THOMAS GHEYLE: 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 GHEYLE
Largest movements
- Financial fixed assets -€80,000
no longer reported in 2025 (was €80,000)
- Cash +€71,620
up €71,620 (+308%), from €23,286 to €94,907
mainly Investment in fixed assets (net) (+€80,000) and Net result for the year (+€23,109)
- Tangible fixed assets -€1,731
down €1,731 (-14.8%), from €11,711 to €9,981
of which Plant, machinery and equipment: -€1,132
- Receivables within one year -€1,361
down €1,361 (-7.0%), from €19,541 to €18,180
of which Other amounts receivable: -€1,451
- Other debts -€31,600
down €31,600 (-90.3%), from €35,000 to €3,400
- Profit (loss) carried forward +€19,709
up €19,709 (+944%), from €2,089 to €21,798
- Gross operating margin -€11,658
down €11,658 (-28.8%), from €40,511 to €28,853
- Financial income +€4,702
up €4,702 (+1,503%), from €313 to €5,015
- Taxes -€1,360
down €1,360 (-16.9%), from €8,056 to €6,696
- Financial charges -€525
down €525 (-24.2%), from €2,168 to €1,643
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 | €135,598 | €124,208 | -€11,390 | -8.4% |
| Fixed assets | 21/28 | €91,711 | €9,981 | -€81,731 | -89.1% |
| Tangible fixed assets | 22/27 | €11,711 | €9,981 | -€1,731 | -14.8% |
| Plant, machinery and equipment | 23 | €7,756 | €6,624 | -€1,132 | -14.6% |
| Furniture and vehicles | 24 | €925 | €669 | -€256 | -27.7% |
| Other tangible fixed assets | 26 | €3,031 | €2,688 | -€343 | -11.3% |
| Financial fixed assets | 28 | €80,000 | - | -€80,000 | |
| Current assets | 29/58 | €43,887 | €114,227 | +€70,340 | +160% |
| Amounts receivable within one year | 40/41 | €19,541 | €18,180 | -€1,361 | -7.0% |
| Trade receivables | 40 | €11,808 | €11,898 | +€90 | +0.8% |
| Other amounts receivable | 41 | €7,733 | €6,282 | -€1,451 | -18.8% |
| Cash at bank and in hand | 54/58 | €23,286 | €94,907 | +€71,620 | +308% |
| Deferred charges and accrued income | 490/1 | €1,060 | €1,140 | +€81 | +7.6% |
| Total equity and liabilities | 10/49 | €135,598 | €124,208 | -€11,390 | -8.4% |
| Equity | 10/15 | €98,284 | €117,992 | +€19,709 | +20.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €91,195 | €91,195 | = | 0.0% |
| Distributable reserves | 133 | €91,195 | €91,195 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,089 | €21,798 | +€19,709 | +944% |
| Amounts payable | 17/49 | €37,315 | €6,215 | -€31,099 | -83.3% |
| Amounts payable within one year | 42/48 | €37,315 | €5,808 | -€31,507 | -84.4% |
| Trade debts | 44 | €1,684 | €1,590 | -€94 | -5.6% |
| Suppliers | 440/4 | €1,402 | €1,590 | +€188 | +13.4% |
| Bills of exchange payable | 441 | €282 | - | -€282 | |
| Taxes, remuneration and social security | 45 | €630 | €817 | +€187 | +29.7% |
| Taxes | 450/3 | €630 | €817 | +€187 | +29.7% |
| Other amounts payable | 47/48 | €35,000 | €3,400 | -€31,600 | -90.3% |
| Accrued charges and deferred income | 492/3 | - | €408 | +€408 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,719 | €1,731 | +€12 | +0.7% |
| Other operating charges | 640/8 | €853 | €690 | -€163 | -19.1% |
| Gross operating margin | 9900 | €40,511 | €28,853 | -€11,658 | -28.8% |
| Operating profit (loss) | 9901 | €37,939 | €26,433 | -€11,507 | -30.3% |
| Financial income | 75/76B | €313 | €5,015 | +€4,702 | +1,503% |
| Recurring financial income | 75 | €313 | €5,015 | +€4,702 | +1,503% |
| Financial charges | 65/66B | €2,168 | €1,643 | -€525 | -24.2% |
| Recurring financial charges | 65 | €2,168 | €1,643 | -€525 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €36,084 | €29,804 | -€6,280 | -17.4% |
| Income taxes | 67/77 | €8,056 | €6,696 | -€1,360 | -16.9% |
| Profit (loss) for the period | 9904 | €28,028 | €23,109 | -€4,920 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,028 | €23,109 | -€4,920 | -17.6% |
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 18 October 2026 via checked.be.