THOMASUN: 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.
THOMASUN
Largest movements
- Deferred charges and accrued income -€24,010
no longer reported in 2025 (was €24,010)
- Receivables within one year +€19,256
up €19,256 (+233%), from €8,263 to €27,519
of which Trade receivables: +€20,149
- Tangible fixed assets -€19,115
down €19,115 (-4.8%), from €401,087 to €381,972
- Debts after one year +€246,729
up €246,729 (+205%), from €120,230 to €366,959
- Contributions -€245,000
down €245,000 (-52.1%), from €470,000 to €225,000
- Trade debts -€26,211
down €26,211 (-72.7%), from €36,033 to €9,822
- Profit (loss) carried forward +€8,709
up €8,709 (+4.7%), from -€185,038 to -€176,329
- Other debts -€5,843
down €5,843 (-78.8%), from €7,414 to €1,570
- Gross operating margin +€49,516
up €49,516 (+1,218%), from €4,066 to €53,582
- Other operating charges +€21,834
up €21,834 (+336%), from €6,492 to €28,326
- Write-downs -€7,668
no longer reported in 2025 (was €7,668)
- Financial income -€3,634
down €3,634 (-99.3%), from €3,659 to €26
of which Non-recurring financial income: -€3,659
- Depreciation -€2,087
down €2,087 (-15.1%), from €13,854 to €11,766
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 | €448,638 | €427,023 | -€21,616 | -4.8% |
| Fixed assets | 21/28 | €413,703 | €394,588 | -€19,115 | -4.6% |
| Tangible fixed assets | 22/27 | €401,087 | €381,972 | -€19,115 | -4.8% |
| Land and buildings | 22 | €370,814 | €365,216 | -€5,598 | -1.5% |
| Plant, machinery and equipment | 23 | €23,524 | €16,756 | -€6,767 | -28.8% |
| Furniture and vehicles | 24 | €6,749 | - | -€6,749 | |
| Financial fixed assets | 28 | €12,616 | €12,616 | = | 0.0% |
| Current assets | 29/58 | €34,936 | €32,435 | -€2,501 | -7.2% |
| Amounts receivable within one year | 40/41 | €8,263 | €27,519 | +€19,256 | +233% |
| Trade receivables | 40 | €960 | €21,109 | +€20,149 | +2,099% |
| Other amounts receivable | 41 | €7,303 | €6,410 | -€893 | -12.2% |
| Cash at bank and in hand | 54/58 | €2,662 | €4,916 | +€2,254 | +84.7% |
| Deferred charges and accrued income | 490/1 | €24,010 | - | -€24,010 | |
| Total equity and liabilities | 10/49 | €448,638 | €427,023 | -€21,616 | -4.8% |
| Equity | 10/15 | €284,962 | €48,671 | -€236,291 | -82.9% |
| Contributions | 10/11 | €470,000 | €225,000 | -€245,000 | -52.1% |
| Capital | 10 | €470,000 | €225,000 | -€245,000 | -52.1% |
| Issued capital | 100 | €470,000 | €225,000 | -€245,000 | -52.1% |
| Profit (loss) carried forward | 14 | -€185,038 | -€176,329 | +€8,709 | +4.7% |
| Amounts payable | 17/49 | €163,677 | €378,352 | +€214,675 | +131% |
| Amounts payable after more than one year | 17 | €120,230 | €366,959 | +€246,729 | +205% |
| Other amounts payable | 178/9 | €120,230 | €366,959 | +€246,729 | +205% |
| Amounts payable within one year | 42/48 | €43,447 | €11,392 | -€32,054 | -73.8% |
| Trade debts | 44 | €36,033 | €9,822 | -€26,211 | -72.7% |
| Suppliers | 440/4 | €36,033 | €9,822 | -€26,211 | -72.7% |
| Other amounts payable | 47/48 | €7,414 | €1,570 | -€5,843 | -78.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,854 | €11,766 | -€2,087 | -15.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,668 | - | -€7,668 | |
| Other operating charges | 640/8 | €6,492 | €28,326 | +€21,834 | +336% |
| Non-recurring operating charges | 66A | - | €4,606 | +€4,606 | |
| Gross operating margin | 9900 | €4,066 | €53,582 | +€49,516 | +1,218% |
| Operating profit (loss) | 9901 | -€23,948 | €8,884 | +€32,832 | |
| Financial income | 75/76B | €3,659 | €26 | -€3,634 | -99.3% |
| Recurring financial income | 75 | €3,659 | €26 | -€3,634 | -99.3% |
| Non-recurring financial income | 76B | €3,659 | - | -€3,659 | |
| Financial charges | 65/66B | €566 | €201 | -€366 | -64.6% |
| Recurring financial charges | 65 | €516 | €138 | -€378 | -73.3% |
| Non-recurring financial charges | 66B | €50 | €63 | +€13 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | -€20,855 | €8,709 | +€29,564 | |
| Profit (loss) for the period | 9904 | -€20,855 | €8,709 | +€29,564 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,855 | €8,709 | +€29,564 |
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 20 October 2026 via checked.be.