THOMAS ALEX: 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 ALEX
Largest movements
- Tangible fixed assets -€55,945
down €55,945 (-3.7%), from €1.5m to €1.5m
of which Other tangible fixed assets: -€55,882
- Profit (loss) carried forward -€45,192
down €45,192 (-12.0%), from -€375,742 to -€420,934
- Debts after one year -€40,875
down €40,875 (-10.9%), from €376,091 to €335,216
- Other debts +€32,902
up €32,902 (+2.2%), from €1.5m to €1.5m
- Other operating charges -€27,864
down €27,864 (-77.4%), from €35,980 to €8,115
- Depreciation +€18,452
up €18,452 (+49.2%), from €37,492 to €55,945
- Financial charges +€1,492
up €1,492 (+5.5%), from €27,224 to €28,716
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 | €1,537,079 | €1,484,282 | -€52,797 | -3.4% |
| Fixed assets | 21/28 | €1,529,217 | €1,473,273 | -€55,945 | -3.7% |
| Tangible fixed assets | 22/27 | €1,529,217 | €1,473,273 | -€55,945 | -3.7% |
| Furniture and vehicles | 24 | €63 | - | -€63 | |
| Other tangible fixed assets | 26 | €1,529,155 | €1,473,273 | -€55,882 | -3.7% |
| Current assets | 29/58 | €7,862 | €11,009 | +€3,147 | +40.0% |
| Cash at bank and in hand | 54/58 | €7,862 | €11,009 | +€3,147 | +40.0% |
| Total equity and liabilities | 10/49 | €1,537,079 | €1,484,282 | -€52,797 | -3.4% |
| Equity | 10/15 | -€373,742 | -€418,934 | -€45,192 | -12.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€375,742 | -€420,934 | -€45,192 | -12.0% |
| Amounts payable | 17/49 | €1,910,821 | €1,903,216 | -€7,605 | -0.4% |
| Amounts payable after more than one year | 17 | €376,091 | €335,216 | -€40,875 | -10.9% |
| Financial debts | 170/4 | €376,091 | €335,216 | -€40,875 | -10.9% |
| Amounts payable within one year | 42/48 | €1,534,730 | €1,568,000 | +€33,270 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €40,201 | €40,875 | +€674 | +1.7% |
| Trade debts | 44 | €344 | €38 | -€307 | -89.0% |
| Suppliers | 440/4 | €344 | €38 | -€307 | -89.0% |
| Other amounts payable | 47/48 | €1,494,185 | €1,527,087 | +€32,902 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,492 | €55,945 | +€18,452 | +49.2% |
| Other operating charges | 640/8 | €35,980 | €8,115 | -€27,864 | -77.4% |
| Gross operating margin | 9900 | €47,190 | €47,584 | +€393 | +0.8% |
| Operating profit (loss) | 9901 | -€26,282 | -€16,476 | +€9,805 | +37.3% |
| Financial charges | 65/66B | €27,224 | €28,716 | +€1,492 | +5.5% |
| Recurring financial charges | 65 | €27,224 | €28,716 | +€1,492 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | -€53,505 | -€45,192 | +€8,313 | +15.5% |
| Profit (loss) for the period | 9904 | -€53,505 | -€45,192 | +€8,313 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,505 | -€45,192 | +€8,313 | +15.5% |
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 8 October 2026 via checked.be.