THOMAS PARTHOENS: 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 PARTHOENS
Largest movements
- Tangible fixed assets -€29,698
down €29,698 (-15.6%), from €190,942 to €161,244
of which Leasing and similar rights: -€22,157
- Receivables within one year +€5,974
up €5,974 (+9.2%), from €64,896 to €70,870
of which Other amounts receivable: +€9,848
- Debts after one year -€24,009
down €24,009 (-23.1%), from €103,849 to €79,840
- Other debts -€18,291
down €18,291 (-38.4%), from €47,686 to €29,394
- Trade debts +€17,157
up €17,157 (+390%), from €4,395 to €21,552
- Current portion of long-term debt +€3,169
up €3,169 (+12.0%), from €26,347 to €29,516
- Gross operating margin -€35,541
down €35,541 (-35.4%), from €100,298 to €64,757
- Depreciation +€10,054
up €10,054 (+22.6%), from €44,401 to €54,456
- Taxes -€8,393
down €8,393 (-90.6%), from €9,266 to €873
- Financial charges +€1,416
up €1,416 (+26.0%), from €5,441 to €6,858
- Other operating charges -€1,219
down €1,219 (-41.6%), from €2,934 to €1,714
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 | €269,826 | €247,674 | -€22,152 | -8.2% |
| Fixed assets | 21/28 | €191,442 | €161,744 | -€29,698 | -15.5% |
| Tangible fixed assets | 22/27 | €190,942 | €161,244 | -€29,698 | -15.6% |
| Plant, machinery and equipment | 23 | €6,263 | €20,050 | +€13,787 | +220% |
| Furniture and vehicles | 24 | €86,788 | €66,505 | -€20,283 | -23.4% |
| Leasing and similar rights | 25 | €89,404 | €67,246 | -€22,157 | -24.8% |
| Other tangible fixed assets | 26 | €8,487 | €7,443 | -€1,044 | -12.3% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €78,384 | €85,930 | +€7,546 | +9.6% |
| Amounts receivable within one year | 40/41 | €64,896 | €70,870 | +€5,974 | +9.2% |
| Trade receivables | 40 | €63,205 | €59,330 | -€3,874 | -6.1% |
| Other amounts receivable | 41 | €1,691 | €11,539 | +€9,848 | +582% |
| Cash at bank and in hand | 54/58 | €10,403 | €10,232 | -€172 | -1.7% |
| Deferred charges and accrued income | 490/1 | €3,084 | €4,829 | +€1,744 | +56.6% |
| Total equity and liabilities | 10/49 | €269,826 | €247,674 | -€22,152 | -8.2% |
| Equity | 10/15 | €74,720 | €75,606 | +€887 | +1.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,720 | €50,606 | +€887 | +1.8% |
| Amounts payable | 17/49 | €195,106 | €172,068 | -€23,039 | -11.8% |
| Amounts payable after more than one year | 17 | €103,849 | €79,840 | -€24,009 | -23.1% |
| Financial debts | 170/4 | €103,849 | €79,840 | -€24,009 | -23.1% |
| Amounts payable within one year | 42/48 | €91,257 | €92,227 | +€970 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €26,347 | €29,516 | +€3,169 | +12.0% |
| Trade debts | 44 | €4,395 | €21,552 | +€17,157 | +390% |
| Suppliers | 440/4 | €4,395 | €21,552 | +€17,157 | +390% |
| Taxes, remuneration and social security | 45 | €12,829 | €11,765 | -€1,064 | -8.3% |
| Taxes | 450/3 | €10,829 | €9,765 | -€1,064 | -9.8% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €47,686 | €29,394 | -€18,291 | -38.4% |
| Non-recurring operating income | 76A | €11,500 | - | -€11,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,401 | €54,456 | +€10,054 | +22.6% |
| Other operating charges | 640/8 | €2,934 | €1,714 | -€1,219 | -41.6% |
| Gross operating margin | 9900 | €100,298 | €64,757 | -€35,541 | -35.4% |
| Operating profit (loss) | 9901 | €52,963 | €8,587 | -€44,377 | -83.8% |
| Financial income | 75/76B | €20 | €31 | +€11 | +54.4% |
| Recurring financial income | 75 | €20 | €31 | +€11 | +54.4% |
| Financial charges | 65/66B | €5,441 | €6,858 | +€1,416 | +26.0% |
| Recurring financial charges | 65 | €5,441 | €6,858 | +€1,416 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €47,542 | €1,760 | -€45,782 | -96.3% |
| Income taxes | 67/77 | €9,266 | €873 | -€8,393 | -90.6% |
| Profit (loss) for the period | 9904 | €38,276 | €887 | -€37,389 | -97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,276 | €887 | -€37,389 | -97.7% |
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 28 October 2026 via checked.be.