THOMAS-DELOBEL: 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.
THOMAS-DELOBEL
Largest movements
- Tangible fixed assets +€13,538
up €13,538 (+246%), from €5,504 to €19,042
of which Furniture and vehicles: +€14,437
- Stocks and contracts -€2,946
down €2,946 (-16.4%), from €17,977 to €15,031
- Cash +€1,705
up €1,705 (+816%), from €209 to €1,914
mainly Debts after one year (+€6,817) and Current portion of long-term debt (+€5,987)
- Debts after one year +€6,817
up €6,817 (+74.2%), from €9,190 to €16,007
of which Financial debts: +€6,130
- Current portion of long-term debt +€5,987
new in 2025: €5,987
- Tax, wage and social debts -€3,871
down €3,871 (-72.6%), from €5,333 to €1,462
of which Remuneration and social security: -€2,409
- Trade debts +€2,091
up €2,091 (+182%), from €1,152 to €3,243
- Profit (loss) carried forward +€1,437
up €1,437 (+5.8%), from -€24,815 to -€23,378
- Staff costs -€18,513
down €18,513 (-68.6%), from €26,998 to €8,485
- Gross operating margin -€13,387
down €13,387 (-47.4%), from €28,251 to €14,864
- Depreciation +€2,068
up €2,068 (+211%), from €979 to €3,047
- Financial charges +€462
up €462 (+811%), from €57 to €519
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 | €24,200 | €36,661 | +€12,461 | +51.5% |
| Fixed assets | 21/28 | €5,624 | €19,162 | +€13,538 | +241% |
| Tangible fixed assets | 22/27 | €5,504 | €19,042 | +€13,538 | +246% |
| Furniture and vehicles | 24 | €74 | €14,511 | +€14,437 | +19,509% |
| Other tangible fixed assets | 26 | €5,430 | €4,531 | -€899 | -16.6% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €18,576 | €17,499 | -€1,077 | -5.8% |
| Stocks and contracts in progress | 3 | €17,977 | €15,031 | -€2,946 | -16.4% |
| Stocks | 30/36 | €17,977 | €15,031 | -€2,946 | -16.4% |
| Amounts receivable within one year | 40/41 | €390 | €554 | +€164 | +42.1% |
| Trade receivables | 40 | €60 | - | -€60 | |
| Other amounts receivable | 41 | €330 | €554 | +€224 | +67.9% |
| Cash at bank and in hand | 54/58 | €209 | €1,914 | +€1,705 | +816% |
| Total equity and liabilities | 10/49 | €24,200 | €36,661 | +€12,461 | +51.5% |
| Equity | 10/15 | €8,525 | €9,962 | +€1,437 | +16.9% |
| Contributions | 10/11 | €33,340 | €33,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,815 | -€23,378 | +€1,437 | +5.8% |
| Amounts payable | 17/49 | €15,675 | €26,699 | +€11,024 | +70.3% |
| Amounts payable after more than one year | 17 | €9,190 | €16,007 | +€6,817 | +74.2% |
| Financial debts | 170/4 | - | €6,130 | +€6,130 | |
| Other amounts payable | 178/9 | €9,190 | €9,877 | +€687 | +7.5% |
| Amounts payable within one year | 42/48 | €6,485 | €10,692 | +€4,207 | +64.9% |
| Current portion of amounts payable after more than one year | 42 | - | €5,987 | +€5,987 | |
| Trade debts | 44 | €1,152 | €3,243 | +€2,091 | +182% |
| Suppliers | 440/4 | €1,152 | €3,243 | +€2,091 | +182% |
| Taxes, remuneration and social security | 45 | €5,333 | €1,462 | -€3,871 | -72.6% |
| Taxes | 450/3 | €1,462 | - | -€1,462 | |
| Remuneration and social security | 454/9 | €3,871 | €1,462 | -€2,409 | -62.2% |
| Remuneration, social security and pensions | 62 | €26,998 | €8,485 | -€18,513 | -68.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €979 | €3,047 | +€2,068 | +211% |
| Other operating charges | 640/8 | €918 | €1,053 | +€135 | +14.7% |
| Gross operating margin | 9900 | €28,251 | €14,864 | -€13,387 | -47.4% |
| Operating profit (loss) | 9901 | -€644 | €2,279 | +€2,923 | |
| Financial income | 75/76B | €4 | €2 | -€2 | -50.0% |
| Recurring financial income | 75 | €4 | €2 | -€2 | -50.0% |
| Financial charges | 65/66B | €57 | €519 | +€462 | +811% |
| Recurring financial charges | 65 | €57 | €519 | +€462 | +811% |
| Profit (loss) for the period before taxes | 9903 | -€697 | €1,762 | +€2,459 | |
| Income taxes | 67/77 | €188 | €325 | +€137 | +72.9% |
| Profit (loss) for the period | 9904 | -€885 | €1,437 | +€2,322 | |
| Profit (loss) for the period to be appropriated | 9905 | -€885 | €1,437 | +€2,322 |
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 16 October 2026 via checked.be.