TOITURES MARC THELEN: 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.
TOITURES MARC THELEN
Largest movements
- Cash +€87,263
up €87,263 (+16.9%), from €517,823 to €605,086
mainly Net result for the year (+€49,819) and Advances received (+€32,323)
- Stocks and contracts -€8,101
down €8,101 (-100%), from €8,101 to €0
- Reserves +€49,810
up €49,810 (+13.5%), from €368,520 to €418,330
- Advances received +€32,323
up €32,323 (+4,644%), from €696 to €33,019
- Gross operating margin -€18,275
down €18,275 (-19.5%), from €93,813 to €75,538
- Taxes -€5,169
down €5,169 (-21.3%), from €24,279 to €19,110
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 | €579,586 | €652,689 | +€73,102 | +12.6% |
| Fixed assets | 21/28 | €34,241 | €34,187 | -€54 | -0.2% |
| Tangible fixed assets | 22/27 | €34,166 | €34,112 | -€54 | -0.2% |
| Land and buildings | 22 | €29,900 | €26,975 | -€2,925 | -9.8% |
| Furniture and vehicles | 24 | €4,266 | €7,137 | +€2,871 | +67.3% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €545,345 | €618,502 | +€73,156 | +13.4% |
| Stocks and contracts in progress | 3 | €8,101 | €0 | -€8,101 | -100% |
| Stocks | 30/36 | €8,101 | €0 | -€8,101 | -100% |
| Amounts receivable within one year | 40/41 | €18,405 | €11,968 | -€6,437 | -35.0% |
| Trade receivables | 40 | €0 | €11,136 | +€11,136 | |
| Other amounts receivable | 41 | €18,405 | €831 | -€17,574 | -95.5% |
| Cash at bank and in hand | 54/58 | €517,823 | €605,086 | +€87,263 | +16.9% |
| Deferred charges and accrued income | 490/1 | €1,016 | €1,448 | +€432 | +42.5% |
| Total equity and liabilities | 10/49 | €579,586 | €652,689 | +€73,102 | +12.6% |
| Equity | 10/15 | €555,563 | €605,382 | +€49,819 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €368,520 | €418,330 | +€49,810 | +13.5% |
| Distributable reserves | 133 | €368,520 | €418,330 | +€49,810 | +13.5% |
| Profit (loss) carried forward | 14 | €168,443 | €168,452 | +€9 | 0.0% |
| Amounts payable | 17/49 | €24,023 | €47,307 | +€23,283 | +96.9% |
| Amounts payable within one year | 42/48 | €24,023 | €47,307 | +€23,283 | +96.9% |
| Trade debts | 44 | €3,936 | €4,264 | +€328 | +8.3% |
| Suppliers | 440/4 | €3,936 | €4,264 | +€328 | +8.3% |
| Advances received on contracts in progress | 46 | €696 | €33,019 | +€32,323 | +4,644% |
| Taxes, remuneration and social security | 45 | €13,486 | €9,755 | -€3,731 | -27.7% |
| Taxes | 450/3 | €11,636 | €7,905 | -€3,731 | -32.1% |
| Remuneration and social security | 454/9 | €1,850 | €1,850 | = | 0.0% |
| Other amounts payable | 47/48 | €5,905 | €269 | -€5,637 | -95.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,265 | €4,648 | +€383 | +9.0% |
| Other operating charges | 640/8 | €1,980 | €1,886 | -€93 | -4.7% |
| Gross operating margin | 9900 | €93,813 | €75,538 | -€18,275 | -19.5% |
| Operating profit (loss) | 9901 | €87,569 | €69,004 | -€18,565 | -21.2% |
| Financial income | 75/76B | €100 | €0 | -€100 | -100% |
| Recurring financial income | 75 | €100 | €0 | -€100 | -100% |
| Financial charges | 65/66B | €265 | €75 | -€190 | -71.9% |
| Recurring financial charges | 65 | €265 | €75 | -€190 | -71.9% |
| Profit (loss) for the period before taxes | 9903 | €87,404 | €68,929 | -€18,474 | -21.1% |
| Income taxes | 67/77 | €24,279 | €19,110 | -€5,169 | -21.3% |
| Profit (loss) for the period | 9904 | €63,125 | €49,819 | -€13,305 | -21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €63,125 | €49,819 | -€13,305 | -21.1% |
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 25 October 2026 via checked.be.