THOMAS&GHILAIN: 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&GHILAIN
Largest movements
- Receivables after one year +€49,131
up €49,131 (+52.8%), from €93,056 to €142,187
- Receivables within one year +€44,996
up €44,996 (+171%), from €26,240 to €71,236
of which Trade receivables: +€45,340
- Tangible fixed assets +€31,271
up €31,271 (+6.8%), from €460,757 to €492,028
of which Land and buildings: +€25,284
- Debts after one year +€58,758
up €58,758 (+30.2%), from €194,794 to €253,551
- Reserves +€47,711
up €47,711 (+12.0%), from €397,289 to €445,000
- Trade debts +€24,504
up €24,504 (+37,059%), from €66 to €24,570
- Current portion of long-term debt -€12,403
down €12,403 (-28.4%), from €43,645 to €31,243
- Tax, wage and social debts +€8,106
up €8,106 (+821%), from €987 to €9,093
- Depreciation +€4,890
up €4,890 (+19.1%), from €25,618 to €30,508
- Financial charges +€2,430
up €2,430 (+48.7%), from €4,993 to €7,423
- Gross operating margin +€2,249
up €2,249 (+2.3%), from €98,088 to €100,337
- Financial income -€1,585
down €1,585 (-47.6%), from €3,333 to €1,748
- Taxes -€1,089
down €1,089 (-7.4%), from €14,737 to €13,648
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 | €658,991 | €786,542 | +€127,552 | +19.4% |
| Fixed assets | 21/28 | €460,837 | €492,108 | +€31,271 | +6.8% |
| Tangible fixed assets | 22/27 | €460,757 | €492,028 | +€31,271 | +6.8% |
| Land and buildings | 22 | €460,757 | €486,040 | +€25,284 | +5.5% |
| Furniture and vehicles | 24 | - | €5,987 | +€5,987 | |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €198,154 | €294,435 | +€96,281 | +48.6% |
| Amounts receivable after more than one year | 29 | €93,056 | €142,187 | +€49,131 | +52.8% |
| Other amounts receivable | 291 | €93,056 | €142,187 | +€49,131 | +52.8% |
| Amounts receivable within one year | 40/41 | €26,240 | €71,236 | +€44,996 | +171% |
| Trade receivables | 40 | €19,687 | €65,027 | +€45,340 | +230% |
| Other amounts receivable | 41 | €6,553 | €6,209 | -€344 | -5.2% |
| Current investments | 50/53 | €65,000 | €65,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,834 | €12,683 | +€1,849 | +17.1% |
| Deferred charges and accrued income | 490/1 | €3,024 | €3,329 | +€305 | +10.1% |
| Total equity and liabilities | 10/49 | €658,991 | €786,542 | +€127,552 | +19.4% |
| Equity | 10/15 | €415,892 | €463,914 | +€48,022 | +11.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €397,289 | €445,000 | +€47,711 | +12.0% |
| Distributable reserves | 133 | €397,289 | €445,000 | +€47,711 | +12.0% |
| Profit (loss) carried forward | 14 | €3 | €314 | +€311 | +9,864% |
| Amounts payable | 17/49 | €243,099 | €322,629 | +€79,530 | +32.7% |
| Amounts payable after more than one year | 17 | €194,794 | €253,551 | +€58,758 | +30.2% |
| Financial debts | 170/4 | €194,794 | €253,551 | +€58,758 | +30.2% |
| Amounts payable within one year | 42/48 | €44,699 | €64,905 | +€20,206 | +45.2% |
| Current portion of amounts payable after more than one year | 42 | €43,645 | €31,243 | -€12,403 | -28.4% |
| Trade debts | 44 | €66 | €24,570 | +€24,504 | +37,059% |
| Suppliers | 440/4 | €66 | €24,570 | +€24,504 | +37,059% |
| Taxes, remuneration and social security | 45 | €987 | €9,093 | +€8,106 | +821% |
| Taxes | 450/3 | €987 | €9,093 | +€8,106 | +821% |
| Accrued charges and deferred income | 492/3 | €3,606 | €4,172 | +€566 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,618 | €30,508 | +€4,890 | +19.1% |
| Other operating charges | 640/8 | €2,694 | €2,484 | -€210 | -7.8% |
| Gross operating margin | 9900 | €98,088 | €100,337 | +€2,249 | +2.3% |
| Operating profit (loss) | 9901 | €69,776 | €67,345 | -€2,431 | -3.5% |
| Financial income | 75/76B | €3,333 | €1,748 | -€1,585 | -47.6% |
| Recurring financial income | 75 | €3,333 | €1,748 | -€1,585 | -47.6% |
| Financial charges | 65/66B | €4,993 | €7,423 | +€2,430 | +48.7% |
| Recurring financial charges | 65 | €4,993 | €7,423 | +€2,430 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €68,116 | €61,670 | -€6,446 | -9.5% |
| Income taxes | 67/77 | €14,737 | €13,648 | -€1,089 | -7.4% |
| Profit (loss) for the period | 9904 | €53,379 | €48,022 | -€5,357 | -10.0% |
| Transfer from tax-exempt reserves | 789 | €21,050 | - | -€21,050 | |
| Transfer to tax-exempt reserves | 689 | €5,550 | - | -€5,550 | |
| Profit (loss) for the period to be appropriated | 9905 | €68,879 | €48,022 | -€20,857 | -30.3% |
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.