THUBO: what changed
THUBO
Largest movements
- Cash +€32,440
up €32,440 (+36.7%), from €88,455 to €120,896
mainly Depreciation (+€33,024) and Receivables within one year (+€17,386)
- Tangible fixed assets -€31,700
down €31,700 (-10.5%), from €303,037 to €271,337
of which Leasing and similar rights: -€16,111
- Receivables within one year -€17,386
down €17,386 (-44.3%), from €39,288 to €21,902
of which Trade receivables: -€13,764
- Debts after one year -€24,548
down €24,548 (-15.2%), from €161,078 to €136,529
- Reserves +€15,340
up €15,340 (+36.8%), from €41,676 to €57,016
- Trade debts -€7,699
down €7,699 (-66.5%), from €11,583 to €3,885
- Gross operating margin +€11,895
up €11,895 (+22.9%), from €51,844 to €63,739
- Taxes +€3,410
up €3,410 (+130%), from €2,632 to €6,042
- Depreciation -€3,075
down €3,075 (-8.5%), from €36,099 to €33,024
- Financial charges +€1,631
up €1,631 (+37.3%), from €4,375 to €6,006
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €437,157 | €420,830 | -€16,327 | -3.7% |
| Fixed assets | 21/28 | €303,037 | €271,337 | -€31,700 | -10.5% |
| Tangible fixed assets | 22/27 | €303,037 | €271,337 | -€31,700 | -10.5% |
| Land and buildings | 22 | €247,098 | €237,904 | -€9,194 | -3.7% |
| Plant, machinery and equipment | 23 | €9,541 | €6,695 | -€2,846 | -29.8% |
| Furniture and vehicles | 24 | €8,455 | €5,050 | -€3,405 | -40.3% |
| Leasing and similar rights | 25 | €37,078 | €20,967 | -€16,111 | -43.5% |
| Other tangible fixed assets | 26 | €865 | €721 | -€144 | -16.6% |
| Current assets | 29/58 | €134,120 | €149,493 | +€15,374 | +11.5% |
| Amounts receivable within one year | 40/41 | €39,288 | €21,902 | -€17,386 | -44.3% |
| Trade receivables | 40 | €32,605 | €18,841 | -€13,764 | -42.2% |
| Other amounts receivable | 41 | €6,683 | €3,061 | -€3,622 | -54.2% |
| Cash at bank and in hand | 54/58 | €88,455 | €120,896 | +€32,440 | +36.7% |
| Deferred charges and accrued income | 490/1 | €6,376 | €6,696 | +€320 | +5.0% |
| Total equity and liabilities | 10/49 | €437,157 | €420,830 | -€16,327 | -3.7% |
| Equity | 10/15 | €47,876 | €63,216 | +€15,340 | +32.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €41,676 | €57,016 | +€15,340 | +36.8% |
| Distributable reserves | 133 | €41,676 | €57,016 | +€15,340 | +36.8% |
| Amounts payable | 17/49 | €389,281 | €357,615 | -€31,667 | -8.1% |
| Amounts payable after more than one year | 17 | €161,078 | €136,529 | -€24,548 | -15.2% |
| Financial debts | 170/4 | €161,078 | €136,529 | -€24,548 | -15.2% |
| Amounts payable within one year | 42/48 | €228,204 | €221,085 | -€7,118 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €24,807 | €24,548 | -€259 | -1.0% |
| Trade debts | 44 | €11,583 | €3,885 | -€7,699 | -66.5% |
| Suppliers | 440/4 | €11,583 | €3,885 | -€7,699 | -66.5% |
| Taxes, remuneration and social security | 45 | €527 | €1,534 | +€1,007 | +191% |
| Taxes | 450/3 | €527 | €1,534 | +€1,007 | +191% |
| Other amounts payable | 47/48 | €191,286 | €191,118 | -€168 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,099 | €33,024 | -€3,075 | -8.5% |
| Other operating charges | 640/8 | €3,472 | €3,326 | -€146 | -4.2% |
| Gross operating margin | 9900 | €51,844 | €63,739 | +€11,895 | +22.9% |
| Operating profit (loss) | 9901 | €12,272 | €27,389 | +€15,117 | +123% |
| Financial income | 75/76B | €6 | €0 | -€6 | -99.8% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -99.8% |
| Financial charges | 65/66B | €4,375 | €6,006 | +€1,631 | +37.3% |
| Recurring financial charges | 65 | €4,375 | €6,006 | +€1,631 | +37.3% |
| Profit (loss) for the period before taxes | 9903 | €7,903 | €21,382 | +€13,479 | +171% |
| Income taxes | 67/77 | €2,632 | €6,042 | +€3,410 | +130% |
| Profit (loss) for the period | 9904 | €5,271 | €15,340 | +€10,069 | +191% |
| Profit (loss) for the period to be appropriated | 9905 | €5,271 | €15,340 | +€10,069 | +191% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.