ThoMaNagement: 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.
ThoMaNagement
Largest movements
- Receivables within one year -€16,533
down €16,533 (-22.8%), from €72,504 to €55,971
of which Trade receivables: -€12,347
- Tangible fixed assets -€10,647
down €10,647 (-4.7%), from €225,619 to €214,972
of which Land and buildings: -€9,400
- Debts after one year -€19,164
down €19,164 (-8.1%), from €236,377 to €217,213
- Reserves -€11,965
down €11,965 (-37.2%), from €32,143 to €20,178
of which Distributable reserves: -€11,965
- Gross operating margin -€18,957
down €18,957 (-67.7%), from €28,011 to €9,054
- Taxes -€2,068
no longer reported in 2025 (was €2,068)
- Financial charges -€886
down €886 (-11.5%), from €7,721 to €6,835
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 | €305,186 | €276,139 | -€29,047 | -9.5% |
| Fixed assets | 21/28 | €226,479 | €215,832 | -€10,647 | -4.7% |
| Tangible fixed assets | 22/27 | €225,619 | €214,972 | -€10,647 | -4.7% |
| Land and buildings | 22 | €217,800 | €208,400 | -€9,400 | -4.3% |
| Plant, machinery and equipment | 23 | €2,543 | €1,696 | -€848 | -33.3% |
| Furniture and vehicles | 24 | €5,276 | €4,876 | -€399 | -7.6% |
| Financial fixed assets | 28 | €860 | €860 | = | 0.0% |
| Current assets | 29/58 | €78,707 | €60,307 | -€18,400 | -23.4% |
| Amounts receivable within one year | 40/41 | €72,504 | €55,971 | -€16,533 | -22.8% |
| Trade receivables | 40 | €20,957 | €8,610 | -€12,347 | -58.9% |
| Other amounts receivable | 41 | €51,547 | €47,361 | -€4,186 | -8.1% |
| Cash at bank and in hand | 54/58 | €3,359 | €1,457 | -€1,902 | -56.6% |
| Deferred charges and accrued income | 490/1 | €2,844 | €2,879 | +€35 | +1.2% |
| Total equity and liabilities | 10/49 | €305,186 | €276,139 | -€29,047 | -9.5% |
| Equity | 10/15 | €38,363 | €26,398 | -€11,965 | -31.2% |
| Contributions | 10/11 | €6,220 | €6,220 | = | 0.0% |
| Reserves | 13 | €32,143 | €20,178 | -€11,965 | -37.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €30,283 | €18,318 | -€11,965 | -39.5% |
| Amounts payable | 17/49 | €266,823 | €249,741 | -€17,082 | -6.4% |
| Amounts payable after more than one year | 17 | €236,377 | €217,213 | -€19,164 | -8.1% |
| Financial debts | 170/4 | €236,377 | €217,213 | -€19,164 | -8.1% |
| Amounts payable within one year | 42/48 | €30,447 | €32,528 | +€2,082 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €19,917 | €20,727 | +€809 | +4.1% |
| Trade debts | 44 | €2,972 | €5,573 | +€2,601 | +87.5% |
| Suppliers | 440/4 | €2,972 | €5,573 | +€2,601 | +87.5% |
| Taxes, remuneration and social security | 45 | €3,958 | €2,068 | -€1,889 | -47.7% |
| Taxes | 450/3 | €3,958 | €2,068 | -€1,889 | -47.7% |
| Other amounts payable | 47/48 | €3,599 | €4,160 | +€560 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,514 | €12,657 | +€143 | +1.1% |
| Other operating charges | 640/8 | €1,485 | €1,527 | +€43 | +2.9% |
| Gross operating margin | 9900 | €28,011 | €9,054 | -€18,957 | -67.7% |
| Operating profit (loss) | 9901 | €14,012 | -€5,131 | -€19,143 | |
| Financial charges | 65/66B | €7,721 | €6,835 | -€886 | -11.5% |
| Recurring financial charges | 65 | €7,721 | €6,835 | -€886 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €6,291 | -€11,965 | -€18,257 | |
| Income taxes | 67/77 | €2,068 | - | -€2,068 | |
| Profit (loss) for the period | 9904 | €4,223 | -€11,965 | -€16,188 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,223 | -€11,965 | -€16,188 |
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 12 October 2026 via checked.be.