THOTH 18: 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.
THOTH 18
Largest movements
- Deferred charges and accrued income -€58,475
down €58,475 (-51.9%), from €112,715 to €54,241
- Cash -€37,769
down €37,769 (-17.2%), from €219,855 to €182,086
mainly Contributions, distributions and other (-€380,000) and Receivables within one year (-€25,067)
- Receivables within one year +€25,067
up €25,067 (+736.5%), from €3,404 to €28,471
of which Trade receivables: +€14,254
- Tangible fixed assets -€6,406
down €6,406 (-38.4%), from €16,700 to €10,294
of which Plant, machinery and equipment: -€4,823
- Reserves -€285,432
down €285,432 (-99.9%), from €285,797 to €365
- Other debts +€162,591
up €162,591 (+483.5%), from €33,627 to €196,219
- Tax, wage and social debts +€30,000
up €30,000 (+263.2%), from €11,400 to €41,400
of which Taxes: +€30,000
- Trade debts +€11,126
up €11,126 (+571.8%), from €1,946 to €13,072
- Accrued charges and deferred income +€4,132
new in 2025: €4,132
- Gross operating margin -€33,962
down €33,962 (-21.1%), from €161,294 to €127,333
- Taxes -€7,820
down €7,820 (-23.0%), from €34,008 to €26,188
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 | €352,770 | €275,187 | -€77,583 | -22.0% |
| Fixed assets | 21/28 | €16,796 | €10,390 | -€6,406 | -38.1% |
| Tangible fixed assets | 22/27 | €16,700 | €10,294 | -€6,406 | -38.4% |
| Plant, machinery and equipment | 23 | €12,715 | €7,892 | -€4,823 | -37.9% |
| Furniture and vehicles | 24 | €2,595 | €1,012 | -€1,583 | -61.0% |
| Other tangible fixed assets | 26 | €1,390 | €1,390 | = | 0.0% |
| Financial fixed assets | 28 | €96 | €96 | = | 0.0% |
| Current assets | 29/58 | €335,974 | €264,797 | -€71,177 | -21.2% |
| Amounts receivable within one year | 40/41 | €3,404 | €28,471 | +€25,067 | +736.5% |
| Trade receivables | 40 | €330 | €14,584 | +€14,254 | +4322.9% |
| Other amounts receivable | 41 | €3,074 | €13,887 | +€10,813 | +351.8% |
| Cash at bank and in hand | 54/58 | €219,855 | €182,086 | -€37,769 | -17.2% |
| Deferred charges and accrued income | 490/1 | €112,715 | €54,241 | -€58,475 | -51.9% |
| Total equity and liabilities | 10/49 | €352,770 | €275,187 | -€77,583 | -22.0% |
| Equity | 10/15 | €305,797 | €20,365 | -€285,432 | -93.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €285,797 | €365 | -€285,432 | -99.9% |
| Distributable reserves | 133 | €285,797 | €365 | -€285,432 | -99.9% |
| Amounts payable | 17/49 | €46,973 | €254,823 | +€207,850 | +442.5% |
| Amounts payable within one year | 42/48 | €46,973 | €250,690 | +€203,717 | +433.7% |
| Trade debts | 44 | €1,946 | €13,072 | +€11,126 | +571.8% |
| Suppliers | 440/4 | €1,946 | €13,072 | +€11,126 | +571.8% |
| Taxes, remuneration and social security | 45 | €11,400 | €41,400 | +€30,000 | +263.2% |
| Taxes | 450/3 | - | €30,000 | +€30,000 | |
| Remuneration and social security | 454/9 | €11,400 | €11,400 | = | 0.0% |
| Other amounts payable | 47/48 | €33,627 | €196,219 | +€162,591 | +483.5% |
| Accrued charges and deferred income | 492/3 | - | €4,132 | +€4,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,436 | €6,406 | -€1,030 | -13.8% |
| Other operating charges | 640/8 | €72 | €73 | +€1 | +2.0% |
| Gross operating margin | 9900 | €161,294 | €127,333 | -€33,962 | -21.1% |
| Operating profit (loss) | 9901 | €153,787 | €120,854 | -€32,933 | -21.4% |
| Financial charges | 65/66B | €97 | €98 | +€1 | +1.3% |
| Recurring financial charges | 65 | €97 | €98 | +€1 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €153,690 | €120,756 | -€32,935 | -21.4% |
| Income taxes | 67/77 | €34,008 | €26,188 | -€7,820 | -23.0% |
| Profit (loss) for the period | 9904 | €119,683 | €94,568 | -€25,115 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €119,683 | €94,568 | -€25,115 | -21.0% |
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.