THOMAS WELDING SYSTEMS: 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 WELDING SYSTEMS
Largest movements
- Receivables within one year -€52,094
down €52,094 (-14.1%), from €369,397 to €317,303
of which Trade receivables: -€55,692
- Tangible fixed assets +€37,132
up €37,132 (+7.5%), from €497,481 to €534,613
of which Plant, machinery and equipment: +€71,590
- Cash -€26,966
down €26,966 (-4.3%), from €631,904 to €604,938
mainly Investment in fixed assets (net) (-€187,859) and Trade debts (-€120,051)
- Trade debts -€120,051
down €120,051 (-20.7%), from €580,659 to €460,608
- Reserves +€55,482
up €55,482 (+9.4%), from €591,513 to €646,995
of which Distributable reserves: +€55,482
- Current portion of long-term debt -€18,676
no longer reported in 2026 (was €18,676)
- Gross operating margin +€27,380
up €27,380 (+2.3%), from €1.2m to €1.2m
- Staff costs +€26,569
up €26,569 (+3.0%), from €871,561 to €898,131
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,796,978 | €1,740,248 | -€56,731 | -3.2% |
| Fixed assets | 21/28 | €497,481 | €534,613 | +€37,132 | +7.5% |
| Tangible fixed assets | 22/27 | €497,481 | €534,613 | +€37,132 | +7.5% |
| Land and buildings | 22 | €133,082 | €122,538 | -€10,543 | -7.9% |
| Plant, machinery and equipment | 23 | €208,455 | €280,045 | +€71,590 | +34.3% |
| Furniture and vehicles | 24 | €155,944 | €132,029 | -€23,915 | -15.3% |
| Current assets | 29/58 | €1,299,498 | €1,205,635 | -€93,863 | -7.2% |
| Stocks and contracts in progress | 3 | €298,196 | €283,394 | -€14,802 | -5.0% |
| Stocks | 30/36 | €298,196 | €283,394 | -€14,802 | -5.0% |
| Amounts receivable within one year | 40/41 | €369,397 | €317,303 | -€52,094 | -14.1% |
| Trade receivables | 40 | €347,914 | €292,222 | -€55,692 | -16.0% |
| Other amounts receivable | 41 | €21,483 | €25,081 | +€3,598 | +16.7% |
| Cash at bank and in hand | 54/58 | €631,904 | €604,938 | -€26,966 | -4.3% |
| Total equity and liabilities | 10/49 | €1,796,978 | €1,740,248 | -€56,731 | -3.2% |
| Equity | 10/15 | €1,032,525 | €1,088,007 | +€55,482 | +5.4% |
| Contributions | 10/11 | €372,640 | €372,640 | = | 0.0% |
| Capital | 10 | €372,640 | €372,640 | = | 0.0% |
| Issued capital | 100 | €465,600 | €465,600 | = | 0.0% |
| Uncalled capital | 101 | €92,960 | €92,960 | = | 0.0% |
| Reserves | 13 | €591,513 | €646,995 | +€55,482 | +9.4% |
| Non-distributable reserves | 130/1 | €46,560 | €46,560 | = | 0.0% |
| Legal reserve | 130 | €46,560 | €46,560 | = | 0.0% |
| Distributable reserves | 133 | €544,953 | €600,435 | +€55,482 | +10.2% |
| Profit (loss) carried forward | 14 | €68,373 | €68,373 | = | 0.0% |
| Amounts payable | 17/49 | €764,453 | €652,240 | -€112,213 | -14.7% |
| Amounts payable within one year | 42/48 | €764,453 | €652,240 | -€112,213 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €18,676 | - | -€18,676 | |
| Trade debts | 44 | €580,659 | €460,608 | -€120,051 | -20.7% |
| Suppliers | 440/4 | €580,659 | €460,608 | -€120,051 | -20.7% |
| Taxes, remuneration and social security | 45 | €89,074 | €101,089 | +€12,015 | +13.5% |
| Taxes | 450/3 | €11,854 | €20,630 | +€8,776 | +74.0% |
| Remuneration and social security | 454/9 | €77,220 | €80,459 | +€3,239 | +4.2% |
| Other amounts payable | 47/48 | €76,043 | €90,543 | +€14,500 | +19.1% |
| Remuneration, social security and pensions | 62 | €871,561 | €898,131 | +€26,569 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,797 | €150,726 | +€10,929 | +7.8% |
| Other operating charges | 640/8 | €29,088 | €25,506 | -€3,582 | -12.3% |
| Gross operating margin | 9900 | €1,215,891 | €1,243,272 | +€27,380 | +2.3% |
| Operating profit (loss) | 9901 | €175,444 | €168,909 | -€6,536 | -3.7% |
| Financial income | 75/76B | €4,518 | €8,561 | +€4,043 | +89.5% |
| Recurring financial income | 75 | €4,518 | €8,561 | +€4,043 | +89.5% |
| Financial charges | 65/66B | €4,519 | €3,446 | -€1,072 | -23.7% |
| Recurring financial charges | 65 | €4,519 | €3,446 | -€1,072 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €175,443 | €174,023 | -€1,420 | -0.8% |
| Income taxes | 67/77 | €62,673 | €58,541 | -€4,132 | -6.6% |
| Profit (loss) for the period | 9904 | €112,770 | €115,482 | +€2,712 | +2.4% |
| Transfer from tax-exempt reserves | 789 | €42,500 | - | -€42,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €155,270 | €115,482 | -€39,788 | -25.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.