THULE: what changed
Two fiscal 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.
What changed
THULE
NACE 29.320, Manufacture of motor vehicles, trailers and semi-trailers
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€22.5m
2024 · €22.0m+€505,308
Equity
€50.2m
2024 · €49.6m+€534,990
Cash
€46.5m
2024 · €43.3m+€3.2m
Balance sheet total
€96.5m
2024 · €94.5m+€2.0m
Largest movements
Assets
- Cash +€3.2m
up €3.2m (+7.4%), from €43.3m to €46.5m
mainly Net result for the year (+€22.5m) and Depreciation (+€2.2m)
Equity and liabilities
- Other debts +€2.0m
up €2.0m (+10.0%), from €20.0m to €22.0m
- Tax, wage and social debts -€1.2m
down €1.2m (-22.3%), from €5.4m to €4.2m
of which Taxes: -€1.3m
Income statement
- Turnover +€7.1m
up €7.1m (+4.7%), from €151.5m to €158.6m
- Services and other goods +€2.3m
up €2.3m (+10.4%), from €22.2m to €24.5m
- Write-downs +€2.2m
up €2.2m, from -€1.9m to €301,878
- Goods and materials +€1.8m
up €1.8m (+2.2%), from €81.2m to €83.0m
of which Purchases: +€4.4m
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.
Result 2024
€22.0m
Turnover
+€7.1m
Other operating income
+€979,248
Goods and materials
-€1.8m
Services and other goods
-€2.3m
Staff costs
-€1.2m
Depreciation
-€34,718
Write-downs
-€2.2m
Provisions
+€110,213
Other operating charges
-€50,782
Other operating items
+€658,211
Financial income
-€621,912
Financial charges
-€227,465
Taxes
+€78,552
Result 2025
€22.5m
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.
From operations
+€27.1m
Investment
-€1.9m
Financing
-€22.0m
Cash 2024
€43.3m
From operations (derived)
+€27.1m
Net result for the year
+€22.5m
Depreciation
+€2.2m
Stocks and contracts
+€871,779
Smaller working-capital items
-€14,247
Provisions
-€126,336
Trade debts
+€813,949
Tax, wage and social debts
-€1.2m
Other debts
+€2.0m
Investment (derived)
-€1.9m
Investment in fixed assets (net)
-€1.9m
Financing
-€22.0m
Contributions, distributions and other
-€22.0m
Cash 2025
€46.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €94,509,937 | €96,482,355 | +€2.0m | +2.1% |
| Fixed assets | 21/28 | €22,939,587 | €22,606,099 | -€333,488 | -1.5% |
| Tangible fixed assets | 22/27 | €10,192,934 | €9,856,906 | -€336,029 | -3.3% |
| Land and buildings | 22 | €5,427,713 | €5,709,641 | +€281,927 | +5.2% |
| Plant, machinery and equipment | 23 | €4,765,221 | €4,073,618 | -€691,603 | -14.5% |
| Furniture and vehicles | 24 | - | €73,646 | +€73,646 | |
| Financial fixed assets | 28 | €12,746,652 | €12,749,194 | +€2,541 | 0.0% |
| Affiliated companies | 280/1 | €12,622,064 | €12,622,064 | = | 0.0% |
| Participating interests | 280 | €10,195,253 | €10,195,253 | = | 0.0% |
| Amounts receivable | 281 | €2,426,812 | €2,426,812 | = | 0.0% |
| Other financial fixed assets | 284/8 | €124,588 | €127,129 | +€2,541 | +2.0% |
| Amounts receivable and cash guarantees | 285/8 | €124,588 | €127,129 | +€2,541 | +2.0% |
| Current assets | 29/58 | €71,570,350 | €73,876,256 | +€2.3m | +3.2% |
| Stocks and contracts in progress | 3 | €20,596,113 | €19,724,334 | -€871,779 | -4.2% |
| Stocks | 30/36 | €20,596,113 | €19,724,334 | -€871,779 | -4.2% |
| Raw materials and consumables | 30/31 | €8,940,294 | €8,239,346 | -€700,948 | -7.8% |
| Work in progress | 32 | €3,011,173 | €2,703,939 | -€307,234 | -10.2% |
| Finished goods | 33 | €8,644,645 | €8,781,048 | +€136,403 | +1.6% |
| Amounts receivable within one year | 40/41 | €7,517,439 | €7,514,733 | -€2,706 | 0.0% |
| Trade receivables | 40 | €6,612,112 | €6,542,970 | -€69,142 | -1.0% |
| Other amounts receivable | 41 | €905,326 | €971,762 | +€66,436 | +7.3% |
| Cash at bank and in hand | 54/58 | €43,328,387 | €46,537,824 | +€3.2m | +7.4% |
| Deferred charges and accrued income | 490/1 | €128,412 | €99,366 | -€29,047 | -22.6% |
| Total equity and liabilities | 10/49 | €94,509,937 | €96,482,355 | +€2.0m | +2.1% |
| Equity | 10/15 | €49,624,880 | €50,159,870 | +€534,990 | +1.1% |
| Contributions | 10/11 | €38,250,000 | €38,250,000 | = | 0.0% |
| Capital | 10 | €38,250,000 | €38,250,000 | = | 0.0% |
| Issued capital | 100 | €38,250,000 | €38,250,000 | = | 0.0% |
| Reserves | 13 | €11,374,880 | €11,909,870 | +€534,990 | +4.7% |
| Non-distributable reserves | 130/1 | €3,825,000 | €3,825,000 | = | 0.0% |
| Legal reserve | 130 | €3,825,000 | €3,825,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,471 | €3,471 | = | 0.0% |
| Distributable reserves | 133 | €7,546,409 | €8,081,399 | +€534,990 | +7.1% |
| Provisions and deferred taxes | 16 | €795,194 | €668,858 | -€126,336 | -15.9% |
| Provisions for liabilities and charges | 160/5 | €795,194 | €668,858 | -€126,336 | -15.9% |
| Other liabilities and charges | 164/5 | €795,194 | €668,858 | -€126,336 | -15.9% |
| Amounts payable | 17/49 | €44,089,863 | €45,653,627 | +€1.6m | +3.5% |
| Amounts payable within one year | 42/48 | €44,043,863 | €45,653,627 | +€1.6m | +3.7% |
| Trade debts | 44 | €18,646,058 | €19,460,007 | +€813,949 | +4.4% |
| Suppliers | 440/4 | €18,646,058 | €19,460,007 | +€813,949 | +4.4% |
| Taxes, remuneration and social security | 45 | €5,397,805 | €4,193,620 | -€1.2m | -22.3% |
| Taxes | 450/3 | €3,268,356 | €1,976,075 | -€1.3m | -39.5% |
| Remuneration and social security | 454/9 | €2,129,449 | €2,217,545 | +€88,096 | +4.1% |
| Other amounts payable | 47/48 | €20,000,000 | €22,000,000 | +€2.0m | +10.0% |
| Accrued charges and deferred income | 492/3 | €46,000 | €0 | -€46,000 | -100.0% |
| Operating income | 70/76A | €153,696,285 | €162,432,687 | +€8.7m | +5.7% |
| Turnover | 70 | €151,531,572 | €158,630,514 | +€7.1m | +4.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,531,208 | -€872,997 | +€658,211 | +43.0% |
| Other operating income | 74 | €3,695,922 | €4,675,170 | +€979,248 | +26.5% |
| Operating charges | 60/66A | €123,710,433 | €131,170,701 | +€7.5m | +6.0% |
| Goods for resale, raw materials and consumables | 60 | €81,205,558 | €83,015,318 | +€1.8m | +2.2% |
| Purchases | 600/8 | €78,540,188 | €82,950,708 | +€4.4m | +5.6% |
| Change in stocks: decrease (increase) | 609 | €2,665,370 | €64,610 | -€2.6m | -97.6% |
| Services and other goods | 61 | €22,200,758 | €24,513,007 | +€2.3m | +10.4% |
| Remuneration, social security and pensions | 62 | €19,719,833 | €20,924,416 | +€1.2m | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,212,365 | €2,247,082 | +€34,718 | +1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,856,511 | €301,878 | +€2.2m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€16,123 | -€126,336 | -€110,213 | -683.6% |
| Other operating charges | 640/8 | €244,553 | €295,335 | +€50,782 | +20.8% |
| Operating profit (loss) | 9901 | €29,985,852 | €31,261,986 | +€1.3m | +4.3% |
| Financial income | 75/76B | €2,164,542 | €1,542,630 | -€621,912 | -28.7% |
| Recurring financial income | 75 | €2,164,542 | €1,542,630 | -€621,912 | -28.7% |
| Income from current assets | 751 | €1,404,805 | €866,011 | -€538,793 | -38.4% |
| Other financial income | 752/9 | €759,738 | €676,618 | -€83,119 | -10.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €2,603,460 | €2,830,925 | +€227,465 | +8.7% |
| Recurring financial charges | 65 | €2,603,460 | €2,830,925 | +€227,465 | +8.7% |
| Other financial charges | 652/9 | €2,603,460 | €2,830,925 | +€227,465 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €29,546,934 | €29,973,691 | +€426,757 | +1.4% |
| Income taxes | 67/77 | €7,517,252 | €7,438,701 | -€78,552 | -1.0% |
| Taxes | 670/3 | €7,517,252 | €7,465,209 | -€52,043 | -0.7% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €26,509 | +€26,509 | |
| Profit (loss) for the period | 9904 | €22,029,682 | €22,534,990 | +€505,308 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,029,682 | €22,534,990 | +€505,308 | +2.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.