THYDEL: 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.
THYDEL
Largest movements
- Intangible fixed assets -€35,393
down €35,393 (-8.3%), from €424,710 to €389,317
- Cash +€23,265
up €23,265 (+43.2%), from €53,798 to €77,063
mainly Net result for the year (+€125,367) and Depreciation (+€35,393)
- Reserves +€125,367
up €125,367 (+7.4%), from €1.7m to €1.8m
- Other debts -€78,292
no longer reported in 2025 (was €78,292)
- Current portion of long-term debt -€36,868
down €36,868 (-66.4%), from €55,559 to €18,691
- Financial income -€98,739
down €98,739 (-49.4%), from €199,927 to €101,188
- Depreciation -€20,148
down €20,148 (-36.3%), from €55,541 to €35,393
- Other operating charges -€19,809
down €19,809 (-94.5%), from €20,951 to €1,142
- Gross operating margin -€19,215
down €19,215 (-16.1%), from €119,124 to €99,909
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 | €2,046,984 | €2,020,312 | -€26,672 | -1.3% |
| Fixed assets | 21/28 | €1,793,259 | €1,757,866 | -€35,393 | -2.0% |
| Intangible fixed assets | 21 | €424,710 | €389,317 | -€35,393 | -8.3% |
| Tangible fixed assets | 22/27 | €313,284 | €313,284 | = | 0.0% |
| Land and buildings | 22 | €313,284 | €313,284 | = | 0.0% |
| Financial fixed assets | 28 | €1,055,265 | €1,055,265 | = | 0.0% |
| Current assets | 29/58 | €253,725 | €262,446 | +€8,721 | +3.4% |
| Amounts receivable within one year | 40/41 | €199,927 | €185,383 | -€14,544 | -7.3% |
| Other amounts receivable | 41 | €199,927 | €185,383 | -€14,544 | -7.3% |
| Cash at bank and in hand | 54/58 | €53,798 | €77,063 | +€23,265 | +43.2% |
| Total equity and liabilities | 10/49 | €2,046,984 | €2,020,312 | -€26,672 | -1.3% |
| Equity | 10/15 | €1,876,254 | €2,001,621 | +€125,367 | +6.7% |
| Contributions | 10/11 | €189,645 | €189,645 | = | 0.0% |
| Reserves | 13 | €1,686,609 | €1,811,976 | +€125,367 | +7.4% |
| Distributable reserves | 133 | €1,686,609 | €1,811,976 | +€125,367 | +7.4% |
| Amounts payable | 17/49 | €170,730 | €18,691 | -€152,039 | -89.1% |
| Amounts payable after more than one year | 17 | €18,691 | - | -€18,691 | |
| Financial debts | 170/4 | €18,691 | - | -€18,691 | |
| Amounts payable within one year | 42/48 | €152,039 | €18,691 | -€133,348 | -87.7% |
| Current portion of amounts payable after more than one year | 42 | €55,559 | €18,691 | -€36,868 | -66.4% |
| Taxes, remuneration and social security | 45 | €18,188 | - | -€18,188 | |
| Taxes | 450/3 | €18,188 | - | -€18,188 | |
| Other amounts payable | 47/48 | €78,292 | - | -€78,292 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,541 | €35,393 | -€20,148 | -36.3% |
| Other operating charges | 640/8 | €20,951 | €1,142 | -€19,809 | -94.5% |
| Gross operating margin | 9900 | €119,124 | €99,909 | -€19,215 | -16.1% |
| Operating profit (loss) | 9901 | €42,632 | €63,374 | +€20,742 | +48.7% |
| Financial income | 75/76B | €199,927 | €101,188 | -€98,739 | -49.4% |
| Recurring financial income | 75 | €199,927 | €101,188 | -€98,739 | -49.4% |
| Financial charges | 65/66B | €1,498 | €801 | -€697 | -46.5% |
| Recurring financial charges | 65 | €1,498 | €801 | -€697 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €241,061 | €163,761 | -€77,300 | -32.1% |
| Income taxes | 67/77 | €37,410 | €38,394 | +€984 | +2.6% |
| Profit (loss) for the period | 9904 | €203,651 | €125,367 | -€78,284 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €203,651 | €125,367 | -€78,284 | -38.4% |
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 6 October 2026 via checked.be.