THOUGHTWORKS: 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.
THOUGHTWORKS
Largest movements
- Receivables within one year +€298,020
up €298,020 (+112%), from €267,147 to €565,167
of which Trade receivables: +€293,020
- Tangible fixed assets -€141,561
down €141,561 (-69.7%), from €203,124 to €61,563
of which Furniture and vehicles: -€137,807
- Cash -€29,271
down €29,271 (-47.1%), from €62,083 to €32,812
mainly Receivables within one year (-€298,020) and Contributions, distributions and other (-€165,013)
- Receivables after one year -€20,000
no longer reported in 2025 (was €20,000)
- Reserves -€165,013
no longer reported in 2025 (was €165,013)
- Trade debts +€153,084
up €153,084 (+98.2%), from €155,879 to €308,964
- Other debts +€141,909
up €141,909 (+8,796%), from €1,613 to €143,522
- Tax, wage and social debts +€133,316
up €133,316 (+286%), from €46,536 to €179,853
of which Remuneration and social security: +€95,728
- Debts after one year -€83,853
down €83,853 (-78.3%), from €107,142 to €23,288
- Staff costs +€93,911
up €93,911 (+8.4%), from €1.1m to €1.2m
- Gross operating margin +€73,441
up €73,441 (+6.3%), from €1.2m to €1.2m
- Depreciation -€21,162
down €21,162 (-66.6%), from €31,782 to €10,620
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 | €557,533 | €664,991 | +€107,458 | +19.3% |
| Fixed assets | 21/28 | €203,124 | €61,563 | -€141,561 | -69.7% |
| Tangible fixed assets | 22/27 | €203,124 | €61,563 | -€141,561 | -69.7% |
| Plant, machinery and equipment | 23 | €6,733 | €4,580 | -€2,153 | -32.0% |
| Furniture and vehicles | 24 | €182,022 | €44,215 | -€137,807 | -75.7% |
| Other tangible fixed assets | 26 | €14,369 | €12,768 | -€1,601 | -11.1% |
| Current assets | 29/58 | €354,409 | €603,428 | +€249,019 | +70.3% |
| Amounts receivable after more than one year | 29 | €20,000 | - | -€20,000 | |
| Other amounts receivable | 291 | €20,000 | - | -€20,000 | |
| Amounts receivable within one year | 40/41 | €267,147 | €565,167 | +€298,020 | +112% |
| Trade receivables | 40 | €267,147 | €560,167 | +€293,020 | +110% |
| Other amounts receivable | 41 | - | €5,000 | +€5,000 | |
| Cash at bank and in hand | 54/58 | €62,083 | €32,812 | -€29,271 | -47.1% |
| Deferred charges and accrued income | 490/1 | €5,178 | €5,449 | +€271 | +5.2% |
| Total equity and liabilities | 10/49 | €557,533 | €664,991 | +€107,458 | +19.3% |
| Equity | 10/15 | €212,513 | €489 | -€212,024 | -99.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €165,013 | - | -€165,013 | |
| Distributable reserves | 133 | €165,013 | - | -€165,013 | |
| Profit (loss) carried forward | 14 | €44,500 | -€2,511 | -€47,010 | |
| Amounts payable | 17/49 | €345,020 | €664,502 | +€319,482 | +92.6% |
| Amounts payable after more than one year | 17 | €107,142 | €23,288 | -€83,853 | -78.3% |
| Financial debts | 170/4 | €107,142 | €23,288 | -€83,853 | -78.3% |
| Amounts payable within one year | 42/48 | €232,208 | €641,213 | +€409,005 | +176% |
| Current portion of amounts payable after more than one year | 42 | €28,179 | €8,875 | -€19,304 | -68.5% |
| Trade debts | 44 | €155,879 | €308,964 | +€153,084 | +98.2% |
| Suppliers | 440/4 | €155,879 | €308,964 | +€153,084 | +98.2% |
| Taxes, remuneration and social security | 45 | €46,536 | €179,853 | +€133,316 | +286% |
| Taxes | 450/3 | €45,787 | €83,374 | +€37,588 | +82.1% |
| Remuneration and social security | 454/9 | €750 | €96,478 | +€95,728 | +12,768% |
| Other amounts payable | 47/48 | €1,613 | €143,522 | +€141,909 | +8,796% |
| Accrued charges and deferred income | 492/3 | €5,670 | - | -€5,670 | |
| Remuneration, social security and pensions | 62 | €1,115,915 | €1,209,826 | +€93,911 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,782 | €10,620 | -€21,162 | -66.6% |
| Other operating charges | 640/8 | €7,341 | - | -€7,341 | |
| Operating charges capitalised as restructuring costs | 649 | - | -€582 | -€582 | |
| Non-recurring operating charges | 66A | - | €41,910 | +€41,910 | |
| Gross operating margin | 9900 | €1,160,119 | €1,233,561 | +€73,441 | +6.3% |
| Operating profit (loss) | 9901 | €5,081 | -€28,214 | -€33,294 | |
| Financial income | 75/76B | €91 | - | -€91 | |
| Recurring financial income | 75 | €91 | - | -€91 | |
| Financial charges | 65/66B | €6,458 | €7,980 | +€1,522 | +23.6% |
| Recurring financial charges | 65 | €6,458 | €7,980 | +€1,522 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,286 | -€36,193 | -€34,907 | -2,714% |
| Income taxes | 67/77 | €8,512 | €10,817 | +€2,304 | +27.1% |
| Profit (loss) for the period | 9904 | -€9,798 | -€47,010 | -€37,212 | -380% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,798 | -€47,010 | -€37,212 | -380% |
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 18 October 2026 via checked.be.