THONÉ PIGEONS: 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.
THONÉ PIGEONS
Largest movements
- Deferred charges and accrued income -€66,828
down €66,828 (-95.5%), from €69,966 to €3,138
- Tangible fixed assets -€32,157
down €32,157 (-4.9%), from €658,668 to €626,512
of which Land and buildings: -€29,734
- Receivables within one year +€20,892
up €20,892 (+30.0%), from €69,638 to €90,530
of which Trade receivables: +€23,446
- Debts after one year -€45,756
down €45,756 (-60.8%), from €75,224 to €29,468
- Current portion of long-term debt -€14,038
down €14,038 (-23.5%), from €59,793 to €45,756
- Other debts -€13,742
down €13,742 (-3.2%), from €423,367 to €409,625
- Gross operating margin -€8,002
down €8,002 (-10.9%), from €73,652 to €65,650
- Depreciation -€6,994
down €6,994 (-13.4%), from €52,307 to €45,313
- Financial charges -€1,682
down €1,682 (-15.1%), from €11,148 to €9,467
- Taxes +€1,005
up €1,005 (+55.5%), from €1,811 to €2,816
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 | €818,619 | €746,841 | -€71,778 | -8.8% |
| Fixed assets | 21/28 | €658,764 | €626,608 | -€32,157 | -4.9% |
| Tangible fixed assets | 22/27 | €658,668 | €626,512 | -€32,157 | -4.9% |
| Land and buildings | 22 | €652,862 | €623,128 | -€29,734 | -4.6% |
| Plant, machinery and equipment | 23 | €3,479 | €2,401 | -€1,078 | -31.0% |
| Furniture and vehicles | 24 | €2,327 | €984 | -€1,344 | -57.7% |
| Financial fixed assets | 28 | €96 | €96 | = | 0.0% |
| Current assets | 29/58 | €159,854 | €120,233 | -€39,622 | -24.8% |
| Stocks and contracts in progress | 3 | €12,060 | €12,735 | +€675 | +5.6% |
| Stocks | 30/36 | €12,060 | €12,735 | +€675 | +5.6% |
| Amounts receivable within one year | 40/41 | €69,638 | €90,530 | +€20,892 | +30.0% |
| Trade receivables | 40 | €65,333 | €88,779 | +€23,446 | +35.9% |
| Other amounts receivable | 41 | €4,305 | €1,751 | -€2,554 | -59.3% |
| Cash at bank and in hand | 54/58 | €8,190 | €13,830 | +€5,640 | +68.9% |
| Deferred charges and accrued income | 490/1 | €69,966 | €3,138 | -€66,828 | -95.5% |
| Total equity and liabilities | 10/49 | €818,619 | €746,841 | -€71,778 | -8.8% |
| Equity | 10/15 | €237,248 | €239,326 | +€2,078 | +0.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €64,440 | €66,518 | +€2,078 | +3.2% |
| Distributable reserves | 133 | €64,440 | €66,518 | +€2,078 | +3.2% |
| Profit (loss) carried forward | 14 | €152,808 | €152,808 | = | 0.0% |
| Amounts payable | 17/49 | €581,371 | €507,515 | -€73,856 | -12.7% |
| Amounts payable after more than one year | 17 | €75,224 | €29,468 | -€45,756 | -60.8% |
| Financial debts | 170/4 | €75,224 | €29,468 | -€45,756 | -60.8% |
| Amounts payable within one year | 42/48 | €504,004 | €477,439 | -€26,565 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €59,793 | €45,756 | -€14,038 | -23.5% |
| Trade debts | 44 | €9,343 | €8,660 | -€682 | -7.3% |
| Suppliers | 440/4 | €9,343 | €8,660 | -€682 | -7.3% |
| Advances received on contracts in progress | 46 | €8,545 | €8,000 | -€545 | -6.4% |
| Taxes, remuneration and social security | 45 | €2,956 | €5,398 | +€2,441 | +82.6% |
| Taxes | 450/3 | €2,956 | €5,398 | +€2,441 | +82.6% |
| Other amounts payable | 47/48 | €423,367 | €409,625 | -€13,742 | -3.2% |
| Accrued charges and deferred income | 492/3 | €2,143 | €608 | -€1,535 | -71.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,307 | €45,313 | -€6,994 | -13.4% |
| Other operating charges | 640/8 | €6,272 | €6,210 | -€62 | -1.0% |
| Gross operating margin | 9900 | €73,652 | €65,650 | -€8,002 | -10.9% |
| Operating profit (loss) | 9901 | €15,073 | €14,127 | -€946 | -6.3% |
| Financial income | 75/76B | €264 | €234 | -€29 | -11.2% |
| Recurring financial income | 75 | €264 | €234 | -€29 | -11.2% |
| Financial charges | 65/66B | €11,148 | €9,467 | -€1,682 | -15.1% |
| Recurring financial charges | 65 | €11,148 | €9,467 | -€1,682 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €4,188 | €4,894 | +€706 | +16.8% |
| Income taxes | 67/77 | €1,811 | €2,816 | +€1,005 | +55.5% |
| Profit (loss) for the period | 9904 | €2,378 | €2,078 | -€300 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,378 | €2,078 | -€300 | -12.6% |
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.