THOSAN: 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.
THOSAN
Largest movements
- Receivables within one year +€175,736
up €175,736 (+37.5%), from €468,418 to €644,154
of which Other amounts receivable: +€172,499
- Current investments -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Cash -€11,212
down €11,212 (-37.5%), from €29,893 to €18,681
mainly Receivables within one year (-€175,736) and Net result for the year (-€5,076)
- Other debts +€120,410
up €120,410 (+36.4%), from €331,209 to €451,619
- Financial income -€195,003
down €195,003 (-90.9%), from €214,546 to €19,542
- Gross operating margin +€2,550
up €2,550 (+17.9%), from -€14,279 to -€11,728
- Financial charges +€2,240
up €2,240 (+22.1%), from €10,125 to €12,364
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 | €754,760 | €869,286 | +€114,525 | +15.2% |
| Fixed assets | 21/28 | €104,149 | €104,149 | = | 0.0% |
| Financial fixed assets | 28 | €104,149 | €104,149 | = | 0.0% |
| Current assets | 29/58 | €650,611 | €765,136 | +€114,525 | +17.6% |
| Amounts receivable within one year | 40/41 | €468,418 | €644,154 | +€175,736 | +37.5% |
| Trade receivables | 40 | - | €3,237 | +€3,237 | |
| Other amounts receivable | 41 | €468,418 | €640,917 | +€172,499 | +36.8% |
| Current investments | 50/53 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €29,893 | €18,681 | -€11,212 | -37.5% |
| Deferred charges and accrued income | 490/1 | €2,300 | €2,301 | +€1 | 0.0% |
| Total equity and liabilities | 10/49 | €754,760 | €869,286 | +€114,525 | +15.2% |
| Equity | 10/15 | €418,754 | €413,678 | -€5,076 | -1.2% |
| Contributions | 10/11 | €39,000 | €39,000 | = | 0.0% |
| Reserves | 13 | €379,754 | €374,678 | -€5,076 | -1.3% |
| Distributable reserves | 133 | €379,754 | €374,678 | -€5,076 | -1.3% |
| Amounts payable | 17/49 | €336,006 | €455,608 | +€119,601 | +35.6% |
| Amounts payable within one year | 42/48 | €335,619 | €455,208 | +€119,589 | +35.6% |
| Financial debts | 43 | €8 | €23 | +€15 | +183% |
| Credit institutions | 430/8 | €8 | €23 | +€15 | +183% |
| Trade debts | 44 | €4,402 | €3,566 | -€836 | -19.0% |
| Suppliers | 440/4 | €4,402 | €3,566 | -€836 | -19.0% |
| Other amounts payable | 47/48 | €331,209 | €451,619 | +€120,410 | +36.4% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Other operating charges | 640/8 | €582 | €526 | -€57 | -9.7% |
| Gross operating margin | 9900 | -€14,279 | -€11,728 | +€2,550 | +17.9% |
| Operating profit (loss) | 9901 | -€14,861 | -€12,254 | +€2,607 | +17.5% |
| Financial income | 75/76B | €214,546 | €19,542 | -€195,003 | -90.9% |
| Recurring financial income | 75 | €214,546 | €19,542 | -€195,003 | -90.9% |
| Financial charges | 65/66B | €10,125 | €12,364 | +€2,240 | +22.1% |
| Recurring financial charges | 65 | €10,125 | €12,364 | +€2,240 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €189,560 | -€5,076 | -€194,636 | |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | €189,560 | -€5,076 | -€194,636 | |
| Profit (loss) for the period to be appropriated | 9905 | €189,560 | -€5,076 | -€194,636 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.