THOMAS: 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.
THOMAS
Largest movements
- Tangible fixed assets -€28,759
down €28,759 (-4.7%), from €610,405 to €581,646
of which Plant, machinery and equipment: -€59,636
- Cash -€14,395
down €14,395 (-13.1%), from €109,656 to €95,261
mainly Contributions, distributions and other (-€89,781) and Investment in fixed assets (net) (-€85,611)
- Stocks and contracts +€11,211
new in 2025: €11,211
- Reserves -€110,000
down €110,000 (-36.2%), from €303,500 to €193,500
- Other debts +€107,568
up €107,568 (+105.2%), from €102,287 to €209,855
- Debts after one year -€38,194
down €38,194 (-16.7%), from €228,815 to €190,621
- Investment grants +€20,220
up €20,220 (+449.3%), from €4,500 to €24,720
- Profit (loss) carried forward -€16,055
down €16,055 (-78.6%), from €20,430 to €4,375
- Depreciation +€8,793
up €8,793 (+8.3%), from €105,577 to €114,370
- Purchases and services -€6,531
down €6,531 (-5.6%), from €117,578 to €111,047
- Financial income +€4,537
up €4,537 (+201.4%), from €2,253 to €6,790
- Gross operating margin -€3,253
down €3,253 (-3.1%), from €104,053 to €100,800
- Turnover -€2,284
down €2,284 (-1.1%), from €214,129 to €211,845
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 | €749,276 | €719,125 | -€30,151 | -4.0% |
| Fixed assets | 21/28 | €610,632 | €581,873 | -€28,759 | -4.7% |
| Tangible fixed assets | 22/27 | €610,405 | €581,646 | -€28,759 | -4.7% |
| Land and buildings | 22 | €365,603 | €392,436 | +€26,833 | +7.3% |
| Plant, machinery and equipment | 23 | €169,751 | €110,115 | -€59,636 | -35.1% |
| Furniture and vehicles | 24 | €74,592 | €79,095 | +€4,503 | +6.0% |
| Other tangible fixed assets | 26 | €459 | - | -€459 | |
| Financial fixed assets | 28 | €227 | €227 | +€0 | +0.2% |
| Current assets | 29/58 | €138,644 | €137,252 | -€1,392 | -1.0% |
| Stocks and contracts in progress | 3 | - | €11,211 | +€11,211 | |
| Stocks | 30/36 | - | €11,211 | +€11,211 | |
| Amounts receivable within one year | 40/41 | €26,395 | €28,143 | +€1,748 | +6.6% |
| Trade receivables | 40 | €26,395 | €28,143 | +€1,748 | +6.6% |
| Cash at bank and in hand | 54/58 | €109,656 | €95,261 | -€14,395 | -13.1% |
| Deferred charges and accrued income | 490/1 | €2,594 | €2,637 | +€43 | +1.7% |
| Total equity and liabilities | 10/49 | €749,276 | €719,125 | -€30,151 | -4.0% |
| Equity | 10/15 | €363,430 | €257,595 | -€105,835 | -29.1% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €303,500 | €193,500 | -€110,000 | -36.2% |
| Distributable reserves | 133 | €303,500 | €193,500 | -€110,000 | -36.2% |
| Profit (loss) carried forward | 14 | €20,430 | €4,375 | -€16,055 | -78.6% |
| Investment grants | 15 | €4,500 | €24,720 | +€20,220 | +449.3% |
| Amounts payable | 17/49 | €385,846 | €461,530 | +€75,684 | +19.6% |
| Amounts payable after more than one year | 17 | €228,815 | €190,621 | -€38,194 | -16.7% |
| Financial debts | 170/4 | €228,815 | €190,621 | -€38,194 | -16.7% |
| Amounts payable within one year | 42/48 | €156,573 | €270,858 | +€114,285 | +73.0% |
| Current portion of amounts payable after more than one year | 42 | €39,683 | €38,194 | -€1,489 | -3.8% |
| Trade debts | 44 | €1,533 | €14,748 | +€13,215 | +861.8% |
| Suppliers | 440/4 | €1,533 | €14,748 | +€13,215 | +861.8% |
| Taxes, remuneration and social security | 45 | €13,070 | €8,061 | -€5,009 | -38.3% |
| Taxes | 450/3 | €13,070 | €8,061 | -€5,009 | -38.3% |
| Other amounts payable | 47/48 | €102,287 | €209,855 | +€107,568 | +105.2% |
| Accrued charges and deferred income | 492/3 | €458 | €51 | -€407 | -88.9% |
| Turnover | 70 | €214,129 | €211,845 | -€2,284 | -1.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €117,578 | €111,047 | -€6,531 | -5.6% |
| Remuneration, social security and pensions | 62 | €767 | €1,156 | +€389 | +50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,577 | €114,370 | +€8,793 | +8.3% |
| Other operating charges | 640/8 | €5,410 | €5,736 | +€326 | +6.0% |
| Gross operating margin | 9900 | €104,053 | €100,800 | -€3,253 | -3.1% |
| Operating profit (loss) | 9901 | -€7,701 | -€20,462 | -€12,762 | -165.7% |
| Financial income | 75/76B | €2,253 | €6,790 | +€4,537 | +201.4% |
| Recurring financial income | 75 | €2,253 | €6,790 | +€4,537 | +201.4% |
| Financial charges | 65/66B | €2,700 | €2,382 | -€318 | -11.8% |
| Recurring financial charges | 65 | €2,700 | €2,382 | -€318 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,147 | -€16,054 | -€7,907 | -97.1% |
| Profit (loss) for the period | 9904 | -€8,147 | -€16,054 | -€7,907 | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,147 | -€16,054 | -€7,907 | -97.1% |
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 2 October 2026 via checked.be.