Thuraxe: 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.
Thuraxe
Largest movements
- Current investments -€60,000
down €60,000 (-100%), from €60,000 to €0
- Cash +€40,463
up €40,463 (+62.1%), from €65,193 to €105,656
mainly Current investments (+€60,000) and Investment in fixed assets (net) (+€40,000)
- Financial fixed assets -€40,000
down €40,000 (-8.7%), from €461,460 to €421,460
- Tangible fixed assets -€11,225
down €11,225 (-24.0%), from €46,788 to €35,563
- Debts after one year -€48,707
down €48,707 (-18.9%), from €257,380 to €208,673
- Other debts -€43,477
down €43,477 (-30.8%), from €140,991 to €97,514
- Reserves +€33,759
up €33,759 (+36.7%), from €91,929 to €125,688
- Tax, wage and social debts -€12,432
down €12,432 (-53.3%), from €23,333 to €10,901
of which Taxes: -€10,405
- Gross operating margin +€16,024
up €16,024 (+26.6%), from €60,226 to €76,250
- Financial income -€11,574
down €11,574 (-88.3%), from €13,106 to €1,532
- Taxes +€4,933
up €4,933 (+54.8%), from €8,998 to €13,931
- Financial charges -€4,465
down €4,465 (-20.3%), from €22,047 to €17,582
- Depreciation +€2,439
up €2,439 (+27.8%), from €8,786 to €11,225
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 | €648,782 | €583,190 | -€65,592 | -10.1% |
| Fixed assets | 21/28 | €508,248 | €457,023 | -€51,225 | -10.1% |
| Tangible fixed assets | 22/27 | €46,788 | €35,563 | -€11,225 | -24.0% |
| Furniture and vehicles | 24 | €46,788 | €35,563 | -€11,225 | -24.0% |
| Financial fixed assets | 28 | €461,460 | €421,460 | -€40,000 | -8.7% |
| Current assets | 29/58 | €140,535 | €126,167 | -€14,368 | -10.2% |
| Amounts receivable within one year | 40/41 | €15,125 | €20,000 | +€4,875 | +32.2% |
| Trade receivables | 40 | €15,125 | €0 | -€15,125 | -100% |
| Other amounts receivable | 41 | €0 | €20,000 | +€20,000 | |
| Current investments | 50/53 | €60,000 | €0 | -€60,000 | -100% |
| Cash at bank and in hand | 54/58 | €65,193 | €105,656 | +€40,463 | +62.1% |
| Deferred charges and accrued income | 490/1 | €216 | €511 | +€294 | +136% |
| Total equity and liabilities | 10/49 | €648,782 | €583,190 | -€65,592 | -10.1% |
| Equity | 10/15 | €166,929 | €200,688 | +€33,759 | +20.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €91,929 | €125,688 | +€33,759 | +36.7% |
| Distributable reserves | 133 | €91,929 | €125,688 | +€33,759 | +36.7% |
| Amounts payable | 17/49 | €481,853 | €382,502 | -€99,351 | -20.6% |
| Amounts payable after more than one year | 17 | €257,380 | €208,673 | -€48,707 | -18.9% |
| Financial debts | 170/4 | €257,380 | €208,673 | -€48,707 | -18.9% |
| Amounts payable within one year | 42/48 | €215,626 | €167,362 | -€48,264 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €50,069 | €52,021 | +€1,952 | +3.9% |
| Financial debts | 43 | €947 | €2,025 | +€1,078 | +114% |
| Credit institutions | 430/8 | €947 | €2,025 | +€1,078 | +114% |
| Trade debts | 44 | €287 | €4,902 | +€4,615 | +1,609% |
| Suppliers | 440/4 | €287 | €4,902 | +€4,615 | +1,609% |
| Taxes, remuneration and social security | 45 | €23,333 | €10,901 | -€12,432 | -53.3% |
| Taxes | 450/3 | €19,305 | €8,901 | -€10,405 | -53.9% |
| Remuneration and social security | 454/9 | €4,027 | €2,000 | -€2,027 | -50.3% |
| Other amounts payable | 47/48 | €140,991 | €97,514 | -€43,477 | -30.8% |
| Accrued charges and deferred income | 492/3 | €8,847 | €6,467 | -€2,380 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,786 | €11,225 | +€2,439 | +27.8% |
| Other operating charges | 640/8 | €664 | €1,285 | +€620 | +93.4% |
| Gross operating margin | 9900 | €60,226 | €76,250 | +€16,024 | +26.6% |
| Operating profit (loss) | 9901 | €50,776 | €63,740 | +€12,964 | +25.5% |
| Financial income | 75/76B | €13,106 | €1,532 | -€11,574 | -88.3% |
| Recurring financial income | 75 | €13,106 | €1,532 | -€11,574 | -88.3% |
| Financial charges | 65/66B | €22,047 | €17,582 | -€4,465 | -20.3% |
| Recurring financial charges | 65 | €22,047 | €17,582 | -€4,465 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €41,834 | €47,690 | +€5,856 | +14.0% |
| Income taxes | 67/77 | €8,998 | €13,931 | +€4,933 | +54.8% |
| Profit (loss) for the period | 9904 | €32,836 | €33,759 | +€923 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,836 | €33,759 | +€923 | +2.8% |
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 20 October 2026 via checked.be.