THOMAS PNEUS: 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 PNEUS
Largest movements
- Cash +€4,044
up €4,044 (+41.1%), from €9,831 to €13,875
mainly Trade debts (+€32,038) and Current portion of long-term debt (+€5,710)
- Tangible fixed assets -€2,540
down €2,540 (-68.8%), from €3,691 to €1,151
- Stocks and contracts -€1,992
down €1,992 (-9.2%), from €21,690 to €19,698
- Deferred charges and accrued income +€820
new in 2025: €820
- Receivables within one year +€460
up €460 (+103%), from €446 to €906
of which Trade receivables: +€445
- Trade debts +€32,038
up €32,038 (+28.2%), from €113,456 to €145,494
- Profit (loss) carried forward +€24,588
up €24,588 (+8.3%), from -€295,470 to -€270,882
- Reserves -€19,823
down €19,823 (-78.0%), from €25,402 to €5,578
of which Tax-exempt reserves: -€19,823
- Debts after one year -€19,393
down €19,393 (-29.9%), from €64,907 to €45,514
- Tax, wage and social debts -€17,741
down €17,741 (-26.6%), from €66,718 to €48,977
of which Remuneration and social security: -€35,684
- Gross operating margin +€11,086
up €11,086 (+8.8%), from €126,541 to €137,626
- Other operating charges -€10,985
down €10,985 (-80.7%), from €13,607 to €2,622
- Staff costs +€5,336
up €5,336 (+4.9%), from €108,900 to €114,236
- Financial charges -€3,355
down €3,355 (-19.9%), from €16,833 to €13,478
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 | €35,801 | €36,594 | +€793 | +2.2% |
| Fixed assets | 21/28 | €3,835 | €1,295 | -€2,540 | -66.2% |
| Tangible fixed assets | 22/27 | €3,691 | €1,151 | -€2,540 | -68.8% |
| Plant, machinery and equipment | 23 | €3,691 | €1,151 | -€2,540 | -68.8% |
| Financial fixed assets | 28 | €144 | €144 | = | 0.0% |
| Current assets | 29/58 | €31,967 | €35,300 | +€3,333 | +10.4% |
| Stocks and contracts in progress | 3 | €21,690 | €19,698 | -€1,992 | -9.2% |
| Stocks | 30/36 | €21,690 | €19,698 | -€1,992 | -9.2% |
| Amounts receivable within one year | 40/41 | €446 | €906 | +€460 | +103% |
| Trade receivables | 40 | €446 | €891 | +€445 | +99.8% |
| Other amounts receivable | 41 | - | €15 | +€15 | |
| Cash at bank and in hand | 54/58 | €9,831 | €13,875 | +€4,044 | +41.1% |
| Deferred charges and accrued income | 490/1 | - | €820 | +€820 | |
| Total equity and liabilities | 10/49 | €35,801 | €36,594 | +€793 | +2.2% |
| Equity | 10/15 | -€251,469 | -€246,704 | +€4,765 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,402 | €5,578 | -€19,823 | -78.0% |
| Tax-exempt reserves | 132 | €19,823 | - | -€19,823 | |
| Distributable reserves | 133 | €5,578 | €5,578 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€295,470 | -€270,882 | +€24,588 | +8.3% |
| Amounts payable | 17/49 | €287,270 | €283,299 | -€3,972 | -1.4% |
| Amounts payable after more than one year | 17 | €64,907 | €45,514 | -€19,393 | -29.9% |
| Financial debts | 170/4 | €64,907 | €45,514 | -€19,393 | -29.9% |
| Amounts payable within one year | 42/48 | €222,364 | €237,785 | +€15,421 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €11,102 | €16,813 | +€5,710 | +51.4% |
| Financial debts | 43 | €2,488 | €2,496 | +€8 | +0.3% |
| Credit institutions | 430/8 | €2,488 | €2,496 | +€8 | +0.3% |
| Trade debts | 44 | €113,456 | €145,494 | +€32,038 | +28.2% |
| Suppliers | 440/4 | €113,456 | €145,494 | +€32,038 | +28.2% |
| Taxes, remuneration and social security | 45 | €66,718 | €48,977 | -€17,741 | -26.6% |
| Taxes | 450/3 | €31,034 | €48,977 | +€17,943 | +57.8% |
| Remuneration and social security | 454/9 | €35,684 | - | -€35,684 | |
| Other amounts payable | 47/48 | €28,600 | €24,006 | -€4,594 | -16.1% |
| Remuneration, social security and pensions | 62 | €108,900 | €114,236 | +€5,336 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,896 | €2,540 | -€356 | -12.3% |
| Other operating charges | 640/8 | €13,607 | €2,622 | -€10,985 | -80.7% |
| Gross operating margin | 9900 | €126,541 | €137,626 | +€11,086 | +8.8% |
| Operating profit (loss) | 9901 | €1,137 | €18,228 | +€17,091 | +1,503% |
| Financial income | 75/76B | €110 | €15 | -€95 | -86.0% |
| Recurring financial income | 75 | €110 | €15 | -€95 | -86.0% |
| Financial charges | 65/66B | €16,833 | €13,478 | -€3,355 | -19.9% |
| Recurring financial charges | 65 | €16,833 | €13,478 | -€3,355 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | -€15,586 | €4,765 | +€20,351 | |
| Profit (loss) for the period | 9904 | -€15,586 | €4,765 | +€20,351 | |
| Transfer from tax-exempt reserves | 789 | - | €19,823 | +€19,823 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,586 | €24,588 | +€40,174 |
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 19 October 2026 via checked.be.