THred: 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.
THred
Largest movements
- Tangible fixed assets -€10,990
down €10,990 (-7.6%), from €145,093 to €134,103
of which Furniture and vehicles: -€7,875
- Receivables within one year -€9,327
down €9,327 (-97.9%), from €9,529 to €202
of which Trade receivables: -€6,400
- Cash -€3,918
down €3,918 (-79.8%), from €4,910 to €992
mainly Net result for the year (-€24,959) and Trade debts (-€680)
- Profit (loss) carried forward -€14,151
down €14,151, from €0 to -€14,151
- Reserves -€10,808
down €10,808 (-8.8%), from €123,086 to €112,277
- Gross operating margin +€37,177
up €37,177 (+74.1%), from -€50,166 to -€12,990
- Depreciation +€1,674
up €1,674 (+18.0%), from €9,317 to €10,990
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 | €161,479 | €136,668 | -€24,812 | -15.4% |
| Fixed assets | 21/28 | €145,093 | €134,103 | -€10,990 | -7.6% |
| Tangible fixed assets | 22/27 | €145,093 | €134,103 | -€10,990 | -7.6% |
| Land and buildings | 22 | €127,863 | €124,748 | -€3,115 | -2.4% |
| Furniture and vehicles | 24 | €15,030 | €7,155 | -€7,875 | -52.4% |
| Other tangible fixed assets | 26 | €2,200 | €2,200 | = | 0.0% |
| Current assets | 29/58 | €16,386 | €2,565 | -€13,821 | -84.3% |
| Amounts receivable within one year | 40/41 | €9,529 | €202 | -€9,327 | -97.9% |
| Trade receivables | 40 | €6,400 | €0 | -€6,400 | -100% |
| Other amounts receivable | 41 | €3,129 | €202 | -€2,927 | -93.5% |
| Cash at bank and in hand | 54/58 | €4,910 | €992 | -€3,918 | -79.8% |
| Deferred charges and accrued income | 490/1 | €1,948 | €1,371 | -€576 | -29.6% |
| Total equity and liabilities | 10/49 | €161,479 | €136,668 | -€24,812 | -15.4% |
| Equity | 10/15 | €135,586 | €110,626 | -€24,959 | -18.4% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €123,086 | €112,277 | -€10,808 | -8.8% |
| Distributable reserves | 133 | €123,086 | €112,277 | -€10,808 | -8.8% |
| Profit (loss) carried forward | 14 | €0 | -€14,151 | -€14,151 | |
| Amounts payable | 17/49 | €25,894 | €26,041 | +€148 | +0.6% |
| Amounts payable within one year | 42/48 | €25,894 | €26,041 | +€148 | +0.6% |
| Financial debts | 43 | €0 | €155 | +€155 | |
| Credit institutions | 430/8 | €0 | €155 | +€155 | |
| Trade debts | 44 | €1,338 | €658 | -€680 | -50.8% |
| Suppliers | 440/4 | €1,338 | €658 | -€680 | -50.8% |
| Taxes, remuneration and social security | 45 | €309 | €280 | -€28 | -9.2% |
| Taxes | 450/3 | €309 | €280 | -€28 | -9.2% |
| Other amounts payable | 47/48 | €24,247 | €24,948 | +€700 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,317 | €10,990 | +€1,674 | +18.0% |
| Other operating charges | 640/8 | €629 | €648 | +€19 | +3.0% |
| Gross operating margin | 9900 | -€50,166 | -€12,990 | +€37,177 | +74.1% |
| Operating profit (loss) | 9901 | -€60,112 | -€24,628 | +€35,484 | +59.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €274 | €191 | -€83 | -30.4% |
| Recurring financial charges | 65 | €274 | €191 | -€83 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | -€60,386 | -€24,818 | +€35,567 | +58.9% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€60,525 | -€24,959 | +€35,566 | +58.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,525 | -€24,959 | +€35,566 | +58.8% |
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.