THULA & THULA: 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 & THULA
Largest movements
- Current investments +€8.0m
up €8.0m (+145.5%), from €5.5m to €13.5m
- Cash -€5.6m
down €5.6m (-71.1%), from €7.9m to €2.3m
mainly Current investments (-€8.0m) and Tax, wage and social debts (-€994,455)
- Receivables within one year -€2.9m
down €2.9m (-75.1%), from €3.8m to €944,797
- Receivables after one year -€738,250
down €738,250 (-17.0%), from €4.4m to €3.6m
- Tax, wage and social debts -€994,455
down €994,455 (-99.5%), from €999,289 to €4,834
of which Taxes: -€994,390
- Profit (loss) carried forward -€558,159
down €558,159 (-4.2%), from €13.3m to €12.7m
- Other debts +€427,328
up €427,328 (+289.4%), from €147,672 to €575,000
- Financial income -€10.8m
down €10.8m (-96.8%), from €11.2m to €362,772
- Taxes -€1.0m
down €1.0m (-99.2%), from €1.0m to €8,452
- Gross operating margin -€209,183
down €209,183 (-504.6%), from -€41,458 to -€250,641
- Depreciation +€4,730
up €4,730 (+30.8%), from €15,370 to €20,100
- Staff costs +€2,514
up €2,514 (+4.4%), from €57,387 to €59,901
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 | €25,190,963 | €24,047,832 | -€1.1m | -4.5% |
| Fixed assets | 21/28 | €3,589,231 | €3,632,888 | +€43,657 | +1.2% |
| Tangible fixed assets | 22/27 | €3,589,231 | €3,632,888 | +€43,657 | +1.2% |
| Land and buildings | 22 | €1,566,700 | €1,610,228 | +€43,528 | +2.8% |
| Plant, machinery and equipment | 23 | €11,723 | €6,309 | -€5,414 | -46.2% |
| Furniture and vehicles | 24 | €110,951 | €110,951 | = | 0.0% |
| Other tangible fixed assets | 26 | €1,899,857 | €1,905,400 | +€5,543 | +0.3% |
| Current assets | 29/58 | €21,601,732 | €20,414,944 | -€1.2m | -5.5% |
| Amounts receivable after more than one year | 29 | €4,350,000 | €3,611,750 | -€738,250 | -17.0% |
| Other amounts receivable | 291 | €4,350,000 | €3,611,750 | -€738,250 | -17.0% |
| Amounts receivable within one year | 40/41 | €3,799,331 | €944,797 | -€2.9m | -75.1% |
| Other amounts receivable | 41 | €3,799,331 | €944,797 | -€2.9m | -75.1% |
| Current investments | 50/53 | €5,500,000 | €13,500,000 | +€8.0m | +145.5% |
| Cash at bank and in hand | 54/58 | €7,912,444 | €2,289,601 | -€5.6m | -71.1% |
| Deferred charges and accrued income | 490/1 | €39,957 | €68,796 | +€28,839 | +72.2% |
| Total equity and liabilities | 10/49 | €25,190,963 | €24,047,832 | -€1.1m | -4.5% |
| Equity | 10/15 | €24,022,662 | €23,464,503 | -€558,159 | -2.3% |
| Contributions | 10/11 | €372,190 | €372,190 | = | 0.0% |
| Capital | 10 | €372,190 | €372,190 | = | 0.0% |
| Issued capital | 100 | €372,190 | €372,190 | = | 0.0% |
| Reserves | 13 | €10,388,675 | €10,388,675 | = | 0.0% |
| Non-distributable reserves | 130/1 | €443,400 | €443,400 | = | 0.0% |
| Legal reserve | 130 | €443,400 | €443,400 | = | 0.0% |
| Distributable reserves | 133 | €9,945,275 | €9,945,275 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,261,797 | €12,703,638 | -€558,159 | -4.2% |
| Amounts payable | 17/49 | €1,168,301 | €583,329 | -€584,972 | -50.1% |
| Amounts payable within one year | 42/48 | €1,168,301 | €583,329 | -€584,972 | -50.1% |
| Trade debts | 44 | €21,340 | €3,495 | -€17,845 | -83.6% |
| Suppliers | 440/4 | €21,340 | €3,495 | -€17,845 | -83.6% |
| Taxes, remuneration and social security | 45 | €999,289 | €4,834 | -€994,455 | -99.5% |
| Taxes | 450/3 | €994,925 | €535 | -€994,390 | -99.9% |
| Remuneration and social security | 454/9 | €4,364 | €4,299 | -€65 | -1.5% |
| Other amounts payable | 47/48 | €147,672 | €575,000 | +€427,328 | +289.4% |
| Non-recurring operating income | 76A | €53,038 | - | -€53,038 | |
| Remuneration, social security and pensions | 62 | €57,387 | €59,901 | +€2,514 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,370 | €20,100 | +€4,730 | +30.8% |
| Other operating charges | 640/8 | €4,745 | €6,574 | +€1,829 | +38.5% |
| Gross operating margin | 9900 | -€41,458 | -€250,641 | -€209,183 | -504.6% |
| Operating profit (loss) | 9901 | -€118,960 | -€337,216 | -€218,256 | -183.5% |
| Financial income | 75/76B | €11,175,357 | €362,772 | -€10.8m | -96.8% |
| Recurring financial income | 75 | €11,175,357 | €362,772 | -€10.8m | -96.8% |
| Financial charges | 65/66B | €323 | €263 | -€60 | -18.6% |
| Recurring financial charges | 65 | €323 | €263 | -€60 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €11,056,074 | €25,293 | -€11.0m | -99.8% |
| Income taxes | 67/77 | €1,010,799 | €8,452 | -€1.0m | -99.2% |
| Profit (loss) for the period | 9904 | €10,045,275 | €16,841 | -€10.0m | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,045,275 | €16,841 | -€10.0m | -99.8% |
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 11 October 2026 via checked.be.