THOMAS VG: 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 VG
Largest movements
- Tangible fixed assets -€30,405
down €30,405 (-34.5%), from €88,047 to €57,641
of which Furniture and vehicles: -€30,385
- Receivables within one year -€29,605
down €29,605 (-84.0%), from €35,235 to €5,630
of which Trade receivables: -€17,457
- Cash -€22,083
down €22,083 (-70.8%), from €31,176 to €9,093
mainly Net result for the year (-€53,738) and Debts after one year (-€18,955)
- Deferred charges and accrued income -€2,425
no longer reported in 2025 (was €2,425)
- Stocks and contracts -€1,630
no longer reported in 2025 (was €1,630)
- Profit (loss) carried forward -€53,738
down €53,738, from €38,442 to -€15,296
- Debts after one year -€18,955
down €18,955 (-32.0%), from €59,266 to €40,311
- Other debts -€7,357
down €7,357 (-36.5%), from €20,150 to €12,792
- Trade debts -€6,224
down €6,224 (-71.0%), from €8,761 to €2,537
- Gross operating margin -€93,728
down €93,728, from €58,555 to -€35,172
- Taxes -€10,098
down €10,098 (-96.3%), from €10,487 to €389
- Depreciation +€6,358
up €6,358 (+83.2%), from €7,646 to €14,003
- Financial charges +€1,956
up €1,956 (+162.0%), from €1,207 to €3,163
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.
Cash bridge derived
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 | €158,998 | €72,798 | -€86,201 | -54.2% |
| Fixed assets | 21/28 | €88,531 | €58,075 | -€30,456 | -34.4% |
| Intangible fixed assets | 21 | €484 | €433 | -€51 | -10.5% |
| Tangible fixed assets | 22/27 | €88,047 | €57,641 | -€30,405 | -34.5% |
| Plant, machinery and equipment | 23 | €4,003 | €2,339 | -€1,664 | -41.6% |
| Furniture and vehicles | 24 | €75,362 | €44,977 | -€30,385 | -40.3% |
| Other tangible fixed assets | 26 | €8,682 | €10,325 | +€1,643 | +18.9% |
| Current assets | 29/58 | €70,467 | €14,723 | -€55,744 | -79.1% |
| Stocks and contracts in progress | 3 | €1,630 | - | -€1,630 | |
| Stocks | 30/36 | €1,630 | - | -€1,630 | |
| Amounts receivable within one year | 40/41 | €35,235 | €5,630 | -€29,605 | -84.0% |
| Trade receivables | 40 | €21,888 | €4,432 | -€17,457 | -79.8% |
| Other amounts receivable | 41 | €13,347 | €1,199 | -€12,148 | -91.0% |
| Cash at bank and in hand | 54/58 | €31,176 | €9,093 | -€22,083 | -70.8% |
| Deferred charges and accrued income | 490/1 | €2,425 | - | -€2,425 | |
| Total equity and liabilities | 10/49 | €158,998 | €72,798 | -€86,201 | -54.2% |
| Equity | 10/15 | €40,942 | -€12,796 | -€53,738 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,442 | -€15,296 | -€53,738 | |
| Amounts payable | 17/49 | €118,057 | €85,594 | -€32,463 | -27.5% |
| Amounts payable after more than one year | 17 | €59,266 | €40,311 | -€18,955 | -32.0% |
| Financial debts | 170/4 | €59,266 | €40,311 | -€18,955 | -32.0% |
| Amounts payable within one year | 42/48 | €58,791 | €45,283 | -€13,508 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €18,174 | €18,955 | +€781 | +4.3% |
| Trade debts | 44 | €8,761 | €2,537 | -€6,224 | -71.0% |
| Suppliers | 440/4 | €8,761 | €2,537 | -€6,224 | -71.0% |
| Taxes, remuneration and social security | 45 | €11,706 | €10,999 | -€707 | -6.0% |
| Taxes | 450/3 | €11,706 | €10,999 | -€707 | -6.0% |
| Other amounts payable | 47/48 | €20,150 | €12,792 | -€7,357 | -36.5% |
| Non-recurring operating income | 76A | - | €3,250 | +€3,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,646 | €14,003 | +€6,358 | +83.2% |
| Other operating charges | 640/8 | €829 | €1,022 | +€194 | +23.4% |
| Gross operating margin | 9900 | €58,555 | -€35,172 | -€93,728 | |
| Operating profit (loss) | 9901 | €50,081 | -€50,198 | -€100,279 | |
| Financial income | 75/76B | €55 | €13 | -€42 | -77.2% |
| Recurring financial income | 75 | €55 | €13 | -€42 | -77.2% |
| Financial charges | 65/66B | €1,207 | €3,163 | +€1,956 | +162.0% |
| Recurring financial charges | 65 | €1,207 | €3,163 | +€1,956 | +162.0% |
| Profit (loss) for the period before taxes | 9903 | €48,929 | -€53,349 | -€102,277 | |
| Income taxes | 67/77 | €10,487 | €389 | -€10,098 | -96.3% |
| Profit (loss) for the period | 9904 | €38,442 | -€53,738 | -€92,180 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,442 | -€53,738 | -€92,180 |
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 11 October 2026 via checked.be.