THONON FRERES: 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.
THONON FRERES
Largest movements
- Cash +€237,549
up €237,549 (+82.4%), from €288,189 to €525,738
mainly Net result for the year (+€175,216) and Depreciation (+€108,626)
- Tangible fixed assets -€146,821
down €146,821 (-27.4%), from €535,162 to €388,342
of which Furniture and vehicles: -€77,389
- Receivables within one year -€54,946
down €54,946 (-17.2%), from €320,366 to €265,420
of which Trade receivables: -€91,225
- Stocks and contracts +€34,200
up €34,200 (+133%), from €25,800 to €60,000
- Reserves +€175,000
up €175,000 (+43.7%), from €400,500 to €575,500
of which Distributable reserves: +€175,000
- Debts after one year -€80,559
down €80,559 (-27.1%), from €296,820 to €216,261
- Trade debts -€37,109
down €37,109 (-57.5%), from €64,492 to €27,383
- Current portion of long-term debt -€22,227
down €22,227 (-19.9%), from €111,503 to €89,277
- Other debts +€20,848
up €20,848 (+15.4%), from €135,004 to €155,852
- Gross operating margin +€106,683
up €106,683 (+36.8%), from €290,104 to €396,787
- Taxes +€49,633
up €49,633 (+140%), from €35,526 to €85,159
- Depreciation -€34,882
down €34,882 (-24.3%), from €143,509 to €108,626
- Financial charges -€5,252
down €5,252 (-20.8%), from €25,220 to €19,968
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 | €1,177,590 | €1,240,467 | +€62,877 | +5.3% |
| Fixed assets | 21/28 | €535,297 | €388,477 | -€146,821 | -27.4% |
| Tangible fixed assets | 22/27 | €535,162 | €388,342 | -€146,821 | -27.4% |
| Land and buildings | 22 | €315,075 | €290,635 | -€24,440 | -7.8% |
| Plant, machinery and equipment | 23 | €9,340 | €5,476 | -€3,864 | -41.4% |
| Furniture and vehicles | 24 | €107,927 | €30,538 | -€77,389 | -71.7% |
| Leasing and similar rights | 25 | €102,820 | €61,692 | -€41,128 | -40.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €642,293 | €851,991 | +€209,698 | +32.6% |
| Stocks and contracts in progress | 3 | €25,800 | €60,000 | +€34,200 | +133% |
| Stocks | 30/36 | €25,800 | €60,000 | +€34,200 | +133% |
| Amounts receivable within one year | 40/41 | €320,366 | €265,420 | -€54,946 | -17.2% |
| Trade receivables | 40 | €301,304 | €210,079 | -€91,225 | -30.3% |
| Other amounts receivable | 41 | €19,061 | €55,341 | +€36,279 | +190% |
| Cash at bank and in hand | 54/58 | €288,189 | €525,738 | +€237,549 | +82.4% |
| Deferred charges and accrued income | 490/1 | €7,938 | €833 | -€7,105 | -89.5% |
| Total equity and liabilities | 10/49 | €1,177,590 | €1,240,467 | +€62,877 | +5.3% |
| Equity | 10/15 | €454,596 | €617,811 | +€163,216 | +35.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Contributions outside capital | 11 | €30,000 | €30,000 | = | 0.0% |
| Other | 1109/19 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €400,500 | €575,500 | +€175,000 | +43.7% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €397,500 | €572,500 | +€175,000 | +44.0% |
| Profit (loss) carried forward | 14 | €24,096 | €12,311 | -€11,784 | -48.9% |
| Amounts payable | 17/49 | €722,995 | €622,656 | -€100,339 | -13.9% |
| Amounts payable after more than one year | 17 | €296,820 | €216,261 | -€80,559 | -27.1% |
| Financial debts | 170/4 | €296,820 | €216,261 | -€80,559 | -27.1% |
| Amounts payable within one year | 42/48 | €421,363 | €400,731 | -€20,632 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €111,503 | €89,277 | -€22,227 | -19.9% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €64,492 | €27,383 | -€37,109 | -57.5% |
| Suppliers | 440/4 | €64,492 | €27,383 | -€37,109 | -57.5% |
| Taxes, remuneration and social security | 45 | €10,364 | €28,220 | +€17,856 | +172% |
| Taxes | 450/3 | €10,364 | €28,220 | +€17,856 | +172% |
| Other amounts payable | 47/48 | €135,004 | €155,852 | +€20,848 | +15.4% |
| Accrued charges and deferred income | 492/3 | €4,812 | €5,664 | +€852 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,509 | €108,626 | -€34,882 | -24.3% |
| Other operating charges | 640/8 | €6,035 | €7,962 | +€1,927 | +31.9% |
| Gross operating margin | 9900 | €290,104 | €396,787 | +€106,683 | +36.8% |
| Operating profit (loss) | 9901 | €140,559 | €280,198 | +€139,639 | +99.3% |
| Financial income | 75/76B | €202 | €145 | -€57 | -28.1% |
| Recurring financial income | 75 | €202 | €145 | -€57 | -28.1% |
| Financial charges | 65/66B | €25,220 | €19,968 | -€5,252 | -20.8% |
| Recurring financial charges | 65 | €25,220 | €19,968 | -€5,252 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €115,541 | €260,375 | +€144,834 | +125% |
| Income taxes | 67/77 | €35,526 | €85,159 | +€49,633 | +140% |
| Profit (loss) for the period | 9904 | €80,015 | €175,216 | +€95,200 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €80,015 | €175,216 | +€95,200 | +119% |
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 24 October 2026 via checked.be.