Thula Invest: 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.
Thula Invest
Largest movements
- Receivables within one year +€160,109
up €160,109 (+311%), from €51,506 to €211,615
of which Other amounts receivable: +€143,825
- Current investments -€105,691
down €105,691 (-75.5%), from €139,942 to €34,251
- Cash +€27,050
up €27,050 (+53.9%), from €50,165 to €77,215
mainly Net result for the year (+€108,326) and Current investments (+€105,691)
- Tangible fixed assets -€3,944
down €3,944 (-12.8%), from €30,783 to €26,840
of which Other tangible fixed assets: -€2,813
- Other debts +€76,542
up €76,542 (+75.6%), from €101,260 to €177,802
- Profit (loss) carried forward -€22,174
down €22,174 (-24.1%), from €91,958 to €69,785
- Reserves +€12,500
up €12,500 (+25.3%), from €49,418 to €61,918
- Tax, wage and social debts +€7,311
up €7,311 (+49.9%), from €14,647 to €21,958
of which Taxes: +€7,428
- Trade debts +€4,090
up €4,090 (+184%), from €2,229 to €6,319
- Gross operating margin +€52,615
up €52,615 (+62.4%), from €84,271 to €136,886
- Financial income -€16,178
down €16,178 (-51.7%), from €31,268 to €15,090
- Taxes +€10,844
up €10,844 (+55.2%), from €19,632 to €30,477
- Depreciation +€2,307
up €2,307 (+44.1%), from €5,229 to €7,536
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 | €278,113 | €356,382 | +€78,269 | +28.1% |
| Fixed assets | 21/28 | €31,566 | €27,622 | -€3,944 | -12.5% |
| Tangible fixed assets | 22/27 | €30,783 | €26,840 | -€3,944 | -12.8% |
| Furniture and vehicles | 24 | €4,719 | €3,589 | -€1,130 | -23.9% |
| Other tangible fixed assets | 26 | €26,064 | €23,251 | -€2,813 | -10.8% |
| Financial fixed assets | 28 | €782 | €782 | = | 0.0% |
| Current assets | 29/58 | €246,547 | €328,760 | +€82,213 | +33.3% |
| Amounts receivable within one year | 40/41 | €51,506 | €211,615 | +€160,109 | +311% |
| Trade receivables | 40 | €15,145 | €31,428 | +€16,284 | +108% |
| Other amounts receivable | 41 | €36,362 | €180,187 | +€143,825 | +396% |
| Current investments | 50/53 | €139,942 | €34,251 | -€105,691 | -75.5% |
| Cash at bank and in hand | 54/58 | €50,165 | €77,215 | +€27,050 | +53.9% |
| Deferred charges and accrued income | 490/1 | €4,934 | €5,679 | +€746 | +15.1% |
| Total equity and liabilities | 10/49 | €278,113 | €356,382 | +€78,269 | +28.1% |
| Equity | 10/15 | €159,977 | €150,303 | -€9,674 | -6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,418 | €61,918 | +€12,500 | +25.3% |
| Distributable reserves | 133 | €49,418 | €61,918 | +€12,500 | +25.3% |
| Profit (loss) carried forward | 14 | €91,958 | €69,785 | -€22,174 | -24.1% |
| Amounts payable | 17/49 | €118,136 | €206,079 | +€87,943 | +74.4% |
| Amounts payable within one year | 42/48 | €118,136 | €206,079 | +€87,943 | +74.4% |
| Trade debts | 44 | €2,229 | €6,319 | +€4,090 | +184% |
| Suppliers | 440/4 | €2,229 | €6,319 | +€4,090 | +184% |
| Taxes, remuneration and social security | 45 | €14,647 | €21,958 | +€7,311 | +49.9% |
| Taxes | 450/3 | €11,651 | €19,079 | +€7,428 | +63.8% |
| Remuneration and social security | 454/9 | €2,996 | €2,879 | -€117 | -3.9% |
| Other amounts payable | 47/48 | €101,260 | €177,802 | +€76,542 | +75.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,229 | €7,536 | +€2,307 | +44.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €84,271 | €136,886 | +€52,615 | +62.4% |
| Operating profit (loss) | 9901 | €78,655 | €128,951 | +€50,296 | +63.9% |
| Financial income | 75/76B | €31,268 | €15,090 | -€16,178 | -51.7% |
| Recurring financial income | 75 | €31,268 | €15,090 | -€16,178 | -51.7% |
| Financial charges | 65/66B | €4,477 | €5,238 | +€761 | +17.0% |
| Recurring financial charges | 65 | €4,477 | €5,238 | +€761 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €105,447 | €138,803 | +€33,356 | +31.6% |
| Income taxes | 67/77 | €19,632 | €30,477 | +€10,844 | +55.2% |
| Profit (loss) for the period | 9904 | €85,814 | €108,326 | +€22,512 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,814 | €108,326 | +€22,512 | +26.2% |
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 29 October 2026 via checked.be.