THUNDERWOOD: 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.
THUNDERWOOD
Largest movements
- Cash +€278,648
up €278,648 (+25.9%), from €1.1m to €1.4m
mainly Advances received (+€300,000) and Other debts (+€184,569)
- Tangible fixed assets +€67,291
up €67,291 (+12.9%), from €519,932 to €587,222
- Receivables within one year -€65,050
down €65,050 (-35.6%), from €182,978 to €117,928
of which Trade receivables: -€69,459
- Advances received +€300,000
up €300,000 (+33.3%), from €900,000 to €1.2m
- Other debts +€184,569
up €184,569 (+123%), from €150,000 to €334,569
- Reserves -€148,660
down €148,660 (-60.9%), from €243,984 to €95,325
- Trade debts -€41,311
down €41,311 (-100%), from €41,311 to €0
- Debts after one year -€24,457
down €24,457 (-5.5%), from €441,545 to €417,088
- Gross operating margin -€133,500
down €133,500 (-35.6%), from €375,116 to €241,615
- Staff costs +€46,029
up €46,029 (+964%), from €4,776 to €50,805
- Taxes -€44,980
down €44,980 (-58.1%), from €77,373 to €32,394
- Depreciation +€27,526
up €27,526 (+136%), from €20,246 to €47,773
- Financial charges +€10,819
up €10,819 (+116%), from €9,303 to €20,122
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 | €1,819,144 | €2,097,784 | +€278,640 | +15.3% |
| Fixed assets | 21/28 | €528,281 | €607,801 | +€79,519 | +15.1% |
| Intangible fixed assets | 21 | €6,640 | €20,118 | +€13,479 | +203% |
| Tangible fixed assets | 22/27 | €519,932 | €587,222 | +€67,291 | +12.9% |
| Land and buildings | 22 | €472,585 | €505,215 | +€32,630 | +6.9% |
| Plant, machinery and equipment | 23 | €33,005 | €61,099 | +€28,094 | +85.1% |
| Furniture and vehicles | 24 | €14,341 | €20,908 | +€6,567 | +45.8% |
| Financial fixed assets | 28 | €1,710 | €460 | -€1,250 | -73.1% |
| Current assets | 29/58 | €1,290,862 | €1,489,983 | +€199,121 | +15.4% |
| Stocks and contracts in progress | 3 | €28,728 | €11,803 | -€16,925 | -58.9% |
| Stocks | 30/36 | €28,728 | €11,803 | -€16,925 | -58.9% |
| Amounts receivable within one year | 40/41 | €182,978 | €117,928 | -€65,050 | -35.6% |
| Trade receivables | 40 | €133,885 | €64,426 | -€69,459 | -51.9% |
| Other amounts receivable | 41 | €49,093 | €53,502 | +€4,409 | +9.0% |
| Cash at bank and in hand | 54/58 | €1,077,642 | €1,356,290 | +€278,648 | +25.9% |
| Deferred charges and accrued income | 490/1 | €1,515 | €3,962 | +€2,447 | +162% |
| Total equity and liabilities | 10/49 | €1,819,144 | €2,097,784 | +€278,640 | +15.3% |
| Equity | 10/15 | €262,584 | €113,925 | -€148,660 | -56.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €243,984 | €95,325 | -€148,660 | -60.9% |
| Distributable reserves | 133 | €243,984 | €95,325 | -€148,660 | -60.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,556,560 | €1,983,859 | +€427,300 | +27.5% |
| Amounts payable after more than one year | 17 | €441,545 | €417,088 | -€24,457 | -5.5% |
| Financial debts | 170/4 | €441,545 | €417,088 | -€24,457 | -5.5% |
| Amounts payable within one year | 42/48 | €1,115,014 | €1,566,771 | +€451,757 | +40.5% |
| Current portion of amounts payable after more than one year | 42 | €23,534 | €24,457 | +€923 | +3.9% |
| Trade debts | 44 | €41,311 | €0 | -€41,311 | -100% |
| Suppliers | 440/4 | €41,311 | €0 | -€41,311 | -100% |
| Advances received on contracts in progress | 46 | €900,000 | €1,200,000 | +€300,000 | +33.3% |
| Taxes, remuneration and social security | 45 | €169 | €7,745 | +€7,576 | +4,474% |
| Taxes | 450/3 | €0 | €1,293 | +€1,293 | |
| Remuneration and social security | 454/9 | €169 | €6,452 | +€6,283 | +3,710% |
| Other amounts payable | 47/48 | €150,000 | €334,569 | +€184,569 | +123% |
| Remuneration, social security and pensions | 62 | €4,776 | €50,805 | +€46,029 | +964% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,246 | €47,773 | +€27,526 | +136% |
| Other operating charges | 640/8 | €2,837 | €1,950 | -€887 | -31.3% |
| Gross operating margin | 9900 | €375,116 | €241,615 | -€133,500 | -35.6% |
| Operating profit (loss) | 9901 | €347,256 | €141,087 | -€206,168 | -59.4% |
| Financial income | 75/76B | €5,583 | €6,753 | +€1,170 | +21.0% |
| Recurring financial income | 75 | €5,583 | €6,753 | +€1,170 | +21.0% |
| Financial charges | 65/66B | €9,303 | €20,122 | +€10,819 | +116% |
| Recurring financial charges | 65 | €9,303 | €20,122 | +€10,819 | +116% |
| Profit (loss) for the period before taxes | 9903 | €343,536 | €127,718 | -€215,818 | -62.8% |
| Income taxes | 67/77 | €77,373 | €32,394 | -€44,980 | -58.1% |
| Profit (loss) for the period | 9904 | €266,163 | €95,325 | -€170,838 | -64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €266,163 | €95,325 | -€170,838 | -64.2% |
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 24 October 2026 via checked.be.