), from €21,486 to €131
- Tax, wage and social debts +€11,178
up €11,178 (+377.9%), from €2,958 to €14,136
- Gross operating margin +€140,403
up €140,403 (+537.0%), from €26,145 to €166,548
- Taxes +€32,221
up €32,221 (+649.9%), from €4,958 to €37,178
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 | €63,712 | €158,773 | +€95,062 | +149.2% |
| Fixed assets | 21/28 | €16,753 | €11,321 | -€5,432 | -32.4% |
| Tangible fixed assets | 22/27 | €16,753 | €11,321 | -€5,432 | -32.4% |
| Furniture and vehicles | 24 | €16,753 | €11,321 | -€5,432 | -32.4% |
| Current assets | 29/58 | €46,959 | €147,452 | +€100,493 | +214.0% |
| Amounts receivable within one year | 40/41 | €25,287 | €89,280 | +€63,993 | +253.1% |
| Trade receivables | 40 | €25,287 | €89,280 | +€63,993 | +253.1% |
| Cash at bank and in hand | 54/58 | €19,396 | €55,784 | +€36,388 | +187.6% |
| Deferred charges and accrued income | 490/1 | €2,276 | €2,389 | +€112 | +4.9% |
| Total equity and liabilities | 10/49 | €63,712 | €158,773 | +€95,062 | +149.2% |
| Equity | 10/15 | €22,986 | €1,631 | -€21,354 | -92.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €21,486 | €131 | -€21,354 | -99.4% |
| Distributable reserves | 133 | €21,486 | €131 | -€21,354 | -99.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €40,726 | €157,142 | +€116,416 | +285.9% |
| Amounts payable within one year | 42/48 | €40,726 | €157,142 | +€116,416 | +285.9% |
| Trade debts | 44 | €1,191 | €1,649 | +€458 | +38.4% |
| Suppliers | 440/4 | €1,191 | €1,649 | +€458 | +38.4% |
| Taxes, remuneration and social security | 45 | €2,958 | €14,136 | +€11,178 | +377.9% |
| Taxes | 450/3 | €2,958 | €14,136 | +€11,178 | +377.9% |
| Other amounts payable | 47/48 | €36,577 | €141,357 | +€104,780 | +286.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,433 | €5,432 | -€1 | 0.0% |
| Other operating charges | 640/8 | €976 | €1,408 | +€432 | +44.3% |
| Gross operating margin | 9900 | €26,145 | €166,548 | +€140,403 | +537.0% |
| Operating profit (loss) | 9901 | €19,736 | €159,708 | +€139,972 | +709.2% |
| Financial charges | 65/66B | €30 | €84 | +€54 | +179.8% |
| Recurring financial charges | 65 | €30 | €84 | +€54 | +179.8% |
| Profit (loss) for the period before taxes | 9903 | €19,706 | €159,624 | +€139,918 | +710.0% |
| Income taxes | 67/77 | €4,958 | €37,178 | +€32,221 | +649.9% |
| Profit (loss) for the period | 9904 | €14,748 | €122,446 | +€107,697 | +730.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,748 | €122,446 | +€107,697 | +730.2% |
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.