THRUST: 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.
THRUST
Largest movements
- Deferred charges and accrued income +€23,920
up €23,920 (+1,755%), from €1,363 to €25,283
- Cash +€16,025
up €16,025 (+45.4%), from €35,260 to €51,285
mainly Net result for the year (+€44,264) and Depreciation (+€8,533)
- Tangible fixed assets -€9,367
down €9,367 (-33.8%), from €27,714 to €18,347
of which Furniture and vehicles: -€11,117
- Receivables within one year +€3,857
up €3,857 (+4.2%), from €92,638 to €96,495
of which Trade receivables: +€3,872
- Reserves +€33,076
up €33,076 (+29.7%), from €111,288 to €144,364
- Other debts -€7,536
down €7,536 (-40.6%), from €18,544 to €11,008
- Trade debts +€6,983
up €6,983 (+110%), from €6,321 to €13,304
- Short-term financial debts +€3,364
new in 2025: €3,364
- Debts after one year -€3,211
down €3,211 (-100%), from €3,211 to €0
- Depreciation -€6,044
down €6,044 (-41.5%), from €14,577 to €8,533
- Financial charges -€1,168
down €1,168 (-63.1%), from €1,851 to €683
of which Non-recurring financial charges: -€1,251
- Other operating charges -€1,000
down €1,000 (-50.8%), from €1,969 to €970
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 | €156,975 | €191,410 | +€34,435 | +21.9% |
| Fixed assets | 21/28 | €27,714 | €18,347 | -€9,367 | -33.8% |
| Tangible fixed assets | 22/27 | €27,714 | €18,347 | -€9,367 | -33.8% |
| Plant, machinery and equipment | 23 | - | €1,750 | +€1,750 | |
| Furniture and vehicles | 24 | €27,714 | €16,597 | -€11,117 | -40.1% |
| Current assets | 29/58 | €129,261 | €173,063 | +€43,802 | +33.9% |
| Amounts receivable within one year | 40/41 | €92,638 | €96,495 | +€3,857 | +4.2% |
| Trade receivables | 40 | €92,623 | €96,495 | +€3,872 | +4.2% |
| Other amounts receivable | 41 | €15 | €0 | -€15 | -100% |
| Cash at bank and in hand | 54/58 | €35,260 | €51,285 | +€16,025 | +45.4% |
| Deferred charges and accrued income | 490/1 | €1,363 | €25,283 | +€23,920 | +1,755% |
| Total equity and liabilities | 10/49 | €156,975 | €191,410 | +€34,435 | +21.9% |
| Equity | 10/15 | €111,588 | €144,664 | +€33,076 | +29.6% |
| Contributions | 10/11 | €300 | €300 | = | 0.0% |
| Reserves | 13 | €111,288 | €144,364 | +€33,076 | +29.7% |
| Distributable reserves | 133 | €111,288 | €144,364 | +€33,076 | +29.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €45,388 | €46,747 | +€1,359 | +3.0% |
| Amounts payable after more than one year | 17 | €3,211 | €0 | -€3,211 | -100% |
| Financial debts | 170/4 | €3,211 | €0 | -€3,211 | -100% |
| Amounts payable within one year | 42/48 | €42,177 | €45,097 | +€2,920 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €3,344 | €3,211 | -€133 | -4.0% |
| Financial debts | 43 | - | €3,364 | +€3,364 | |
| Credit institutions | 430/8 | - | €3,364 | +€3,364 | |
| Trade debts | 44 | €6,321 | €13,304 | +€6,983 | +110% |
| Suppliers | 440/4 | €6,321 | €13,304 | +€6,983 | +110% |
| Taxes, remuneration and social security | 45 | €13,967 | €14,209 | +€242 | +1.7% |
| Taxes | 450/3 | €13,967 | €14,209 | +€242 | +1.7% |
| Other amounts payable | 47/48 | €18,544 | €11,008 | -€7,536 | -40.6% |
| Accrued charges and deferred income | 492/3 | - | €1,650 | +€1,650 | |
| Non-recurring operating income | 76A | - | €16,510 | +€16,510 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,577 | €8,533 | -€6,044 | -41.5% |
| Other operating charges | 640/8 | €1,969 | €970 | -€1,000 | -50.8% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €72,623 | €72,943 | +€320 | +0.4% |
| Operating profit (loss) | 9901 | €56,077 | €63,440 | +€7,364 | +13.1% |
| Financial income | 75/76B | €17 | €0 | -€17 | -100% |
| Recurring financial income | 75 | €17 | €0 | -€17 | -100% |
| Financial charges | 65/66B | €1,851 | €683 | -€1,168 | -63.1% |
| Recurring financial charges | 65 | €600 | €683 | +€83 | +13.8% |
| Non-recurring financial charges | 66B | €1,251 | - | -€1,251 | |
| Profit (loss) for the period before taxes | 9903 | €54,243 | €62,758 | +€8,515 | +15.7% |
| Income taxes | 67/77 | €17,812 | €18,493 | +€681 | +3.8% |
| Profit (loss) for the period | 9904 | €36,431 | €44,264 | +€7,833 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,431 | €44,264 | +€7,833 | +21.5% |
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 17 October 2026 via checked.be.