THOT: what changed
Two fiscal 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.
THOT
Largest movements
- Cash +€52,761
new in 2025: €52,761
mainly Net result for the year (+€115,374) and Depreciation (+€31,645)
- Receivables within one year +€22,000
new in 2025: €22,000
- Tangible fixed assets +€21,721
up €21,721 (+3.3%), from €657,338 to €679,059
of which Plant, machinery and equipment: +€34,579
- Current investments -€20,728
no longer reported in 2025 (was €20,728)
- Profit (loss) carried forward +€115,374
up €115,374 (+227.7%), from €50,663 to €166,037
- Debts after one year -€40,927
down €40,927 (-7.4%), from €554,049 to €513,122
- Gross operating margin +€110,727
up €110,727 (+184.1%), from €60,143 to €170,870
- Taxes +€5,126
new in 2025: €5,126
- Depreciation +€2,668
up €2,668 (+9.2%), from €28,977 to €31,645
- Other operating charges -€1,894
down €1,894 (-39.5%), from €4,798 to €2,904
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 | €678,066 | €755,540 | +€77,474 | +11.4% |
| Fixed assets | 21/28 | €657,338 | €680,779 | +€23,441 | +3.6% |
| Tangible fixed assets | 22/27 | €657,338 | €679,059 | +€21,721 | +3.3% |
| Land and buildings | 22 | €400,643 | €388,099 | -€12,544 | -3.1% |
| Plant, machinery and equipment | 23 | €256,068 | €290,647 | +€34,579 | +13.5% |
| Furniture and vehicles | 24 | €627 | €314 | -€313 | -50.0% |
| Financial fixed assets | 28 | - | €1,720 | +€1,720 | |
| Current assets | 29/58 | €20,728 | €74,761 | +€54,033 | +260.7% |
| Amounts receivable within one year | 40/41 | - | €22,000 | +€22,000 | |
| Other amounts receivable | 41 | - | €22,000 | +€22,000 | |
| Current investments | 50/53 | €20,728 | - | -€20,728 | |
| Cash at bank and in hand | 54/58 | - | €52,761 | +€52,761 | |
| Total equity and liabilities | 10/49 | €678,066 | €755,540 | +€77,474 | +11.4% |
| Equity | 10/15 | €64,918 | €180,292 | +€115,374 | +177.7% |
| Contributions | 10/11 | €12,400 | €14,255 | +€1,855 | +15.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €18,550 | - | -€18,550 | |
| Uncalled capital | 101 | €6,150 | - | -€6,150 | |
| Reserves | 13 | €1,855 | - | -€1,855 | |
| Non-distributable reserves | 130/1 | €1,855 | - | -€1,855 | |
| Legal reserve | 130 | €1,855 | - | -€1,855 | |
| Profit (loss) carried forward | 14 | €50,663 | €166,037 | +€115,374 | +227.7% |
| Amounts payable | 17/49 | €613,148 | €575,248 | -€37,900 | -6.2% |
| Amounts payable after more than one year | 17 | €554,049 | €513,122 | -€40,927 | -7.4% |
| Financial debts | 170/4 | €554,049 | €513,122 | -€40,927 | -7.4% |
| Amounts payable within one year | 42/48 | €59,099 | €58,701 | -€398 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €45,347 | €46,088 | +€741 | +1.6% |
| Trade debts | 44 | €3,746 | €4,607 | +€861 | +23.0% |
| Suppliers | 440/4 | €3,746 | €4,607 | +€861 | +23.0% |
| Other amounts payable | 47/48 | €10,006 | €8,006 | -€2,000 | -20.0% |
| Accrued charges and deferred income | 492/3 | - | €3,425 | +€3,425 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,977 | €31,645 | +€2,668 | +9.2% |
| Other operating charges | 640/8 | €4,798 | €2,904 | -€1,894 | -39.5% |
| Gross operating margin | 9900 | €60,143 | €170,870 | +€110,727 | +184.1% |
| Operating profit (loss) | 9901 | €26,368 | €136,320 | +€109,952 | +417.0% |
| Financial income | 75/76B | €260 | €421 | +€161 | +62.1% |
| Recurring financial income | 75 | €260 | €421 | +€161 | +62.1% |
| Financial charges | 65/66B | €14,820 | €16,241 | +€1,421 | +9.6% |
| Recurring financial charges | 65 | €14,820 | €16,241 | +€1,421 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €11,808 | €120,501 | +€108,693 | +920.5% |
| Income taxes | 67/77 | - | €5,126 | +€5,126 | |
| Profit (loss) for the period | 9904 | €11,808 | €115,374 | +€103,566 | +877.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,808 | €115,374 | +€103,566 | +877.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.