THUZ: 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.
THUZ
Largest movements
- Stocks and contracts +€497,615
up €497,615 (+532.2%), from €93,500 to €591,116
- Receivables within one year +€81,032
up €81,032 (+7.5%), from €1.1m to €1.2m
of which Trade receivables: +€294,379
- Cash -€44,949
down €44,949 (-38.5%), from €116,831 to €71,883
mainly Stocks and contracts (-€497,615) and Receivables within one year (-€81,032)
- Reserves +€212,256
up €212,256 (+995.1%), from €21,330 to €233,586
of which Distributable reserves: +€212,256
- Other debts +€150,136
up €150,136 (+12.5%), from €1.2m to €1.4m
- Current portion of long-term debt +€142,000
new in 2025: €142,000
- Gross operating margin -€151,820
down €151,820 (-41.0%), from €370,522 to €218,702
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 | €1,326,789 | €1,843,375 | +€516,586 | +38.9% |
| Fixed assets | 21/28 | €24,086 | €10,405 | -€13,681 | -56.8% |
| Tangible fixed assets | 22/27 | €24,086 | €10,405 | -€13,681 | -56.8% |
| Furniture and vehicles | 24 | €24,086 | €10,405 | -€13,681 | -56.8% |
| Current assets | 29/58 | €1,302,704 | €1,832,970 | +€530,266 | +40.7% |
| Stocks and contracts in progress | 3 | €93,500 | €591,116 | +€497,615 | +532.2% |
| Stocks | 30/36 | €93,500 | €591,116 | +€497,615 | +532.2% |
| Amounts receivable within one year | 40/41 | €1,078,500 | €1,159,532 | +€81,032 | +7.5% |
| Trade receivables | 40 | €98 | €294,477 | +€294,379 | +300601.8% |
| Other amounts receivable | 41 | €1,078,402 | €865,055 | -€213,348 | -19.8% |
| Cash at bank and in hand | 54/58 | €116,831 | €71,883 | -€44,949 | -38.5% |
| Deferred charges and accrued income | 490/1 | €13,872 | €10,440 | -€3,432 | -24.7% |
| Total equity and liabilities | 10/49 | €1,326,789 | €1,843,375 | +€516,586 | +38.9% |
| Equity | 10/15 | €83,330 | €295,586 | +€212,256 | +254.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €21,330 | €233,586 | +€212,256 | +995.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €15,130 | €227,386 | +€212,256 | +1402.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,243,459 | €1,547,789 | +€304,329 | +24.5% |
| Amounts payable within one year | 42/48 | €1,241,459 | €1,528,823 | +€287,363 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | - | €142,000 | +€142,000 | |
| Trade debts | 44 | €38,472 | €33,868 | -€4,604 | -12.0% |
| Suppliers | 440/4 | €38,472 | €33,868 | -€4,604 | -12.0% |
| Taxes, remuneration and social security | 45 | €169 | €0 | -€169 | -100.0% |
| Taxes | 450/3 | €169 | €0 | -€169 | -100.0% |
| Other amounts payable | 47/48 | €1,202,818 | €1,352,954 | +€150,136 | +12.5% |
| Accrued charges and deferred income | 492/3 | €2,000 | €18,966 | +€16,966 | +848.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,400 | €13,681 | +€280 | +2.1% |
| Other operating charges | 640/8 | €2,423 | €1,964 | -€459 | -18.9% |
| Gross operating margin | 9900 | €370,522 | €218,702 | -€151,820 | -41.0% |
| Operating profit (loss) | 9901 | €354,698 | €203,057 | -€151,641 | -42.8% |
| Financial income | 75/76B | €8,713 | €11,609 | +€2,896 | +33.2% |
| Recurring financial income | 75 | €8,713 | €11,609 | +€2,896 | +33.2% |
| Financial charges | 65/66B | €134 | €2,410 | +€2,276 | +1700.0% |
| Recurring financial charges | 65 | €134 | €2,410 | +€2,276 | +1700.0% |
| Profit (loss) for the period before taxes | 9903 | €363,277 | €212,256 | -€151,021 | -41.6% |
| Income taxes | 67/77 | €169 | €0 | -€169 | -100.0% |
| Profit (loss) for the period | 9904 | €363,108 | €212,256 | -€150,852 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €363,108 | €212,256 | -€150,852 | -41.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.