Thomas Szalai: 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 Szalai
Largest movements
- Tangible fixed assets +€44,498
up €44,498 (+3,621%), from €1,229 to €45,727
of which Leasing and similar rights: +€42,569
- Receivables within one year -€41,434
down €41,434 (-74.5%), from €55,610 to €14,176
of which Other amounts receivable: -€37,885
- Current investments -€9,524
down €9,524 (-27.8%), from €34,297 to €24,774
- Cash -€8,412
down €8,412 (-82.8%), from €10,159 to €1,747
mainly Contributions, distributions and other (-€79,000) and Investment in fixed assets (net) (-€46,165)
- Deferred charges and accrued income +€2,224
up €2,224 (+525%), from €423 to €2,647
- Reserves -€51,895
down €51,895 (-65.2%), from €79,612 to €27,717
- Debts after one year +€33,798
new in 2025: €33,798
- Tax, wage and social debts -€10,669
down €10,669 (-55.9%), from €19,083 to €8,414
- Current portion of long-term debt +€8,453
new in 2025: €8,453
- Other debts +€6,724
new in 2025: €6,724
- Gross operating margin -€8,458
down €8,458 (-19.4%), from €43,688 to €35,229
- Taxes -€1,951
down €1,951 (-20.3%), from €9,631 to €7,680
- Depreciation +€1,592
up €1,592 (+2,122%), from €75 to €1,667
- Financial income +€480
up €480 (+22.2%), from €2,163 to €2,642
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 | €101,719 | €89,071 | -€12,648 | -12.4% |
| Fixed assets | 21/28 | €1,229 | €45,727 | +€44,498 | +3,621% |
| Tangible fixed assets | 22/27 | €1,229 | €45,727 | +€44,498 | +3,621% |
| Plant, machinery and equipment | 23 | €1,229 | €3,158 | +€1,929 | +157% |
| Leasing and similar rights | 25 | - | €42,569 | +€42,569 | |
| Current assets | 29/58 | €100,490 | €43,344 | -€57,146 | -56.9% |
| Amounts receivable within one year | 40/41 | €55,610 | €14,176 | -€41,434 | -74.5% |
| Trade receivables | 40 | €17,298 | €13,748 | -€3,550 | -20.5% |
| Other amounts receivable | 41 | €38,312 | €428 | -€37,885 | -98.9% |
| Current investments | 50/53 | €34,297 | €24,774 | -€9,524 | -27.8% |
| Cash at bank and in hand | 54/58 | €10,159 | €1,747 | -€8,412 | -82.8% |
| Deferred charges and accrued income | 490/1 | €423 | €2,647 | +€2,224 | +525% |
| Total equity and liabilities | 10/49 | €101,719 | €89,071 | -€12,648 | -12.4% |
| Equity | 10/15 | €82,112 | €30,217 | -€51,895 | -63.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €79,612 | €27,717 | -€51,895 | -65.2% |
| Distributable reserves | 133 | €79,612 | €27,717 | -€51,895 | -65.2% |
| Amounts payable | 17/49 | €19,607 | €58,854 | +€39,247 | +200% |
| Amounts payable after more than one year | 17 | - | €33,798 | +€33,798 | |
| Financial debts | 170/4 | - | €33,798 | +€33,798 | |
| Amounts payable within one year | 42/48 | €19,607 | €25,056 | +€5,449 | +27.8% |
| Current portion of amounts payable after more than one year | 42 | - | €8,453 | +€8,453 | |
| Trade debts | 44 | €524 | €1,466 | +€941 | +180% |
| Suppliers | 440/4 | €524 | €1,466 | +€941 | +180% |
| Taxes, remuneration and social security | 45 | €19,083 | €8,414 | -€10,669 | -55.9% |
| Taxes | 450/3 | €19,083 | €8,414 | -€10,669 | -55.9% |
| Other amounts payable | 47/48 | - | €6,724 | +€6,724 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75 | €1,667 | +€1,592 | +2,122% |
| Other operating charges | 640/8 | €528 | €839 | +€311 | +58.9% |
| Gross operating margin | 9900 | €43,688 | €35,229 | -€8,458 | -19.4% |
| Operating profit (loss) | 9901 | €43,085 | €32,724 | -€10,361 | -24.0% |
| Financial income | 75/76B | €2,163 | €2,642 | +€480 | +22.2% |
| Recurring financial income | 75 | €2,163 | €2,642 | +€480 | +22.2% |
| Financial charges | 65/66B | €499 | €581 | +€82 | +16.5% |
| Recurring financial charges | 65 | €499 | €581 | +€82 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €44,749 | €34,785 | -€9,964 | -22.3% |
| Income taxes | 67/77 | €9,631 | €7,680 | -€1,951 | -20.3% |
| Profit (loss) for the period | 9904 | €35,118 | €27,105 | -€8,013 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,118 | €27,105 | -€8,013 | -22.8% |
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 29 October 2026 via checked.be.