Thunderbirds: 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.
Thunderbirds
Largest movements
- Receivables within one year +€52,244
up €52,244 (+262%), from €19,968 to €72,212
of which Other amounts receivable: +€55,920
- Tangible fixed assets -€29,099
down €29,099 (-29.0%), from €100,404 to €71,305
of which Leasing and similar rights: -€22,248
- Cash +€9,798
up €9,798 (+12.5%), from €78,083 to €87,881
mainly Net result for the year (+€63,372) and Depreciation (+€35,978)
- Reserves +€63,372
up €63,372 (+87.3%), from €72,579 to €135,951
- Other debts -€28,538
down €28,538 (-100%), from €28,538 to €0
- Debts after one year -€12,336
down €12,336 (-39.7%), from €31,111 to €18,775
- Tax, wage and social debts +€11,683
up €11,683 (+213%), from €5,489 to €17,171
- Trade debts +€7,100
up €7,100 (+384%), from €1,847 to €8,947
- Gross operating margin +€64,572
up €64,572 (+87.5%), from €73,823 to €138,395
- Taxes +€13,695
up €13,695 (+338%), from €4,054 to €17,749
- Other operating charges +€4,396
up €4,396 (+26.8%), from €16,430 to €20,826
- Depreciation -€4,178
down €4,178 (-10.4%), from €40,157 to €35,978
- Financial income +€2,194
up €2,194, from €0 to €2,194
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 | €198,719 | €233,759 | +€35,040 | +17.6% |
| Fixed assets | 21/28 | €100,546 | €71,348 | -€29,198 | -29.0% |
| Intangible fixed assets | 21 | €118 | €19 | -€99 | -84.0% |
| Tangible fixed assets | 22/27 | €100,404 | €71,305 | -€29,099 | -29.0% |
| Plant, machinery and equipment | 23 | €12,468 | €10,251 | -€2,216 | -17.8% |
| Furniture and vehicles | 24 | €15,256 | €13,657 | -€1,599 | -10.5% |
| Leasing and similar rights | 25 | €60,381 | €38,133 | -€22,248 | -36.8% |
| Other tangible fixed assets | 26 | €12,300 | €9,264 | -€3,036 | -24.7% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €98,172 | €162,410 | +€64,238 | +65.4% |
| Amounts receivable within one year | 40/41 | €19,968 | €72,212 | +€52,244 | +262% |
| Trade receivables | 40 | €19,963 | €16,288 | -€3,675 | -18.4% |
| Other amounts receivable | 41 | €4 | €55,924 | +€55,920 | +1,256,627% |
| Cash at bank and in hand | 54/58 | €78,083 | €87,881 | +€9,798 | +12.5% |
| Deferred charges and accrued income | 490/1 | €121 | €2,317 | +€2,195 | +1,807% |
| Total equity and liabilities | 10/49 | €198,719 | €233,759 | +€35,040 | +17.6% |
| Equity | 10/15 | €100,979 | €164,351 | +€63,372 | +62.8% |
| Contributions | 10/11 | €28,400 | €28,400 | = | 0.0% |
| Reserves | 13 | €72,579 | €135,951 | +€63,372 | +87.3% |
| Distributable reserves | 133 | €72,579 | €135,951 | +€63,372 | +87.3% |
| Amounts payable | 17/49 | €97,740 | €69,408 | -€28,332 | -29.0% |
| Amounts payable after more than one year | 17 | €31,111 | €18,775 | -€12,336 | -39.7% |
| Financial debts | 170/4 | €31,111 | €18,775 | -€12,336 | -39.7% |
| Amounts payable within one year | 42/48 | €51,548 | €38,454 | -€13,094 | -25.4% |
| Current portion of amounts payable after more than one year | 42 | €15,675 | €12,336 | -€3,339 | -21.3% |
| Trade debts | 44 | €1,847 | €8,947 | +€7,100 | +384% |
| Suppliers | 440/4 | €1,847 | €8,947 | +€7,100 | +384% |
| Taxes, remuneration and social security | 45 | €5,489 | €17,171 | +€11,683 | +213% |
| Taxes | 450/3 | €5,489 | €17,171 | +€11,683 | +213% |
| Other amounts payable | 47/48 | €28,538 | €0 | -€28,538 | -100% |
| Accrued charges and deferred income | 492/3 | €15,080 | €12,178 | -€2,902 | -19.2% |
| Non-recurring operating income | 76A | - | €38,951 | +€38,951 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,157 | €35,978 | -€4,178 | -10.4% |
| Other operating charges | 640/8 | €16,430 | €20,826 | +€4,396 | +26.8% |
| Gross operating margin | 9900 | €73,823 | €138,395 | +€64,572 | +87.5% |
| Operating profit (loss) | 9901 | €17,237 | €81,591 | +€64,354 | +373% |
| Financial income | 75/76B | €0 | €2,194 | +€2,194 | |
| Recurring financial income | 75 | €0 | €2,194 | +€2,194 | |
| Financial charges | 65/66B | €3,351 | €2,664 | -€686 | -20.5% |
| Recurring financial charges | 65 | €3,351 | €2,664 | -€686 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €13,886 | €81,121 | +€67,235 | +484% |
| Income taxes | 67/77 | €4,054 | €17,749 | +€13,695 | +338% |
| Profit (loss) for the period | 9904 | €9,832 | €63,372 | +€53,540 | +545% |
| Profit (loss) for the period to be appropriated | 9905 | €9,832 | €63,372 | +€53,540 | +545% |
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 13 October 2026 via checked.be.