Thoen S: 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 S
Largest movements
- Receivables within one year +€19,631
up €19,631 (+112%), from €17,492 to €37,123
of which Other amounts receivable: +€10,668
- Cash +€15,686
up €15,686 (+3.3%), from €468,288 to €483,974
mainly Net result for the year (+€38,077) and Depreciation (+€11,382)
- Tangible fixed assets -€11,382
down €11,382 (-10.7%), from €106,329 to €94,947
of which Furniture and vehicles: -€10,126
- Reserves +€38,077
up €38,077 (+9.5%), from €401,986 to €440,063
- Gross operating margin -€33,844
down €33,844 (-19.8%), from €170,719 to €136,875
- Taxes -€9,133
down €9,133 (-33.9%), from €26,941 to €17,808
- Depreciation -€3,435
down €3,435 (-23.2%), from €14,817 to €11,382
- Staff costs +€2,486
up €2,486 (+3.7%), from €67,527 to €70,013
- Financial income +€2,297
up €2,297 (+110%), from €2,080 to €4,376
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 | €618,374 | €649,019 | +€30,645 | +5.0% |
| Fixed assets | 21/28 | €106,329 | €94,947 | -€11,382 | -10.7% |
| Tangible fixed assets | 22/27 | €106,329 | €94,947 | -€11,382 | -10.7% |
| Land and buildings | 22 | €73,134 | €73,134 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,011 | €754 | -€1,257 | -62.5% |
| Furniture and vehicles | 24 | €31,185 | €21,059 | -€10,126 | -32.5% |
| Current assets | 29/58 | €512,045 | €554,072 | +€42,027 | +8.2% |
| Stocks and contracts in progress | 3 | €23,809 | €26,178 | +€2,369 | +10.0% |
| Stocks | 30/36 | €23,809 | €26,178 | +€2,369 | +10.0% |
| Amounts receivable within one year | 40/41 | €17,492 | €37,123 | +€19,631 | +112% |
| Trade receivables | 40 | €15,441 | €24,404 | +€8,963 | +58.0% |
| Other amounts receivable | 41 | €2,051 | €12,718 | +€10,668 | +520% |
| Cash at bank and in hand | 54/58 | €468,288 | €483,974 | +€15,686 | +3.3% |
| Deferred charges and accrued income | 490/1 | €2,457 | €6,798 | +€4,341 | +177% |
| Total equity and liabilities | 10/49 | €618,374 | €649,019 | +€30,645 | +5.0% |
| Equity | 10/15 | €588,986 | €627,063 | +€38,077 | +6.5% |
| Contributions | 10/11 | €187,000 | €187,000 | = | 0.0% |
| Reserves | 13 | €401,986 | €440,063 | +€38,077 | +9.5% |
| Distributable reserves | 133 | €401,986 | €440,063 | +€38,077 | +9.5% |
| Amounts payable | 17/49 | €29,388 | €21,956 | -€7,433 | -25.3% |
| Amounts payable within one year | 42/48 | €29,388 | €21,956 | -€7,433 | -25.3% |
| Trade debts | 44 | €6,073 | €356 | -€5,717 | -94.1% |
| Suppliers | 440/4 | €6,073 | €356 | -€5,717 | -94.1% |
| Taxes, remuneration and social security | 45 | €1,716 | - | -€1,716 | |
| Taxes | 450/3 | €1,716 | - | -€1,716 | |
| Other amounts payable | 47/48 | €21,600 | €21,600 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €67,527 | €70,013 | +€2,486 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,817 | €11,382 | -€3,435 | -23.2% |
| Other operating charges | 640/8 | €3,585 | €3,475 | -€111 | -3.1% |
| Gross operating margin | 9900 | €170,719 | €136,875 | -€33,844 | -19.8% |
| Operating profit (loss) | 9901 | €84,790 | €52,006 | -€32,785 | -38.7% |
| Financial income | 75/76B | €2,080 | €4,376 | +€2,297 | +110% |
| Recurring financial income | 75 | €2,080 | €4,376 | +€2,297 | +110% |
| Financial charges | 65/66B | €487 | €497 | +€10 | +2.1% |
| Recurring financial charges | 65 | €487 | €497 | +€10 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €86,383 | €55,885 | -€30,498 | -35.3% |
| Income taxes | 67/77 | €26,941 | €17,808 | -€9,133 | -33.9% |
| Profit (loss) for the period | 9904 | €59,442 | €38,077 | -€21,365 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,442 | €38,077 | -€21,365 | -35.9% |
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 14 October 2026 via checked.be.