THREAD & LIFT: 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.
THREAD & LIFT
Largest movements
- Receivables within one year -€155,417
down €155,417 (-20.1%), from €772,239 to €616,822
of which Trade receivables: -€149,610
- Stocks and contracts +€152,045
up €152,045 (+45.1%), from €336,775 to €488,820
- Intangible fixed assets -€52,143
down €52,143 (-40.5%), from €128,742 to €76,599
- Deferred charges and accrued income -€28,534
down €28,534 (-50.4%), from €56,581 to €28,047
- Debts after one year +€363,427
up €363,427 (+23.0%), from €1.6m to €1.9m
of which Other amounts payable: +€419,681
- Short-term financial debts -€148,512
down €148,512 (-66.1%), from €224,622 to €76,109
- Profit (loss) carried forward -€143,389
down €143,389 (-11.1%), from -€1.3m to -€1.4m
- Trade debts -€101,018
down €101,018 (-56.9%), from €177,539 to €76,521
- Tax, wage and social debts -€67,078
down €67,078 (-26.2%), from €256,216 to €189,138
of which Taxes: -€96,804
- Gross operating margin -€196,246
down €196,246 (-34.8%), from €563,614 to €367,368
- Staff costs +€29,081
up €29,081 (+7.9%), from €369,045 to €398,126
- Financial charges +€22,859
up €22,859 (+75.6%), from €30,238 to €53,097
- Depreciation -€6,066
down €6,066 (-9.3%), from €65,216 to €59,149
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 | €1,331,071 | €1,235,331 | -€95,740 | -7.2% |
| Fixed assets | 21/28 | €156,610 | €101,425 | -€55,185 | -35.2% |
| Intangible fixed assets | 21 | €128,742 | €76,599 | -€52,143 | -40.5% |
| Tangible fixed assets | 22/27 | €4,365 | €1,323 | -€3,042 | -69.7% |
| Plant, machinery and equipment | 23 | €2,590 | €0 | -€2,590 | -100.0% |
| Furniture and vehicles | 24 | €1,775 | €1,323 | -€452 | -25.5% |
| Financial fixed assets | 28 | €23,503 | €23,503 | = | 0.0% |
| Current assets | 29/58 | €1,174,462 | €1,133,906 | -€40,555 | -3.5% |
| Stocks and contracts in progress | 3 | €336,775 | €488,820 | +€152,045 | +45.1% |
| Stocks | 30/36 | €336,775 | €488,820 | +€152,045 | +45.1% |
| Amounts receivable within one year | 40/41 | €772,239 | €616,822 | -€155,417 | -20.1% |
| Trade receivables | 40 | €761,441 | €611,831 | -€149,610 | -19.6% |
| Other amounts receivable | 41 | €10,798 | €4,991 | -€5,807 | -53.8% |
| Cash at bank and in hand | 54/58 | €8,867 | €217 | -€8,650 | -97.5% |
| Deferred charges and accrued income | 490/1 | €56,581 | €28,047 | -€28,534 | -50.4% |
| Total equity and liabilities | 10/49 | €1,331,071 | €1,235,331 | -€95,740 | -7.2% |
| Equity | 10/15 | -€977,623 | -€1,121,012 | -€143,389 | -14.7% |
| Contributions | 10/11 | €318,804 | €318,804 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,296,427 | -€1,439,816 | -€143,389 | -11.1% |
| Amounts payable | 17/49 | €2,308,694 | €2,356,343 | +€47,649 | +2.1% |
| Amounts payable after more than one year | 17 | €1,579,221 | €1,942,648 | +€363,427 | +23.0% |
| Financial debts | 170/4 | €113,154 | €56,900 | -€56,254 | -49.7% |
| Other amounts payable | 178/9 | €1,466,068 | €1,885,749 | +€419,681 | +28.6% |
| Amounts payable within one year | 42/48 | €729,472 | €413,695 | -€315,777 | -43.3% |
| Current portion of amounts payable after more than one year | 42 | €70,424 | €71,254 | +€830 | +1.2% |
| Financial debts | 43 | €224,622 | €76,109 | -€148,512 | -66.1% |
| Credit institutions | 430/8 | €224,622 | €76,109 | -€148,512 | -66.1% |
| Trade debts | 44 | €177,539 | €76,521 | -€101,018 | -56.9% |
| Suppliers | 440/4 | €177,539 | €76,521 | -€101,018 | -56.9% |
| Taxes, remuneration and social security | 45 | €256,216 | €189,138 | -€67,078 | -26.2% |
| Taxes | 450/3 | €133,846 | €37,041 | -€96,804 | -72.3% |
| Remuneration and social security | 454/9 | €122,370 | €152,097 | +€29,727 | +24.3% |
| Other amounts payable | 47/48 | €672 | €672 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €369,045 | €398,126 | +€29,081 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,216 | €59,149 | -€6,066 | -9.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €563,614 | €367,368 | -€196,246 | -34.8% |
| Operating profit (loss) | 9901 | €128,966 | -€90,307 | -€219,273 | |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €30,238 | €53,097 | +€22,859 | +75.6% |
| Recurring financial charges | 65 | €30,238 | €53,097 | +€22,859 | +75.6% |
| Profit (loss) for the period before taxes | 9903 | €98,727 | -€143,389 | -€242,117 | |
| Profit (loss) for the period | 9904 | €98,727 | -€143,389 | -€242,117 | |
| Profit (loss) for the period to be appropriated | 9905 | €98,727 | -€143,389 | -€242,117 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.