THOPA: 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.
THOPA
Largest movements
- Receivables within one year +€32,131
up €32,131 (+66.9%), from €48,057 to €80,188
of which Trade receivables: +€32,131
- Cash +€31,931
up €31,931 (+127%), from €25,130 to €57,062
mainly Other debts (+€142,475) and Net result for the year (+€70,245)
- Tangible fixed assets +€1,962
new in 2025: €1,962
of which Plant, machinery and equipment: +€1,252
- Other debts +€142,475
up €142,475 (+1,391%), from €10,240 to €152,715
- Reserves -€77,335
down €77,335 (-100%), from €77,335 to €0
- Trade debts +€6,152
up €6,152 (+252%), from €2,437 to €8,589
- Debts after one year -€2,115
down €2,115 (-100%), from €2,115 to €0
- Current portion of long-term debt -€2,053
down €2,053 (-49.3%), from €4,168 to €2,115
- Gross operating margin +€48,259
up €48,259 (+100%), from €48,046 to €96,304
- Taxes +€11,000
up €11,000 (+83.0%), from €13,259 to €24,259
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 | €109,693 | €176,811 | +€67,119 | +61.2% |
| Fixed assets | 21/28 | €36,450 | €39,562 | +€3,112 | +8.5% |
| Tangible fixed assets | 22/27 | - | €1,962 | +€1,962 | |
| Plant, machinery and equipment | 23 | - | €1,252 | +€1,252 | |
| Furniture and vehicles | 24 | - | €710 | +€710 | |
| Financial fixed assets | 28 | €36,450 | €37,600 | +€1,150 | +3.2% |
| Current assets | 29/58 | €73,243 | €137,249 | +€64,007 | +87.4% |
| Amounts receivable within one year | 40/41 | €48,057 | €80,188 | +€32,131 | +66.9% |
| Trade receivables | 40 | €46,583 | €78,714 | +€32,131 | +69.0% |
| Other amounts receivable | 41 | €1,474 | €1,474 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,130 | €57,062 | +€31,931 | +127% |
| Deferred charges and accrued income | 490/1 | €56 | €0 | -€56 | -100% |
| Total equity and liabilities | 10/49 | €109,693 | €176,811 | +€67,119 | +61.2% |
| Equity | 10/15 | €79,335 | €2,000 | -€77,335 | -97.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €77,335 | €0 | -€77,335 | -100% |
| Distributable reserves | 133 | €77,335 | €0 | -€77,335 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €30,358 | €174,811 | +€144,454 | +476% |
| Amounts payable after more than one year | 17 | €2,115 | €0 | -€2,115 | -100% |
| Financial debts | 170/4 | €2,115 | €0 | -€2,115 | -100% |
| Amounts payable within one year | 42/48 | €28,243 | €174,811 | +€146,569 | +519% |
| Current portion of amounts payable after more than one year | 42 | €4,168 | €2,115 | -€2,053 | -49.3% |
| Trade debts | 44 | €2,437 | €8,589 | +€6,152 | +252% |
| Suppliers | 440/4 | €2,437 | €8,589 | +€6,152 | +252% |
| Taxes, remuneration and social security | 45 | €11,398 | €11,392 | -€6 | -0.1% |
| Taxes | 450/3 | €11,398 | €11,392 | -€6 | -0.1% |
| Other amounts payable | 47/48 | €10,240 | €152,715 | +€142,475 | +1,391% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €358 | +€358 | |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Non-recurring operating charges | 66A | - | €36 | +€36 | |
| Gross operating margin | 9900 | €48,046 | €96,304 | +€48,259 | +100% |
| Operating profit (loss) | 9901 | €47,518 | €95,367 | +€47,849 | +101% |
| Financial income | 75/76B | €0 | €4 | +€4 | +20,000% |
| Recurring financial income | 75 | €0 | €4 | +€4 | +20,000% |
| Financial charges | 65/66B | €1,335 | €867 | -€468 | -35.1% |
| Recurring financial charges | 65 | €1,335 | €867 | -€468 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €46,183 | €94,504 | +€48,321 | +105% |
| Income taxes | 67/77 | €13,259 | €24,259 | +€11,000 | +83.0% |
| Profit (loss) for the period | 9904 | €32,924 | €70,245 | +€37,321 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €32,924 | €70,245 | +€37,321 | +113% |
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 13 October 2026 via checked.be.