VAN THIELEN: 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.
VAN THIELEN
Largest movements
- Receivables within one year -€2,456
down €2,456 (-22.4%), from €10,983 to €8,527
- Cash -€1,612
down €1,612 (-18.9%), from €8,530 to €6,918
mainly Tax, wage and social debts (-€4,877) and Current portion of long-term debt (-€2,176)
- Deferred charges and accrued income -€700
down €700 (-87.0%), from €805 to €104
- Tax, wage and social debts -€4,877
down €4,877 (-52.9%), from €9,218 to €4,341
of which Remuneration and social security: -€6,500
- Profit (loss) carried forward +€2,681
up €2,681 (+29.0%), from -€9,259 to -€6,578
- Current portion of long-term debt -€2,176
down €2,176 (-74.2%), from €2,934 to €758
- Trade debts -€924
down €924 (-20.1%), from €4,605 to €3,681
- Debts after one year -€817
no longer reported in 2025 (was €817)
- Gross operating margin +€2,066
up €2,066 (+44.7%), from €4,621 to €6,687
- Taxes +€633
up €633 (+67.9%), from €932 to €1,565
- Financial charges +€624
up €624 (+95.2%), from €656 to €1,280
- Other operating charges -€448
down €448 (-37.3%), from €1,200 to €752
- Financial income +€105
up €105 (+123.7%), from €85 to €189
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 | €63,131 | €57,453 | -€5,677 | -9.0% |
| Fixed assets | 21/28 | €10,047 | €9,449 | -€598 | -6.0% |
| Tangible fixed assets | 22/27 | €10,047 | €9,449 | -€598 | -6.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €8,977 | €8,977 | = | 0.0% |
| Other tangible fixed assets | 26 | €1,070 | €472 | -€598 | -55.9% |
| Current assets | 29/58 | €53,084 | €48,004 | -€5,079 | -9.6% |
| Stocks and contracts in progress | 3 | €32,767 | €32,455 | -€312 | -1.0% |
| Stocks | 30/36 | €32,767 | €32,455 | -€312 | -1.0% |
| Amounts receivable within one year | 40/41 | €10,983 | €8,527 | -€2,456 | -22.4% |
| Trade receivables | 40 | €10,983 | €8,527 | -€2,456 | -22.4% |
| Cash at bank and in hand | 54/58 | €8,530 | €6,918 | -€1,612 | -18.9% |
| Deferred charges and accrued income | 490/1 | €805 | €104 | -€700 | -87.0% |
| Total equity and liabilities | 10/49 | €63,131 | €57,453 | -€5,677 | -9.0% |
| Equity | 10/15 | -€3,059 | -€378 | +€2,681 | +87.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,259 | -€6,578 | +€2,681 | +29.0% |
| Amounts payable | 17/49 | €66,190 | €57,831 | -€8,359 | -12.6% |
| Amounts payable after more than one year | 17 | €817 | - | -€817 | |
| Financial debts | 170/4 | €817 | - | -€817 | |
| Amounts payable within one year | 42/48 | €65,373 | €57,831 | -€7,542 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €2,934 | €758 | -€2,176 | -74.2% |
| Trade debts | 44 | €4,605 | €3,681 | -€924 | -20.1% |
| Suppliers | 440/4 | €4,605 | €3,681 | -€924 | -20.1% |
| Taxes, remuneration and social security | 45 | €9,218 | €4,341 | -€4,877 | -52.9% |
| Taxes | 450/3 | €2,718 | €4,341 | +€1,623 | +59.7% |
| Remuneration and social security | 454/9 | €6,500 | - | -€6,500 | |
| Other amounts payable | 47/48 | €48,616 | €49,051 | +€436 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €598 | €598 | = | 0.0% |
| Other operating charges | 640/8 | €1,200 | €752 | -€448 | -37.3% |
| Gross operating margin | 9900 | €4,621 | €6,687 | +€2,066 | +44.7% |
| Operating profit (loss) | 9901 | €2,823 | €5,337 | +€2,514 | +89.1% |
| Financial income | 75/76B | €85 | €189 | +€105 | +123.7% |
| Recurring financial income | 75 | €85 | €189 | +€105 | +123.7% |
| Financial charges | 65/66B | €656 | €1,280 | +€624 | +95.2% |
| Recurring financial charges | 65 | €656 | €1,280 | +€624 | +95.2% |
| Profit (loss) for the period before taxes | 9903 | €2,252 | €4,246 | +€1,995 | +88.6% |
| Income taxes | 67/77 | €932 | €1,565 | +€633 | +67.9% |
| Profit (loss) for the period | 9904 | €1,320 | €2,681 | +€1,362 | +103.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,320 | €2,681 | +€1,362 | +103.2% |
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 11 October 2026 via checked.be.